IRIS Accounts Production v23.4.0.336 09531457 Board of Directors 1.8.22 31.7.23 31.7.23 rental of carpets true false true true false false true false Ordinary 1.00000 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REGISTERED NUMBER: 09531457 (England and Wales)










Buoyant Group Limited

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 July 2023






Buoyant Group Limited (Registered number: 09531457)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Buoyant Group Limited

Company Information
for the year ended 31 July 2023







DIRECTORS: Mrs S L Addy
S D Addy





REGISTERED OFFICE: 4 Mandale
South Street
Keighley
BD21 1DB





REGISTERED NUMBER: 09531457 (England and Wales)





AUDITORS: Walkers Accountants Limited
Statutory Auditor
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Buoyant Group Limited (Registered number: 09531457)

Strategic Report
for the year ended 31 July 2023

The directors present their strategic report for the year ended 31 July 2023.

REVIEW OF BUSINESS
The principal activity of the company during the year was rental of carpets, vinyls, laminate flooring, blinds, beds and sofas. Although dealing with multiple products, the directors are of the opinion that it is a simple mix, the business model is straight forward, hence not diverse enough to warrant segmental accounting.

The company continues to trade from its registered office in Keighley along with eight regional offices through-out the UK. Manufacturing facility for sofas is situated in Bradford and the blinds are built in Keighley. Floorings are all bought in.

Improvements in our software and systems have meant that the company can create an internal customer score and real time information that can show where customers are in their journey with us. Due to internal customer score improvements, sales are down 8%. Where a customer previously had payment history which was not satisfactory new agreements were declined. The follow-on effect of this will be lower bad debts in future years.

Other improvements meant we could move to a more accurate way of recognising deferred income, the knock-on effect of this is that deferred income may have been understated in previous years.

A loss is shown in the accounts, this is due to more stringent checks for new agreements and our improvements recognising deferred income.

PRINCIPAL RISKS AND UNCERTAINTIES
Higher inflation, higher taxes and lower incomes do not bode well for the consumer markets. Issues of reduced sales and increased bad debts will need addressing. The business aims to maintain sufficient trade and cash to be able to meet its working capital requirements, capital commitments and liabilities as they fall due.

Credit Risk
The company does not perform credit checks on customers, instead the customers are expected to make several regular scheduled payments before they receive the goods or services. If the scheduled payments are received promptly then the company expects the customer can continue making regular payments.

Liquidity
The business continues to meet its liabilities as and when they fall due. The business reviews all cash flow requirements on a daily basis.

FUTURE DEVELOPMENTS
Extensive work on the computer systems will create a complete digital system which will increase efficiency. The company now does a soft credit check on customers, this means we are providing products to customer who can afford to keep up with the payment plans, which in turn will reduce bad debts going forward. Targeted advertising campaigns will generate additional customer leads in areas we most want them. Our higher value items are now only available through external finance options.


Buoyant Group Limited (Registered number: 09531457)

Strategic Report
for the year ended 31 July 2023

KEY FINANCIAL PERFORMANCE INDICATORS
The key performance indicators are


Year ended 31
July 2023
Year ended 31
July 2022

Turnover 12,597,360 13,783,841
Gross profit margin 55% 55%
(Loss) / profit before tax (243,628) (101,491)
Shareholder funds 2,582,476 2,940,753

ON BEHALF OF THE BOARD:





S D Addy - Director


3 April 2024

Buoyant Group Limited (Registered number: 09531457)

Report of the Directors
for the year ended 31 July 2023

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 will be £ 160,000 .

RESEARCH AND DEVELOPMENT
During the year the company invested in research and development in the computerised system used for entering, recording and reporting on customer information.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

Mrs S L Addy
S D Addy

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors.

