Company Registration No. 04090047 (England and Wales)
BOOTH STREET PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BOOTH STREET PROPERTY COMPANY LIMITED
COMPANY INFORMATION
Director
S E Elias
Company number
04090047
Registered office
2nd Floor
1 Ashley Road
Altrincham
WA14 2DT
Auditor
Lopian Gross Barnett & Co
1st Floor Cloister House
New Bailey Street
Salford
M3 5FS
Bankers
Natwest Bank Plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY
Aviva Commercial Finance Ltd
PO BOX 21
Surrey Street
Norwich
NR1 3NU
BOOTH STREET PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BOOTH STREET PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
5
16,300,000
20,650,000
Current assets
Debtors
6
794,921
833,240
Cash at bank and in hand
783,692
423,637
1,578,613
1,256,877
Creditors: amounts falling due within one year
7
(5,040,328)
(5,128,472)
Net current liabilities
(3,461,715)
(3,871,595)
Total assets less current liabilities
12,838,285
16,778,405
Creditors: amounts falling due after more than one year
8
(7,356,008)
(7,505,979)
Provisions for liabilities
(754,894)
Net assets
5,482,277
8,517,532
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
4,922,340
9,272,340
Distributable profit and loss reserves
559,837
(754,908)
Total equity
5,482,277
8,517,532
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
S E Elias
Director
Company registration number 04090047 (England and Wales)
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Booth Street Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 1 Ashley Road, Altrincham, WA14 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents and services net of VAT.
Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required by FRS102.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons employed by the company during the year was 4 (2021 - 4).
4
Taxation
The company has losses of £1,058,802 (2021 - £1,671,988) available for carry forward against future trading profits.
On the basis of these financial statements no provision has been made for corporation tax.
A provision has been made for corporation tax on gains recognised on revaluing the freehold building to its market value of £nil (2021 - £754,894).
A deferred tax asset has been provided on the tax losses carried forward of £264,701 (2021 - £317,678).
5
Investment property
2022
£
Fair value
At 1 January 2022
20,650,000
Revaluations
(4,350,000)
At 31 December 2022
16,300,000
The fair value of the company's investment property is based on a valuation performed by the independent Chartered Surveyors Savills as at June 2023, on an open market value basis by reference to market evidence of transaction prices for similar properties. The Director is of the opinion that the property value as at the year end is not materially different.
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2022
2021
£
£
Cost
11,377,660
11,377,660
Accumulated depreciation
-
-
Carrying amount
11,377,660
11,377,660
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
133,040
165,478
Other debtors
397,180
350,084
530,220
515,562
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
264,701
317,678
Total debtors
794,921
833,240
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loan
149,971
140,883
Trade creditors
11,677
14,925
Other taxation and social security
168,052
137,776
Other creditors
4,710,628
4,834,888
5,040,328
5,128,472
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
7,356,008
7,505,979
The loan is secured on the property.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
40,705
Payable other than by instalments
-
6,805,000
6,845,705
9
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
9,272,340
9,272,340
Non distributable profits/(losses) in the year
(4,350,000)
-
At the end of the year
4,922,340
9,272,340
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jason Selig BA ACA CTA DChA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
20 March 2024
11
Financial commitments, guarantees and contingent liabilities
The company has cross guarantees with regards to the loan with the following connected companies:- Queens Chambers Property Company Ltd, Cramlington Land Partnership and Halifax Retail Park Ltd.
12
Related party transactions
There were no related party transactions outside the normal course of business.