1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10911940 2022-09-01 2023-08-31 10911940 2023-08-31 10911940 2022-08-31 10911940 2021-09-01 2022-08-31 10911940 2022-08-31 10911940 2021-08-31 10911940 core:PlantMachinery 2022-09-01 2023-08-31 10911940 bus:RegisteredOffice 2022-09-01 2023-08-31 10911940 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10911940 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 10911940 bus:LeadAgentIfApplicable 2022-09-01 2023-08-31 10911940 bus:Director1 2022-09-01 2023-08-31 10911940 core:PlantMachinery 2022-08-31 10911940 core:PlantMachinery 2023-08-31 10911940 core:WithinOneYear 2023-08-31 10911940 core:WithinOneYear 2022-08-31 10911940 core:AfterOneYear 2023-08-31 10911940 core:AfterOneYear 2022-08-31 10911940 core:ShareCapital 2023-08-31 10911940 core:ShareCapital 2022-08-31 10911940 core:RetainedEarningsAccumulatedLosses 2023-08-31 10911940 core:RetainedEarningsAccumulatedLosses 2022-08-31 10911940 core:PlantMachinery 2022-08-31 10911940 bus:Director1 2022-08-31 10911940 bus:Director1 2023-08-31 10911940 bus:Director1 2021-08-31 10911940 bus:Director1 2022-08-31 10911940 bus:Director1 2021-09-01 2022-08-31 10911940 bus:SmallEntities 2022-09-01 2023-08-31 10911940 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10911940 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 10911940 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10911940 bus:FullAccounts 2022-09-01 2023-08-31 10911940 bus:OrdinaryShareClass1 2023-08-31 10911940 bus:OrdinaryShareClass1 2022-08-31 10911940 bus:OrdinaryShareClass2 2023-08-31 10911940 bus:AllOrdinaryShares 2023-08-31 10911940 bus:AllOrdinaryShares 2022-08-31 10911940 core:ComputerEquipment 2022-09-01 2023-08-31 10911940 core:ComputerEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: 10911940
Boak Mechanical Services Limited
Filleted Unaudited Financial Statements
31 August 2023
Boak Mechanical Services Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Boak Mechanical Services Limited
Officers and Professional Advisers
Director
Mr J P Boak
Registered office
Second Floor Riverside Offices
26 St George's Quay
Lancaster
Lancashire
England
LA1 1RD
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Boak Mechanical Services Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Boak Mechanical Services Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boak Mechanical Services Limited for the year ended 31 August 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Boak Mechanical Services Limited in accordance with the terms of our engagement letter dated 23 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Boak Mechanical Services Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boak Mechanical Services Limited and its director for our work or for this report.
It is your duty to ensure that Boak Mechanical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Boak Mechanical Services Limited. You consider that Boak Mechanical Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Boak Mechanical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Riverside Accountancy Lancaster Limited Chartered accountants
Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
29 January 2024
Boak Mechanical Services Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,259
2,502
Current assets
Stocks
500
500
Debtors
6
56,759
50,441
Cash at bank and in hand
7,151
33,837
--------
--------
64,410
84,778
Creditors: amounts falling due within one year
7
45,896
29,874
--------
--------
Net current assets
18,514
54,904
--------
--------
Total assets less current liabilities
19,773
57,406
Creditors: amounts falling due after more than one year
8
19,167
29,167
--------
--------
Net assets
606
28,239
--------
--------
Capital and reserves
Called up share capital
9
2
1
Profit and loss account
604
28,238
----
--------
Shareholders funds
606
28,239
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Boak Mechanical Services Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr J P Boak
Director
Company registration number: 10911940
Boak Mechanical Services Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Second Floor Riverside Offices, 26 St George's Quay, Lancaster, Lancashire, LA1 1RD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The figures have been rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Computer Equipment
-
20% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2022
12,936
12,936
Additions
718
718
--------
----
--------
At 31 August 2023
12,936
718
13,654
--------
----
--------
Depreciation
At 1 September 2022
10,434
10,434
Charge for the year
1,901
60
1,961
--------
----
--------
At 31 August 2023
12,335
60
12,395
--------
----
--------
Carrying amount
At 31 August 2023
601
658
1,259
--------
----
--------
At 31 August 2022
2,502
2,502
--------
----
--------
6. Debtors
2023
2022
£
£
Other debtors
56,759
50,441
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
299
97
Corporation tax
22,583
Social security and other taxes
3,201
Other creditors
9,813
19,777
--------
--------
45,896
29,874
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
1
1
1
1
Ordinary B Shares shares of £ 1 each
1
1
----
----
----
----
2
2
1
1
----
----
----
----
10. Coronavirus bounce back loan
The company took out a Coronavirus Bounce Back Loan in July 2020 for £50,000. This loan is a 100% government backed loan with no interest or capital repayments for 12 months and repayment terms of up to 6 years. In year 1 the interest is paid by the government and therefore in line with FRS 102 the interest has been charged to the profit and loss account with a corresponding credit to government grants. From year 2 onwards, the interest rate charged is 2.5% which is deemed to be market value given that the company has gone to market and been offered this rate by the bank. Interest is being charged using the amortised cost model over the period of the loan.
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J P Boak
548
130,915
( 126,408)
5,055
----
---------
---------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J P Boak
4,229
78,267
( 81,948)
548
-------
--------
--------
----
12. Controlling party
There is no ultimate controlling party for the company.