GOING CONCERN
After reviewing budgets and forecasts the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

DISCLOSURE IN THE STRATEGIC REPORT
The Business Review, Key Performance Indicators, Future Developments and Principal Risks and Uncertainties statements are disclosed within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Buoyant Group Limited (Registered number: 09531457)

Report of the Directors
for the year ended 31 July 2023


AUDITORS
The auditors, Walkers Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S D Addy - Director


3 April 2024

Report of the Independent Auditors to the Members of
Buoyant Group Limited

Opinion
We have audited the financial statements of Buoyant Group Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Buoyant Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Buoyant Group Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we assessed the extent of compliance with the law and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- tested journal entries and other adjustments for appropriateness to identify any unusual transactions, and evaluation the business rationale of significant transaction outside the normal course of the business.

- reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Buoyant Group Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Day (Senior Statutory Auditor)
for and on behalf of Walkers Accountants Limited
Statutory Auditor
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

3 April 2024

Buoyant Group Limited (Registered number: 09531457)

Statement of Comprehensive
Income
for the year ended 31 July 2023

31.7.23 31.7.22
Notes £    £   

TURNOVER 4 12,597,360 13,783,841

Cost of sales (5,656,604 ) (6,177,725 )
GROSS PROFIT 6,940,756 7,606,116

Distribution costs (236,571 ) (189,520 )
Administrative expenses (6,900,854 ) (7,584,643 )
(196,669 ) (168,047 )

Other operating income 5,856 105,973
OPERATING LOSS 6 (190,813 ) (62,074 )


Interest payable and similar expenses 7 (52,815 ) (39,417 )
LOSS BEFORE TAXATION (243,628 ) (101,491 )

Tax on loss 8 45,351 68,294
LOSS FOR THE FINANCIAL YEAR (198,277 ) (33,197 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(198,277

)

(33,197

)

Buoyant Group Limited (Registered number: 09531457)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 11 1,155,536 1,350,611

CURRENT ASSETS
Stocks 12 874,642 1,000,916
Debtors 13 5,338,189 8,304,769
Cash at bank and in hand 242,721 214,714
6,455,552 9,520,399
CREDITORS
Amounts falling due within one year 14 (4,611,905 ) (7,376,673 )
NET CURRENT ASSETS 1,843,647 2,143,726
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,999,183

3,494,337

CREDITORS
Amounts falling due after more than one
year

15

(265,926

)

(366,455

)

PROVISIONS FOR LIABILITIES 20 (150,781 ) (187,129 )
NET ASSETS 2,582,476 2,940,753

CAPITAL AND RESERVES
Called up share capital 21 2 2
Retained earnings 22 2,582,474 2,940,751
SHAREHOLDERS' FUNDS 2,582,476 2,940,753

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





S D Addy - Director


Buoyant Group Limited (Registered number: 09531457)

Statement of Changes in Equity
for the year ended 31 July 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 2 2,993,948 2,993,950

Changes in equity
Dividends - (20,000 ) (20,000 )
Total comprehensive income - (33,197 ) (33,197 )
Balance at 31 July 2022 2 2,940,751 2,940,753

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - (198,277 ) (198,277 )
Balance at 31 July 2023 2 2,582,474 2,582,476

Buoyant Group Limited (Registered number: 09531457)

Cash Flow Statement
for the year ended 31 July 2023

31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 454,774 (166,534 )
Interest paid (36,395 ) (12,159 )
Interest element of hire purchase payments
paid

(16,420

)

(27,258

)
Taxation refund 9,003 10,034
Net cash from operating activities 410,962 (195,917 )

Cash flows from investing activities
Purchase of tangible fixed assets (15,728 ) (151,714 )
Sale of tangible fixed assets 30,185 13,200
Net cash from investing activities 14,457 (138,514 )

Cash flows from financing activities
Loan repayments in year (50,523 ) (78,277 )
Capital repayments in year (192,350 ) (107,594 )
Amount introduced by directors 278,989 619,110
Amount withdrawn by directors (273,528 ) (543,446 )
Equity dividends paid (160,000 ) (20,000 )
Net cash from financing activities (397,412 ) (130,207 )

Increase/(decrease) in cash and cash equivalents 28,007 (464,638 )
Cash and cash equivalents at beginning of
year

