Company Registration No. 11482848 (England and Wales)
Box Clad Ltd
Unaudited accounts
for the year ended 31 July 2023
Box Clad Ltd
Unaudited accounts
Contents
Box Clad Ltd
Company Information
for the year ended 31 July 2023
Directors
Mark Etherington
Sean Terence Atkins
Company Number
11482848 (England and Wales)
Registered Office
50a Yew Tree Road
Tunbridge Wells
Kent
TN4 0BN
Accountants
Tonbridge Accountants Limited
27 Old Gloucester Street
London
WC1N 3AX
Box Clad Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
13,188
16,011
Cash at bank and in hand
36,218
72,026
Creditors: amounts falling due within one year
(62,078)
(85,392)
Net current liabilities
(9,744)
(13,278)
Total assets less current liabilities
3,444
2,733
Provisions for liabilities
Deferred tax
(3,495)
(2,360)
Net (liabilities)/assets
(51)
373
Called up share capital
2
2
Profit and loss account
(53)
371
Shareholders' funds
(51)
373
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by
Mark Etherington
Director
Company Registration No. 11482848
Box Clad Ltd
Notes to the Accounts
for the year ended 31 July 2023
Box Clad Ltd is a private company, limited by shares, registered in England and Wales, registration number 11482848. The registered office is 50a Yew Tree Road, Tunbridge Wells, Kent, TN4 0BN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company’s revenue is derived from the design and construction of garden pods. Each pod is constructed based on an agreed contract. Revenue and costs are recognised based on the stage of completion of each pod at the end of the reporting period. The stage of completion is determined using the proportion of costs incurred, for work performed to date, to the estimated total costs.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Deposits are taken when the contracts commence with final balances due on completion of construction work. Where the deposit balances exceed costs and profits recognised, the gross amount due to customers is recorded as deferred income within creditors. Where the costs and profits recognised exceed deposits taken, the gross amount due from customers is recorded as accrued income. Once construction is complete and the balance has been invoiced, the gross amount due is recorded within trade debtors.
Costs incurred less costs recognised as contract expenses are presented as contract work in progress within inventories.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
20% Straight Line
Fixtures & fittings
20% Straight Line
Box Clad Ltd
Notes to the Accounts
for the year ended 31 July 2023
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
i) Current Tax:
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
ii) Deferred Tax:
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities, including trade and other payables, and bank loans, 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 receipts discounted at a market rate of interest.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
629
17,323
-
17,952
At 31 July 2023
1,446
17,323
114
18,883
At 1 August 2022
73
1,868
-
1,941
Charge for the year
276
3,465
13
3,754
At 31 July 2023
349
5,333
13
5,695
At 31 July 2023
1,097
11,990
101
13,188
At 31 July 2022
556
15,455
-
16,011
Box Clad Ltd
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Accrued income and prepayments
479
88
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
1,030
1,377
Taxes and social security
13,740
-
Loans from directors
41,426
23,940
7
Deferred taxation
2023
2022
Accelerated capital allowances
3,495
3,042
Tax losses carried forward
-
(682)
Provision at start of year
2,360
-
Charged to the profit and loss account
1,135
2,360
Provision at end of year
3,495
2,360
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).