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Company registration number: 04417786
Boiler Spares Distribution Limited
Filleted financial statements
30 June 2023
Boiler Spares Distribution Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Boiler Spares Distribution Limited
Directors responsibilities statement
Year ended 30 June 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Boiler Spares Distribution Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 10,392 14,333
_______ _______
10,392 14,333
Current assets
Stocks 724,804 872,278
Debtors 6 217,246 247,908
Cash at bank and in hand 28,603 73,658
_______ _______
970,653 1,193,844
Creditors: amounts falling due
within one year 7 ( 289,252) ( 534,852)
_______ _______
Net current assets 681,401 658,992
_______ _______
Total assets less current liabilities 691,793 673,325
Creditors: amounts falling due
after more than one year 8 - ( 1,191)
Provisions for liabilities ( 2,046) ( 2,723)
_______ _______
Net assets 689,747 669,411
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 689,647 669,311
_______ _______
Shareholders funds 689,747 669,411
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr R Strafino
Director
Company registration number: 04417786
Boiler Spares Distribution Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2022 14,444 20,939 35,383
Additions - 813 813
_______ _______ _______
At 30 June 2023 14,444 21,752 36,196
_______ _______ _______
Depreciation
At 1 July 2022 7,441 13,609 21,050
Charge for the year 1,751 3,003 4,754
_______ _______ _______
At 30 June 2023 9,192 16,612 25,804
_______ _______ _______
Carrying amount
At 30 June 2023 5,252 5,140 10,392
_______ _______ _______
At 30 June 2022 7,003 7,330 14,333
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 180,337 207,439
Other debtors 36,909 40,469
_______ _______
217,246 247,908
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 183,625 406,947
Corporation tax 5,762 20,359
Social security and other taxes 7,440 9,104
Other creditors 92,425 98,442
_______ _______
289,252 534,852
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors - 1,191
_______ _______
9. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 6,081 (2022: £ 6,140 ).
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 53,193 53,193
Later than 1 year and not later than 5 years 98,110 147,110
_______ _______
151,303 200,303
_______ _______
11. Summary audit opinion
The auditor's report for the year dated 13 October 2023 was unqualified.
The senior statutory auditor was Sarah Johnson ACA for and on behalf of Gibson Appleby
12. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr R Strafino 2,413 2,413
_______ _______
13. Related party transactions
At 30 June 2023 the company owed £19,054 to it's parent undertaking Arbo S.R.L. (2022 - £85,716).
14. Controlling party
The company's parent undertaking is Arbo S.R.L., a company incorporated in Italy.