2

214,714

679,352

Cash and cash equivalents at end of year 2 242,721 214,714

Buoyant Group Limited (Registered number: 09531457)

Notes to the Cash Flow Statement
for the year ended 31 July 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.7.23 31.7.22
£    £   
Loss before taxation (243,628 ) (101,491 )
Depreciation charges 183,955 211,952
Loss on disposal of fixed assets 36,651 5,593
Finance costs 52,815 39,417
29,793 155,471
Decrease/(increase) in stocks 126,274 (201,964 )
Decrease/(increase) in trade and other debtors 2,966,580 (1,632,749 )
(Decrease)/increase in trade and other creditors (2,667,873 ) 1,512,708
Cash generated from operations 454,774 (166,534 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 242,721 214,714
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 214,714 679,352


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.8.22 Cash flow changes At 31.7.23
£    £    £    £   
Net cash
Cash at bank
and in hand 214,714 28,007 242,721
214,714 28,007 242,721
Debt
Finance leases (285,752 ) 192,350 - (133,392 )
Debts falling due
within 1 year (81,009 ) (9,865 ) - (90,874 )
Debts falling due
after 1 year (270,116 ) 60,388 - (209,728 )
(636,877 ) 242,873 - (433,994 )
Total (422,163 ) 270,880 - (191,273 )

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements
for the year ended 31 July 2023

1. GENERAL INFORMATION

Buoyant Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is recognised when the items are delivered to the customer and to the extent that it is probable that the economic benefit will flow to the company and it can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of consideration received or receivable taking into account contractually defined terms of payment and excludes taxes.

Turnover is the total contract value of the rental agreements entered into and delivered during the year.

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - Straight line over 3 years

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Impairment loss is recognised immediately in the profit and loss.

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loan from bank and investments in non puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimate future cash flows have been affected. If an assets is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit and loss.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans, are recognised at transaction price unless the arrange 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.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Assets held under finance lease 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 the profit and loss account so as to produce a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the terms of the relevant lease except where another more systematic basis is more representative of the time pattern in which the economic benefits from the leased assets are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
The trade debtors are measured at the present value of the cash flows receivable discounted at the market rate of interest for a similar receivable. Trade receivables where no payment received within 90 days following the year end, are provided for in full.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and are include cash in hand, deposits held at call within banks and other short term liquid investment with a original maturities of three months or less.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for at least 12 months from the date of approval of these financial statements.

In reaching their conclusion, the directors have considered cashflows together with post year end management accounts and forecast covering a period of 12 months.

After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the applications of policies and the reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

- Estimation Uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below.

- Useful lives of depreciable assets
Management reviews its estimates of the useful lives of depreciable assets at each reporting date, based on the expected utility of assets. Uncertainties in these estimates relate to mechanical and technological obsolescence that may change the utility of certain plant and equipment.

- Provision for bad debts
Management reviews its estimates of bad debts before completion of the final accounts based on the expected reconcilability of the debtors at that point in time. Uncertainties in these estimates relate to the economic and consumer trends.

- Provision for deferred income
Management reviews its estimates of deferred income at each reporting date based on the average fitting time from original order date. Uncertainties in these estimates relate to the consumer trends.

4. TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

31.7.23 31.7.22
£    £   
United Kingdom 12,597,360 13,783,841
12,597,360 13,783,841

5. EMPLOYEES AND DIRECTORS
31.7.23 31.7.22
£    £   
Wages and salaries 2,559,568 2,812,726
Social security costs 225,093 242,196
Other pension costs 53,824 55,143
2,838,485 3,110,065

The average number of employees during the year was as follows:
31.7.23 31.7.22

Sales & Administration 106 129

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

5. EMPLOYEES AND DIRECTORS - continued

31.7.23 31.7.22
£    £   
Directors' remuneration 17,680 17,510

6. OPERATING LOSS

The operating loss is stated after charging:

