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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
Page
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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
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Box Clad Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
13,188 
16,011 
Current assets
Inventories
4,880 
- 
Debtors
11,236 
88 
Cash at bank and in hand
36,218 
72,026 
52,334 
72,114 
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 
Capital and reserves
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
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Box Clad Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue
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
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Box Clad Ltd Notes to the Accounts for the year ended 31 July 2023
Taxation
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.
Financial Instruments
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 
Additions
817 
- 
114 
931 
At 31 July 2023
1,446 
17,323 
114 
18,883 
Depreciation
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 
Net book value
At 31 July 2023
1,097 
11,990 
101 
13,188 
At 31 July 2022
556 
15,455 
- 
16,011 
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Box Clad Ltd Notes to the Accounts for the year ended 31 July 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,757 
- 
Accrued income and prepayments
479 
88 
11,236 
88 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,554 
11,485 
Trade creditors
1,030 
1,377 
Taxes and social security
13,740 
- 
Loans from directors
41,426 
23,940 
Accruals
328 
1,800 
Deferred income
- 
46,790 
62,078 
85,392 
7
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
3,495 
3,042 
Tax losses carried forward
- 
(682)
3,495 
2,360 
2023 
2022 
£ 
£ 
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 
8
Share capital
2023 
2022 
£ 
£ 
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).
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