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COMPANY REGISTRATION NUMBER: 12049002
Boultbee Brooks (Victoria St.) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Victoria St.) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
Boultbee Brooks (Victoria St.) Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the period was property development.
Directors
The directors who served the company during the year were as follows:
L. Roberts
C.E. Boultbee Brooks
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 August 2024 and signed on behalf of the board by:
L. Roberts
Director
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks (Victoria St.) Limited
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Other operating income
304,199
366,047
Property development costs
1,317,627
25,750
Other operating expenses
3,024
9,803
------------
---------
Operating (loss)/profit
( 1,016,452)
330,494
Interest payable and similar expenses
181,753
102,640
------------
---------
(Loss)/profit before taxation
( 1,198,205)
227,854
Tax on (loss)/profit
( 43,268)
( 5,705)
------------
---------
(Loss)/profit for the financial year and total comprehensive income
( 1,154,937)
233,559
------------
---------
All the activities of the company are from continuing operations.
Boultbee Brooks (Victoria St.) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Stocks
4,920,000
6,094,748
Debtors
4
65,339
139,346
Cash at bank and in hand
106,714
75,528
------------
------------
5,092,053
6,309,622
Creditors: amounts falling due within one year
5
3,196,854
3,244,080
------------
------------
Net current assets
1,895,199
3,065,542
------------
------------
Total assets less current liabilities
1,895,199
3,065,542
Creditors: amounts falling due after more than one year
6
2,434,931
2,450,337
------------
------------
Net (liabilities)/assets
( 539,732)
615,205
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 539,832)
615,105
---------
---------
Shareholders (deficit)/funds
( 539,732)
615,205
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' 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 company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 12049002
Boultbee Brooks (Victoria St.) Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
100
381,546
381,646
Profit for the year
233,559
233,559
----
---------
---------
Total comprehensive income for the year
233,559
233,559
At 31 December 2022
100
615,105
615,205
Loss for the year
( 1,154,937)
( 1,154,937)
----
------------
------------
Total comprehensive income for the year
( 1,154,937)
( 1,154,937)
----
------------
------------
At 31 December 2023
100
( 539,832)
( 539,732)
----
------------
------------
Boultbee Brooks (Victoria St.) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, 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'.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Debtors
2023
2022
£
£
Trade debtors
20,737
106,960
Other debtors
44,602
32,386
--------
---------
65,339
139,346
--------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,845
14,845
Trade creditors
59,794
43,652
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,987,351
2,987,341
Corporation tax
18,189
Social security and other taxes
12,704
19,136
Other creditors
122,160
160,917
------------
------------
3,196,854
3,244,080
------------
------------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,434,931
2,450,337
------------
------------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,750
25,750
Later than 1 year and not later than 5 years
103,000
103,000
Later than 5 years
1,976,313
2,002,063
------------
------------
2,105,063
2,130,813
------------
------------
The charge for the year in respect of operating leases was £25,750 (2022;£25,750).
8. Charges on assets
The bank loan is secured by a charge over work in progress and other assets.
9. Controlling party
The intermediate parent company is Boultbee Developments Limited and the ultimate parent company is Boultbee Developments Holdings Limited. Their registered address is Formal House,60 St Georges Place, Cheltenham,GL50 3PN.