Boultbee Developments Limited Company accounts

COMPANY REGISTRATION NUMBER: 07932060

Boultbee Developments Limited

Unaudited Financial Statements

31 December 2024

Boultbee Developments Limited

Financial Statements

Year ended 31st December 2024

Contents	Page

Directors' report	1

Income statement	2

Statement of financial position	3

Statement of changes in equity	5

Notes to the financial statements	6

Boultbee Developments Limited

Directors' Report

Year ended 31st 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 year was a holding company of a property development group.

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 25 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 Developments Limited

Income Statement

Year ended 31st December 2024

	2024	2023
Note	£	£
Other operating expenses	5,507	406
	-------	----
Operating loss	( 5,507)	( 406)

Income from shares in group undertakings	( 920,714)	( 168,224)
Other interest receivable and similar income	921,661	612,326
Impairment charge and amounts written of investments	1,406,930	170,688
	------------	---------
(Loss)/profit before taxation	( 1,411,490)	273,008

Tax on (loss)/profit	–	60,780
	------------	---------
(Loss)/profit for the financial year	( 1,411,490)	212,228
	------------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Boultbee Developments Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	4	47,718,766	41,206,081

Current assets

Debtors	5	5,368,226	101,752
Cash at bank and in hand		4,681,249	18,364,250
		-------------	-------------
		10,049,475	18,466,002

Creditors: amounts falling due within one year	6	464,538	595,460
		-------------	-------------
Net current assets		9,584,937	17,870,542
		-------------	-------------
Total assets less current liabilities		57,303,703	59,076,623

Creditors: amounts falling due after more than one year	7	53,085,290	53,446,720
		-------------	-------------
Net assets		4,218,413	5,629,903
		-------------	-------------

Capital and reserves

Called up share capital	8	1,000	1,000
Profit and loss account		4,217,413	5,628,903
		------------	------------
Shareholders funds		4,218,413	5,629,903
		------------	------------

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 31st 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 Developments Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

L. Roberts

Director

Company registration number: 07932060

Boultbee Developments Limited

Statement of Changes in Equity

Year ended 31st December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1st January 2023	1,000	5,416,675	5,417,675

Profit for the year		212,228	212,228
	-------	------------	------------
Total comprehensive income for the year	–	212,228	212,228

At 31st December 2023	1,000	5,628,903	5,629,903

Loss for the year		( 1,411,490)	( 1,411,490)
	-------	------------	------------
Total comprehensive income for the year	–	( 1,411,490)	( 1,411,490)

	-------	------------	------------
At 31st December 2024	1,000	4,217,413	4,218,413
	-------	------------	------------

Boultbee Developments Limited

Notes to the Financial Statements

Year ended 31st 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

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 initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

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. Investments

	Loans to group undertakings and participating interests	Shares in group undertakings and participating interests	Total
	£	£	£
Cost
At 1st January 2024	35,238,430	12,753,888	47,992,318
Additions	9,511,515	206,094	9,717,609
Disposals	( 819,883)	( 1,296,992)	(2,116,875)
Transfers	–	45,746	45,746
	-------------	-------------	-------------
At 31st December 2024	43,930,062	11,708,736	55,638,798
	-------------	-------------	-------------
Impairment
At 1st January 2024	3,349,189	3,437,048	6,786,237
Impairment losses	1,578,773	12,100	1,590,873
Reversal of impairment losses	( 64,083)	–	( 64,083)
Other movements	( 392,995)	–	( 392,995)
	-------------	-------------	-------------
At 31st December 2024	4,470,884	3,449,148	7,920,032
	-------------	-------------	-------------

Carrying amount
At 31st December 2024	39,459,178	8,259,588	47,718,766
	-------------	-------------	-------------
At 31st December 2023	31,889,241	9,316,840	41,206,081
	-------------	-------------	-------------

All entities in which the company was interested were engaged in property development activity except for Boultbee Brooks Renewable Energy Limited and Boultbee Brooks Energy Storage that were engaged in the development of solar and battery storage sites with a view to generating and selling energy. Boultbee Brooks Ecoedge Limited was engaged in identifying opportunities in the business of data centres and SUB1 DCS Limted was engaged in providing consultancy services in respect to Data centres.

