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COMPANY REGISTRATION NUMBER: 09627815
Boultbee Brooks (67-75 Mosley Street) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (67-75 Mosley Street) Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
Boultbee Brooks (67-75 Mosley Street) Limited
Directors' Report
Year ended 31st 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 year 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 10 September 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 (67-75 Mosley Street) Limited
Income Statement
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
22,240,196
Cost of sales
22,440,906
5,546,570
-------------
------------
Gross loss
( 200,710)
( 5,546,570)
Administrative expenses
253
14,759
Other operating income
347,133
820,971
---------
------------
Operating profit/(loss)
146,170
( 4,740,358)
Other interest receivable and similar income
16,462
1,269
Interest payable and similar expenses
86,480
115,306
---------
------------
Profit/(loss) before taxation
76,152
( 4,854,395)
Tax on profit/(loss)
--------
------------
Profit/(loss) for the financial year
76,152
( 4,854,395)
--------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Boultbee Brooks (67-75 Mosley Street) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Stocks
22,243,196
Debtors
4
28,263
292,229
Cash at bank and in hand
1,030,322
653,557
------------
-------------
1,058,585
23,188,982
Creditors: amounts falling due within one year
5
13,696,333
35,902,882
-------------
-------------
Net current liabilities
12,637,748
12,713,900
-------------
-------------
Total assets less current liabilities
( 12,637,748)
( 12,713,900)
-------------
-------------
Net liabilities
( 12,637,748)
( 12,713,900)
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 12,637,848)
( 12,714,000)
-------------
-------------
Shareholders deficit
( 12,637,748)
( 12,713,900)
-------------
-------------
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 31st 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 10 September 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 09627815
Boultbee Brooks (67-75 Mosley Street) Limited
Statement of Changes in Equity
Year ended 31st December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2022
100
( 7,859,605)
( 7,859,505)
Loss for the year
( 4,854,395)
( 4,854,395)
----
------------
------------
Total comprehensive income for the year
( 4,854,395)
( 4,854,395)
At 31st December 2022
100
( 12,714,000)
( 12,713,900)
Profit for the year
76,152
76,152
----
-------------
-------------
Total comprehensive income for the year
76,152
76,152
----
-------------
-------------
At 31st December 2023
100
( 12,637,848)
( 12,637,748)
----
-------------
-------------
Boultbee Brooks (67-75 Mosley Street) Limited
Notes to the Financial Statements
Year ended 31st 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.
Going concern
The company disposed of its development property during the year and the directors are contemplating its future as a going concern. While this process is ongoing it has the continuing support of its creditors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
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.
Stocks
Stocks and work in progress 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. Interest is capitalised.
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
13
73,616
Other debtors
28,250
218,613
--------
---------
28,263
292,229
--------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
13,272,830
35,286,450
Trade creditors
169,500
133,841
Social security and other taxes
11,072
Other creditors
254,003
471,519
-------------
-------------
13,696,333
35,902,882
-------------
-------------
Other loans are secured by a charge over assets. Included within other loans is £13,272,830 (2022:£20,068,816) the repayment of which is contingent upon the results of the company's property development. In the event of a disposal at a loss; under the terms of a contractual agreement; the creditors may release the company from its obligations to repay the balance outstanding in respect of such loans to the extent of the loss. The company has accounted for 100% of the development and has a 25% economic interest. 75% is in connection with a loan creditor that is not related to the company or the group of which it is a member.
6. Contingencies
The company has received a claim from a tenant of the development property that it previously owned for breach of a lease. The claim is for £261,473. The directors are of the opinion that the claim is not valid and will take all necessary action the defend the company against it. No provision has been made in the accounts.
7. Controlling party
The intermediate parent undertaking is Boultbee Developments Limited and the ultimate parent undertaking is Boultbee Developments Holdings Limited. Their address is; Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.