Company registration number 10329639 (England and Wales)
Boxster Limited
Unaudited financial statements
For the year ended 28 February 2023
Boxster Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Boxster Limited
Statement of financial position
As at 28 February 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
1,300
1,300
Current assets
Debtors
3
4,808,092
4,888,230
Cash at bank and in hand
201,527
121,568
5,009,619
5,009,798
Creditors: amounts falling due within one year
4
(92,000)
(92,100)
Net current assets
4,917,619
4,917,698
Net assets
4,918,919
4,918,998
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
4,917,919
4,917,998
Total equity
4,918,919
4,918,998

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 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 28 November 2023 and are signed on its behalf by:
Mrs A Dagnall
Director
Company Registration No. 10329639
Boxster Limited
Notes to the financial statements
For the year ended 28 February 2023
- 2 -
1
Accounting policies
Company information

Boxster Limited is a private company limited by shares incorporated in England and Wales. The registered office is Metal Works, Woodward Way, Atherton, Manchester, England, M46 9RU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Related party exemption

 

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Boxster Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

2
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,300
1,300
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,808,092
4,888,230
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
91,000
91,100
Other creditors
1,000
1,000
92,000
92,100
5
Secured Debt

A fixed charge was registered in the year between the company and Jordan International Bank PLC in respect of a loan in Flexdane Limited, a wholly owned subsidiary. The loan is secured by way of a fixed charge over the shares in Flexdane Limited and all dividends, interest and other money payable to the Chargor in respect of the shares in Flexdane Limited.

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