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REGISTERED NUMBER: 03428170 (England and Wales)














Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023


for



Boustead Ventures Limited


Boustead Ventures Limited (Registered number: 03428170)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page




Company Information  

1




Report of the Directors  

2




Statement of Directors' Responsibilities  

4




Report of the Independent Auditors  

5




Statement of profit or loss  

9




Other Comprehensive Income  

10




Statement of Financial Position  

11




Statement of Changes in Equity  

12




Notes to the Financial Statements

13




Boustead Ventures Limited


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

F B Ismail


N J B Kamarudin





SECRETARY:

N J B Kamarudin





REGISTERED OFFICE:

c/o Bennewith 2018 Limited


Upper Ground Floor


18 Farnham Road


Guildford


Surrey


GU1 4XA





REGISTERED NUMBER:

03428170 (England and Wales)





SENIOR STATUTORY AUDITOR:

A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA





AUDITORS:

Bennewith 2018 Limited (Statutory Auditors)


Upper Ground Floor


18 Farnham Road


Guildford


Surrey


GU1 4XA


Boustead Ventures Limited (Registered number: 03428170)


Report of the Directors

for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Hospitality and Tourism

REVIEW OF BUSINESS

The company has continued to undertake the operation of a hotel. The hotel is based in London in the United Kingdom.


GOING CONCERN

The financial statements have been prepared on a going concern basis. Although the company has net liabilities, the company's immediate parent undertaking, Boustead Properties Berhad ("the group"), has agreed to provide financial support on a binding basis in order that the company can continue to meet its liabilities as they fall due. Having reviewed this support and in the context of the financial resources of the Parent, the directors consider it appropriate to prepare the financial statements on a going concern basis.


DIVIDENDS

The loss for the year after tax amounted to £454,414 (2022 - loss of £353,234).


The directors are unable to recommend the payment of a dividend (2022 - Nil).


FUTURE DEVELOPMENTS AND ECONOMIC RISK

The Directors are of the opinion that the Company is well placed to deal effectively with unexpected developments and any resulting volatility in relation to the appointment of the new Government..


PRINCIPAL RISKS AND UNCERTAINTIES

The key risks and the mitigation to those risks which the company was exposed to during the current period are listed below


Health and safety risk

The company is exposed to health and safety risk whilst customers stay in the hotel and apartments. The company takes a comprehensive approach to mitigating health and safety risk. A full planned and preventable maintenance programme is in operation year-round. Periodic training provides regular and systematic skill transfer, and hotel teams are thoroughly briefed on their responsibilities and the company escalation mechanisms, covering incident, accident, disaster recovery and interaction with emergency services.


Credit risk

Credit risk arises from cash and cash equivalents, bank deposits and accounts receivable. Credit risk refers to the risk exposure that potential financial loss to the company may occur if counterparty defaults on its contractual obligations. The maximum exposure to credit risk is the value of assets which might be lost. Cash and cash equivalents are deposited only within banks that are considered by the company to have a minimal risk of default. The company evaluates the concentration of risk with respect to accounts receivables as low, as reputable booking agents are used to generate revenue.


Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations. Cash flow forecasting is performed at group level. The group monitors rolling forecasts and the liquidity requirements to ensure it has sufficient cash to meet operational needs and financial obligations. Furthermore, as noted above, the Boustead Holdings Berhad has provided a letter of support for the business and will provide any funds required, this has been clearly demonstrated in prior years where funded when needed has been provided.





Boustead Ventures Limited (Registered number: 03428170)


Report of the Directors

for the Year Ended 31 December 2023





Market risk

The company operates in a market with a high level of competition and there is a risk that competitor actions could have a detrimental impact on the company. The company reviews the market continually and participates in regular benchmarking to understand the company's position compared to its competitors.


Recently, there has been heightened political and economic uncertainty in the United Kingdom market and the growth rates and market sentiment have been impacted by Brexit and a change in Government. The Directors believe that despite the uncertainty in the market, the business in the UK is well positioned for recovery due to the strength of the economic position of the UK and a return of international visitors.


SMALL COMPANIES REGIME

The directors have taken advantage of the small companies' exemption under section 414B of the Companies Act 2006 in relation to the preparation of a strategic report.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


F B Ismail

N J B Kamarudin


No director has any interest in the shares of the company or other interests that require disclosure under the Companies Act 2006.


Directors' indemnity insurance is in place for all directors, subject to the conditions set out in section 234 of the Companies Act 2006. Such indemnity insurance remains in force at the date of approving the Directors' report.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.


This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.


