BOULTONS OF SHROPSHIRE LIMITED
Company registration number 04854034 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOULTONS OF SHROPSHIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BOULTONS OF SHROPSHIRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
3,000
Tangible assets
4
590,872
723,394
Investments
5
131,538
128,590
722,410
854,984
Current assets
Stocks
12,060
9,620
Debtors
7
113,537
110,223
Cash at bank and in hand
671,441
446,523
797,038
566,366
Creditors: amounts falling due within one year
8
(22,289)
(15,353)
Net current assets
774,749
551,013
Total assets less current liabilities
1,497,159
1,405,997
Provisions for liabilities
(97,569)
(99,119)
Net assets
1,399,590
1,306,878
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,399,490
1,306,778
Total equity
1,399,590
1,306,878

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BOULTONS OF SHROPSHIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
Mr M J Boulton
Director
Company registration number 04854034 (England and Wales)
BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Boultons of Shropshire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sunnyside, Cardington, Church Stretton, Shropshire, SY6 7JZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
0% pa reducing balance
Plant and machinery
15% pa reducing balance
Fixtures, fittings and equipment
15% pa reducing balance
Motor vehicles
20% pa reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
20
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
60,000
Amortisation and impairment
At 1 October 2022
57,000
Amortisation charged for the year
3,000
At 30 September 2023
60,000
Carrying amount
At 30 September 2023
-
0
At 30 September 2022
3,000
BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
50,000
4,909
29,654
2,166,817
2,251,380
Additions
-
0
2,950
-
0
-
0
2,950
Disposals
-
0
-
0
-
0
(2,999)
(2,999)
At 30 September 2023
50,000
7,859
29,654
2,163,818
2,251,331
Depreciation and impairment
At 1 October 2022
-
0
2,058
25,228
1,500,700
1,527,986
Depreciation charged in the year
-
0
722
663
133,007
134,392
Eliminated in respect of disposals
-
0
-
0
-
0
(1,919)
(1,919)
At 30 September 2023
-
0
2,780
25,891
1,631,788
1,660,459
Carrying amount
At 30 September 2023
50,000
5,079
3,763
532,030
590,872
At 30 September 2022
50,000
2,851
4,426
666,117
723,394
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
131,538
128,590
Fixed asset investments revalued

Investments have been revalued to their market value as at the year ended 30 September 2023, according to the valuation report received from the investment broker.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2022
128,590
Additions
30,780
Valuation changes
(27,832)
At 30 September 2023
131,538
Carrying amount
At 30 September 2023
131,538
At 30 September 2022
128,590
BOULTONS OF SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
131,538
128,590
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,405
83,092
Other debtors
15,132
27,131
113,537
110,223
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
468
-
0
Taxation and social security
16,197
9,151
Other creditors
5,624
6,202
22,289
15,353
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023-09-302022-10-01false29 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M J BoultonMrs G M BoultonMrs G M Boultonfalse048540342022-10-012023-09-30048540342023-09-30048540342022-09-3004854034core:NetGoodwill2023-09-3004854034core:NetGoodwill2022-09-3004854034core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3004854034core:PlantMachinery2023-09-3004854034core:FurnitureFittings2023-09-3004854034core:MotorVehicles2023-09-3004854034core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3004854034core:PlantMachinery2022-09-3004854034core:FurnitureFittings2022-09-3004854034core:MotorVehicles2022-09-3004854034core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3004854034core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3004854034core:CurrentFinancialInstruments2023-09-3004854034core:CurrentFinancialInstruments2022-09-3004854034core:ShareCapital2023-09-3004854034core:ShareCapital2022-09-3004854034core:RetainedEarningsAccumulatedLosses2023-09-3004854034core:RetainedEarningsAccumulatedLosses2022-09-3004854034bus:Director12022-10-012023-09-3004854034core:Goodwill2022-10-012023-09-3004854034core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3004854034core:PlantMachinery2022-10-012023-09-3004854034core:FurnitureFittings2022-10-012023-09-3004854034core:MotorVehicles2022-10-012023-09-30048540342021-10-012022-09-3004854034core:NetGoodwill2022-09-3004854034core:NetGoodwill2022-10-012023-09-3004854034core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3004854034core:PlantMachinery2022-09-3004854034core:FurnitureFittings2022-09-3004854034core:MotorVehicles2022-09-30048540342022-09-3004854034core:WithinOneYear2023-09-3004854034core:WithinOneYear2022-09-3004854034bus:PrivateLimitedCompanyLtd2022-10-012023-09-3004854034bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3004854034bus:FRS1022022-10-012023-09-3004854034bus:AuditExemptWithAccountantsReport2022-10-012023-09-3004854034bus:Director22022-10-012023-09-3004854034bus:CompanySecretary12022-10-012023-09-3004854034bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP