Company Registration No. 03795965 (England and Wales)
BOROPEX ACQUISITION LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BOROPEX ACQUISITION LIMITED
CONTENTS
Page
Balance sheet
2
Statement of changes in equity
1
Notes to the financial statements
3 - 7
BOROPEX ACQUISITION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2021
- 1 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2019
716
(509)
207
Year ended 29 February 2020:
Profit and total comprehensive income for the year
-
218,594
218,594
Dividends
-
(218,408)
(218,408)
Balance at 29 February 2020
716
(323)
393
Period ended 31 March 2021:
Loss and total comprehensive income for the period
-
(87)
(87)
Balance at 31 March 2021
716
(410)
306
BOROPEX ACQUISITION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
6,118,438
6,118,438
Current assets
Debtors
6
11
12
Cash at bank and in hand
787
873
Net current assets
798
885
Total assets less current liabilities
6,119,236
6,119,323
Creditors: amounts falling due after more than one year
7
(6,118,930)
(6,118,930)
Net assets
306
393
Capital and reserves
Called up share capital
8
716
716
Profit and loss reserves
(410)
(323)
Total equity
306
393
The directors of the company have 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 by the board of directors and authorised for issue on 16 December 2021 and are signed on its behalf by:
Mr M Bradley
Director
Company Registration No. 03795965
BOROPEX ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Boropex Acquisition Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
66 Prescot Street, London, E1 8NN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the company and and its subsidiary undertaking comprise a small-sized group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The accounts are prepared on the going concern basis not withstanding the negative reserve position at the year end. The group undertaking will only request the money when Boropex Acquisition Limited has sufficient funds to repay the amount due.
true
1.3
Reporting period
[ FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
]
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
BOROPEX ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
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.
1.6
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.
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
paymen
ts 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. A
m
ounts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
BOROPEX ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.9
The c
ompany
has extended
its
period of accounts from
28 February
2021
to
31 March 2021
, due to which the comparative amounts are not comparable in the financial statement
s
.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 (including directors) employed by the company during the Period was:
2021
2020
Number
Number
Total
4
Fixed asset investments
2021
2020
£
£
Investments
6,118,438
6,118,438
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2020 & 31 March 2021
6,118,438
Carrying amount
At 31 March 2021
6,118,438
At 29 February 2020
6,118,438
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
BOROPEX ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
5
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Boropex Holdings Limited
1
Property dealing and development
Ordinary
43.50
Registered office addresses (all UK unless otherwise indicated):
1
66 Prescot Street, London, E1 8NN
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
11
12
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
6,118,930
6,118,930
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
71,600 Ordinary shares of 1p each
716
716
9
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.
The senior statutory auditor was Daniel Rose and the auditor was CBW Audit Limited.
10
Related party transactions
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
BOROPEX ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
10
Related party transactions
(Continued)
- 7 -
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
6,118,799
6,118,799
11
Parent company
There is no ultimate controlling party.