ON BEHALF OF THE BOARD:






F B Ismail - Director



7 February 2025


Boustead Ventures Limited (Registered number: 03428170)


Statement of Directors' Responsibilities

for the Year Ended 31 December 2023


The directors are responsible for preparing the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.


Report of the Independent Auditors to the Members of

Boustead Ventures Limited


Opinion

We have audited the financial statements of Boustead Ventures Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Directors has been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Boustead Ventures Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Boustead Ventures Limited



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant are those that relate to FRS101, pensions laws and regulations and tax regulations.


We assessed the risks of material misstatement in respect of fraud as follows:


- Enquiries made of management and those charged with governance as well as the service organisation in relation     to payroll services

- Analytical procedures were used to identify if there were any unusual or unexpected relationships

- Discussions with management to identify any fraud risk factors or related party relationships and transactions


Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.


Enquiries were made of management and those charge with governance.  We corroborated our enquiries through the review of Board minutes and other papers provided.  There was no contradictory evidence.


We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.  We tested year end journals as well as journal entries throughout the year.  There were no transactions identified outside the normal course of business.


Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.  We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures.


Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Report of the Independent Auditors to the Members of

Boustead Ventures Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA (Senior Statutory Auditor)

for and on behalf of Bennewith 2018 Limited (Statutory Auditors)

Upper Ground Floor

18 Farnham Road

Guildford

Surrey

GU1 4XA


17 February 2025


Boustead Ventures Limited (Registered number: 03428170)


Statement of profit or loss

for the Year Ended 31 December 2023



31.12.23


31.12.22


as restated



Notes

£   

£   



TURNOVER

3

1,563,677


1,388,406




Cost of sales

772,641


556,728



GROSS PROFIT

791,036


831,678




Administrative expenses

1,032,877


989,151



(241,841

)

(157,473

)



Other operating income

181


287



OPERATING LOSS

(241,660

)

(157,186

)



Interest receivable and similar income

104


-



(241,556

)

(157,186

)



Interest payable and similar expenses

5

212,858


196,048



LOSS BEFORE TAXATION

6

(454,414

)

(353,234

)



Tax on loss

7

-


-



LOSS FOR THE FINANCIAL YEAR

(454,414

)

(353,234

)



Boustead Ventures Limited (Registered number: 03428170)


Other Comprehensive Income

for the Year Ended 31 December 2023



31.12.23


31.12.22


as restated



Notes

£   

£   



LOSS FOR THE YEAR

(454,414

)

(353,234

)




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR THE

YEAR

(454,414

)

(353,234

)



Boustead Ventures Limited (Registered number: 03428170)


Statement of Financial Position

31 December 2023



31.12.23


31.12.22


as restated



Notes

£   

£   


CURRENT ASSETS

Debtors

10

64,104


68,720



Cash at bank and in hand

11

289,172


529,260



353,276


597,980



CREDITORS

Amounts falling due within one year

12

(275,478

)

(236,812

)


NET CURRENT ASSETS

77,798


361,168



TOTAL ASSETS LESS CURRENT LIABILITIES

77,798


361,168




CREDITORS

Amounts falling due after more than one year

13

(7,554,252

)

(7,383,208

)


NET LIABILITIES

(7,476,454

)

(7,022,040

)



CAPITAL AND RESERVES

Called up share capital

16

1,000


1,000



Retained earnings

17

(7,477,454

)

(7,023,040

)


SHAREHOLDERS' FUNDS

(7,476,454

)

(7,022,040

)



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


The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:






F B Ismail - Director



Boustead Ventures Limited (Registered number: 03428170)


Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 January 2022

1,000


(6,669,806

)

(6,668,806

)



Changes in equity

Total comprehensive income

-


(353,234

)

(353,234

)


Balance at 31 December 2022

1,000


(7,023,040

)

(7,022,040

)



Changes in equity

Total comprehensive income

-


(454,414

)

(454,414

)


Balance at 31 December 2023

1,000


(7,477,454

)

(7,476,454

)



Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Boustead Ventures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparation


These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  


Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":




the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;



the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii),

B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;



the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;



the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;



the requirements of IFRS 7 Financial Instruments: Disclosures;



the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;



the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of

IFRS 16 Leases;

          

the requirements of paragraph 58 of IFRS 16;



the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to

(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;



the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative

information in respect of:


-

paragraph 79(a)(iv) of IAS 1;


-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;


-

paragraph 118(e) of IAS 38 Intangible Assets;


-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and


-

paragraph 50 of IAS 41 Agriculture;



the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136

of IAS 1;



the requirements of IAS 7 Statement of Cash Flows;



the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and

Errors;



the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;



the requirements of paragraph 74(b) of IAS 16;



the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;



the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into

between two or more members of a group;



the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.


