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COMPANY REGISTRATION NUMBER: 07889319
Boultbee Developments (NO.1) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Developments (NO.1) Limited
Financial Statements
Year ended 31st 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 Developments (NO.1) 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 .
Directors
The directors who served the company during the year were as follows:
L. Roberts
C.E. Boultbee Brooks
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 8 to the financial statements.
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 17 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 Developments (NO.1) Limited
Statement of Comprehensive Income
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
184,834
1,005,959
Staff costs
4
175,767
164,656
Other operating expenses
25,924
93,722
---------
------------
Operating (loss)/profit
( 16,857)
747,581
Other interest receivable and similar income
68,465
12,976
Interest payable and similar expenses
614
---------
------------
Profit before taxation
51,608
759,943
Tax on profit
( 132,262)
132,772
---------
---------
Profit for the financial year and total comprehensive income
183,870
627,171
---------
---------
Boultbee Developments (NO.1) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
5
58,090,387
63,704,986
Cash at bank and in hand
420,541
3,334,791
-------------
-------------
58,510,928
67,039,777
Creditors: amounts falling due within one year
6
1,523,838
10,236,557
-------------
-------------
Net current assets
56,987,090
56,803,220
-------------
-------------
Total assets less current liabilities
56,987,090
56,803,220
-------------
-------------
Capital and reserves
Called up share capital
101,000
101,000
Profit and loss account
56,886,090
56,702,220
-------------
-------------
Shareholders funds
56,987,090
56,803,220
-------------
-------------
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 17 September 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 07889319
Boultbee Developments (NO.1) Limited
Statement of Changes in Equity
Year ended 31st December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2022
101,000
56,075,049
56,176,049
Profit for the year
627,171
627,171
---------
-------------
-------------
Total comprehensive income for the year
627,171
627,171
At 31st December 2022
101,000
56,702,220
56,803,220
Profit for the year
183,870
183,870
---------
-------------
-------------
Total comprehensive income for the year
183,870
183,870
---------
-------------
-------------
At 31st December 2023
101,000
56,886,090
56,987,090
---------
-------------
-------------
Boultbee Developments (NO.1) 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, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through profit or loss.
Going concern
It is anticipated that the company's business will be hived up to its parent company and its operation will cease. The accounts have not been prepared as if the company will be a going concern. All assets are stated at their recoverable and no material adjustments are required. All know liabilities are as stated.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents interest and finance fees receivable excluding VAT.
Income tax
The taxation expense represents the aggregate amount of current 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.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The aggregate employment costs incurred during the year were:
2023
2022
£
£
Wages and salaries
125,000
125,000
Social security costs
12,017
9,156
Other pension costs
38,750
30,500
---------
---------
175,767
164,656
---------
---------
5. Debtors
2023
2022
£
£
Trade debtors
26,500
17,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
58,058,365
63,682,464
Other debtors
5,522
5,522
-------------
-------------
58,090,387
63,704,986
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
57,618,865
45,793,238
-------------
-------------
Debtors are technically recoverable within one year. They have been aged to reflect when it is anticipated they will be received.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,456
107,893
Amounts owed to group undertakings and undertakings in which the company has a participating interest
355,697
Corporation tax
12,128
483,077
Social security and other taxes
4,659
4,665
Other creditors
1,139,898
9,640,922
------------
-------------
1,523,838
10,236,557
------------
-------------
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
58,090,387
63,704,986
-------------
-------------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
1,510,051
9,748,815
------------
------------
Financial assets measured at amortised cost comprise loans to related and other parties. Financial liabilities measured at amortised cost comprise loans to related parties that are repayable on demand.
8. Events after the end of the reporting period
As part of a rationalisation program in the group of which the company is a member, the company's business will be hived up to it's parent and it will cease operations.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
C.E. Boultbee Brooks
( 188)
( 188)
----
----
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Boultbee Estates Limited
8,251,024
( 5,308,811)
( 645,173)
( 8,896,197)
C.J.Boultbee Brooks
(7,000)
(22,000)
( 22,000)
Retail Growth LLP
250,000
( 337,334)
( 587,334)
------------
------------
---------
------------
Transaction values referred to above represent net payments and receipts. The company has chosen not to disclose information in relation to 100% owned group companies. The director C.E.Boultbee Brooks was interested in the above mentioned entities.
11. Controlling party
The ultimate controlling party was C.E.Boultbee-Brooks and his family. The parent company was Boultbee Developments Holdings Limited whose registered office is: Formal House, 60 St Georges Place, Cheltenham, GL50 3PN .