Boultbee Estates (NO.1) Limited Company accounts

COMPANY REGISTRATION NUMBER: 10839382

Boultbee Estates (NO.1) Limited

Unaudited Financial Statements

31 December 2024

Boultbee Estates (NO.1) Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Directors' report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	5

Notes to the financial statements	6

Boultbee Estates (NO.1) Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the period was a holding company for entities engaged in property investment.

Directors

The directors who served the company during the year were as follows:

L. Roberts
C.E. Boultbee-Brooks

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

L. Roberts

Director

Registered office:

Formal House

60 St Georges Place

Cheltenham

GL50 3PN

Boultbee Estates (NO.1) Limited

Statement of Comprehensive Income

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	180,021	( 293,151)

Other operating expenses	71	76
	---------	---------
Operating profit/(loss)	179,950	( 293,227)

Fair value adjustment interests in group undertakings		–	( 684,720)
Fair value adjustment interests in participating interests		( 498,568)	( 206,793)
Other interest receivable and similar income		110,798	128,312
Impairment charge investments		2,574,185	–
		------------	------------
Loss before taxation	4	( 2,782,005)	( 1,056,428)

Tax on loss	–	( 86,065)
	------------	------------
Loss for the financial year and total comprehensive income	( 2,782,005)	( 970,363)
	------------	------------

All the activities of the company are from continuing operations.

Boultbee Estates (NO.1) Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	5	15,170,833	19,098,788

Current assets

Debtors	6	1,072,645	92,200
Cash at bank and in hand		1,881,638	3,813,708
		------------	------------
		2,954,283	3,905,908

Creditors: amounts falling due within one year	7	9	1,923,584
		------------	------------
Net current assets		2,954,274	1,982,324
		-------------	-------------
Total assets less current liabilities		18,125,107	21,081,112

Creditors: amounts falling due after more than one year	8	28,543,493	28,717,493
		-------------	-------------
Net liabilities		( 10,418,386)	( 7,636,381)
		-------------	-------------

Capital and reserves

Called up share capital	1,100	1,100
Profit and loss account	( 10,419,486)	( 7,637,481)
	-------------	------------
Shareholders deficit	( 10,418,386)	( 7,636,381)
	-------------	------------

These financial statements have been prepared 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'.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Boultbee Estates (NO.1) Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

L. Roberts

Director

Company registration number: 10839382

Boultbee Estates (NO.1) Limited

Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	1,100	( 6,667,118)	( 6,666,018)

Loss for the year		( 970,363)	( 970,363)
	-------	------------	------------
Total comprehensive income for the year	–	( 970,363)	( 970,363)

At 31 December 2023	1,100	( 7,637,481)	( 7,636,381)

Loss for the year		( 2,782,005)	( 2,782,005)
	-------	------------	------------
Total comprehensive income for the year	–	( 2,782,005)	( 2,782,005)

	-------	-------------	-------------
At 31 December 2024	1,100	( 10,419,486)	( 10,418,386)
	-------	-------------	-------------

Boultbee Estates (NO.1) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain investments measured at fair value through profit or loss.

Going concern

At the balance sheet date the company had net liabilities £10,419,386. It has secured the financial support of its creditors for the foreseeable future.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover represents profit shares from Limited Liability Partnerships in which the company has an interest.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are measured at fair value with changes being recognised in the profit and loss account. Loans are stated at their initial value less provision for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Impairment of other fixed asset investments	2,574,185	–
Fair value adjustments to shares in group undertakings	–	684,720
Fair value adjustments to shares in participating interests	498,568	206,793
	------------	---------

5. Investments

	Interests in group undertakings	Loans to group undertakings	Interest in participating interests	Total
	£	£	£	£
Cost
At 1 January 2024	4,648,584	6,904,370	7,545,834	19,098,788
Additions	191,849	202,000	832,795	1,226,644
Disposals	( 1,181,257)	–	( 900,589)	( 2,081,846)
Revaluations	–	–	( 498,568)	( 498,568)
	------------	------------	------------	-------------
At 31 December 2024	3,659,176	7,106,370	6,979,472	17,745,018
	------------	------------	------------	-------------
Impairment
At 1 January 2024	–	–	–	–
Impairment losses	–	2,574,185	–	2,574,185
	------------	------------	------------	-------------
At 31 December 2024	–	2,574,185	–	2,574,185
	------------	------------	------------	-------------

Carrying amount
At 31 December 2024	3,659,176	4,532,185	6,979,472	15,170,833
	------------	------------	------------	-------------
At 31 December 2023	4,648,584	6,904,370	7,545,834	19,098,788
	------------	------------	------------	-------------

Investments held at valuation

Fixed asset investments are valued at fair value at the period end by the directors,one of whom is a member of the Royal Institute of Chartered Surveyors and the other a member of the Institute of Chartered Accountants England and Wales.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Interests in group undertakings	Interest in participating interests	Total
	£	£	£
At 31 December 2024
Aggregate cost	8,293,875	13,412,292	21,706,167
Aggregate depreciation	–	–	–
	------------	-------------	-------------
Carrying value	8,293,875	13,412,292	21,706,167
	------------	-------------	-------------

At 31 December 2023
Aggregate cost	9,283,283	13,480,086	22,763,369
Aggregate depreciation	–	–	–
	------------	-------------	-------------
Carrying value	9,283,283	13,480,086	22,763,369
	------------	-------------	-------------

6. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	47,797	52,635
Other debtors	1,024,848	39,565
	------------	--------
	1,072,645	92,200
	------------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Other creditors	9	1,923,584
	----	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	28,543,493	28,717,493
	-------------	-------------

The amount included within other creditors due after more than one year is technically repayable on demand but it has been aged as such to reflect when it might be repaid.

9. Charges on assets

There are charges over interests in investments that are included in fixed asset investments £7,949,516 in favour of the lender to the entities in which the interests are held. Investment in loans to group undertakings £7,106,370 is subordinated to the lender of the entity to which they relate.

10. Related party transactions

Included within other creditors is £28,543,493 (2023;£28,717,493) owed to Boultbee Finance Limited. The amount was interest free. Included within other debtors is £538,945 (2023:other creditors:£1,923,575) owed from/to Boultbee Estates Limited. The amount was interest free. The director C.E.Boultbee-Brooks was interested in the entities referred to above.

11. Controlling party

The controlling party is the director C.E.Boultbee Brooks.