Company registration number 09637602 (England and Wales)
BOYDENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
BOYDENS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
BOYDENS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
212,500
255,000
Tangible assets
5
127,078
168,603
339,578
423,603
Current assets
Debtors
6
79,359
70,940
Cash at bank and in hand
1,202,164
914,357
1,281,523
985,297
Creditors: amounts falling due within one year
7
(532,084)
(507,657)
Net current assets
749,439
477,640
Total assets less current liabilities
1,089,017
901,243
Creditors: amounts falling due after more than one year
8
(45,568)
(58,918)
Provisions for liabilities
(12,515)
(24,673)
Net assets
1,030,934
817,652
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,030,834
817,552
Total equity
1,030,934
817,652
BOYDENS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
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 31 March 2024 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.
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr. D A C Boyden
Director
Company Registration No. 09637602
BOYDENS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
666,333
666,433
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
177,219
177,219
Dividends
-
(26,000)
(26,000)
Balance at 31 March 2023
100
817,552
817,652
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
215,282
215,282
Dividends
-
(2,000)
(2,000)
Balance at 31 March 2024
100
1,030,834
1,030,934
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Boydens Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aston House, 57-59 Crouch Street, Colchester, Essex, England, CO3 3EY.
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. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Sales commission
Commission on the sale of property is recognised on the date that the buyer and seller exchange contracts.
Property management
Fees for the management of properties are recognised on entitlement.
Estate Management
Fees for the management of property estates are recognised in the period which the management services were provided.
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 ten 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:
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
Motor vehicles
25% 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.
1.5
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.
1.6
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.
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.10
The company holds client monies in bank accounts separate from its own monies. The company does not recognise these monies as either assets or liabilities of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
50
53
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
425,000
Amortisation and impairment
At 1 April 2023
170,000
Amortisation charged for the year
42,500
At 31 March 2024
212,500
Carrying amount
At 31 March 2024
212,500
At 31 March 2023
255,000
5
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
22,063
70,810
148,328
241,201
Depreciation and impairment
At 1 April 2023
8,307
26,073
38,218
72,598
Depreciation charged in the year
2,751
11,184
27,590
41,525
At 31 March 2024
11,058
37,257
65,808
114,123
Carrying amount
At 31 March 2024
11,005
33,553
82,520
127,078
At 31 March 2023
13,756
44,737
110,110
168,603
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,529
28,438
Other debtors
37,830
42,502
79,359
70,940
BOYDENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Debtors
(Continued)
- 10 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,396
8,864
Taxation and social security
253,965
176,698
Other creditors
255,723
322,095
532,084
507,657
Included in other creditors are hire purchase liabilities of £13,350 (2023: £13,350), which are secured on the assets concerned.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
45,568
58,918
Included in other creditors are hire purchase liabilities of £45,568 (2023: £58,918), which are secured on the assets concerned.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
212,828
306,674