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COMPANY REGISTRATION NUMBER: 07932060
Boultbee Developments Limited
Unaudited Financial Statements
31 December 2023
Boultbee Developments Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Boultbee Developments 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 .
Principal activities
The principal activity of the company during the year was a holding company of a property development group.
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 26 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 Limited
Income Statement
Year ended 31st December 2023
2023
2022
Note
£
£
Other operating expenses
406
138
----
----
Operating loss
( 406)
( 138)
Income from shares in group undertakings
( 168,224)
( 39,203)
Other interest receivable and similar income
612,326
472,463
Impairment charge and amounts written of investments
170,688
2,448,218
---------
------------
Profit/(loss) before taxation
273,008
( 2,015,096)
Tax on profit/(loss)
60,780
---------
------------
Profit/(loss) for the financial year
212,228
( 2,015,096)
---------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Boultbee Developments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
41,206,081
47,304,169
Current assets
Debtors
5
101,752
1,339
Cash at bank and in hand
18,364,250
60,223
-------------
--------
18,466,002
61,562
Creditors: amounts falling due within one year
6
595,460
3,597
-------------
--------
Net current assets
17,870,542
57,965
-------------
-------------
Total assets less current liabilities
59,076,623
47,362,134
Creditors: amounts falling due after more than one year
7
53,446,720
41,944,459
-------------
-------------
Net assets
5,629,903
5,417,675
-------------
-------------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
5,628,903
5,416,675
------------
------------
Shareholders funds
5,629,903
5,417,675
------------
------------
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 .
Boultbee Developments Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 07932060
Boultbee Developments Limited
Statement of Changes in Equity
Year ended 31st December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2022
1,000
7,431,771
7,432,771
Loss for the year
( 2,015,096)
( 2,015,096)
-------
------------
------------
Total comprehensive income for the year
( 2,015,096)
( 2,015,096)
At 31st December 2022
1,000
5,416,675
5,417,675
Profit for the year
212,228
212,228
-------
------------
------------
Total comprehensive income for the year
212,228
212,228
-------
------------
------------
At 31st December 2023
1,000
5,628,903
5,629,903
-------
------------
------------
Boultbee Developments 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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
Loans to group undertakings and participating interests
Shares in group undertakings and participating interests
Total
£
£
£
Cost
At 1st January 2023
48,245,364
12,767,866
61,013,230
Additions
9,942,966
230,923
10,173,889
Disposals
( 22,949,900)
( 244,901)
(23,194,801)
-------------
-------------
-------------
At 31st December 2023
35,238,430
12,753,888
47,992,318
-------------
-------------
-------------
Impairment
At 1st January 2023
10,278,520
3,430,541
13,709,061
Disposals
( 7,093,512)
( 7,093,512)
Impairment losses
170,688
170,688
Other movements
( 6,507)
6,507
-------------
-------------
-------------
At 31st December 2023
3,349,189
3,437,048
6,786,237
-------------
-------------
-------------
Carrying amount
At 31st December 2023
31,889,241
9,316,840
41,206,081
-------------
-------------
-------------
At 31st December 2022
37,966,844
9,337,325
47,304,169
-------------
-------------
-------------
All entities in which the company was interested were engaged in property development activity except for Boultbee Brooks Renewable Energy Limited and Boultbee Brooks Energy Storage that were engaged in the development of solar and battery storage sites with a view to generating and selling energy. Boultbee Brooks Ecoedge Limited was engaged in identifying opportunities in the business of data centres.
The company owns 100% of the Ordinary shares of Boultbee Brooks (67-75 Mosley Street) Limited. That company has a 25% interest in its principal activity. The company owns 50 A class Ordinary shares in Boultbee Brooks (E&L Developments) Limited that give it control of the company. Its economic interest is one third.
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Boultbee Brooks (Orsman) Limited
Ordinary
100
Boultbee (Carshalton) Limited
Ordinary
60
Boultbee Brooks Thirsk Row LLP
Member interest
79.375
Boultbee Brooks (67-75 Mosley Street) Limited
Ordinary
100
Boultbee Brooks (Greyfriars) Limited
Ordinary
93.77
Boultbee Brooks (Ambrose Street) LLP
Member interest
99.99
Boultbee Brooks (Richmond) Limited
Ordinary
100
Boultbee Brooks (Victoria St) Limited
Ordinary
100
Boultbee Brooks (Goswell Road) Limited
Ordinary
100
Infrabee Infrastructure Partners Limited
Ordinary
100
Boultbee Brooks (Energy Storage) Limited
Ordinary
100
Boultbee Brooks (E&L Developments) Limited
Ordinary A class
100
Boultbee Brooks Renewable Energy Limited
Ordinary
100
Boultbee Brooks (79 Mosley Street) Limited
Ordinary
100
Boultbee Brooks (Victoria St.2) Limited
Ordinary
100
Boultbee Brooks (Castle Park) Limited
Ordinary
100
Boultbee Brooks Developments Group Services Limited
Ordinary
100
Boultbee Brooks Ecoedge Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
Boultbee Brooks (Orsman) Limited
496,629
488,733
7,895
(98)
Boultbee (Carshalton) Limited
6,129
6,240
( 112)
(117)
Boultbee Brooks Thirsk Row LLP
9,793,113
9,712,077
81,036
138,888
Boultbee Brooks (67-75 Mosley Street) Limited
(12,637,748)
(12,713,900)
76,152
(4,854,395)
Boultbee Brooks (Ambrose Street) LLP
1,052,710
1,130,073
( 243,863)
(149,444)
Boultbee Brooks (Richmond) Limited
(89,967)
(727,777)
637,811
651,275
Boultbee Brooks (Victoria St) Limited
(539,732)
651,205
( 1,154,937)
233,559
Boultbee Brooks (Goswell Road) Limited
(392,851)
(392,332)
( 620)
(141,725)
Boultbee Brooks (Energy Storage) Limited
(414,800)
(254,135)
( 160,665)
(174,340)
Boultbee Brooks (E&L Developments) Limited
4,469
(294,792)
299,261
(282,408)
Boultbee Brooks Renewable Energy Limited
103,990
(466,314)
570,303
(216,768)
Boultbee Brooks (79 Mosley Street) Limited
1
(192)
192
5,973,511
Boultbee Brooks (Victoria St.2) Limited
122,225
76,493
45,732
40,382
Boultbee Brooks (Castle Park) Limited
(64,497)
167,216
( 236,713)
167,116
Boultbee Brooks Developments Group Services Limited
181,076
11,264
169,812
12,708
Boultbee Brooks Ecoedge Limited
(25,354)
(23,666)
( 1,688)
(23,667)
-------------
-------------
------------
------------
5. Debtors
2023
2022
£
£
Other debtors
101,752
1,339
---------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
529,460
Corporation tax
60,780
Other creditors
5,220
3,597
---------
-------
595,460
3,597
---------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
53,446,720
41,944,459
-------------
-------------
The amount included within creditors due more than one year is technically due for repayment on demand. The ageing reflects what may happen in terms of repayment.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100,000
1,000
100,000
1,000
---------
-------
---------
-------
9. Charges on assets
Investments in subsidiaries stated in the accounts at £200 are secured by a charge in favour of the lender to those companies. Included within loans to group undertakings and participating interests is £27,116,753 that is subordinated to the lender to those companies.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C.E. Boultbee Brooks
100,000
100,000
----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C.E. Boultbee Brooks
----
----
----
Interest on loans was charged at 2.25%.
11. Controlling party
The parent company was Boultbee Developments Holdings Limited whose registered office is; Formal House, 60 St Georges Place, GL50 3PN.