Boultbee Developments (No.1) Limited Company accounts

BOULTBEE DEVELOPMENTS (NO.1) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07889319

Boultbee Developments (No.1) Limited

Financial Statements

31 December 2020

Boultbee Developments (No.1) Limited

Financial Statements

Year ended 31st December 2020

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	9

Statement of financial position	10

Statement of changes in equity	11

Statement of cash flows	12

Notes to the financial statements	13

Boultbee Developments (No.1) Limited

Strategic Report

Year ended 31st December 2020

The directors present their strategic report for the year ended 31st December 2019.

Principal activity and business review

The principal activity of the company was the provision of finance to entities engaged in real estate activities. The profit for the year after taxation amounted to £3,076,529 (2019:£2,936,581). Shareholders funds total £107,943,710 (2019:£104,867,181). The performance of the company has produced satisfactory results in accordance with its business plan.

Principal risks and uncertainties

The process of risk acceptance and management is addressed through procedures and internal controls. All policies and decisions are agreed at Board level and are subject to ongoing review. The principal risks from lending money are in respect of repayment. The board carefully considers the covenant of a borrower before agreeing to lend and monitors its financial performance throughout the duration of a loan. It also continually reviews the market in which borrowers are active. The directors consider that the company's exposure to financial risk is low owing to financial strength of those entities to which it has lent. The directors monitor the company's cashflow to ensure that there is sufficient liquidity available to meet foreseeable needs.

Business environment

The company lends to businesses engaged in the UK property market and like many other sectors it will be negatively impacted by the effects of the Covid 19 pandemic.

Strategy and future developments

The company's success depends on the demand for money from those who are engaged in the UK property market and the ability of those who borrow to repay loans with interest. While the company will continue to lend to those presenting a sound business case, it is anticipated that the demand for money in the short term at the very least will be subdued. Whilst such conditions prevail the company will continue to operate its existing loan book that is anticipated to generate further profit.

This report was approved by the board of directors on 30th September 2021 and signed on behalf of the board by:

L. Roberts

Director

Registered office:

Broadway House

32-35 Broad Street

Hereford

HR4 9AR

Boultbee Developments (No.1) Limited

Directors' Report

Year ended 31st December 2020

The directors present their report and the financial statements of the company for the year ended 31 December 2020 .

Directors

The directors who served the company during the year were as follows:

L. Roberts
C.E. Boultbee Brooks

Dividends

Details of dividends paid are shown at note 12 to the financial statements.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 20 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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. 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 30 September 2021 and signed on behalf of the board by:

L. Roberts

Director

Registered office:

Broadway House

32-35 Broad Street

Hereford

HR4 9AR

Boultbee Developments (No.1) Limited

Independent Auditor's Report to the Members of Boultbee Developments (No.1) Limited

Year ended 31st December 2020

Opinion

We have audited the financial statements of Boultbee Developments (No.1) Limited (the 'company') for the year ended 31st December 2020 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31st December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

" the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

" the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue,however,not all future events can be predicted. The Covid-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's business , customers, suppliers and the wider economy. The Director's view on the impact of Covid-19 is disclosed within the accounting policies note to the financial statements.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the company and its environment, we have not identified any material misstatements in the Strategic Report or the Director's Report.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this

report, or for the opinions we have formed.

Jonathan Moughton

(Senior Statutory Auditor)

For and on behalf of

Haines Watts

Chartered Accountants & Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

30 September 2021

Boultbee Developments (No.1) Limited

Statement of Comprehensive Income

Year ended 31st December 2020

		2020	2019
Note		£	£
Turnover	4	4,048,074	3,741,683

Staff costs	6	167,701	190,669
Other operating expenses		49,190	28,921
		------------	------------
Operating profit	5	3,831,183	3,522,093

Loss/(gain) from changes in fair values investments	8	( 41,829)	( 48,401)
Other interest receivable and similar income	9	20,557	166,100
Interest payable and similar expenses	10	3,966	1,635
		------------	------------
Profit before taxation		3,805,945	3,638,157

Tax on profit	11	729,416	701,576
		------------	------------
Profit for the financial year and total comprehensive income		3,076,529	2,936,581
		------------	------------

All the activities of the company are from continuing operations.

