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

Unaudited Financial Statements

31 December 2022

Boultbee Developments (NO.1) Limited

Financial Statements

Year ended 31st December 2022

Contents	Page

Directors' report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	4

Notes to the financial statements	5

Boultbee Developments (NO.1) Limited

Directors' Report

Year ended 31st December 2022

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2022 .

Directors

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

L. Roberts
C.E. Boultbee Brooks

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 8 to the financial statements.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 December 2023 and signed on behalf of the board by:

L. Roberts

Director

Registered office:

Formal House

60 St Georges Place

Cheltenham

GL50 3PN

Boultbee Developments (NO.1) Limited

Statement of Comprehensive Income

Year ended 31st December 2022

	2022	2021
Note	£	£
Turnover	1,005,959	3,058,104

Staff costs	4	164,656	173,016
Other operating expenses		93,722	134,107
		------------	------------
Operating profit		747,581	2,750,981

Gain/(loss) from disposal/changes in fair value of investments	–	41,828
Other interest receivable and similar income	12,976	( 13,520)
Interest payable and similar expenses	614	15,871
	------------	------------
Profit before taxation	759,943	2,763,418

Tax on profit	132,772	347,734
	---------	------------
Profit for the financial year and total comprehensive income	627,171	2,415,684
	---------	------------

Boultbee Developments (NO.1) Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Current assets

Debtors	5	63,704,986	61,506,311
Cash at bank and in hand		3,334,791	451,211
		-------------	-------------
		67,039,777	61,957,522

Creditors: amounts falling due within one year	6	10,236,557	5,781,473
		-------------	-------------
Net current assets		56,803,220	56,176,049
		-------------	-------------
Total assets less current liabilities		56,803,220	56,176,049
		-------------	-------------
Net assets		56,803,220	56,176,049
		-------------	-------------

Capital and reserves

Called up share capital	101,000	101,000
Profit and loss account	56,702,220	56,075,049
	-------------	-------------
Shareholders funds	56,803,220	56,176,049
	-------------	-------------

These financial statements have been prepared 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'.

For the year ending 31st December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , 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 2022

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1st January 2021	101,000	107,842,710	107,943,710

Profit for the year		2,415,684	2,415,684
	---------	--------------	--------------
Total comprehensive income for the year	–	2,415,684	2,415,684

Dividends paid and payable	–	( 54,183,345)	( 54,183,345)
	---------	--------------	--------------
Total investments by and distributions to owners	–	( 54,183,345)	( 54,183,345)

At 31st December 2021	101,000	56,075,049	56,176,049

Profit for the year		627,171	627,171
	---------	--------------	--------------
Total comprehensive income for the year	–	627,171	627,171

	---------	--------------	--------------
At 31st December 2022	101,000	56,702,220	56,803,220
	---------	--------------	--------------

Boultbee Developments (NO.1) Limited

Notes to the Financial Statements

Year ended 31st December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of 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

It is anticipated that the company's business will be hived up to its parent company and its operation will cease. The accounts have not been prepared as if the company will be a going concern. All assets are stated at their recoverable and no material adjustments are required. All know liabilities are as stated.

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.

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 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.

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. 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. Staff costs

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

The aggregate employment costs incurred during the year were:

	2022	2021
	£	£
Wages and salaries	125,000	129,957
Social security costs	9,156	12,160
Other pension costs	30,500	30,899
	---------	---------
	164,656	173,016
	---------	---------

5. Debtors

	2022	2021
	£	£
Trade debtors	17,000	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	63,682,464	61,500,376
Other debtors	5,522	5,935
	-------------	-------------
	63,704,986	61,506,311
	-------------	-------------

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

	2022	2021
	£	£
Other debtors	45,793,238	54,883,582
	-------------	-------------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	107,893	94,626
Corporation tax	483,077	1,080,806
Social security and other taxes	4,665	4,429
Other creditors	9,640,922	4,601,612
	-------------	------------
	10,236,557	5,781,473
	-------------	------------

7. Financial instruments

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

	2022	2021
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	63,704,986	61,506,311
	-------------	-------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	9,748,815	4,689,738
	------------	------------

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.

8. Events after the end of the reporting period

As part of a rationalisation program in the group of which the company is a member, the company's business will be hived up to it's parent and it will cease operations .

9. Directors' advances, credits and guarantees

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

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	( 188)	–	–	( 188)
	----	----	----	----

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C.E. Boultbee Brooks	( 25,828)	50,640	( 25,000)	( 188)
	--------	--------	--------	----

10. Related party transactions

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

	Transaction value		Balance owed by/(owed to)
	2022	2021	2022	2021
	£	£	£	£
Boultbee Estates Limited	( 5,308,811)	(30,249,181)	( 8,896,197)	( 3,857,386)
C.J.Boultbee Brooks	(7,000)	(15,000)	(22,000)	(15,000)
Retail Growth LLP	–	(587,334)	(587,334)	(587,334)
	------------	-------------	------------	------------

Transaction values referred to above represent net payments and receipts. The company has chosen not to disclose information in relation to 100% owned group companies. The director C.E.Boultbee Brooks was interested in the above mentioned entities.

11. Controlling party

The ultimate controlling party was C.E.Boultbee-Brooks and his family. The parent company was Boultbee Developments Holdings Limited whose registered office is: Formal House, 60 St Georges Place, Cheltenham, GL50 3PN .