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Registered number: 03607770


BOLTSTONE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
BOLTSTONE LIMITED
 
 
COMPANY INFORMATION


Director
W.L. Murray 




Company secretary
D.S. Murray



Registered number
03607770



Registered office
6th Floor
2 London Wall Place

Barbican

London

United Kingdom

EC2Y 5AU




Accountants
MHA
Chartered Accountants

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
BOLTSTONE LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10


 
BOLTSTONE LIMITED
REGISTERED NUMBER:03607770

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
805,691
804,467

Current assets
  

Debtors: amounts falling due within one year
 5 
650
-

Cash at bank and in hand
 6 
20,712
79,973

  
21,362
79,973

Creditors: amounts falling due within one year
 7 
(23,220)
(38,078)

Net current (liabilities)/assets
  
 
 
(1,858)
 
 
41,895

Total assets less current liabilities
  
803,833
846,362

Creditors: amounts falling due after more than one year
 8 
-
(59,860)

Provisions for liabilities
  

Deferred tax
  
(136,381)
(136,052)

  
 
 
(136,381)
 
 
(136,052)

Net assets
  
667,452
650,450


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
666,452
649,450

  
667,452
650,450


Page 1

 
BOLTSTONE LIMITED
REGISTERED NUMBER:03607770
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W.L. Murray
Director

Date: 20 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
BOLTSTONE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
643,608
644,608


Comprehensive income for the year

Profit for the year
-
9,175
9,175
Total comprehensive income for the year
-
9,175
9,175


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,333)
(3,333)


Total transactions with owners
-
(3,333)
(3,333)



At 1 January 2023
1,000
649,450
650,450


Comprehensive income for the year

Profit for the year
-
23,669
23,669
Total comprehensive income for the year
-
23,669
23,669


Contributions by and distributions to owners

Dividends: Equity capital
-
(6,667)
(6,667)


Total transactions with owners
-
(6,667)
(6,667)


At 31 December 2023
1,000
666,452
667,452


The notes on pages 4 to 10 form part of these financial statements.

Included in the profit and loss reserve of £666,452 (2022: £649,450) are undistributable reserves of £404,781 (2022: £404,804) relating to net unrealised gains on investment property. At the year end, distributable reserves amounted to £261,671 (2022: £244,646).

Page 3

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Boltstone Limited is a private company limited by shares, incorporated and registered in England and Wales. The company's registered office is 6th Floor, 2 London Wall Place, Barbican, London, United Kingdom, EC2Y 5AU and can be found on the Company Information page.
The principal activity is that of management of real estate on a fee or contract basis.
The Company's functional and presentational currency is GBP, rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 5

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Investment property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
800,000
13,739
813,739


Additions
-
2,379
2,379



At 31 December 2023

800,000
16,118
816,118



Depreciation


At 1 January 2023
-
9,272
9,272


Charge for the year on owned assets
-
1,155
1,155



At 31 December 2023

-
10,427
10,427



Net book value



At 31 December 2023
800,000
5,691
805,691



At 31 December 2022
800,000
4,467
804,467

The gross amount of Investment Property assets held under a long lease and rented out under operating lease agreements in 2023 was £800,000 (2022: £800,000), with no related accumulated depreciation.
In respect of these assets stated at valuation, the comparable historical cost is £260,261 (2022: £260,261). 


5.


Debtors

2023
2022
£
£


Trade debtors
650
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,712
79,973


Page 8

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (Note 9)
-
10,502

Trade creditors
-
4,284

Corporation tax
5,369
5,522

Other creditors
14,097
14,097

Accruals and deferred income
3,754
3,673

23,220
38,078



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (Note 9)
-
59,860


Secured loans
The bank loans were secured by fixed and floating charges over 33 Rushcroft Road, London, E4 8SG, 88 Templeton Avenue, London, E4 6SP, Flat 15, Julian Court, Margate, Kent, CT9 2EB and all other associated assets.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
10,502


Amounts falling due 2-5 years

Bank loans
-
38,044

Amounts falling due after more than 5 years

Bank loans
-
21,816

-
70,362


Page 9

 
BOLTSTONE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(136,052)
(135,476)


Charged to profit or loss
(329)
(576)



At end of year
(136,381)
(136,052)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,423
1,117

Revaluation of investment properties
134,958
134,935


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Related party transactions

The company was under the control of W.L. Murray throughout the current and previous years. W.L. Murray is a director and majority shareholder. At 31 December 2023 the company owed W. L. Murray £14,097 (2022: £14,097).


13.


Controlling party

W. L. Murray is the ultimate controlling party by virtue of his majority shareholding in the company.

 
Page 10