0 false false false false false false false false false false true false false false false false false 2023-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,661,592 4,101,615 xbrli:pure xbrli:shares iso4217:GBP 08318457 2023-01-01 2023-12-30 08318457 2023-12-30 08318457 2022-12-31 08318457 2022-01-01 2022-12-31 08318457 2022-12-31 08318457 2021-12-31 08318457 bus:RegisteredOffice 2023-01-01 2023-12-30 08318457 bus:Director1 2023-01-01 2023-12-30 08318457 bus:Director2 2023-01-01 2023-12-30 08318457 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08318457 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-30 08318457 core:WithinOneYear 2023-12-30 08318457 core:WithinOneYear 2022-12-31 08318457 core:ShareCapital 2023-12-30 08318457 core:ShareCapital 2022-12-31 08318457 core:RetainedEarningsAccumulatedLosses 2023-12-30 08318457 core:RetainedEarningsAccumulatedLosses 2022-12-31 08318457 core:ShareCapital 2021-12-31 08318457 core:RetainedEarningsAccumulatedLosses 2021-12-31 08318457 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 08318457 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-30 08318457 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-30 08318457 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-30 08318457 core:CostValuation core:Non-currentFinancialInstruments 2023-12-30 08318457 core:Non-currentFinancialInstruments 2023-12-30 08318457 core:Non-currentFinancialInstruments 2022-12-31 08318457 bus:SmallEntities 2023-01-01 2023-12-30 08318457 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-30 08318457 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-30 08318457 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-30 08318457 bus:FullAccounts 2023-01-01 2023-12-30 08318457 core:Exceptional 2022-01-01 2022-12-31 08318457 core:OtherRelatedParties 2023-01-01 2023-12-30
COMPANY REGISTRATION NUMBER: 08318457
Boultbee Estates Limited
Unaudited Financial Statements
30 December 2023
Boultbee Estates Limited
Financial Statements
Period from 1st January 2023 to 30th 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 Limited
Directors' Report
Period from 1st January 2023 to 30th December 2023
The directors present their report and the unaudited financial statements of the company for the period ended 30 December 2023 .
Principal activities
The principal activity of the company during the period was to invest in entities interested in real estate .
Directors
The directors who served the company during the period 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 1 November 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 Limited
Statement of Comprehensive Income
Period from 1st January 2023 to 30th December 2023
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
Note
£
£
Turnover
535,593
( 854,941)
Other operating expenses
106,366
1,105
---------
---------
Operating profit/(loss)
429,227
( 856,046)
Fair value adjustment and disposal of group interests
5
239,866
( 500,000)
Fair value adjustment and disposal of participating interests
6
45,202
270,543
Income from fixed asset investments
7
873,387
( 2,430,628)
Other interest receivable and similar income
103,480
42,307
Interest payable and similar expenses
30,750
616,194
------------
------------
Profit/(loss) before taxation
1,660,412
( 4,090,018)
Tax on profit/(loss)
( 1,180)
11,597
------------
------------
Profit/(loss) for the financial period and total comprehensive income
1,661,592
( 4,101,615)
------------
------------
All the activities of the company are from continuing operations.
Boultbee Estates Limited
Statement of Financial Position
30 December 2023
30 Dec 23
31 Dec 22
Note
£
£
Fixed assets
Investments
8
26,895,426
22,070,319
Current assets
Debtors
9
28,513,099
30,376,798
Current asset investments
10
782,089
2,417,370
Cash at bank and in hand
2,468,597
268,006
-------------
-------------
31,763,785
33,062,174
Creditors: amounts falling due within one year
11
28,661,716
26,768,590
-------------
-------------
Net current assets
3,102,069
6,293,584
-------------
-------------
Total assets less current liabilities
29,997,495
28,363,903
-------------
-------------
Net assets
29,997,495
28,363,903
-------------
-------------
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss account
29,996,395
28,362,803
-------------
-------------
Shareholders funds
29,997,495
28,363,903
-------------
-------------
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 period ending 30th 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 period 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 Limited
Statement of Financial Position (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 08318457
Boultbee Estates Limited
Statement of Changes in Equity
Period from 1st January 2023 to 30th December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2022
1,100
32,699,418
32,700,518
Loss for the period
( 4,101,615)
( 4,101,615)
-------
-------------
-------------
Total comprehensive income for the period
( 4,101,615)
( 4,101,615)
Dividends paid and payable
( 235,000)
( 235,000)
-------
-------------
-------------
Total investments by and distributions to owners
( 235,000)
( 235,000)
At 31st December 2022
1,100
28,362,803
28,363,903
Profit for the period
1,661,592
1,661,592
-------
-------------
-------------
Total comprehensive income for the period
1,661,592
1,661,592
Dividends paid and payable
( 28,000)
( 28,000)
----
--------
--------
Total investments by and distributions to owners
( 28,000)
( 28,000)
-------
-------------
-------------
At 30th December 2023
1,100
29,996,395
29,997,495
-------
-------------
-------------
Boultbee Estates Limited
Notes to the Financial Statements
Period from 1st January 2023 to 30th 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 financial assets and liabilities and investments at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 investment income from shares and profits from Limited Liability Partnerships on which there is no Value Added Tax.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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 and current asset investments are measured at fair value with changes being recognised through the statement of Comprehensive Income.
