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Company registration number: 03566214
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2021
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BOOCHFU DEVELOPMENTS LIMITED
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BOOCHFU DEVELOPMENTS LIMITED
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COMPANY INFORMATION
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BOOCHFU DEVELOPMENTS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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BOOCHFU DEVELOPMENTS LIMITED
REGISTERED NUMBER:03566214
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Allotted and called up share capital
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BOOCHFU DEVELOPMENTS LIMITED
REGISTERED NUMBER:03566214
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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BOOCHFU DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Boochfu Developments Limited is a private company limited by shares incorporated in England and Wales. There is no trading address. The Company's registered number and office is disclosed on the Company Information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this.
The directors are confident that they will be able to see through the current uncertainty and have put measures into place to ensure they are monitoring the situation and will react to any changes as they occur.
Therefore, it is the directors’ opinion that the going concern basis of preparation continues to be
appropriate.
Turnover represents rents and service charges receivable in the year.
Interest income is recognised in profit or loss using the effective interest method.
Investment property is carried at fair value determined annually by an internal valuation and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
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BOOCHFU DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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Freehold investment property
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The valuation as at 31 March 2021 was made by the directors on an open market basis.
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BOOCHFU DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Debtors: Amounts falling due within one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loan of £124,994 (31 March 2020: £137,630) is secured by a first legal charge over the freehold property held by the company's bankers.
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BOOCHFU DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Transactions with directors
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During the year the company loaned the director £50,000 on 23 March 2021. Interest on this amount was charged at 2.25%. At the year end the balance owing to the company from the director was £50,029 (2020: £2), this amount is shown in other debtors above.
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BOOCHFU DEVELOPMENTS LIMITED
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