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Company registration number: 12182311
Boar Vehicle Logistics Ltd
Unaudited filleted financial statements
31 August 2023
Boar Vehicle Logistics Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Boar Vehicle Logistics Ltd
Directors and other information
Directors Mr Aaron Michael Setherton
Mr Robert William Dobson
Company number 12182311
Registered office 15 Martyn Close
Combwich
Bridgwater
Somerset
TA5 2RD
Accountants Michael J Dodden & Co
34 North Street
Bridgwater
Somerset
TA6 3YD
Boar Vehicle Logistics Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Boar Vehicle Logistics Ltd
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 Boar Vehicle Logistics Ltd for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Boar Vehicle Logistics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Boar Vehicle Logistics Ltd and state those matters that we have agreed to state to the board of directors of Boar Vehicle Logistics Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boar Vehicle Logistics Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Boar Vehicle Logistics Ltd 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 Boar Vehicle Logistics Ltd. You consider that Boar Vehicle Logistics Ltd 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 Boar Vehicle Logistics Ltd. 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.
Michael J Dodden & Co
Chartered Certified Accountants
34 North Street
Bridgwater
Somerset
TA6 3YD
Boar Vehicle Logistics Ltd
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 20,700 17,099
_______ _______
20,700 17,099
Current assets
Debtors 6 124,905 96,360
Investments 7 - 29,440
Cash at bank and in hand 28,488 79,974
_______ _______
153,393 205,774
Creditors: amounts falling due
within one year 8 ( 164,713) ( 207,504)
_______ _______
Net current liabilities ( 11,320) ( 1,730)
_______ _______
Total assets less current liabilities 9,380 15,369
Creditors: amounts falling due
after more than one year 9 ( 10,367) ( 15,255)
_______ _______
Net (liabilities)/assets ( 987) 114
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 1,087) 14
_______ _______
Shareholders (deficit)/funds ( 987) 114
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr Aaron Michael Setherton
Director
Company registration number: 12182311
Boar Vehicle Logistics Ltd
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 100 ( 10,881) ( 10,781)
Profit for the year 22,895 22,895
_______ _______ _______
Total comprehensive income for the year - 22,895 22,895
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______
Total investments by and distributions to owners - ( 12,000) ( 12,000)
_______ _______ _______
At 31 August 2022 and 1 September 2022 100 14 114
Profit for the year 13,899 13,899
_______ _______ _______
Total comprehensive income for the year - 13,899 13,899
Dividends paid and payable ( 15,000) ( 15,000)
_______ _______ _______
Total investments by and distributions to owners - ( 15,000) ( 15,000)
_______ _______ _______
At 31 August 2023 100 ( 1,087) ( 987)
_______ _______ _______
Boar Vehicle Logistics Ltd
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. The address of the registered office is Boar Vehicle Logistics Ltd, 15 Martyn Close, Combwich, Bridgwater, Somerset, TA5 2RD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 33 % reducing balance
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
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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 4 (2022: 4 ).
5. Tangible assets
Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 September 2022 13,075 9,850 233 23,158
Additions 1,695 7,300 - 8,995
_______ _______ _______ _______
At 31 August 2023 14,770 17,150 233 32,153
_______ _______ _______ _______
Depreciation
At 1 September 2022 3,427 2,462 170 6,059
Charge for the year 1,701 3,672 21 5,394
_______ _______ _______ _______
At 31 August 2023 5,128 6,134 191 11,453
_______ _______ _______ _______
Carrying amount
At 31 August 2023 9,642 11,016 42 20,700
_______ _______ _______ _______
At 31 August 2022 9,648 7,388 63 17,099
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 63,720 56,652
Other debtors 61,185 39,708
_______ _______
124,905 96,360
_______ _______
7. Investments
2023 2022
£ £
Other investments - 29,440
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,018 4,797
Corporation tax 8,897 24,202
Social security and other taxes 148,698 172,505
Other creditors 2,100 6,000
_______ _______
164,713 207,504
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 10,367 15,255
_______ _______