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 6,976,105 225,350 439,530 72,774 6,834,699 6,834,699 6,976,105 xbrli:pure xbrli:shares iso4217:GBP OC396355 2023-01-01 2023-12-31 OC396355 2023-12-31 OC396355 2022-12-31 OC396355 2022-01-01 2022-12-31 OC396355 2022-12-31 OC396355 2021-12-31 OC396355 bus:RegisteredOffice 2023-01-01 2023-12-31 OC396355 bus:Director1 2023-01-01 2023-12-31 OC396355 bus:Director2 2023-01-01 2023-12-31 OC396355 core:WithinOneYear 2023-12-31 OC396355 core:WithinOneYear 2022-12-31 OC396355 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 OC396355 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 OC396355 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 OC396355 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 OC396355 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 OC396355 core:Non-currentFinancialInstruments 2023-12-31 OC396355 core:Non-currentFinancialInstruments 2022-12-31 OC396355 bus:SmallEntities 2023-01-01 2023-12-31 OC396355 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC396355 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC396355 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC396355 bus:FullAccounts 2023-01-01 2023-12-31
REGISTERED NUMBER: OC396355
Boultbee Brooks Capital Limited Liability Partnership
Unaudited Financial Statements
31 December 2023
Boultbee Brooks Capital Limited Liability Partnership
Financial Statements
Year ended 31st December 2023
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
Boultbee Brooks Capital Limited Liability Partnership
Members' Report
Year ended 31st 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 year was to hold interests in LLP'S engaged in property investment.
Designated members
The designated members who served the LLP during the year were as follows:
Boultbee Estates Limited
Tappahanock Corporation
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 10 September 2024 and signed on behalf of the members by:
L.Roberts;Director of Boultbee Estates Limited
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks Capital Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31st December 2023
2023
2022
Note
£
£
Profit share and fair value adjustment from investments
298,124
281,447
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
298,124
281,447
---------
---------
All the activities of the LLP are from continuing operations.
Boultbee Brooks Capital Limited Liability Partnership
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
6,834,699
6,976,105
Current assets
Debtors
5
16
Cash at bank and in hand
109,340
104,268
---------
---------
109,356
104,268
Creditors: amounts falling due within one year
6
218
218
---------
---------
Net current assets
109,138
104,050
------------
------------
Total assets less current liabilities
6,943,837
7,080,155
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
8
2,557,932
2,767,024
Members' other interests
Members' capital classified as equity
5,199,852
5,199,852
Other reserves
(813,947)
(886,721)
------------
------------
6,943,837
7,080,155
------------
------------
Total members' interests
Loans and other debts due to members
8
2,557,932
2,767,024
Members' other interests
4,385,905
4,313,131
------------
------------
6,943,837
7,080,155
------------
------------
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 31st 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 Capital Limited Liability Partnership
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 10 September 2024 , and are signed on their behalf by:
L.Roberts;Director of Boultbee Estates Limited
Registered number: OC396355
Boultbee Brooks Capital Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 31st 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 1st January 2023
5,199,852
(886,721)
4,313,131
2,767,024
2,767,024
7,080,155
Profit for the financial year available for discretionary division among members
298,124
298,124
298,124
------------
---------
------------
------------
------------
------------
Members' interests after profit for the year
5,199,852
(588,597)
4,611,255
2,767,024
2,767,024
7,378,279
Other division of profits
(225,350)
(225,350)
225,350
225,350
Repayments of capital
Drawings
(434,442)
(434,442)
(434,442)
------------
---------
------------
------------
------------
------------
Balance at 31st December 2023
5,199,852
(813,947)
4,385,905
2,557,932
2,557,932
6,943,837
------------
---------
------------
------------
------------
------------
Boultbee Brooks Capital Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 31st 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 1st January 2022
12,141,919
(851,927)
11,289,992
3,078,683
3,078,683
14,368,675
Profit for the financial year available for discretionary division among members
281,447
281,447
281,447
-------------
---------
-------------
------------
------------
-------------
Members' interests after profit for the year
12,141,919
(570,480)
11,571,439
3,078,683
3,078,683
14,650,122
Other division of profits
(316,241)
(316,241)
316,241
316,241
Repayments of capital
(6,942,067)
(6,942,067)
(6,942,067)
Drawings
(627,900)
(627,900)
(627,900)
-------------
---------
-------------
------------
------------
-------------
Balance at 31st December 2022
5,199,852
(886,721)
4,313,131
2,767,024
2,767,024
7,080,155
-------------
---------
-------------
------------
------------
-------------
Boultbee Brooks Capital Limited Liability Partnership
Notes to the Financial Statements
Year ended 31st 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.
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.
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.
Boultbee Brooks Capital Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31st December 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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'.
Investments
Fixed asset investments are measured at fair value with changes in fair value being 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.
Investments
Interests in LLPS
£
Cost
At 1st January 2023
6,976,105
Additions
225,350
Disposals
( 439,530)
Revaluations
72,774
------------
At 31st December 2023
6,834,699
------------
Impairment
At 1st January 2023 and 31st December 2023
------------
Carrying amount
At 31st December 2023
6,834,699
------------
At 31st December 2022
6,976,105
------------
Investments held at valuation
Interests in, Boultbee Brooks (Harrogate 2) LLP and Boultbee Brooks (Bracknell) LLP are stated at fair value at the year end as determined by the directors of the designated members. One is a member of The Royal Institute of Chartered Surveyors, the other a Chartered Accountant.
Investments valued at £6,226,877 are subject to a charge in respect of bank loans to the entities in which the LLP has invested.
In respect of investments 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:
Interests in LLPS
£
At 31st December 2023
Aggregate cost
7,648,827
Aggregate depreciation
------------
Carrying value
7,648,827
------------
At 31st December 2022
Aggregate cost
7,863,007
Aggregate depreciation
------------
Carrying value
7,863,007
------------
5.
Debtors
2023
2022
£
£
Other debtors
16
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
218
218
----
----
7.
Financial instruments
Financial assets and liabilities are accounted for on an amortised cost basis.
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
2,557,932
2,767,024
------------
------------