Boultbee Developments (No.1) Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Investments	13	2,327,029	2,368,858

Current assets

Debtors	14	99,948,793	97,442,114
Cash at bank and in hand		8,814,923	8,315,076
		---------------	---------------
		108,763,716	105,757,190

Creditors: amounts falling due within one year	15	3,147,035	3,258,867
		---------------	---------------
Net current assets		105,616,681	102,498,323
		---------------	---------------
Total assets less current liabilities		107,943,710	104,867,181
		---------------	---------------
Net assets		107,943,710	104,867,181
		---------------	---------------

Capital and reserves

Called up share capital	17	101,000	101,000
Profit and loss account	18	107,842,710	104,766,181
		---------------	---------------
Shareholders funds		107,943,710	104,867,181
		---------------	---------------

These financial statements were approved by the board of directors and authorised for issue on 30 September 2021 , and are signed on behalf of the board by:

L. Roberts

Director

Company registration number: 07889319

Boultbee Developments (No.1) Limited

Statement of Changes in Equity

Year ended 31st December 2020

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1st January 2019		101,000	101,913,600	102,014,600

Profit for the year			2,936,581	2,936,581
		---------	--------------	--------------
Total comprehensive income for the year		–	2,936,581	2,936,581

Dividends paid and payable	12	–	( 84,000)	( 84,000)
		---------	--------------	--------------
Total investments by and distributions to owners		–	( 84,000)	( 84,000)

At 31st December 2019		101,000	104,766,181	104,867,181

Profit for the year			3,076,529	3,076,529
		---------	--------------	--------------
Total comprehensive income for the year		–	3,076,529	3,076,529

		---------	--------------	--------------
At 31st December 2020		101,000	107,842,710	107,943,710
		---------	--------------	--------------

Boultbee Developments (No.1) Limited

Statement of Cash Flows

Year ended 31st December 2020

	2020	2019
	£	£

Cash flows from operating activities

Profit for the financial year	3,076,529	2,936,581

Adjustments for:
Loss/(gain) from changes in fair values investments	41,829	48,401
Other interest receivable and similar income	( 20,557)	( 166,100)
Interest payable and similar expenses	3,966	1,635
Tax on profit	729,416	701,576

Changes in:
Trade and other debtors	( 2,506,679)	( 22,628,825)
Trade and other creditors	( 491,916)	( 5,524,860)
	------------	-------------
Cash generated from operations	832,588	( 24,631,592)

Interest paid	( 3,966)	( 1,635)
Interest received	20,557	166,100
Tax paid	( 349,332)	( 798,648)
	---------	-------------
Net cash from/(used in) operating activities	499,847	( 25,265,775)
	---------	-------------

Cash flows from financing activities

Proceeds from borrowings	–	( 3,104,024)
Proceeds from loans from group undertakings	–	804,205
Dividends paid	–	( 84,000)
	---------	-------------
Net cash used in financing activities	–	( 2,383,819)
	---------	-------------

Net increase/(decrease) in cash and cash equivalents	499,847	( 27,649,594)
Cash and cash equivalents at beginning of year	8,315,076	35,964,670
	------------	-------------
Cash and cash equivalents at end of year	8,814,923	8,315,076
	------------	-------------

Boultbee Developments (No.1) Limited

Notes to the Financial Statements

Year ended 31st December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadway House, 32-35 Broad Street, Hereford, HR4 9AR.

