1 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 01849783 2023-04-01 2024-03-31 01849783 2024-03-31 01849783 2023-03-31 01849783 2022-04-01 2023-03-31 01849783 2023-03-31 01849783 2022-03-31 01849783 bus:RegisteredOffice 2023-04-01 2024-03-31 01849783 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 01849783 bus:Director1 2023-04-01 2024-03-31 01849783 bus:CompanySecretary1 2023-04-01 2024-03-31 01849783 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01849783 core:WithinOneYear 2024-03-31 01849783 core:WithinOneYear 2023-03-31 01849783 core:AfterOneYear 2024-03-31 01849783 core:AfterOneYear 2023-03-31 01849783 core:ShareCapital 2024-03-31 01849783 core:ShareCapital 2023-03-31 01849783 core:RevaluationReserve 2024-03-31 01849783 core:RevaluationReserve 2023-03-31 01849783 core:RetainedEarningsAccumulatedLosses 2024-03-31 01849783 core:RetainedEarningsAccumulatedLosses 2023-03-31 01849783 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01849783 bus:SmallEntities 2023-04-01 2024-03-31 01849783 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01849783 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01849783 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01849783 bus:FullAccounts 2023-04-01 2024-03-31 01849783 core:AfterOneYear 2023-04-01 2024-03-31 01849783 1 2023-04-01 2024-03-31
Company registration number: 01849783
Boswell Property Company Limited
Unaudited filleted financial statements
31 March 2024
Boswell Property Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Boswell Property Company Limited
Directors and other information
Director Ms. S.P. Sharpley
Secretary Ms. S.P. Sharpley
Company number 01849783
Registered office 15 Rutland Terrace
Stamford
Lincolnshire
PE9 2QD
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Boswell Property Company Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Boswell Property Company Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boswell Property Company Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Boswell Property Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Boswell Property Company Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boswell Property Company Limited and its director as a body for our work or for this report.
It is your duty to ensure that Boswell Property Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Boswell Property Company Limited. You consider that Boswell Property Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Boswell Property Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
13 February 2025
Boswell Property Company Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,002,134 1,002,134
_______ _______
1,002,134 1,002,134
Current assets
Debtors 6 10,522 6,622
Cash at bank and in hand 15,870 16,014
_______ _______
26,392 22,636
Creditors: amounts falling due
within one year 7 ( 231,449) ( 201,922)
_______ _______
Net current liabilities ( 205,057) ( 179,286)
_______ _______
Total assets less current liabilities 797,077 822,848
Creditors: amounts falling due
after more than one year 8 ( 389,529) ( 395,041)
Provisions for liabilities ( 66,478) ( 66,478)
_______ _______
Net assets 341,070 361,329
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 204,503 204,503
Profit and loss account 136,467 156,726
_______ _______
Shareholder funds 341,070 361,329
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
Ms. S.P. Sharpley
Director
Company registration number: 01849783
Boswell Property Company 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 England. The address of the registered office is 15 Rutland Terrace, Stamford, Lincolnshire, PE9 2QD.
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 and in sterling, which is the functional currency of the entity.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Total
£ £
Fair value
At 1 April 2023 and 31 March 2024 1,002,134 1,002,134
_______ _______
Depreciation
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 1,002,134 1,002,134
_______ _______
At 31 March 2023 1,002,134 1,002,134
_______ _______
6. Debtors
2024 2023
£ £
Other debtors 10,522 6,622
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 4,813 3,427
Social security and other taxes 2,820 919
Other creditors 217,816 191,576
_______ _______
231,449 201,922
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 7,529 13,041
Other creditors 382,000 382,000
_______ _______
389,529 395,041
_______ _______
Loans advanced to the company are secured against the properties owned by the company.
9. Controlling party
The company is controlled by Ms. S.P. Sharpley by virtue of her 100% ownership of the share capital.