|
Registered number: 12230858
BOREHAMWOOD PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
BOREHAMWOOD PROPERTY LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditors
|
|
|
1st Floor Sackville House
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOREHAMWOOD PROPERTY LIMITED
CONTENTS
|
|
|
|
|
|
Notes to the Financial Statements
|
|
|
|
BOREHAMWOOD PROPERTY LIMITED
REGISTERED NUMBER: 12230858
BALANCE SHEET
AS AT 31 MARCH 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholder's deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
25 November 2025.
The notes on pages 2 to 6 form part of these financial statements.
Page 1
|
|
BOREHAMWOOD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Borehamwood Property Limited (company number: 12230858), having its registered office and trading address at 28 The Ridgeway, London, NW11 8TB, is a private limited company incorporated in England and Wales.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
Functional and presentation currency
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 following principal accounting policies have been applied:
The Company has taken advantage of the exemptions in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
At the period end, the Company had net liabilities of £4,628 (2024: £1,191).
The Company retains the support of its fellow subsidiary, which itself has a healthy Balance Sheet. The directors of the Company are of the opinion that this support will continue.
The Company should, therefore, be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any Company placing reliance on other entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
On this basis, the directors believe that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
Turnover comprises rental property income from property investment. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts or rebates.
Profits on the disposal of investment properties are recognised as exceptional items and included on the face of the Statement of Income and Retained Earnings as the principal activity of the Company is to obtain rental income from property investment.
Page 2
|
|
BOREHAMWOOD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investment properties comprise freehold land and buildings. They are residential units and are measured initially at cost, including related transaction costs. They are held as an investment to earn rental income and for capital appreciation and are stated at fair value at the Balance Sheet date.
After initial recognition, investment properties are carried at fair value, based on market value, after which they are valued annually by independent external valuers or held at directors’ valuation if appropriate. The changes in fair value and impairments resulting from loss of economic benefit are recognised in the Statement of Income and Retained Earnings.
The fair value of an investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.
Subsequent expenditure is added to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured.
Other repairs and maintenance expenditure is charged to the Statement of Income and Retained Earnings during the financial period in which it is incurred.
When an existing investment property is redeveloped for continued use it remains an investment property whilst in development.
Short-term debtors are measured at transaction price, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 3
|
|
BOREHAMWOOD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Short-term creditors are measured at the transaction price.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Page 4
|
|
BOREHAMWOOD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
|
|
|
The fair value of investment property has been determined by the directors of the Company. Fair value has been determined by reference to inter-alia, marketing reports, letting status, planning status and physical inspection of properties.
The fair value of the investment properties at year-end does not differ materially from the valuation stated above.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as £3,918,789 (2024: £3,918,789).
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.
|
Page 5
|
|
BOREHAMWOOD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
Consolidated parent undertaking
|
As at 31 March 2025 and 31 March 2024, the ultimate parent undertaking and controlling party of the Company is Delapage Limited, a company limited by guarantee, and a registered charity incorporated in the United Kingdom.
Consolidated accounts may be obtained from the following address:
The Trustees
Delapage Limited
28 The Ridgeway
London
NW11 8TB
The Company was subject to an audit for the year ended 31 March 2025. The audit report was issued with an unqualified opinion.
The audit report was signed on 1 December 2025 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 6
|