31.7.23 31.7.22
£    £   
Hire of plant and machinery 7,094 11,136
Other operating leases 518,666 402,126
Depreciation - owned assets 98,725 114,587
Depreciation - assets on hire purchase contracts 85,232 97,363
Loss on disposal of fixed assets 36,651 5,593
Audit fee 17,100 18,100
R&D expenditure 187,526 213,530

Remuneration to the auditors for other services amounted to £4,065 (2022 - £2,864) for accounts and tax compliance work.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.23 31.7.22
£    £   
Bank loan interest 36,395 12,177
Other loan interest - (18 )
Hire purchase 16,420 27,258
52,815 39,417

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.7.23 31.7.22
£    £   
Current tax:
Over provision prior year - (37,654 )
R&D tax credit prior year (9,003 ) -
Total current tax (9,003 ) (37,654 )

Deferred tax (36,348 ) (30,640 )
Tax on loss (45,351 ) (68,294 )

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.23 31.7.22
£    £   
Loss before tax (243,628 ) (101,491 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(60,907

)

(19,283

)

Effects of:
Expenses not deductible for tax purposes 192 437
Adjustments to tax charge in respect of previous periods 10,708 (37,654 )
Pension creditor movement - (696 )
Depreciation on non qualifying assets 4,801 3,866
Enhanced capital allowances (145 ) (4,480 )
ASS Loan write off - 49,612
Research & development - (52,742 )
Change in deferred tax rate - (7,354 )

Total tax credit (45,351 ) (68,294 )

9. DIVIDENDS
31.7.23 31.7.22
£    £   
Interim 160,000 20,000

10. GOVERNMENT GRANTS RECEIVED

During the year the company received the following government grants in relation to Covid 19:

2023 2022
£    £   
Kickstart Scheme - 9,785
Retail Grants - 55,000
- 64,785


Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

11. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 August 2022 446,571 181,379 594,039
Additions - - 11,326
Disposals - - -
At 31 July 2023 446,571 181,379 605,365
DEPRECIATION
At 1 August 2022 35,726 73,294 265,614
Charge for year 8,932 10,809 66,252
Eliminated on disposal - - -
At 31 July 2023 44,658 84,103 331,866
NET BOOK VALUE
At 31 July 2023 401,913 97,276 273,499
At 31 July 2022 410,845 108,085 328,425

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 60,384 696,184 23,180 2,001,737
Additions - 39,990 4,402 55,718
Disposals - (109,438 ) - (109,438 )
At 31 July 2023 60,384 626,736 27,582 1,948,017
DEPRECIATION
At 1 August 2022 21,037 239,128 16,327 651,126
Charge for year 7,869 85,787 4,308 183,957
Eliminated on disposal - (42,602 ) - (42,602 )
At 31 July 2023 28,906 282,313 20,635 792,481
NET BOOK VALUE
At 31 July 2023 31,478 344,423 6,947 1,155,536
At 31 July 2022 39,347 457,056 6,853 1,350,611

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022 144,840 450,575 595,415
Additions - 39,990 39,990
Disposals - (55,090 ) (55,090 )
Transfer to ownership - (321,840 ) (321,840 )
At 31 July 2023 144,840 113,635 258,475
DEPRECIATION
At 1 August 2022 39,052 123,290 162,342
Charge for year 21,158 64,074 85,232
Eliminated on disposal - (16,659 ) (16,659 )
Transfer to ownership - (148,112 ) (148,112 )
At 31 July 2023 60,210 22,593 82,803
NET BOOK VALUE
At 31 July 2023 84,630 91,042 175,672
At 31 July 2022 105,788 327,285 433,073

12. STOCKS
31.7.23 31.7.22
£    £   
Stocks 817,762 905,998
Work-in-progress 16,457 4,004
Finished goods 40,423 90,914
874,642 1,000,916

The amount of stock recognised as an expense in cost of sales during the year is £5,477,834 (2022- £5,939,725). There are no write-downs or reversal of write-downs of stocks in 2023 or 2022.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 4,960,601 7,849,815
Amounts owed by associates 60,834 92,266
Other debtors 63,179 127,197
Prepayments 253,575 235,491
5,338,189 8,304,769

