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REGISTERED NUMBER: 07095028 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Boretech Engineering Ltd

Boretech Engineering Ltd (Registered number: 07095028)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Boretech Engineering Ltd (Registered number: 07095028)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible fixed assets 4 530,138 290,613

Current assets
Debtors 5 50,935 59,995
Cash at bank 598,879 124,740
649,814 184,735
Creditors: amounts falling due within
one year

6

362,604

221,747
Net current assets/(liabilities) 287,210 (37,012 )
Total assets less current liabilities 817,348 253,601

Creditors: amounts falling due after
more than one year

7

(35,988

)

(41,667

)

Provisions for liabilities (94,996 ) (16,712 )
Net assets 686,364 195,222

Capital and reserves
Called up share capital 8 100 100
Fair value reserve 9 287,344 -
Retained earnings 398,920 195,122
Shareholders' funds 686,364 195,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Boretech Engineering Ltd (Registered number: 07095028)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:





A K Heitman - Director


Boretech Engineering Ltd (Registered number: 07095028)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. Statutory information

Boretech Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07095028

Registered office: 85 Church Road
Hove
East Sussex
BN3 2BB

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

The period covered by the financial statements is 13 months from 1 March 2021 to 31 March 2022 therefore comparatives are not entirely comparable. The reason for extending the year end is for it to coincide with the year ends of related companies.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Boretech Engineering Ltd (Registered number: 07095028)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 2% on cost (land not depreciated)
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Boretech Engineering Ltd (Registered number: 07095028)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. Employees and directors

The average number of employees during the year was NIL (2022 - 4 ).

4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost or valuation
At 1 April 2022 329,946 69,171 2,019 32,729 433,865
Additions 1,666 3,517 - 23,900 29,083
Disposals (190,366 ) - - - (190,366 )
Revaluations 375,000 - - - 375,000
At 31 March 2023 516,246 72,688 2,019 56,629 647,582
Depreciation
At 1 April 2022 71,667 44,538 1,124 25,923 143,252
Charge for year 9,431 6,158 224 5,685 21,498
Eliminated on disposal (47,306 ) - - - (47,306 )
At 31 March 2023 33,792 50,696 1,348 31,608 117,444
Net book value
At 31 March 2023 482,454 21,992 671 25,021 530,138
At 31 March 2022 258,279 24,633 895 6,806 290,613

The Freehold property fair value of £500,000 was determined by the directors based on the market value of similar properties in the area.

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 50,935 59,995

Boretech Engineering Ltd (Registered number: 07095028)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 5,678 5,566
Trade creditors 4,501 15,033
Taxation and social security 142,410 7,349
Other creditors 210,015 193,799
362,604 221,747

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 35,988 41,667

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
instalments

11,803

18,081

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 100 100

9. Reserves
Fair
value
reserve
£   
Transfer 287,344

At 31 March 2023 287,344

10. Related party disclosures

At the year end, the company was owed by a partnership of the directors £47,683 (2022: £35,094).