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. Exceptional items
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
£
£
Loan
585,444
----
---------
Included within interest payable and similar charges is £0 (2022:£585,444) in respect of a provision for non recoverable of a loan.
5. Fair value adjustment and disposal of group interests
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
£
£
Gain/(loss) on fair value adjustment to group interests
239,866
(500,000)
---------
---------
6. Fair value adjustment and disposal of participating interests
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
£
£
Gain/(Loss) on fair value adjustment of participating interests
45,202
270,543
--------
---------
7. Income from fixed asset investments
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
£
£
Dividends from fixed asset investments
44,435
129,191
Gain/(loss) on disposal of fixed asset investments
345,143
(1,016,166)
Gain/(loss) on fair value adjustment to fixed asset investments
(67,686)
(1,904,471)
Foreign exchange gains
221,967
340,562
Interest Receivable
388,059
111,788
Management fees and charges
(37,699)
(68,494)
Interest payable
(20,832)
(23,038)
---------
------------
873,387
( 2,430,628)
---------
------------
Included within the foreign exchange gain for the period is £92,249 (2022:£307,818) in respect of unrealised currency gains relating to securities and forward contracts.
8. Investments
Group undertakings
Participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1st January 2023
9,615,766
4,298,495
8,156,058
22,070,319
Additions
668,440
137,486
5,354,973
6,160,899
Disposals
( 14,000)
( 275,216)
( 1,320,041)
( 1,609,257)
Revaluations
239,866
45,203
( 11,604)
273,465
-------------
------------
-------------
-------------
At 30th December 2023
10,510,072
4,205,968
12,179,386
26,895,426
-------------
------------
-------------
-------------
Impairment
At 1st January 2023 and 30th December 2023
-------------
------------
-------------
-------------
Carrying amount
At 30th December 2023
10,510,072
4,205,968
12,179,386
26,895,426
-------------
------------
-------------
-------------
At 31st December 2022
9,615,766
4,298,495
8,156,058
22,070,319
-------------
------------
-------------
-------------
Investments held at valuation
Fixed asset investments are valued at fair value at the year 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:
Group undertakings
Participating interests
Other investments other than loans
Total
£
£
£
£
At 30th December 2023
Aggregate cost
7,141,426
4,712,949
12,475,612
24,329,987
Aggregate depreciation
------------
------------
-------------
-------------
Carrying value
7,141,426
4,712,949
12,475,612
24,329,987
------------
------------
-------------
-------------
At 31st December 2022
Aggregate cost
6,486,986
4,850,679
9,022,170
20,359,835
Aggregate depreciation
------------
------------
------------
-------------
Carrying value
6,486,986
4,850,679
9,022,170
20,359,835
------------
------------
------------
-------------
9. Debtors
30 Dec 23
31 Dec 22
£
£
Trade debtors
33,149
21,264
Other debtors
28,479,950
30,355,534
-------------
-------------
28,513,099
30,376,798
-------------
-------------
10. Current asset investments
30 Dec 23
31 Dec 22
£
£
Other investments
782,089
2,417,370
---------
------------
11. Creditors: amounts falling due within one year
30 Dec 23
31 Dec 22
£
£
Trade creditors
6,447
53,042
Social security and other taxes
3,482
Other creditors
28,651,787
26,715,548
-------------
-------------
28,661,716
26,768,590
-------------
-------------
12. Charges on assets
Certain interests in subsidiary undertakings whose value £3,181,763 is included within fixed asset investments are subject to a charge in favour of lender to entities in which the company and or the director C.E.Boultbee Brooks has an interest.
13. Related party transactions
Included within other debtors is £3,882,733 (2022:£3,217,933) due from Boultbee Brooks Real Estate Limited and £19,848,056 (2022:£17,800,916) due from Boultbee Brooks Limited. The director C.E.Boultbee Brooks was interested in the above mentioned entities. None of the amounts were subject to interest and they are all repayable on demand. Also included within other debtors is £645,173 (2022:£8,896,197) due from Boultbee Developments (NO.1) Limited. This is repayable on demand and is subject to interest at 0% (2022;0%) per annum. The director C.E.Boultbee Brooks was interested in the company. Also included within other debtors is £1,057,299 (2022:£1,057,299) due from Otti Clothing Limited a company in which a relation of C.E.Boultbee Brooks is interested. This is repayable on demand and is subject to interest at 5% per annum. A provision for non recoverability has been made in the financial statements. Included within other creditors is £25,670,286 (2022:£25,670,286) due to Boultbee Finance Limited and £1,837,113 due to Boultbee Estates (NO.1) Limited. Interest is charged at 0% (2022:0%) per annum. These are repayable on demand. The director C.E.Boultbee Brooks is interested in these companies. Total dividends of £28,000 were paid to C.J.Boultbee Brooks (2022:£235,000 to C.E.Boultbee Brooks and C.J.Boultbee Brooks).
14. Controlling party
The controlling party is the director C.E.Boultbee Brooks.