The company owns 100% of the Ordinary shares of Boultbee Brooks (67-75 Mosley Street) Limited. That company has a 25% interest in its principal activity. The company owns 50 A class Ordinary shares in Boultbee Brooks (E&L Developments) Limited that give it control of the company. Its economic interest is one third.

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Boultbee Brooks (Orsman) Limited	Ordinary	100
Boultbee (Carshalton) Limited	Ordinary	60
Boultbee Brooks Thirsk Row LLP	Member interest	79.375
Boultbee Brooks (67-75 Mosley Street) Limited	Ordinary	100
63 St Thomas Street Bristol Limited	Ordinary	33.33
Boultbee Brooks (Ambrose Street) LLP	Member interest	99.99
Boultbee Brooks (Richmond) Limited	Ordinary	100
Boultbee Brooks (Victoria St) Limited	Ordinary	100
SUB 1 DCS Limited	Ordinary	20
Infrabee Infrastructure Partners Limited	Ordinary	100
Boultbee Brooks (Energy Storage) Limited	Ordinary	100
Boultbee Brooks (E&L Developments) Limited	Ordinary A class	100
Boultbee Brooks Renewable Energy Limited	Ordinary	100
Boultbee Brooks (79 Mosley Street) Limited	Ordinary	100
Boultbee Brooks (Victoria St.2) Limited	Ordinary	100
Boultbee Brooks (Castle Park) Limited	Ordinary	100
Boultbee Brooks Developments Group Services Limited	Ordinary	100
Boultbee Brooks Ecoedge Limited	Ordinary	100

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2024	2023	2024	2023
	£	£	£	£
Subsidiary undertakings
Boultbee Brooks (Orsman) Limited	501,775	496,629	5,146	7,895
Boultbee (Carshalton) Limited	2,530	6,129	( 3,600)	(112)
Boultbee Brooks Thirsk Row LLP	9,767,040	9,793,113	223,926	81,036
Boultbee Brooks (67-75 Mosley Street) Limited	(228)	(12,637,748)	12,637,519	76,152
Boultbee Brooks (Ambrose Street) LLP	(45,745)	1,052,710	1,098,455	(243,863)
Boultbee Brooks (Richmond) Limited	(89,948)	(89,967)	17	637,811
Boultbee Brooks (Victoria St) Limited	(807,429)	(539,732)	( 267,697)	(1,154,937)
Infrabee Infrastructure Partners Limited	(9,275)	–	( 9,375)	–
Boultbee Brooks (Energy Storage) Limited	(1,542,112)	(414,800)	( 1,127,322)	(160,665)
Boultbee Brooks (E&L Developments) Limited	(13,627)	4,469	( 18,095)	299,261
Boultbee Brooks Renewable Energy Limited	(179,119)	103,990	( 283,109)	570,303
Boultbee Brooks (79 Mosley Street) Limited	52,955	1	52,954	192
Boultbee Brooks (Victoria St.2) Limited	138,037	122,225	15,812	45,732
Boultbee Brooks (Castle Park) Limited	(405,948)	(64,497)	( 336,451)	(236,713)
Boultbee Brooks Developments Group Services Limited	142,505	181,076	( 38,571)	169,812
Boultbee Brooks Ecoedge Limited	(25,538)	(25,354)	( 183)	(1,688)
	------------	-------------	-------------	------------

5. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	20,000	–
Other debtors	5,348,226	101,752
	------------	---------
	5,368,226	101,752
	------------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	14,252	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	295,683	529,460
Corporation tax	60,780	60,780
Other creditors	93,823	5,220
	---------	---------
	464,538	595,460
	---------	---------

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

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	53,085,290	53,446,720
	-------------	-------------

The amount included within creditors due more than one year is technically due for repayment on demand. The ageing reflects what may happen in terms of repayment.

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	100,000	1,000	100,000	1,000
	---------	-------	---------	-------

9. Charges on assets

Investments in subsidiaries stated in the accounts at £200 are secured by a charge in favour of the lender to those companies. Included within loans to group undertakings and participating interests is £30,596,753 that is subordinated to the lender to those companies.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	100,000	1,800	( 100,000)	1,800
	---------	-------	---------	-------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	–	100,000	–	100,000
	----	---------	----	---------

Interest on loans was charged at 2.25%.

11. Controlling party

The parent company was Boultbee Developments Holdings Limited whose registered office is; Formal House, 60 St Georges Place, GL50 3PN.