The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Boldhurst Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2, Albion House, 2 Etruria Office Village, Forge Lane, Etruria, Stoke on Trent, Staffordshire, ST1 5RQ.

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 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

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.

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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 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 balance sheet 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, 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.

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, including creditors, 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 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The tax expense represents the sum of the tax currently payable and deferred 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.

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.

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 fixed 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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

During the year, the company decreased provisions relating to amounts owed by fellow group companies by £56,048 and increased provisions relating to amounts owed by associates and joint ventures by £295,723.

In 2022, the company provided against debts due from a company in which a participating interest is held amounting to £237,894, reversed provisions previously provided against debts due from fellow subsidiary undertakings amounting to £188,832, provided against debts due from subsidiary undertakings amounting to £316,493 and wrote off loans owing from a connected companies of £3,152,370.

The average monthly number of persons (including directors) employed by the company during the year was:

At the year end, loans totalling £1,783,536 were secured

• on certain properties contained in stock

• on certain properties contained in stock in the immediate parent undertaking

• by a personal guarantee given by the director

• by a corporate guarantee given by the ultimate parent undertaking

At the previous year end, loans totalling £3,838,750 were secured by a fixed and floating charge of the assets of the company.

The company has given a guarantee against a liability of the immediate parent undertaking. The maximum potential liability as at the year end was £8,370,500 (2022 - £8,370,500).

The company has also given a guarantee against a liability of a fellow subsidiary company of the ultimate parent undertaking. The maximum potential as at the year end was £16,051,461 (2022 - £17,340,000).

At the year end, there was an amount owing by a subsidiary undertaking of £36,900 (2022 - £36,900). A provision against this debt has been made amounting to £21,300 (2022 - £21,574). The amount owed is unsecured, interest free and repayable on demand.

During the year, this company settled liabilities of a fellow subsidiary of the ultimate parent undertaking amounting to £74,375 (2022- £nil), In addition, this company also loaned the fellow subsidiary company £nil (2022 - £182,283)

At the year end, there was an amount owing by the fellow subsidiary company of £256,658 (2022 - £182,283). This amount is unsecured, interest free and repayable on demand.

During the year, this company made advances to a fellow subsidiary company of the ultimate parent undertaking of £62,436 (2002 - £nil) and was repaid £12,161 (2022 - £nil).

At the year end, there was an amount owing by the fellow subsidiary company of £50,275 (2022 - £nil). This amount is unsecured, interest free and repayable on demand.

During the year, a fellow subsidiary of the ultimate parent undertaking settled liabilities on behalf of this company amounting to £54,000 ( 2022- £nil).

At the year end, there was an amount owing to the fellow subsidiary company of £54,000 (2022 - £nil) The amount owed is interest free and repayable on demand.

At the year end, the company owed a subsidiary company £2,302,038 (2022 - £2,302,038). The amount owed is interest free and repayable on demand.

During the year, the company settled liabilities of a subsidiary company amounting to £987 (2022 - £4,500).

At the year end, the company owed the subsidiary company £846,626 (2022 - £849,513). The amount owed is interest free and repayable on demand.

At the year end, the company owed a subsidiary company £190,134 (2022 - £190,134). The amount owed is interest free and repayable on demand.

During the year, the company made advances to an associated undertaking amounting to £165,157 (2022 - £42,740).

At the year end, there was an amount owing from the associated undertaking of £6,373,808 (2022 - £6,208,651). A provision against this debt has been made amounting to 4,108,397 (2022 - £3,875,872). The amount owed is unsecured, interest free and repayable on demand.

At the year end, there was an amount owing by an associated undertaking of £6,000 (2022 - £6,000). A full provision against this debt has been made. The amount owed is unsecured, interest free and repayable on demand.

At the year end, there was an amount owing from a joint venture amounting to £1,338,404 (2022 - £1,338.404). A full provision against this has been made. The amount due is unsecured, interest free and repayable on demand.

At the year end, there was an amount owing from a joint venture amounting to £1,660 (2022 - £1,660). A full provision against this has been made. The amount due is unsecured, interest free and repayable on demand.

At the year end, the company owed a subsidiary company £2,302,038 (2022 - £2,302,038). The amount owed is interest free and repayable on demand.

During the year, the company settled liabilities of a company connected to the director amounting to £120,740 (2022 - £nil).

At the year end, the amount owed by this company amounted to £126,920 (2022 - £6,180). The amount owed is interest free and repayable on demand.

During the year, under a tripartite agreement with the director, a company connected to the director assumed a debt due from the director to this company amounting to £1,785,936 (2022- £nil).

At the year end, the amount owed by this company amounted to £1,785,936 (2022 - £nil). The amount owed is interest fee and repayable on demand.

During the year, the company advanced an amount to a company connected to a director amounting to £27,735 (2022 - £nil).

At the year end, the amount owed by the connected company amounted to £27,735 (2022 - £nil). This amount is interest free and repayable on demand.

The ultimate parent undertaking is Topaz UK Developments Limited.