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REGISTERED NUMBER: 09038574 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

BOAM AUTOMOTIVE ENGINEERING LIMITED

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BOAM AUTOMOTIVE ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: M J Boam





SECRETARY: M J Boam





REGISTERED OFFICE: Harvey Court
Low Willington Industrial Estate
Crook
Co. Durham
DL15 0FB





REGISTERED NUMBER: 09038574 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 373,758 268,794
Investment property 6 160,594 160,594
534,352 429,388

CURRENT ASSETS
Stocks 32,072 29,633
Debtors 7 73,853 160,846
Cash at bank and in hand 203,841 54,740
309,766 245,219
CREDITORS
Amounts falling due within one year 8 138,388 106,384
NET CURRENT ASSETS 171,378 138,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

705,730

568,223

CREDITORS
Amounts falling due after more than one
year

9

(468,402

)

(395,337

)

PROVISIONS FOR LIABILITIES 11 (34,464 ) (7,752 )
NET ASSETS 202,864 165,134

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 25,575 26,265
Retained earnings 13 177,189 138,769
SHAREHOLDERS' FUNDS 202,864 165,134

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

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

The director acknowledges his 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.

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 October 2023 and were signed by:





M J Boam - Director


BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Boam Automotive Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 derived from the principal activity, which is that of vehicle servicing, repairs and class 4 MOTs, and is recognised when the company becomes entitled to it.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 20,000
AMORTISATION
At 1 June 2022
and 31 May 2023 20,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 250,658 157,032 407,690
Additions - 195,360 195,360
Disposals - (53,879 ) (53,879 )
At 31 May 2023 250,658 298,513 549,171
DEPRECIATION
At 1 June 2022 23,188 115,708 138,896
Charge for year 4,144 34,201 38,345
Eliminated on disposal - (1,828 ) (1,828 )
At 31 May 2023 27,332 148,081 175,413
NET BOOK VALUE
At 31 May 2023 223,326 150,432 373,758
At 31 May 2022 227,470 41,324 268,794

Cost or valuation at 31 May 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 250,658 298,513 549,171

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 216,153 216,152
Aggregate depreciation 22,271 18,817

Freehold land and buildings were valued on an open market basis on 14 January 2016 by Thomas Madrell MRICS. The directors consider this to be the fair value at 31 May 2023.

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 June 2022 20,298
Additions 179,366
Disposals (53,879 )
At 31 May 2023 145,785
DEPRECIATION
At 1 June 2022 11,418
Charge for year 21,044
Eliminated on disposal (1,828 )
At 31 May 2023 30,634
NET BOOK VALUE
At 31 May 2023 115,151
At 31 May 2022 8,880

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 160,594
NET BOOK VALUE
At 31 May 2023 160,594
At 31 May 2022 160,594

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,305 28,912
Other debtors 47,548 131,934
73,853 160,846

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,950 20,120
Hire purchase contracts 18,974 3,944
Trade creditors 47,971 39,970
Taxation and social security 16,975 29,007
Other creditors 34,518 13,343
138,388 106,384

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 367,342 387,095
Hire purchase contracts 101,060 8,242
468,402 395,337

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 120,034 12,186
Bank loans - 367,215
120,034 379,401

The hire purchase creditors are secured on the assets to which they relate.

The above bank loan is secured by way of a fixed and floating charge over the company's property.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Deferred Tax on Revaluation 5,092 -
Accelerated capital allowances 29,372 7,752
34,464 7,752

Deferred
tax
£   
Balance at 1 June 2022 7,752
Charge to profit and loss 21,620
Charge to profit and loss due
to fair value change of
investment property 5,092
Balance at 31 May 2023 34,464

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

12. CALLED UP SHARE CAPITAL

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

13. RESERVES

Revaluation
reserve
£

At 1 June 202226,265
Profit for the year -
Transfer(690)
Deferred tax on revaluation -
At 31 May 202325,575


14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
M J Boam
Balance outstanding at start of year 130,566 -
Amounts advanced 22,165 130,566
Amounts repaid (113,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,231 130,566