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COMPANY REGISTRATION NUMBER: 03628521
Boyfield & Freeman Limited
Filleted Unaudited Financial Statements
31 July 2023
Boyfield & Freeman Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Boyfield & Freeman Limited
Officers and Professional Advisers
The board of directors Mr T Forsyth
- Director
Mr C Freeman
- Director
Mrs M Forsyth
- Director
Company secretary
Mrs M Forsyth
Registered office
15 Long Furlong
Mountsorrel
Leicester
LE127BW
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton in Ashfield
Nottinghamshire
NG17 4EA
Boyfield & Freeman Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
11,189
14,703
Current assets
Stocks
5,500
17,500
Debtors
6
22,197
29,355
Cash at bank and in hand
302
302
--------
--------
27,999
47,157
Creditors: amounts falling due within one year
7
54,987
55,283
--------
--------
Net current liabilities
26,988
8,126
--------
--------
Total assets less current liabilities
( 15,799)
6,577
Creditors: amounts falling due after more than one year
8
10,645
14,584
Provisions
2,126
2,794
--------
--------
Net liabilities
( 28,570)
( 10,801)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 28,572)
( 10,803)
--------
--------
Shareholders deficit
( 28,570)
( 10,801)
--------
--------
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 income and retained earnings has not been delivered.
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.
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 .
Boyfield & Freeman Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
Mr C Freeman
Director
Company registration number: 03628521
Boyfield & Freeman Limited
Notes to the Financial Statements
Year ended 31 July 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 15 Long Furlong, Mountsorrel, LE127BW, Leicester.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. This may not be appropriate because the company had a balance sheet deficit of £28,570 at 31st July 2023 (at 31st July 2022 £10,801). The company is therefore dependant on the continued support of the bank and creditors. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their net realisable value and to provide any further liabilities which may arise.
Revenue recognition
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 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.
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
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
11,586
9,143
23,884
44,613
--------
-------
--------
--------
Depreciation
At 1 August 2022
9,553
7,939
12,418
29,910
Charge for the year
406
241
2,867
3,514
--------
-------
--------
--------
At 31 July 2023
9,959
8,180
15,285
33,424
--------
-------
--------
--------
Carrying amount
At 31 July 2023
1,627
963
8,599
11,189
--------
-------
--------
--------
At 31 July 2022
2,033
1,204
11,466
14,703
--------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
9,366
4,212
Other debtors
12,831
25,143
--------
--------
22,197
29,355
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,011
29,595
Trade creditors
10,893
8,513
Social security and other taxes
7,633
7,118
Other creditors
3,450
10,057
--------
--------
54,987
55,283
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,645
14,584
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Freeman
17,244
17,484
( 31,055)
3,673
Mrs M Forsyth
( 1,551)
29,642
( 26,698)
1,393
--------
--------
--------
-------
15,693
47,126
( 57,753)
5,066
--------
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Freeman
26,488
19,956
( 29,200)
17,244
Mrs M Forsyth
45,161
( 46,712)
( 1,551)
--------
--------
--------
--------
26,488
65,117
( 75,912)
15,693
--------
--------
--------
--------
Director's advance, credit and guarantees contain total amount of all advances/credits obtained by the entity from its directors and total amount of all such repayments without any fees or interest. Any interest will be assessed based on HMRC regulations. The remaining balance should be repayable upon request.