Company registration number 08391678 (England and Wales)
THE BUCKINGHAMSHIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE BUCKINGHAMSHIRE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
THE BUCKINGHAMSHIRE LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
6,216,136
3,889,311
Investments
6
1
1
6,216,137
3,889,312
Current assets
Trade and other receivables
7
1,975,609
3,747,244
Cash and cash equivalents
40
483
1,975,649
3,747,727
Current liabilities
8
(808,248)
(802,411)
Net current assets
1,167,401
2,945,316
Net assets
7,383,538
6,834,628
Equity
Called up share capital
9
3
3
Share premium account
11
2,220,114
2,220,114
Retained earnings
11
5,163,421
4,614,511
Total equity
7,383,538
6,834,628
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 7 April 2025
Mr K Shakib
Director
Company registration number 08391678 (England and Wales)
THE BUCKINGHAMSHIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2022
2
3,959,985
3,959,987
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
654,526
654,526
Issue of share capital
9
1
2,220,114
-
2,220,115
Balance at 31 May 2023
3
2,220,114
4,614,511
6,834,628
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
548,910
548,910
Balance at 31 May 2024
3
2,220,114
5,163,421
7,383,538
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
The Buckinghamshire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, Ginsburg Yard, Back Lane, London, England, NW3 1EW.
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. 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.
The Buckinghamshire Limited is a wholly owned subsidiary of TRBH Holdings Ltd and the results of The Buckinghamshire Limited are included in the consolidated financial statements of TRBH Holdings Ltd which are available from 1 Ginsburg Yard, London, United Kingdom, NW3 1EW.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Going concern
The company receives rent from its subsidiary that continues to be loss making and the director has carefully considered those factors likely to affect the future development, performance and financial position of the subsidiary company in relation to the ability of the company to operate within its current and foreseeable financial and operational resources.
The company is reliant on its parent company, subsidiary, director and shareholders to provide continued financial support in order to remain a going concern. The company's subsidiary company has not yet been profitable (2024 loss: £1,933,743; 2023 loss £1,920,983) its costs include rent payable to the company of £650,000 per annum for use of the building from which it operates. The company's subsidiary continues to have net liabilities totalling £10,909,912 as at the 31 May 2024 (2023: £8,976,169) and management is taking proactive steps to turn the business of the subsidiary company around to be profit making by undertaking a programme of investment in order to continue to provide state of the art care.
The company's subsidiary continues to face ongoing challenges presented by the current economic climate including staff shortages as a result of Brexit, rising inflation and the cost of living crisis.
The factors above indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern. However, the financial statements do not include the adjustments that would result if the company were unable to trade as a going concern. At the time of approving the financial statements the director has a reasonable expectation that the company has adequate resources available to it to continue in operational existence for the foreseeable future. As such, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the letting of freehold property represents the value of rents received to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from tenants in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliability. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Fixtures, fittings and equipment
20% straight line
Freehold land is not depreciated.
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Non-current 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
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.
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
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.
1.11
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 income statement 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.
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
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 income statement, 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,780
4,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
4
Property, plant and equipment
Freehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 June 2023
4,076,409
76,029
4,152,438
Additions
2,421,880
2,421,880
At 31 May 2024
6,498,289
76,029
6,574,318
Depreciation and impairment
At 1 June 2023
187,098
76,029
263,127
Depreciation charged in the year
95,055
95,055
At 31 May 2024
282,153
76,029
358,182
Carrying amount
At 31 May 2024
6,216,136
6,216,136
At 31 May 2023
3,889,311
3,889,311
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
The Royal Buckinghamshire Hospital Limited
1 Ginsburg Yard, London, United Kingdom, NW3 1EW
Operation of a hospital specialising in rehabilitation care
Ordinary
100.00
-
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,975,609
3,719,375
Other receivables
27,869
1,975,609
3,747,244
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
8
Current liabilities
2024
2023
£
£
Amounts owed to group undertakings
796,565
796,565
Other payables
11,683
5,846
808,248
802,411
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
Ordinary shares carry voting rights but have no right to fixed income or repayment of capital.
10
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 is unqualified and includes the following:
In their report, the auditors emphasised the following matter without qualifying their report:
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1.3 to the financial statements concerning the company's ability to continue as a going concern. The company is dependent on its subsidiary company together with ongoing financing and support from its director and shareholders. The company receives rent from its subsidiary which continues to be loss making and its subsidiary operating activities are subject to market and macroeconomic factors, including staff shortages as a result of Brexit, rising inflation, and the cost of living crisis. These conditions, along with other matters set out in note 1.3 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.
The senior statutory auditor was Roger Morris.
The auditor was Morris Lane.
11
Reserves
Share premium
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
Retained earnings
Retained earnings represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
THE BUCKINGHAMSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of property, plant and equipment
145,106
115,300
13
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
796,565
796,565
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,975,609
3,719,375
Other information
As at 31 May 2024, no guarantees have been given or received.
14
Parent company
As at 31 May 2024, the ultimate parent company is TRBH Holdings Ltd, whose registered office is 1 Ginsburg Yard, London, United Kingdom, NW3 1EW.
From 19 January 2023, the smallest group into which the company consolidated is TRBH Holdings Ltd whose registered office is 1 Ginsburg Yard, London, United Kingdom, NW3 1EW.
There is no ultimate controlling party.
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