0 0 false false false false false false false false false false false false false false false false false 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,250,000 746,117 3,883 9,000,000 9,000,000 8,250,000 xbrli:pure xbrli:shares iso4217:GBP OC422746 2023-01-01 2023-12-31 OC422746 2023-12-31 OC422746 2022-12-31 OC422746 2022-01-01 2022-12-31 OC422746 2022-12-31 OC422746 2021-12-31 OC422746 bus:RegisteredOffice 2023-01-01 2023-12-31 OC422746 bus:Director2 2023-01-01 2023-12-31 OC422746 bus:Director3 2023-01-01 2023-12-31 OC422746 bus:Director4 2023-01-01 2023-12-31 OC422746 bus:Director5 2023-01-01 2023-12-31 OC422746 bus:Director6 2023-01-01 2023-12-31 OC422746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC422746 core:WithinOneYear 2023-12-31 OC422746 core:WithinOneYear 2022-12-31 OC422746 core:AfterOneYear 2023-12-31 OC422746 core:AfterOneYear 2022-12-31 OC422746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 OC422746 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 OC422746 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 OC422746 bus:SmallEntities 2023-01-01 2023-12-31 OC422746 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC422746 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC422746 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC422746 bus:FullAccounts 2023-01-01 2023-12-31
REGISTERED NUMBER: OC422746
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Financial Statements
Year ended 31 December 2023
Contents
Page
Members' report
1
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Members' Report
Year ended 31 December 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the period was the provision of serviced offices and related services.
Designated members
The designated members who served the LLP during the year were as follows:
Boultbee Estates (No.1) Limited
ZMR Business Consultants Limited
Groom Properties Limited
Cowrie Properties Limited
London & Central Securities Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings when profits have been allocated to them, subject to sufficient maintenance of working capital. Drawings are determined after the end of each calendar quarter.
New members are required to subscribe a minimum level of capital and any subsequent capital requirements maybe determined by unanimous consent of the members. Withdrawal of capital maybe allowed on refinance of the investment property or upon sale.
This report was approved by the members on 2 September 2024 and signed on behalf of the members by:
L.Roberts director of designated member Boultbee Estates (No.1) Limited
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
691,398
330,637
Fair value adjustment investment property
( 3,883)
( 646,539)
Other operating expenses
542,386
242,862
---------
---------
Operating profit
4
152,895
734,314
Interest payable and similar expenses
209,212
123,481
---------
---------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(56,317)
610,833
---------
---------
All the activities of the LLP are from continuing operations.
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
9,000,000
8,250,000
Current assets
Debtors
6
386,998
267,482
Cash at bank and in hand
518,017
316,590
---------
---------
905,015
584,072
Creditors: amounts falling due within one year
7
178,862
494,738
---------
---------
Net current assets
726,153
89,334
------------
------------
Total assets less current liabilities
9,726,153
8,339,334
Creditors: amounts falling due after more than one year
8
2,838,256
2,872,192
------------
------------
Net assets
6,887,897
5,467,142
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
10
12,552
Members' other interests
Members' capital classified as equity
6,443,147
5,005,957
Other reserves
444,750
448,633
------------
------------
6,887,897
5,467,142
------------
------------
Total members' interests
Loans and other debts due to members
10
12,552
Members' other interests
6,887,897
5,454,590
------------
------------
6,887,897
5,467,142
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 2 September 2024 , and are signed on their behalf by:
L.Roberts director of designated member Boultbee Estates (No.1) Limited
Registered number: OC422746
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 1 January 2023
5,005,957
448,633
5,454,590
12,552
12,552
5,467,142
Loss for the financial year available for discretionary division among members
(56,317)
(56,317)
(56,317)
------------
---------
------------
--------
--------
------------
Members' interests after loss for the year
5,005,957
392,316
5,398,273
12,552
12,552
5,410,825
Other division of profits
52,434
52,434
(52,434)
(52,434)
Introduced by members
1,477,071
1,477,071
1,477,071
Reclassifications
(39,881)
(39,881)
39,882
39,882
1
------------
---------
------------
--------
--------
------------
Balance at 31 December 2023
6,443,147
444,750
6,887,897
6,887,897
------------
---------
------------
--------
--------
------------
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 1 January 2022
3,562,451
(197,906)
3,364,545
42,045
42,045
3,406,590
Profit for the financial year available for discretionary division among members
610,833
610,833
610,833
------------
---------
------------
--------
--------
------------
Members' interests after profit for the year
3,562,451
412,927
3,975,378
42,045
42,045
4,017,423
Other division of profits
35,706
35,706
(35,706)
(35,706)
Introduced by members
1,449,719
1,449,719
1,449,719
Reclassifications
(6,213)
(6,213)
6,213
6,213
------------
---------
------------
--------
--------
------------
Balance at 31 December 2022
5,005,957
448,633
5,454,590
12,552
12,552
5,467,142
------------
---------
------------
--------
--------
------------
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents income from the provision of serviced office space and related services stated net of VAT.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Boultbee Brooks (Talbot Building) Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Members' participation rights (continued)
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .
4.
Operating profit
Operating profit or loss is stated after crediting:
2023
2022
£
£
Fair value adjustments to investment property
( 3,883)
( 646,539)
-------
---------
5.
Tangible assets
Freehold property
£
Cost or valuation
At 1 January 2023
8,250,000
Additions
746,117
Revaluations
3,883
------------
At 31 December 2023
9,000,000
------------
Depreciation
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
9,000,000
------------
At 31 December 2022
8,250,000
------------
The investment property was valued at its open market value by a director of a designated member. He is a member of the Royal Institute of Chartered Surveyors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
8,547,484
Aggregate depreciation
------------
Carrying value
8,547,484
------------
At 31 December 2022
Aggregate cost
7,801,367
Aggregate depreciation
------------
Carrying value
7,801,367
------------
6.
Debtors
2023
2022
£
£
Trade debtors
132,714
81,351
Other debtors
254,284
186,131
---------
---------
386,998
267,482
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,968
Trade creditors
105,583
449,331
Social security and other taxes
2,619
Other creditors
53,692
45,407
---------
---------
178,862
494,738
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,838,256
2,872,192
------------
------------
9.
Financial instruments
Financial assets and liabilities are accounted for on an amortised cost basis.
10.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
12,552
----
--------
11.
Charges on assets
The investment property and other assets are secured by a charge in respect of the bank loan that is part of a joint facility with other entities in which the owned by the member Boultbee Estates (NO.1) Limited is interested.