Boucherwood Limited 31/03/2022 iXBRL

Boucherwood Limited 31/03/2022 iXBRL

BOUCHERWOOD LIMITED - Company Information

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4 31/03/2022 2022-03-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI045886 2021-04-01 2022-03-31 NI045886 2022-03-31 NI045886 2020-04-01 2021-03-31 NI045886 2021-03-31 NI045886 bus:RegisteredOffice 2021-04-01 2022-03-31 NI045886 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 NI045886 bus:Director1 2021-04-01 2022-03-31 NI045886 bus:Director2 2021-04-01 2022-03-31 NI045886 bus:Director4 2021-04-01 2022-03-31 NI045886 bus:Director5 2021-04-01 2022-03-31 NI045886 bus:CompanySecretary1 2021-04-01 2022-03-31 NI045886 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 NI045886 core:WithinOneYear 2022-03-31 NI045886 core:WithinOneYear 2021-03-31 NI045886 core:AfterOneYear 2022-03-31 NI045886 core:AfterOneYear 2021-03-31 NI045886 core:ShareCapital 2022-03-31 NI045886 core:ShareCapital 2021-03-31 NI045886 core:SharePremium 2022-03-31 NI045886 core:SharePremium 2021-03-31 NI045886 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI045886 core:RetainedEarningsAccumulatedLosses 2021-03-31 NI045886 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 NI045886 bus:SmallEntities 2021-04-01 2022-03-31 NI045886 bus:Audited 2021-04-01 2022-03-31 NI045886 bus:FullAccounts 2021-04-01 2022-03-31 NI045886 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 NI045886 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 NI045886 core:ImmediateParent 2021-04-01 2022-03-31 NI045886 core:AllAssociates 2021-04-01 2022-03-31
Company registration number: NI045886
Boucherwood Limited
Filleted financial statements
31 March 2022
Boucherwood Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Boucherwood Limited
Directors and other information
Directors RO Morton
FS McClure
RJ Hegan
KM Millington
Secretary RO Morton
Company number NI045886
Registered office 13 Sharman Gardens
Belfast
BT9 5GE
Auditor Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers First Trust Bank
35 University Road
Belfast
BT7 1ND
Solicitors King and Gowdy
298 Upper Newtownards Road
Belfast
BT4 3EJ
Boucherwood Limited
Directors responsibilities statement
Year ended 31 March 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Boucherwood Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 3,590,000 3,590,000
_______ _______
3,590,000 3,590,000
Current assets
Debtors 6 29,162 28,802
Cash at bank and in hand 36,935 15,652
_______ _______
66,097 44,454
Creditors: amounts falling due
within one year 7 ( 182,655) ( 175,857)
_______ _______
Net current liabilities ( 116,558) ( 131,403)
_______ _______
Total assets less current liabilities 3,473,442 3,458,597
Creditors: amounts falling due
after more than one year 8 ( 155,393) ( 239,139)
Provisions for liabilities ( 355,424) ( 355,424)
_______ _______
Net assets 2,962,625 2,864,034
_______ _______
Capital and reserves
Called up share capital 1,618,283 1,618,283
Share premium account 119,591 119,591
Profit and loss account 1,224,751 1,126,160
_______ _______
Shareholders funds 2,962,625 2,864,034
_______ _______
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 May 2022 , and are signed on behalf of the board by:
KM Millington
Director
Boucherwood Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Boucherwood Limited, 13 Sharman Gardens, Belfast, BT9 5GE.
The principle activity of the company is property investment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2021 and 31 March 2022 3,590,000 3,590,000
_______ _______
Depreciation
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 3,590,000 3,590,000
_______ _______
At 31 March 2021 3,590,000 3,590,000
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 28,301 27,249
Other debtors 861 1,553
_______ _______
29,162 28,802
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 93,120 93,120
Corporation tax 46,739 40,888
Social security and other taxes 13,045 12,527
Other creditors 29,751 29,322
_______ _______
182,655 175,857
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 155,393 239,139
_______ _______
9. Summary audit opinion
The auditor's report for the year dated 04 May 2022 was unqualified.
The senior statutory auditor was Eoin McMullan, ACA for and on behalf of Hill Vellacott
10. Related party transactions
The company is a 100% owned subsidiary of Amelwood Limited. In the year Amelwood Limited recharged Director fees & expenses of £8,385 (2021: £8,963). At the balance sheet date the amount owed to Amelwood Limited was nil (2021: nil). The company payed dividends of £111,615 (2021: £151,037) to Amelwood Limited. Amelwood Limited has provided a letter of guarantee for £2,500,000 plus interest pursuant to a resolution passed by the company as security for bank debt owed to First Trust Bank in Boucherwood Limited .