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COMPANY REGISTRATION NUMBER: 13055354
Boultbee Finance Limited
Unaudited Financial Statements
31 December 2023
Boultbee Finance Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Director's 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 Finance Limited
Director's Report
Year ended 31 December 2023
The director presents his 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 lending.
Director
The director who served the company during the year was as follows:
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 23 September 2024 and signed on behalf of the board by:
C.E. Boultbee Brooks
Director
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Finance Limited
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
5,721
432,874
-------
---------
Gross profit
5,721
432,874
Administrative expenses
5,006,000
12,000
------------
---------
Operating (loss)/profit
( 5,000,279)
420,874
Interest payable and similar expenses
4,962
815
------------
---------
(Loss)/profit before taxation
( 5,005,241)
420,059
Tax on (loss)/profit
79,811
------------
---------
(Loss)/profit for the financial year and total comprehensive income
( 5,005,241)
340,248
------------
---------
All the activities of the company are from continuing operations.
Boultbee Finance Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
2,368,857
2,368,857
Current assets
Debtors
5
49,839,388
54,913,478
Creditors: amounts falling due within one year
6
2,469,498
2,538,347
-------------
-------------
Net current assets
47,369,890
52,375,131
-------------
-------------
Total assets less current liabilities
49,738,747
54,743,988
-------------
-------------
Net assets
49,738,747
54,743,988
-------------
-------------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
49,738,647
54,743,888
-------------
-------------
Shareholders funds
49,738,747
54,743,988
-------------
-------------
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.
Director's 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 director acknowledges his 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 23 September 2024 , and are signed on behalf of the board by:
C.E. Boultbee Brooks
Director
Company registration number: 13055354
Boultbee Finance 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
54,403,640
54,403,740
Profit for the year
340,248
340,248
----
-------------
-------------
Total comprehensive income for the year
340,248
340,248
At 31 December 2022
100
54,743,888
54,743,988
Loss for the year
( 5,005,241)
( 5,005,241)
----
-------------
-------------
Total comprehensive income for the year
( 5,005,241)
( 5,005,241)
----
-------------
-------------
At 31 December 2023
100
49,738,647
49,738,747
----
-------------
-------------
Boultbee Finance 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents interest receivable in respect of lending business.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2,368,857
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
2,368,857
------------
At 31 December 2022
2,368,857
------------
5. Debtors
2023
2022
£
£
Trade debtors
49,839,388
54,763,591
Other debtors
149,887
-------------
-------------
49,839,388
54,913,478
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Trade debtors
49,679,779
53,949,078
-------------
-------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,440,721
2,376,357
Corporation tax
5,777
144,990
Other creditors
23,000
------------
------------
2,469,498
2,538,347
------------
------------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Related party transactions
Included within debtors are the following amounts:£25,670,286 (2022:£25,670,286) owed by Boultbee Estates Limited, £23,717,493 (2022:£29,093,304) owed by Boultbee Estates (NO.1) Limited and £135,166 (2022:£135,166) owed by Boultbee Developments (NO.1) Limited. Interest was charged at 0% per annum. A provision of £5,000,000 has been made for the non recoverability of the debt due from Boultbee Estates (NO.1) Limited. The director C.E. Boultbee Brooks is interested in the companies referred to above.
9. Controlling party
The parent company is Boultbee Finance Holdings Limited whose registered address is; Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.