Company registration number 02846857 (England and Wales)
C.F.B. (BOILERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
C.F.B. (BOILERS) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
C.F.B. (BOILERS) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A J Parish
Mr D S Parish
Mr J B Parish
Secretary
Mr J B Parish
Company number
02846857
Registered office
62 Brunel Road
Gorse Lane Industrial Estate
Clacton on Sea
Essex
CO15 4LU
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
C.F.B. (BOILERS) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
879,148
867,563
Current assets
Stock and work in progress
499,776
572,842
Debtors
6
784,953
221,517
Cash at bank and in hand
184,739
81,842
1,469,468
876,201
Creditors: amounts falling due within one year
7
(1,420,239)
(787,208)
Net current assets
49,229
88,993
Total assets less current liabilities
928,377
956,556
Creditors: amounts falling due after more than one year
8
(443,067)
(520,195)
Provisions for liabilities
(32,916)
(28,920)
Net assets
452,394
407,441
Capital and reserves
Called up share capital
27,021
27,021
Capital redemption reserve
17,979
17,979
Profit and loss reserves
407,394
362,441
Total equity
452,394
407,441
C.F.B. (BOILERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr A J Parish
Director
Company Registration No. 02846857
The notes on pages 4 to 9 form part of these financial statements
C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

C.F.B. (Boilers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 62 Brunel Road, Gorse Lane Industrial Estate, Clacton on Sea, Essex, CO15 4LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
50% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash at bank and in hand

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 current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Defined contribution pension plans

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
23
C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
49,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
49,000
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2022
690,801
176,826
36,522
13,599
222,799
1,140,547
Additions
45,974
-
0
4,318
3,972
30,500
84,764
Disposals
-
0
-
0
-
0
(6,835)
(6,269)
(13,104)
At 31 August 2023
736,775
176,826
40,840
10,736
247,030
1,212,207
Depreciation and impairment
At 1 September 2022
26,595
69,887
21,890
12,578
142,034
272,984
Depreciation charged in the year
14,506
26,735
3,513
1,342
25,758
71,854
Eliminated in respect of disposals
-
0
-
0
-
0
(6,582)
(5,197)
(11,779)
At 31 August 2023
41,101
96,622
25,403
7,338
162,595
333,059
Carrying amount
At 31 August 2023
695,674
80,204
15,437
3,398
84,435
879,148
At 31 August 2022
664,206
106,939
14,632
1,021
80,765
867,563
C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
721,766
202,903
Other debtors
63,187
18,614
784,953
221,517
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
60,000
58,000
Trade creditors
404,472
155,014
Taxation and social security
278,276
111,846
Other creditors
677,491
462,348
1,420,239
787,208

The bank loans and overdraft are secured by a first legal charge over the freehold property owned by the company.

Other creditors includes £30,839 (2022 £33,389) owing to Finance Companies. These balances are secured over the assets to which they relate.

 

Also, included in other creditors is an amount of £62,940 (2022 £30,480) owing to SME Invoice Finance Limited representing funds drawn against debts purchased under a Confidential Invoice Discounting Agreement. This sum is secured by way of a debenture over the assets of the company.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
387,109
447,986
Other creditors
55,958
72,209
443,067
520,195

The bank loans are secured by a first legal charge over the freehold property owned by the company.

C.F.B. (BOILERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

Other creditors includes £55,958 (2022 £72,209) owing to Finance Companies. The balances are secured over the assets to which they relate.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
155,864
195,365
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