Company Registration No. 11641960 (England and Wales)
SHERBOURNE BOURNE COURT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Shenward (London) Limited
Formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SHERBOURNE BOURNE COURT LIMITED
COMPANY INFORMATION
Directors
Mr H S Matharu
Mr R S Matharu
Mr S W Borrett
Mr J S Matharu
Mr B J O'Grady
Company number
11641960
Registered office
15 Hertford Court
Hertford Road
Marlborough
SN8 4AW
Auditor
Shenward (London) Limited formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
HA1 2AX
SHERBOURNE BOURNE COURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SHERBOURNE BOURNE COURT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
888,452
888,352
Current assets
Debtors
6
3,340,260
3,218,560
Cash at bank and in hand
75,754
183,060
3,416,014
3,401,620
Creditors: amounts falling due within one year
7
(3,223,033)
(3,197,911)
Net current assets
192,981
203,709
Net assets
1,081,433
1,092,061
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
1,121,490
1,121,490
Profit and loss reserves
(42,057)
(31,429)
Total equity
1,081,433
1,092,061
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.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr S W Borrett
Director
Company Registration No. 11641960
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Sherbourne Bourne Court Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Hertford Court, Hertford Road, Marlborough, SN8 4AW.
1.1
Accounting convention
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 except for, where disclosed in these accounting policies certain items that are shown at fair value.The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. Sherbourne High Breck Limited and Sherbourne St Peter's Limited are wholly subsidiary of the Sharebourne Bourne Court Limited.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
Property including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock or work in progress and is measured at lower of cost and net realisable value.
1.4
Cash at bank and in hand
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.
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Basic financial assets
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.
Classification of financial liabilities
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
Basic financial liabilities, including trade and other creditors, loans from third parties, and loans from parent undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instruments are measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
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.
1.6
Equity instruments
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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.
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
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.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
888,452
888,352
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
888,352
Additions
100
At 31 March 2024
888,452
Carrying amount
At 31 March 2024
888,452
At 31 March 2023
888,352
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sherbourne High Breck Limited
England & Wales
Ordinary
100.00
Sherbourne St Peter's Limited
England & Wales
Ordinary
100.00
Sherbourne Matttingley Ltd
England & Wales
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
306,000
306,000
Other debtors
3,002,422
2,901,237
3,308,422
3,207,237
Deferred tax asset
31,838
11,323
3,340,260
3,218,560
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,110
Amounts owed to group undertakings
1,532,109
1,458,109
Corporation tax
394
Other creditors
1,683,814
1,739,408
3,223,033
3,197,911
Other creditors include the liability of Redeemable shares of £1,674,490. The Redeemable shares shall be entitled to a fixed annual dividend of 0.1% per annum payable on 30 June in each year.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
31,838
-
Tax losses
-
11,323
31,838
11,323
2024
Movements in the year:
£
Asset at 1 April 2023
(11,323)
Credit to profit or loss
(20,515)
Asset at 31 March 2024
(31,838)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
9
Audit report information
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.
The senior statutory auditor was Balvantkumar B Patel and the auditor was Shenward (London) Limited formerly known as John Cumming Ross Limited
SHERBOURNE BOURNE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Ultimate controlling party
The controlling party for the year is New Gem Holdings Limited (Formerly known as New Grange Holdings 2 Ltd) by virtue of their shareholding. New Gem Holdings Limited, a company incorprated in England and Wales whose registered office is Lion House, 72-75 Red Lion Street, London, WC1R 4GB.
11
Related party transactions
Amounts owed by related parties
Sherbourne St Peter's Limited ( Wholly owned subsidiary) £306,000 (2023: £306,000).
Sherbourne Mattingley Limited ( Wholly owned subsidiiary) £2,951,176 (2023: £ £2,851,176).
Sherbourne Hurstbourne Manor Limited ( Company with common directors) £50,000 (2023: £50,000.).
Amount owed to related parties
New Gem Holdings Limited ( Ultimate controlling party) £1,532,109 (2023 £1,458,109)
Sherbourne High Breck Limited ( Wholly owned subsidiary) £1,324 (2023: £52,918)
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