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Registered number: 11040864
BOA Construction Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 October 2023
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5—6
Notes to the Financial Statements 7—10
Page 1
Company Information
Director J C Nel
Company Number 11040864
Registered Office Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Director's Report
The director presents his report and the financial statements for the year ended 31 October 2023.
Principal Activity
The principal activity of the company in the year under review was that of construction of commercial buildings.
Directors
The director who held office during the year were as follows:
J C Nel
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
J C Nel
Director
29/07/2024
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Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 October 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
29/07/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Page 4
Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 293,968 305,779
Cost of sales (200,050 ) (266,036 )
GROSS PROFIT 93,918 39,743
Administrative expenses (84,015 ) (65,933 )
OPERATING PROFIT/(LOSS) 9,903 (26,190 )
Interest payable and similar charges (1,395 ) (1,561 )
PROFIT/(LOSS) BEFORE TAXATION 8,508 (27,751 )
Tax on Profit/(loss) 3 (1,385 ) 228
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 7,123 (27,523 )
RETAINED EARNINGS
As at 1 November 2022 177,456 216,979
Dividends paid (2,000) (12,000)
As at 31 October 2023 182,579 177,456
The notes on pages 7 to 10 form part of these financial statements.
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Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,628 10,552
3,628 10,552
CURRENT ASSETS
Debtors 5 137,509 148,033
Cash at bank and in hand 125,097 99,247
262,606 247,280
Creditors: Amounts Falling Due Within One Year 6 (66,210 ) (53,103 )
NET CURRENT ASSETS (LIABILITIES) 196,396 194,177
TOTAL ASSETS LESS CURRENT LIABILITIES 200,024 204,729
Creditors: Amounts Falling Due After More Than One Year 7 (17,444 ) (27,272 )
NET ASSETS 182,580 177,457
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 182,579 177,456
SHAREHOLDERS' FUNDS 182,580 177,457
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
J C Nel
Director
29/07/2024
The notes on pages 7 to 10 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on cost
1.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
1.5. Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 1)
2 1
3. Tax on Profit
Tax Rate 2023 2022
2023 2022 £ £
UK Corporation Tax 19.0% 19.0% 1,385 (228 )
Total Current Tax Charge 1,385 (228 )
Total tax charge for the period 1,385 (228 )
2023 2022
£ £
Profit before tax 8,508 (27,751)
Breakdown of tax charge is:
Tax on profit at 19% (UK standard rate) 1,616 (5,273 )
Expenses not deductible for tax purposes 1,316 3,726
Tax losses utilised (1,547 ) -
Tax losses unutilised carried forward - 1,547
Total tax charge for the period 1,385 -
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 November 2022 58,451
As at 31 October 2023 58,451
Depreciation
As at 1 November 2022 47,899
Provided during the period 6,924
As at 31 October 2023 54,823
Net Book Value
As at 31 October 2023 3,628
As at 1 November 2022 10,552
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,931 24,808
Other debtor - 2,647
16,931 27,455
Due after more than one year
Other debtors 120,578 120,578
120,578 120,578
137,509 148,033
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 1,385 -
VAT 11,680 28,764
Net wages 2,074 -
BBL Due < 1 year 10,000 10,000
Other loans 3,994 12,154
Finance - loan 37 -
Other creditor 31,748 -
Accruals and deferred income 1,400 1,340
Director's loan account 3,892 845
66,210 53,103
Other creditor relates to the net position with regards to CIS Suffered, CIS withheld and Corporation Tax from previous years due to HMRC. This has been settled post year end after HMRC allocated all credits due to the company.
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
BBL Due > 1 Year 17,444 27,272
17,444 27,272
The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 1 1 1
9. Related Party Transactions
At the balance sheet date, included in creditors due within one year is an amount of £3,892 (2022: £845) owed to the director.
J C Nel is also a director and shareholder of BOA Residential Ltd. At the year end BOA Residential Ltd owed £120,578 (2022: £120,578) to the company.
During the year, dividends amounting to £2,000 (2022: £12,000) were paid to the director.
The ultimate controlling party is J C Nel, the director and shareholder of the company.
10. General Information
BOA Construction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11040864 . The registered office is Ground Floor Marlborough House, 298 Regents Park Road, London, N3 2SZ.
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