2. Statement of compliance

These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through profit or loss.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including business plans and projections in making their assessment. In particular, in reponse to the Covid-19 Pandemic, the Director's have reviewed estimated cashflows to determine the impact on the business of Covid-19, alongside any measures that they can take to mitigate the impact. Based on the assessment and measures that could be undertaken to mitigate adverse conditions, the Directots have concluded that the going concern basis of preparation is appropriate.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In particular, due regard is paid to the recoverability of loans included within debtors. The directors review such recoverability by reference to ongoing compliance with the terms of the loans and underlying performance of the borrowers and the anticipated realisable value of their assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents interest and finance fees receivable excluding VAT.

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 fair value.

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. Investments are initially recognised at cost and thereafter at fair value. 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. 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. Turnover

Turnover arises from:

	2020	2019
	£	£
Rendering of services	–	10,500
Interest receivable	4,048,074	3,731,183
	------------	------------
	4,048,074	3,741,683
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging:

	2020	2019
	£	£
Fees payable for the audit of the financial statements	5,400	4,200
	-------	-------

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2020	2019
	No.	No.
Management	2	2
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2020	2019
	£	£
Wages and salaries	125,612	125,000
Social security costs	11,321	12,231
Other pension costs	30,768	53,438
	---------	---------
	167,701	190,669
	---------	---------

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2020	2019
	£	£
Remuneration	125,613	125,000
Company contributions to defined contribution pension plans	30,768	53,438
	---------	---------
	156,381	178,438
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2020	2019
	No.	No.
Defined contribution plans	2	2
	----	----

8. Loss/(gain) from changes in fair values investments

	2020	2019
	£	£
Fixed asset investments	(41,829)	(48,401)
	--------	--------

9. Other interest receivable and similar income

	2020	2019
	£	£
Interest on bank deposits	14,397	138,800
Gains on foreign currency exchange	6,160	27,300
	--------	---------
	20,557	166,100
	--------	---------

10. Interest payable and similar expenses

	2020	2019
	£	£
Interest late paid tax	3,966	1,635
	-------	-------

11. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	731,078	700,533
Adjustments in respect of prior periods	( 1,662)	1,043
	---------	---------
Total current tax	729,416	701,576
	---------	---------
	---------	---------
Tax on profit	729,416	701,576
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

	2020	2019
	£	£
Profit on ordinary activities before taxation	3,805,945	3,638,157
	------------	------------
Profit on ordinary activities by rate of tax	723,130	691,250
Adjustment to tax charge in respect of prior periods	( 1,662)	1,043
Effect of expenses not deductible for tax purposes	7,948	9,283
	------------	------------
Tax on profit	729,416	701,576
	------------	------------

12. Dividends

	2020	2019
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	–	84,000
	----	--------

13. Investments

	Shares & interests in group undertakings
	£
Valuation
At 1st January 2020	2,368,858
Revaluations	( 41,829)
	------------
At 31st December 2020	2,327,029
	------------
Impairment
At 1st January 2020 and 31st December 2020	–
	------------

Carrying amount
At 31st December 2020	2,327,029
	------------
At 31st December 2019	2,368,858
	------------

Investments held at valuation

Fixed asset investments were valued at fair value at the year end by the directors. L.Roberts is a member of the Institute of Chartered Accountants England and Wales and C.E.Boultbee Brooks is a member of The Royal Institute of Chartered Surveyors. The investments were valued by the directors based upon their estimate of the realisable value of assets owned by the entities in which the company had an investment.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Shares & interests in group undertakings
	£
At 31st December 2020
Aggregate cost	98
Aggregate depreciation	–
	----
Carrying value	98
	----

At 31st December 2019
Aggregate cost	98
Aggregate depreciation	–
	----
Carrying value	98
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Boultbee Finance (Shelf 1) Limited	Ordinary	98.06

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

	Capital and reserves		Profit/(loss) for the year
	2020	2019	2020	2019
	£	£	£	£
Subsidiary undertakings
Boultbee Finance (Shelf 1) Limited	2,373,066	2,415,711	( 42,645)	(49,359)
	------------	------------	--------	--------