These exemptions require that equivalent disclosures are included in the financial statements of the group in which the entity is consolidated.



The results of the Company are included in the consolidated financial statements of Boustead Holdings Berhad which are available from Level 23, The Bousteador, No 10 Jalan PJU 7/6. Mutiara Damansara, 47800 Petaling Jaya, Selangor Darul Ehsan, Malaysia.


Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Use of estimates and judgement

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.The following judgement and estimate has the most significant impact on amounts recognised in the financial statements:

Determining the lease term of contracts - Company as lessee
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

For leases of the Hotel property, the following factors are normally the most relevant:

- If there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend (or not terminate).
- If any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably certain to extend (or not terminate).
Otherwise, the Company considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.

Lease payments
The Company had in place an agreement with Boustead Hyde Park Limited for the lease of Hyde Park Hotel, 23-25 Leinster Square, London, W2 4NE. The agreement has a term of 12 months and commenced on 1 November 2024. The Company renewed the lease agreement, from 1 November 2024 to 31 October 2025. The company accounts for the lease as short-term. Therefore the lease payments associated with this new lease are expensed on a straight-line basis over the lease term.


Turnover

Turnover is derived wholly in the United Kingdom from hotel operations including rental of rooms and car park rental.

Turnover is recognised when control of services are transferred to the customer when they stay at these locations, at an amount that reflects the consideration to which the company expects to be entitled in exchange for those services in the normal course of business, net of trade discounts and VAT.

Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.




Depreciation is provided on all tangible fixed assets, on a straight-line basis over its estimated useful life, as follows:



Furniture and fixtures - the shorter of the remaining term of the lease or 5 years straight line


Computer equipment - 3 years straight line



The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively.



Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.


Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded by the company at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.

Differences arising on settlement or translation of monetary items are recognised in the statement of profit or loss.

Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Leases

The Company leases the hotel property. The rental contract is typically made for fixed periods but may have extension options. The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets: The Company recognises right-of-use assets at the commencement date of the lease (i.e, the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

The right-of-use assets are also subject to impairment.

Lease liabilities: At the commencement date of the lease, the company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Company's lease liabilities are included in creditors, split between amounts due within and after one year.

Short-term leases
The Company applies the short-term lease recognition exemption to its short-term leases (i.e those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.


Pension costs

The company operates a defined contribution pension scheme. Contributions to this scheme are recognised in the statement of comprehensive income in the period in which they are earned.

Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Going concern

The Company incurred losses amounting to £454,414 in the year ended 31 December 2023 and has net current assets of £77,798 and net liabilities of £7,554,252 as of 31 December 2023. The Board is required to consider the availability of resources to meet the Company's liabilities for a period of twelve months from the date of approval of these financial statements.

The Board has assessed whether the Company will be able to meet its liabilities as and when they fall due for a period of twelve months from the date of approval of the financial statements to 31 December 2023 with reference to various considerations including preparing a cash flow forecast using base case assumptions which were then stress tested.

The board notes that Boustead Properties Berhad has always provided all resolvent financial support as and when required in prior years.As a result of the group's precedent to support the company together with the binding letter of financial support provided covering the going concern assessment period to 31 December 2025 and enquiries made of group management, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.


Cost of sales

Cost of sales are included in the statement of profit or loss, net of trade discounts and VAT.

Finance costs
Finance costs comprise interest expenses on borrowings. All borrowing costs are recognised in the statement of profit or loss in the period in which they are incurred.


Trade and other receivables

Prepayments primarily consist of expenses paid in advance. These costs have been capitalised as they represent a future economic benefit to the company.

Cash at bank
Bank balances net of outstanding checks.

Trade and other payables
Trade payables are non-interest bearing and are normally paid when due.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of tax effects.

Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


3.

TURNOVER



The turnover and loss before taxation are attributable to the one principal activity of the company.



An analysis of turnover by class of business for the year ended 31 December 2022 is given below:


£   



Room revenue

1,371,623




Car park

16,783



1,388,406





This analysis is not considered to be applicable to the year ended 31 December 2023.



An analysis of turnover by geographical market for the year ended 31 December 2022 is given below:


£   



United Kingdom

1,388,406



1,388,406





This analysis is not considered to be applicable to the year ended 31 December 2023.


4.

EMPLOYEES AND DIRECTORS


31.12.23


31.12.22


as restated


£   

£   



Wages and salaries

400,354


304,709




Social security costs

33,169


24,496




Other pension costs

7,350


5,290



440,873


334,495





The average number of employees during the year was as follows:


31.12.23


31.12.22


as restated




Administrative staff

14


11





During the year neither of the directors received any emoluments for their services to Boustead Ventures Limited (2022 - £nil). Both directors received remuneration from Boustead Holdings Berhad as employees of this company.


