Company registration number 08177776 (England and Wales)
BOLD AND REEVES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOLD AND REEVES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BOLD AND REEVES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
17,247
27,102
Tangible assets
5
22,615
22,156
39,862
49,258
Current assets
Debtors
668,271
594,394
Cash at bank and in hand
71,926
173,035
740,197
767,429
Creditors: amounts falling due within one year
(876,396)
(755,427)
Net current (liabilities)/assets
(136,199)
12,002
Total assets less current liabilities
(96,337)
61,260
Creditors: amounts falling due after more than one year
(4,863,607)
(4,786,106)
Net liabilities
(4,959,944)
(4,724,846)
Capital and reserves
Called up share capital
111,143
111,143
Profit and loss reserves
(5,071,087)
(4,835,989)
Total equity
(4,959,944)
(4,724,846)
BOLD AND REEVES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
W K Shipton
Director
Company Registration No. 08177776
BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Bold And Reeves Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Mount Street, London, United Kingdom, W1K 2SF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company made a loss for the year of £235,098 (2022: £165,867) after taking into account loan interest payable of £155,896 (2022: 153,650) and has net liabilities of £4,959,944 (2022: 4,724,846).

The parent undertaking Pearl Holdings (Bermuda) Limited, has confirmed its continued intention to provide support to the company to enable the company to meet its liabilities when they fall due. The Directors have prepared these financial statements on a going concern basis.

 

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of goods, services and licence fees supplied in the ordinary course of the company's activities, exclusive of value added tax and trade discounts. Revenue is recognised when the company obtains the rights to consideration in exchange for its performance under contracts for its clients.

1.4
Intangible fixed assets other than goodwill

Internally generated software development costs are initially recognised as an asset at cost and subsequently measured at cost less accumulated amortisation.

Development cost of software
5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
2 years straight line
Fixtures and fittings
5 years straight line
Computers
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately form the Company in independently administered funds.

1.8
Foreign exchange

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Development cost of software

 

Determining whether the development software is impaired requires estimation of the value of its future use. This calculation requires the entity to estimate the future cash flows expected to arise from the software. The carrying amount of the software at the balance sheet date was £17,247 (2022: £27,102) and the directors do not consider that any impairment has arisen.

 

Work in progress

 

Work in progress of £451,690 (2022: £365,391) is valued at work completed pre year end based on contractor invoice. The directors consider this to be the most appropriate method as it recognises costs as they are incurred.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
19
BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
266,673
Amortisation and impairment
At 1 January 2023
239,571
Amortisation charged for the year
9,855
At 31 December 2023
249,426
Carrying amount
At 31 December 2023
17,247
At 31 December 2022
27,102
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
10,500
23,570
48,924
82,994
Additions
-
0
1,709
8,813
10,522
At 31 December 2023
10,500
25,279
57,737
93,516
Depreciation and impairment
At 1 January 2023
10,500
13,616
36,722
60,838
Depreciation charged in the year
-
0
3,014
7,049
10,063
At 31 December 2023
10,500
16,630
43,771
70,901
Carrying amount
At 31 December 2023
-
0
8,649
13,966
22,615
At 31 December 2022
-
0
9,954
12,202
22,156
BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Within one year
20,000
20,000
Between two and five years
26,667
40,055
46,667
60,055
BOLD AND REEVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
(Continued)
- 8 -
7
Related party transactions

The Company considers its key management personnel for both 2022 and 2023 of: B Alireza, Y Alireza, J B Sunley and W K Shipton. Total remuneration was £217,141 (2022: £205,519).

 

Rezayat Europe Limited

Rezayat Europe Limited is a company whose ultimate controlling party are members of the Alireza family.

 

Transactions during the year involve sales to Rezayat Europe Limited for management of property of £22,740 (2022: £4,918). Expenses are also recharged from Rezayat Europe Limited to the company of £13,119 (2022: £50,510).

 

At the balance sheet date the amount due to Rezayat Europe Limited at the year end was £147,176 (2022: £162,675), this is interest free and unsecured.

 

Pearl Holdings (Bermuda) Limited (immediate parent company and 74% shareholder in the company

Pearl Holdings (Bermuda) took over the loans provided to the company by National Construction Company on 9 June 2021. The balance of the interest free, unsecured and long-term loan outstanding at the balance sheet date is £1,920,000 (2022: £2,200,000).

 

Pearl Holdings (Bermuda) Limited took over the interest bearing loan and the the balance sheet date the balance of the loan outstanding is £2,303,690 (2022: £1,880,690), which bears interest at 10%, being rolled up with the capital amount.

 

The total balance owing to Pearl Holdings (Bermuda) Limited at the balance sheet date is £4,223,690 (2022: £4,080,690). On 9 July 2023, the repayment terms for these two loans were amended and they are now due to be repaid on 9 June 2025. On this basis the directors have reclassified these loans as long-term in both 2022 and 2023.

 

Sunley Holdings Limited (a company with 18% shareholding in the company)

Transactions involve sales to Sunley Holdings Limited for management of property of £393 (2022: £585). Sunley Holdings Limited provided the company with an interest free, unsecured, long-term loan. The balance of the loan outstanding at the balance sheet date is £480,000 (2022: £480,000). On 9 July 2023, the repayment terms for this loan was amended and this is now due to be repaid on 9 June 2025. On this basis the directors have reclassified this loan as long term in both 2022 and 2023.

 

8
Parent company

The immediate parent company is Pearl Holdings (Bermuda) Limited, a company incorporated in Bermuda. The directors consider the ultimate controlling party to be Lafayette Investments Limited, a company incorporated in Bermuda. The company is not consolidated into the financial statements of any parent company company, and Pearl Holdings (Bermuda) limited does not publish its financial statements.

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