14. Debtors

	2020	2019
	£	£
Prepayments and accrued income	220,434	220,004
Other debtors	99,728,359	97,222,110
	-------------	-------------
	99,948,793	97,442,114
	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	2020	2019
	£	£
Other debtors	87,584,661	74,102,083
	-------------	-------------

15. Creditors: amounts falling due within one year

	2020	2019
	£	£
Amounts owed to group undertakings	2,376,357	2,376,357
Accruals and deferred income	9,600	4,200
Corporation tax	731,115	351,031
Social security and other taxes	4,120	4,164
Director loan accounts	25,828	523,101
Other creditors	15	14
	------------	------------
	3,147,035	3,258,867
	------------	------------

16. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2020	2019
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	99,728,359	97,222,110
	-------------	-------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	2,402,200	2,899,472
	------------	------------

Financial assets measured at amortised cost comprise loans to related and other parties. Financial liabilities measured at amortised cost comprise loans to related parties that are repayable on demand.

17. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 0.01 each	10,100,000	101,000	10,100,000	101,000
	-------------	---------	-------------	---------

18. Reserves

The profit and loss account reserve includes accumulated retained profits and losses.

19. Analysis of changes in net debt

	At 1 Jan 2020	Cash flows	At 31 Dec 2020
	£	£	£
Cash at bank and in hand	8,315,076	499,847	8,814,923
Debt due within one year	(2,899,458)	497,273	(2,402,185)
	------------	---------	------------
	5,415,618	997,120	6,412,738
	------------	---------	------------

20. Events after the end of the reporting period

After the year end the company was party to a reorganisation and it's shares were transferred to a parent company; Boultbee Developments Holdings Limited. As part of the reorganisation a dividend of £54,129,345 was made in specie and certain assets and liabilities were transferred to the parent company. The company changed it's name from Boultbee Finance Limited to Boultbee Developments (NO.1) Limited on 7th September 2021.

21. Directors' advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	( 523,101)	1,010,000	( 512,727)	( 25,828)
	---------	------------	---------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	( 3,627,125)	( 4,932)	3,108,956	( 523,101)
	------------	-------	------------	---------

Boultbee Developments (No.1) Limited

Notes to the Financial Statements (continued)

Year ended 31st December 2020

22. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Boultbee Estates Limited	(1,368,615)	16,103,591	26,391,795	27,760,410
Boultbee Trading Company Limited	–	(724,634)	–	–
Boultbee Brooks (Orsman) Limited	–	(13,738,307)	–	–
Boultbee Brooks (79 Mosley Street) Limited	731,063	1,190,920	8,616,503	7,885,440
Boultbee Brooks (67-75 Moseley Street) Limited	25,000	347,974	3,818,530	3,793,530
Boultbee Finance (Shelf 1) Limited	–	(804,205)	( 2,376,357)	( 2,376,357)
Boultbee Properties Limited	(3,222,164)	8,997,310	8,781,575	12,003,739
Retail Growth LLP	–	2,981,827	–	–
Boultbee Brooks (Greyfriars) Limited	889,280	1,835,215	7,167,492	6,278,212
L.F.Boultbee Brooks	–	–	890,670	890,670
Boultbee Estates (No.1) Limited	4,599,197	3,753,570	30,444,467	25,845,270
Boultbee Brooks (Ambrose Street) LLP	88,841	(376,018)	2,263,377	2,174,536

Boultbee Brooks (Richmond) Limited	957,085	6,960,674	7,917,759	6,960,674
Boultbee Brooks (Goswell Road) Limited	164,624	3,125,360	3,379,984	3,215,360
	------------	-------------	-------------	-------------

Transaction values referred to above represent net payments and receipts and where appropriate capitalised interest. Interest was charged on loans due to the company at rates between 3-5% per annum. The total amount of interest received included within turnover was £4,017,428 (2019:£3,650,715). The director C.E.Boultbee Brooks was interested in the above mentioned entities.

23. Controlling party

The ultimate controlling party was C.E.Boultbee-Brooks and his family.