5.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.12.23


31.12.22


as restated


£   

£   



Interest payable on loans

212,858


196,048




Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


6.

LOSS BEFORE TAXATION


The loss before taxation is stated after charging:

20232022
£   £   
Cost of inventories recognised as an expense12,44834,533
Depreciation - owned assets-
Short-term lease costs696,000696,000
708,448730,533

The company paid £30,025 (2022: £27,500) to its auditors in respect of the audit of the financial statements. Amounts paid for the non-audit services during the year were £17,225 (2022: £9,100)

7.

TAXATION



Analysis of tax expense


No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.


8.

PRIOR YEAR ADJUSTMENT


The Directors have taken the view to reclassify the intercompany loans as non-current liabilities as the members of the group do no expect repayment within 12 months.

There is no affect on the profit and loss account.

9.

TANGIBLE FIXED ASSETS


Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2023


and 31 December 2023

20,314


7,942


28,256




DEPRECIATION


At 1 January 2023


and 31 December 2023

20,314


7,942


28,256




NET BOOK VALUE


At 31 December 2023

-


-


-




At 31 December 2022

-


-


-




Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22


as restated


£   

£   



Amounts owed by group undertakings

1,000


1,000




Other debtors

63,104


67,720



64,104


68,720




11.

CASH AT BANK AND IN HAND


31.12.23


31.12.22


as restated


£   

£   



Cash at bank

287,198


527,789




Cash in hand

1,974


1,471



289,172


529,260




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22


as restated


£   

£   



Trade creditors

19,543


41,441




Amounts owed to participating interests

-


2,390




Social security and other taxes

14,176


7,077




VAT

72,782


56,552




Other creditors

90,331


60,270




Pension fund

2,848


2,264




Accrued expenses

75,798


66,818



275,478


236,812




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.12.23


31.12.22


as restated


£   

£   



Amounts owed to group undertakings

7,554,252


7,383,208




14.

FINANCIAL LIABILITIES - BORROWINGS



15.

LEASING


Other leases



31.12.23


31.12.22


as restated


£   

£   



Short-term leases

696,000


696,000




Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


15.

LEASING - continued



The above expenses relating to short term leases were included in administrative expenses in the statement of profit or loss.


16.

CALLED UP SHARE CAPITAL



Allotted and issued:


Number:

Class:

Nominal

31.12.23


31.12.22


value:


as restated


£   

£   



1,000

Share capital 1

1

1,000


1,000




Capital management
The Company defines capital as the total equity of the Company. The Company's primary objectives when managing capital are to achieve sustainable growth and ensure that the Company has adequate capital to fund its operations.

The Directors regularly assess and quantify the potential capital requirements of the Company in order to ensure the Company has adequate capital. The process of allocating capital to specific operations and activities is undertaken by the management and is reviewed regularly by the Directors.

The Company has access to capital from its Parent company and group to be used for its operations.

17.

RESERVES


Retained


earnings

£   




At 1 January 2023

(7,023,040

)



Deficit for the year

(454,414

)



At 31 December 2023

(7,477,454

)



18.

CONTROLLING PARTY AND PARENT UNDERTAKING



The immediate parent undertaking is Boustead Properties Berhad, which is the wholly owned subsidiary of the penultimate holding parent and controlling party, Boustead Holdings Berhad, both of which are incorporated in Malaysia.



The ultimate holding corporation is Lembaga Tabung Angkatan Tentera, a Malaysian statutory body established under the Tabung Angkatan Tentera Act, 101, 1973.



Lembaga Tabung Angkatan Tentera  is the largest group of undertakings to consolidate these financial statements at 31 December 2023.



The consolidated financial statements of Boustead Holdings Berhad are available from Level 23, The Bousteador, No 10 Jalan PJU 7/6, Mutiara Damansara, 47800 Petaling Jaya, Selangor Darul Ehsan, Malaysia.


Boustead Ventures Limited (Registered number: 03428170)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


19.

RELATED PARTY TRANSACTIONS



During the year, the Company entered into transactions in the ordinary course of business, with related parties.


20.

COMMITMENTS



Company as lessee



The Company has a lease contract that commenced in 1 November 2023 and will expire on 31 October 2024. The future lease payments for this short-term lease contract is:



                                                                                                                                   31 December 2023


                                                                                                                                                  £


Within one year                                                                                                                    580,000



The company entered into another lease contract that will commence 1 November 2024 and will expire on 31 October 2025.



                                                                                                                                   31 December 2023


                                                                                                                                                  £


Within one year                                                                                                                    116,000


2-5 years                                                                                                                                580,000