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2023-04-01
Sage Accounts Production 24.0 - FRS102_2024
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Company registration number:
NI045886
Boucherwood Limited
Filleted financial statements
31 March 2024
Boucherwood Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Boucherwood Limited
Directors and other information
|
|
|
|
Directors |
RO Morton |
|
|
FS McClure |
|
|
RJ Hegan |
|
|
KM Millington |
|
|
|
|
|
|
|
Secretary |
RO Morton |
|
|
|
|
|
|
|
Company number |
NI045886 |
|
|
|
|
|
|
|
Registered office |
13 Sharman Gardens |
|
|
Belfast |
|
|
BT9 5GE |
|
|
|
|
|
|
|
Auditor |
Hill Vellacott |
|
|
22 Great Victoria Street |
|
|
Belfast |
|
|
BT2 7BA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
First Trust Bank |
|
|
35 University Road |
|
|
Belfast |
|
|
BT7 1ND |
|
|
|
|
|
|
|
Solicitors |
King and Gowdy |
|
|
298 Upper Newtownards Road |
|
|
Belfast |
|
|
BT4 3EJ |
|
|
|
Boucherwood Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Boucherwood Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
2,835,000 |
|
|
|
3,590,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2,835,000 |
|
|
|
3,590,000 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
39,994 |
|
|
|
30,262 |
|
|
Cash at bank and in hand |
|
|
44,939 |
|
|
|
59,051 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
84,933 |
|
|
|
89,313 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
129,235) |
|
|
|
(
189,254) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
44,302) |
|
|
|
(
99,941) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
2,790,698 |
|
|
|
3,490,059 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
- |
|
|
|
(
72,978) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
9 |
|
|
- |
|
|
|
(
467,663) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
2,790,698 |
|
|
|
2,949,418 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
11 |
|
|
1,618,283 |
|
|
|
1,618,283 |
Share premium account |
|
12 |
|
|
119,591 |
|
|
|
119,591 |
Profit and loss account |
|
12 |
|
|
1,052,824 |
|
|
|
1,211,544 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
2,790,698 |
|
|
|
2,949,418 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 July 2024
, and are signed on behalf of the board by:
KM Millington
Director
Boucherwood Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Boucherwood Limited, 13 Sharman Gardens, Belfast, BT9 5GE.
The principal activity of the company is that of property investment.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThere are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is carried at fair value determined annually by directors and external valuers and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
3,590,000 |
3,590,000 |
|
|
|
|
|
|
Revaluation |
(
755,000) |
(
755,000) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2024 |
2,835,000 |
2,835,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
2,835,000 |
2,835,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
3,590,000 |
3,590,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
At 1 April 2023 |
3,590,000 |
|
Fair value adjustments |
(
755,000) |
|
|
_______ |
|
At 31 March 2024 |
2,835,000 |
|
|
_______ |
|
|
|
In February 2024 Osboure King performed a formal valuation of the property known as Elmwood House. A Market valuation of £2,680,000 determined based on an open market and existing use basis. The other investment property was valued by the directors on an open market value for existing use basis.
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
30,126 |
29,432 |
|
Other debtors |
|
9,868 |
830 |
|
|
|
_______ |
_______ |
|
|
|
39,994 |
30,262 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
83,394 |
93,120 |
|
Trade creditors |
|
1,314 |
- |
|
Corporation tax |
|
- |
49,270 |
|
Social security and other taxes |
|
12,065 |
14,716 |
|
Other creditors |
|
32,462 |
32,148 |
|
|
|
_______ |
_______ |
|
|
|
129,235 |
189,254 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank overdraft and loans are secured on the following: Legal mortgage/charges over properties at 74 Boucher Road and 39 Stockman's Lane Belfast. Mortage debenture incorporating a fixed and floating charge over 39 Stockman's Lane. Unlimited cross company guarantee between
Boucherwood Limited
and Erdingwood Limited.
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
72,978 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Provisions
|
|
Deferred tax (note 10) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 April 2023 |
467,663 |
467,663 |
|
|
|
|
Unused amounts reversed |
(
467,663) |
(
467,663) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
- |
- |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 9) |
|
- |
467,663 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Fair value adjustment of investment property |
|
- |
467,663 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company has unrecognised deferred tax assets of £58,100 (2023 - Nil).
11.
Called up share capital
Authorised share capital
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
1,618,283 |
|
1,618,283 |
|
1,618,283 |
|
1,618,283 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
12.
Reserves
Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.
13.
Summary audit opinion
The auditor's report dated
29 July 2024
was unqualified.
The senior statutory auditor was
Eoin McMullan, ACA
for and on behalf of
Hill Vellacott
14.
Related party transactions
The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any parent undertaking which is wholly owned by a member of that group.
15.
Controlling party
Amelwood Limited, a company established in Northern Ireland, holds 100% of the equity share capital in
Boucherwood Limited
, and is the immediate parent. The ultimate controlling party are the board of Amelwood Limited.