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COMPANY REGISTRATION NUMBER: 10839382
Boultbee Estates (NO.1) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Estates (NO.1) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Boultbee Estates (NO.1) Limited
Directors' Report
Year ended 31 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 period was a holding company for entities engaged in property investment.
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 19 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 Estates (NO.1) Limited
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
( 293,151)
656,982
Other operating expenses
76
46
---------
---------
Operating (loss)/profit
( 293,227)
656,936
Fair value adjustment interests in group undertakings
( 684,720)
76,942
Fair value adjustment interests in participating interests
( 206,793)
( 1,004,465)
Other interest receivable and similar income
128,312
65,713
Interest payable and similar expenses
435,183
------------
------------
Loss before taxation
4
( 1,056,428)
( 640,057)
Tax on loss
( 86,065)
85,784
------------
---------
Loss for the financial year and total comprehensive income
( 970,363)
( 725,841)
------------
---------
All the activities of the company are from continuing operations.
Boultbee Estates (NO.1) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
19,098,788
19,356,183
Current assets
Debtors
6
92,200
63,576
Cash at bank and in hand
3,813,708
3,529,531
------------
------------
3,905,908
3,593,107
Creditors: amounts falling due within one year
7
1,923,584
1,336,517
------------
------------
Net current assets
1,982,324
2,256,590
-------------
-------------
Total assets less current liabilities
21,081,112
21,612,773
Creditors: amounts falling due after more than one year
8
28,717,493
28,278,791
-------------
-------------
Net liabilities
( 7,636,381)
( 6,666,018)
-------------
-------------
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss account
( 7,637,481)
( 6,667,118)
------------
------------
Shareholders deficit
( 7,636,381)
( 6,666,018)
------------
------------
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.
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 .
Boultbee Estates (NO.1) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 10839382
Boultbee Estates (NO.1) Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
1,100
( 5,941,277)
( 5,940,177)
Loss for the year
( 725,841)
( 725,841)
-------
------------
------------
Total comprehensive income for the year
( 725,841)
( 725,841)
At 31 December 2022
1,100
( 6,667,118)
( 6,666,018)
Loss for the year
( 970,363)
( 970,363)
-------
------------
------------
Total comprehensive income for the year
( 970,363)
( 970,363)
-------
------------
------------
At 31 December 2023
1,100
( 7,637,481)
( 7,636,381)
-------
------------
------------
Boultbee Estates (NO.1) 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, as modified by the revaluation of certain investments measured at fair value through profit or loss.
Going concern
At the balance sheet date the company had net liabilities £7,636,381. It has secured the financial support of its creditors for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents profit shares from Limited Liability Partnerships in which the company has an interest.
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 measured at fair value with changes being recognised in the profit and loss account.
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. Profit before taxation
Profit before taxation is stated after charging/crediting:
2023
2022
£
£
Fair value adjustments to shares in group undertakings
684,720
(76,942)
Fair value adjustments to shares in participating interests
206,793
1,004,465
---------
------------
5. Investments
Interests in group undertakings
Loans to group undertakings
Interest in participating interests
Total
£
£
£
£
Cost
At 1 January 2023
5,016,562
6,345,290
7,994,331
19,356,183
Additions
406,742
559,080
1,331,963
2,297,785
Disposals
( 90,000)
( 1,573,668)
( 1,663,668)
Revaluations
( 684,720)
( 206,792)
( 891,512)
------------
------------
------------
-------------
At 31 December 2023
4,648,584
6,904,370
7,545,834
19,098,788
------------
------------
------------
-------------
Impairment
At 1 January 2023 and 31 December 2023
------------
------------
------------
-------------
Carrying amount
At 31 December 2023
4,648,584
6,904,370
7,545,834
19,098,788
------------
------------
------------
-------------
At 31 December 2022
5,016,562
6,345,290
7,994,331
19,356,183
------------
------------
------------
-------------
Investments held at valuation
Fixed asset investments are valued at fair value at the period end by the directors,one of whom is a member of the Royal Institute of Chartered Surveyors and the other a member of the Institute of Chartered Accountants England and Wales.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Interests in group undertakings
Interest in participating interests
Total
£
£
£
At 31 December 2023
Aggregate cost
9,283,283
13,480,086
22,763,369
Aggregate depreciation
------------
-------------
-------------
Carrying value
9,283,283
13,480,086
22,763,369
------------
-------------
-------------
At 31 December 2022
Aggregate cost
8,898,428
13,721,790
22,620,218
Aggregate depreciation
------------
-------------
-------------
Carrying value
8,898,428
13,721,790
22,620,218
------------
-------------
-------------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
52,635
62,475
Other debtors
39,565
1,101
--------
--------
92,200
63,576
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
119,107
Other creditors
1,923,584
1,217,410
------------
------------
1,923,584
1,336,517
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
28,717,493
28,278,791
-------------
-------------
The amount included within other creditors due after more than one year is technically repayable on demand but it has been aged as such to reflect when it might be repaid.
9. Charges on assets
There are charges over interests in investments that are included in fixed asset investments £12,158,926 in favour of lenders to the entities in which the interests are held.
10. Related party transactions
Included within other creditors is £28,717,493 (2022;£29,093,304)owed to Boultbee Finance Limited. Interest was charged at 0% (2022;1.5%) per annum. Included within other creditors is £1,923,575 (2022:402,887) owed to Boultbee Estates Limited. The amount was interest free. The director C.E.Boultbee-Brooks was interested in the entities referred to above.
11. Controlling party
The controlling party is the director C.E.Boultbee Brooks.