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

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

Burt Boulton Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Athenia House, 10-14 Andover Road, Winchester, Hampshire, United Kingdom, SO23 7BS.

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.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

In considering the appropriateness of the going concern basis the Board have reviewed the key risks and uncertainties to which they believe the company is exposed, the company’s ongoing financial commitments and the availability of sufficient resources for the next twelve months and beyond. Given the strength of the balance sheet, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have satisfied themselves that it is appropriate to prepare these financial statements on a going concern basis.true

Turnover comprises rentals from external customers and property trading, excluding value added tax, accounted for as follows:

Rental income is included in the financial statements on the date it is receivable. Income from property trading is included in the financial statements on the date of completion of the contract.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Cash flow statement

The Company has taken advantage of the exemptions provided under Financial Reporting Standard 102 Section 7 not to present a cash flow statement as the company is entitled to the exemptions available for small entities.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment properties are valued at fair value annually. This has been carried out as at 31 March 2024 by an external valuer in accordance with the requirements of the RICS Valuation – Professional Standards 2014 and the directors deem this appropriate.

The average monthly number of persons (including directors whom received no remuneration) employed by the company during the year was:

The directors of this company are also directors of the parent company Thomas Roberts Estates Limited and subsidiary company Thomas Roberts (Westminster) Limited. The directors received a total remuneration from within the group of £222,022 (2023: £222,650) during the year. This charge was borne by Thomas Roberts (Westminster) Limited. It is not practicable to allocate this charge between the services provided as directors of this company and the other companies within the group.

The company’s investment properties were valued on 31 March 2024 by Montagu Evans LLP, who have acted as an external valuer.

The valuations accord with the requirements of the RICS Valuation – Professional Standards 2014. The valuation of each property was on the basis of fair value.

The directors have included the investment properties at the values included in the valuation report. Based on the sectors in which the lessors of the investment properties operate and the rental collection subsequent to the year end, the directors consider the valuations at 31 March 2024 to be at fair value.

The company has given security over investment properties with a value of £12,765,000 (2023: £13,245,000) to The Thomas Roberts Group Pension Fund as security for the conditional guarantee detailed in note 7.

The sale of investment properties at a revalued amount would be expected to give rise to a potential liability to tax of £nil (2023: £nil).

Details of the company's subsidiaries at 31 March 2024 are as follows:

Registered office addresses (all UK unless otherwise indicated):

The Company has one class of ordinary shares which carry no right to fixed income.

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the revaluation of investment properties, net of dividends paid and other adjustments.

Included within profit and loss reserves are non-distributable profits, as set out below:

Unrealised revaluation gain on investment property £2,244,181 (2023: £118,384) that are not distributable to shareholders until such gains are realised.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Under a group registration the company is jointly and severally liable for value added tax due by other companies. At 31 March 2024 this contingent liability amounted to £20,772 (2023: £73,788).

The Company leases out its investment properties for rental purposes. The Company has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. The note below sets out a maturity analysis of the lease payments, showing the undiscounted lease payments to be received after the reporting date. All operating leases contain market review clauses in the event that the lessee operates its option to renew. The lessee does not have the option to purchase the property at the expiry of the lease.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

On 18th July 2024, the company sold one of its properties for £5,750,000. The value of this property at 31 March 2024 was £6,010,000.

The following transactions took place with companies within the group headed by Thomas Roberts Estates Limited:

On 8 September 2022 the Company acquired a property at Castleford from its parent company Thomas Roberts Estates Limited for a consideration of £1,315,000. No such transactions have taken place in the current financial year.

The company provided an interest free loan of £1,150,000 in the prior period to Thomas Roberts (Westminster) Limited, a subsidiary of Burt Boulton Holdings Limited which was outstanding at 31 March 2023. This loan was fully repaid in the year.

The Company paid management fees to Thomas Roberts (Westminster) Limited amounting to £1,400,000 (2023: £1,400,000).

The immediate and ultimate parent company is Thomas Roberts Estates Limited, which is incorporated in England A Wales. Copies of the accounts of the ultimate parent company can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ. Thomas Roberts Estates Limited has taken the exemption from producing group financial statements afforded by section 399 of the Companies Act 2006 because of the size of the group.

The company’s ultimate controlling party is Mr J Roberts.