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Registration number: 10255196

Boyce Bros Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Boyce Bros Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Boyce Bros Ltd

Company Information

Directors

Mr John Patrick Boyce

Mrs Laura Jane Boyce

Mr Thomas John Boyce

Mr George Patrick Boyce

Company secretary

Valerie Joan Dagger

Registered office

Unit 3 Bakers Park
Cater Road
Bristol
BS13 7TT

Accountants

AWG Accountants Ltd
Chartered Accountant
Kemp House
City Road
London
EC1V 2NX

 

Boyce Bros Ltd

(Registration number: 10255196)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,811

5,532

Investment property

5

3,037,628

2,296,929

 

3,046,439

2,302,461

Current assets

 

Debtors

6

628,924

628,924

Investments

7

1

1

Cash at bank and in hand

 

3,359

1,222,076

 

632,284

1,851,001

Creditors: Amounts falling due within one year

8

(1,847,711)

(2,541,942)

Net current liabilities

 

(1,215,427)

(690,941)

Total assets less current liabilities

 

1,831,012

1,611,520

Creditors: Amounts falling due after more than one year

8

(135,401)

-

Net assets

 

1,695,611

1,611,520

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

181,264

128,000

Retained earnings

1,514,247

1,483,420

Shareholders' funds

 

1,695,611

1,611,520

For the financial year ending 31 August 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

 

Boyce Bros Ltd

(Registration number: 10255196)
Balance Sheet as at 31 August 2023

.........................................
Mr John Patrick Boyce
Director

.........................................
Mr Thomas John Boyce
Director

.........................................
Mr George Patrick Boyce
Director

 

Boyce Bros Ltd

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

1

General information

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

The address of its registered office is:
Unit 3 Bakers Park
Cater Road
Bristol
BS13 7TT
England

These financial statements were authorised for issue by the Board on 24 November 2023.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Boyce Bros Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Boyce Bros Ltd

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

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Boyce Bros Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

8,328

8,328

Additions

5,050

5,050

At 31 August 2023

13,378

13,378

Depreciation

At 1 September 2022

2,796

2,796

Charge for the year

1,771

1,771

At 31 August 2023

4,567

4,567

Carrying amount

At 31 August 2023

8,811

8,811

At 31 August 2022

5,532

5,532

5

Investment properties

2023
£

At 1 September

2,296,929

Additions

687,435

Fair value adjustments

53,264

At 31 August

3,037,628

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,667

2,667

Other debtors

626,257

626,257

 

628,924

628,924

7

Current asset investments

2023
£

2022
£

Shares in group undertakings

1

1

 

Boyce Bros Ltd

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,045

530,041

Taxation and social security

2,584

87,963

Accruals and deferred income

1,925

1,925

Other creditors

1,836,157

1,922,013

1,847,711

2,541,942

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

135,401

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

53,264

53,264

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

135,401

-

 

Boyce Bros Ltd

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