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts (see note 16) 90,874 81,009
Hire purchase contracts (see note 17) 77,194 189,413
Trade creditors 940,029 1,378,887
Amounts owed to associates 346,780 502,403
Social security and other taxes 1,272,303 1,623,549
Other creditors 4,060 226
Directors' loan accounts 6,852 1,391
Deferred income 1,797,876 3,521,203
Accrued expenses 75,937 78,592
4,611,905 7,376,673

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans (see note 16) 209,728 270,116
Hire purchase contracts (see note 17) 56,198 96,339
265,926 366,455

16. LOANS

An analysis of the maturity of loans is given below:

31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 90,874 81,009

Amounts falling due between one and two years:
Bank loans - 1-2 years 97,437 84,593

Amounts falling due between two and five years:
Bank loans - 2-5 years 112,291 185,523

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.7.22
£    £   
Gross obligations repayable:
Within one year 83,903 204,068
Between one and five years 59,177 101,119
143,080 305,187

Finance charges repayable:
Within one year 6,709 14,655
Between one and five years 2,979 4,780
9,688 19,435

Net obligations repayable:
Within one year 77,194 189,413
Between one and five years 56,198 96,339
133,392 285,752

Non-cancellable operating leases
31.7.23 31.7.22
£    £   
Within one year 372,477 257,824
Between one and five years 919,192 739,515
1,291,669 997,339

The operating leases are for commercial properties (offices and warehouses) in the united kingdom. The lease terms are up to 5 years.

18. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 300,602 351,125
Hire purchase contracts 133,392 285,752
433,994 636,877

Bank loans are secured by a fixed and floating charge over assets of the company.

The bank loan is repayable by 7th August 2026, the loan bears interest at 3% above the base rate.

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

19. FINANCIAL INSTRUMENTS

31.07.23 31.07.22
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 5,338,189 8,304,769
Carrying amount of financial liabilities
Measured at amortised cost 3,167,874 5,536,167


20. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax
Accelerated capital allowances 163,912 206,840
Tax losses carried forward (13,131 ) (19,711 )
150,781 187,129

Deferred
tax
£   
Balance at 1 August 2022 187,129
Provided during year (56,059 )
Prior year under provision 19,711
Balance at 31 July 2023 150,781

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
2 Ordinary £1 2 2

The Ordinary shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.

22. RESERVES
Retained
earnings
£   

At 1 August 2022 2,940,751
Deficit for the year (198,277 )
Dividends (160,000 )
At 31 July 2023 2,582,474

Buoyant Group Limited (Registered number: 09531457)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. During the year £53,824 (2022: £55,143) has been charged to the profit and loss account in respect of pension contributions. Contributions totalling £3,384 (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

In 2023 £6,852 (2022: £1,391) was due to Mr and Mrs S Addy. The amount is interest free and repayable on demand.

The amounts advanced during the year totalled £273,528 (2022: £543,466) and the amounts repaid in the year totalled £278,989 (2022: £619,130).

25. RELATED PARTY DISCLOSURES

Andrew Scott Supplies Limited
A company in which Mr and Mrs S Addy are both director and shareholder.

Included within creditors at the year end is an amount of £346,780 (2022 - £502,403) due to Andrew Scott Supplies Limited. The balance is interest free and repayable on demand.

During the period, the company invoiced £47,398 (2022 - £304,980) to Andrew Scott Supplies Limited in relation to management charges.

Addy Aviation LLP
A company in which Mr and Mrs S Addy are both LLP members

Included within other debtors at the year end is an amount of £60,834 (2022 - £92,266) due from Addy Aviation LLP. The loan is interest free and repayable on demand.

During the year, a total of key management personnel compensation of £ 79,626 (2022 - £ 77,510 ) was paid.

26. ULTIMATE CONTROLLING PARTY

Buoyant Group Limited is under the control of Mr S D Addy and Mrs S L Addy.