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Registrar

Registration number: 12146305

Boydell & Sons Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Boydell & Sons Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Boydell & Sons Ltd

Company Information

Directors

L H Boydell

J C Boydell

G L Boydell

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank PLC
Chelmsford
40-41 High Street
Chelmsford
Essex
CM1 1BE

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Boydell & Sons Ltd

(Registration number: 12146305)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,418

17,355

Investment property

5

1,883,000

1,780,000

 

1,897,418

1,797,355

Current assets

 

Debtors

6

6,726

8,777

Cash at bank and in hand

 

42,597

23,094

 

49,323

31,871

Creditors: Amounts falling due within one year

7

(133,868)

(315,947)

Net current liabilities

 

(84,545)

(284,076)

Total assets less current liabilities

 

1,812,873

1,513,279

Creditors: Amounts falling due after more than one year

7

(1,405,775)

(1,204,775)

Provisions for liabilities

(98,457)

(78,533)

Net assets

 

308,641

229,971

Capital and reserves

 

Called up share capital

8

400

400

Retained earnings

308,241

229,571

Shareholders' funds

 

308,641

229,971

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

L H Boydell
Director

   
     
 

Boydell & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental services in the ordinary course of the company’s activities.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Boydell & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Asset class

Depreciation method and rate

Investment property

Not depreciated

Fixtures and fittings

20% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Boydell & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2022

22,987

22,987

Additions

567

567

At 31 January 2023

23,554

23,554

Depreciation

At 1 February 2022

5,632

5,632

Charge for the year

3,504

3,504

At 31 January 2023

9,136

9,136

Carrying amount

At 31 January 2023

14,418

14,418

At 31 January 2022

17,355

17,355

5

Investment properties

2023
£

At 1 February 2022

1,780,000

Additions

23,303

Fair value adjustments

79,697

At 31 January 2023

1,883,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

-

933

Prepayments

31

1,109

Other debtors

6,695

6,735

6,726

8,777

 

Boydell & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowing

9

9,000

9,000

Trade creditors

 

-

840

Directors loan

 

100,825

290,461

Other creditors

 

14,531

11,868

Corporation tax

 

7,556

1,870

Accruals and deferred income

 

1,956

1,908

 

133,868

315,947

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,405,775

1,204,775

Creditors falling due after one year include bank loans which are secured of £1,184,775 (2022 - £674,775).

Creditors include bank loans not repayable by instalments of £1,184,775 (2022- £674,775) due after more than five years.

Bank borrowings

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

400

400

400

400

         
 

Boydell & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,205,775

704,775

Other borrowings

200,000

500,000

1,405,775

1,204,775

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,000

9,000