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Registered number: 08563612
THAT BOURNEMOUTH PENTHOUSES LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 JULY 2025
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THAT BOURNEMOUTH PENTHOUSES LIMITED
REGISTERED NUMBER: 08563612
BALANCE SHEET
AS AT 31 JULY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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THAT BOURNEMOUTH PENTHOUSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
That Bournemouth Penthouses Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company continued to lease apartments, in accordance with the arrangement detailed in note 10. The company also has a low level of fixed costs needed to operate. The majority shareholder and director of the ultimate parent company has given confirmation of support to the ultimate parent company and all its subsidiaries, which includes That Bournemouth Penthouses Limited, for a period of at least twelve months from the date of approval of these financial statements.
The amounts owed to group undertakings as shown in note 7, will not be called up until such time as the company has sufficient funds to repay.
Based on the above, the directors have concluded that they can continue to adopt a going concern basis in preparing the company’s annual report and accounts.
Turnover is recognised at the fair value of the consideration received for the sale of the apartments and penthouses. The sale is recognised on formal completion.
Other operating income is in respect of income generated in connection with a group lease arrangement and the income is recognised in accordance with the terms of the arrangement.
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and all finance costs related to the development of apartments and penthouses.
Page 2
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THAT BOURNEMOUTH PENTHOUSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Cash and cash equivalents
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Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
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.
Basic financial assets
Basic financial assets, which include debtors, balances due from connected companies and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Page 3
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THAT BOURNEMOUTH PENTHOUSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of intercompany and related party balances
The company has balances due from related companies connected by common ownership. Management are of the opinion that these balances are fully recoverable by virtue of shareholder support which has been confirmed in writing and therefore no provision has been made against these balances.
Stock
The company's stock consists of apartments and penthouses and are included at the lower of costs and net realisable value. The directors have reviewed the year end stock and are satisfied that no impairment is necessary.
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The average monthly number of employees, including directors, during the year was 4 (2024: 4).
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Apartments held for sale at 31 July 2025 includes capitalised finance costs amounting to £824,433 (2024: £824,433).
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Amounts owed by group undertakings
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Page 4
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THAT BOURNEMOUTH PENTHOUSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Allotted, called up and fully paid
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100 (2024: 100) Ordinary shares of £0.01 each
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The company is a member of a VAT group and is jointly and severally liable for the VAT liabilities of all other members of the group. At the reporting date, the company has confirmed that all VAT liabilities have been paid as they fall due, and the directors consider the likelihood of the company being required to settle the liabilities of other group members to be feasible but not probable. As such, no provision has been recognised. Due to the nature of the arrangement, it is not practicable to quantify the potential financial effect.
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Related party transactions
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The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with the group companies.
There is a group lease arrangement in place with a fellow subsidiary, That Bournemouth Apartments Limited, regarding rental of the properties. As the risks and rewards of ownership of the properties do not transfer to the company and there is a deed of surrender in place, with reversion to the head leaseholder, the asset is deemed to remain with That Bournemouth Penthouses Limited. The amount receivable is recorded by the company, in accordance with the terms of the lease arrangement.
A personal guarantee of £4.2 million has been given, by a director, in respect of the bank loans.
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Post balance sheet events
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In March 2026, post year end, the bank loan was renewed and the term extended for a further 5 years.
Page 5
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THAT BOURNEMOUTH PENTHOUSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The company's immediate parent company is That Bournemouth H3 Limited and the ultimate parent company is That Bournemouth Company Limited, both of which are incorporated in England and Wales.
The registered address of That Bournemouth Company Limited is 18 Albert Road, Bournemouth, England, BH1 1BZ. Copies of the consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is R S Kelvin CBE, director and majority shareholder of the ultimate parent company.
The auditors' report on the financial statements for the year ended 31 July 2025 was unqualified.
The audit report was signed on 29 July 2026 by James Maxwell (Senior statutory auditor) on behalf of Cooper Parry Group Limited.
Page 6
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