Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mark James Boyce 26/05/2022 14/08/2001 Samantha Boyce 26/05/2022 14/08/2001 Alice Charlotte Litherland 26/05/2022 William Johann Litherland 26/05/2022 20 September 2023 The principal activity of the Company during the financial year was that of estate agents. 04270229 2023-03-31 04270229 bus:Director1 2023-03-31 04270229 bus:Director2 2023-03-31 04270229 bus:Director3 2023-03-31 04270229 bus:Director4 2023-03-31 04270229 2022-03-31 04270229 core:CurrentFinancialInstruments 2023-03-31 04270229 core:CurrentFinancialInstruments 2022-03-31 04270229 core:Non-currentFinancialInstruments 2023-03-31 04270229 core:Non-currentFinancialInstruments 2022-03-31 04270229 core:ShareCapital 2023-03-31 04270229 core:ShareCapital 2022-03-31 04270229 core:RetainedEarningsAccumulatedLosses 2023-03-31 04270229 core:RetainedEarningsAccumulatedLosses 2022-03-31 04270229 core:Goodwill 2022-03-31 04270229 core:Goodwill 2023-03-31 04270229 core:FurnitureFittings 2022-03-31 04270229 core:ComputerEquipment 2022-03-31 04270229 core:FurnitureFittings 2023-03-31 04270229 core:ComputerEquipment 2023-03-31 04270229 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 04270229 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-03-31 04270229 bus:OrdinaryShareClass1 2023-03-31 04270229 bus:OrdinaryShareClass2 2023-03-31 04270229 bus:OrdinaryShareClass3 2023-03-31 04270229 core:WithinOneYear 2023-03-31 04270229 core:WithinOneYear 2022-03-31 04270229 core:BetweenOneFiveYears 2023-03-31 04270229 core:BetweenOneFiveYears 2022-03-31 04270229 2022-04-01 2023-03-31 04270229 bus:FullAccounts 2022-04-01 2023-03-31 04270229 bus:SmallEntities 2022-04-01 2023-03-31 04270229 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04270229 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04270229 bus:Director1 2022-04-01 2023-03-31 04270229 bus:Director2 2022-04-01 2023-03-31 04270229 bus:Director3 2022-04-01 2023-03-31 04270229 bus:Director4 2022-04-01 2023-03-31 04270229 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 04270229 core:FurnitureFittings 2022-04-01 2023-03-31 04270229 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 04270229 2021-04-01 2022-03-31 04270229 core:ComputerEquipment 2022-04-01 2023-03-31 04270229 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 04270229 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04270229 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04270229 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04270229 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 04270229 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 04270229 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04270229 (England and Wales)

L J BOYCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

L J BOYCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

L J BOYCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
L J BOYCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 23,570 24,714
23,570 24,714
Current assets
Debtors 5 23,986 73,589
Cash at bank and in hand 111,804 140,761
135,790 214,350
Creditors: amounts falling due within one year 6 ( 79,028) ( 107,072)
Net current assets 56,762 107,278
Total assets less current liabilities 80,332 131,992
Creditors: amounts falling due after more than one year 7 ( 21,360) ( 31,469)
Provision for liabilities ( 5,517) ( 5,752)
Net assets 53,455 94,771
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 52,455 93,771
Total shareholders' funds 53,455 94,771

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of L J Boyce Limited (registered number: 04270229) were approved and authorised for issue by the Director on 20 September 2023. They were signed on its behalf by:

Alice Charlotte Litherland
Director
L J BOYCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
L J BOYCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

L J Boyce Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is 49 Fore Street, Brixham, Devon, TQ5 8AG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 35,000 35,000
At 31 March 2023 35,000 35,000
Accumulated amortisation
At 01 April 2022 35,000 35,000
At 31 March 2023 35,000 35,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2022 115,778 4,602 120,380
Additions 195 3,772 3,967
Disposals 0 ( 1,231) ( 1,231)
At 31 March 2023 115,973 7,143 123,116
Accumulated depreciation
At 01 April 2022 92,127 3,539 95,666
Charge for the financial year 3,555 1,043 4,598
Disposals 0 ( 718) ( 718)
At 31 March 2023 95,682 3,864 99,546
Net book value
At 31 March 2023 20,291 3,279 23,570
At 31 March 2022 23,651 1,063 24,714

5. Debtors

2023 2022
£ £
Trade debtors 15,450 23,490
Amounts owed by connected companies 8,536 0
Amounts owed by directors 0 37,597
Prepayments and accrued income 0 12,502
23,986 73,589

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,108 16,166
Accruals 3,100 2,901
Taxation and social security 43,673 62,685
Other creditors 22,147 25,320
79,028 107,072

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 21,360 31,469

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
664 Ordinary A shares of £ 1.00 each 664 664
236 Ordinary B shares of £ 1.00 each 236 236
100 Ordinary C shares of £ 1.00 each 100 100
1,000 1,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
- within one year 15,000 15,000
- between one and five years 0 15,000
15,000 30,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,257 1,873

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Dividends 54,899 64,006

During the period two directors maintained current accounts with the company. At the year end the directors owed the company £Nil (2022: £37,597). Interest of £Nil (2022: £1,427) was charged on the loans at the approved rate and there are no fixed repayment terms.

11. Ultimate controlling party

Parent Company:

Coastal investments Ltd.
2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, Devon, United Kingdom, EX1 3QS.