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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED |
BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED |
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Company Information |
for the year ended 31 December 2019 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
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Net (liabilities)/assets | ( |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | Statutory information |
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Botley Developments (Holdings) Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared on the going concern basis. The directors believe that applying |
the going concern concept is appropriate as the company has obtained confirmation from related party |
creditors that they will continue to support the company for the foreseeable future. |
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In particular, in response to the COVID-19 pandemic, the directors have considered the impact on the related |
party creditors and their ability to support the company for the foreseeable future. The impact of the pandemic |
on these creditors is deemed to be minimal. |
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Based on their assessment, given the measures that could be undertaken to mitigate the current adverse |
conditions, and the current resources available, the Directors have concluded that they can continue to adopt |
the going concern basis in preparing the annual report and accounts. |
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The financial statements do not include any adjustments that would be required if the going concern concept |
was not deemed appropriate. |
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Preparation of consolidated financial statements |
The financial statements contain information about Botley Developments (Holdings) Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company is |
exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. Key areas of estimation and judgement include the |
following: |
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- Trade and other debtors |
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The directors review the recoverability of trade and other debtors at the year end. Should a debtor balance be |
deemed irrecoverable, a provision is recognised accordingly. The directors apply judgement when estimating |
the level of provision required. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment in accordance with Financial |
Reporting Standard 102. |
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Work in progress |
Work in progress is valued at the lower of cost and net realisable value. |
BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | Accounting policies - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Taxation |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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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3. | Employees and directors |
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The average number of employees during the year was NIL (2018 - NIL). |
BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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4. | Fixed asset investments |
Shares in |
group |
undertakings |
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Cost |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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Provisions |
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Impairments | 45,650 |
At 31 December 2019 | 45,650 |
Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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5. | Debtors |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Related party debtors | 3,790,011 | 4,741,893 |
Accrued interest | 2,737,181 | 2,305,305 |
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Amounts falling due after more than one year: |
Related party debtors | 55,000,000 | 4,500,000 |
Accrued interest | 11,618,632 | 1,488,336 |
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Aggregate amounts |
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6. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Other creditors |
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Related party creditors | 3,790,011 | 4,741,893 |
Accrued interest | 2,737,181 | 2,305,305 |
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7. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Other creditors |
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Related party creditors | 55,000,000 | 4,500,000 |
Accrued interest | 11,618,632 | 1,488,336 |
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BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary A | 1 | 4 | 4 |
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Ordinary B | 1 | 4 | 4 |
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Ordinary C | 1 | 1 | - |
9 | 8 |
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9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | Related party disclosures |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Directors: |
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Last year, loans of £986,670 were introduced to the company by two of the directors. At 31 December 2019, |
the company owed £1,023,297 (2018: £947,145) to the directors of the company (also shareholders), including |
£660,680 (2018: £584,827) of accrued interest. Interest payable on the loans for the period totalled £76,152 |
(2018: £79,944). Interest is payable on directors loans when the loan agreements expire, and is being |
calculated at rates of 8% and 15% per annum, compounded annually. During the period, loans and interest |
totalling £nil (2018: £110,045) were repaid to the directors. |
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A seperate loan agreement was entered into during the year, to fund the purchase of new shares issued in a |
subsidiary of the company. The amount loaned to the company from the directors are £22,817. Interest is |
charged at 10.5% per annum. Interest charged during the year totalled £1,326. |
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Shareholders: |
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Last year, loans of £14,049,415 were introduced to the company by a shareholder during the period. At 31 |
December 2019, the company owed £5,503,888 (2018: £12,088,389) to a shareholder of the company, |
including £2,076,197 (2018: £3,208,814) of accrued interest. Interest payable on the loans for the period |
totalled £670,255 (2018: £1,751,996). Interest is payable on the shareholder loan when the loan agreements |
expire, and is being calculated at various rates from 8% to 25% per annum, compounded annually. During the |
period, loans and interest totalling £7,254,750 (2018: £4,129,955) were repaid to the shareholder. |
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During the year, refinancing of a subsidiary took place, whereby a loan that was previously owed by a |
subsidiary of the company to a shareholder of the company is now owed by the company to the shareholder. |
The amount owing to the shareholder at 31 December 2019 is £66,618,632 including accrued interest of |
£11,618,632. Interest is payable on the shareholder loan when the loan agreements expire, and is being |
calculated at 10.5% per annum. Interest payable on the loans for the period totalled £4,414,315. |
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A seperate loan agreement was entered into during the year, to fund the purchase of new shares issued in a |
subsidiary of the company. The amount loaned to the company from the shareholder is £22,826. Interest is |
charged at 10.5% per annum. Interest charged during the year totalled £1,326. |
BOTLEY DEVELOPMENTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 10994665) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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11. | Post balance sheet events |
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The directors have identified the COVID-19 pandemic as a significant event occurring after the balance sheet |
date. They consider this to be a non-adjusting event. Disclosures relating to the impact of COVID-19 on the |
company's ability to continue as a going concern have been made in note 2 to the financial statements. |
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12. | Security |
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During the year, as part of the re-financing described in the related party note, the company entered into a |
financing arrangement where a loan payable by a subsidiary company has been secured on the shares held by |
the company in that subsidiary via a fixed charge. |
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13. | Controlling party |
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The Company is a wholly owned subsidiary of Mace Developments Limited. The company is a member of the |
group whose parent company is Mace Limited. Both companies are registered in England and Wales. The |
results of the Company are included in the consolidated accounts of Mace Limited, copies of which are |
available from Companies House. |