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Company No: 04270229 (England and Wales)

L J BOYCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

L J BOYCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

L J BOYCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
L J BOYCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 19,150 23,570
19,150 23,570
Current assets
Debtors 5 17,842 23,986
Cash at bank and in hand 113,070 111,804
130,912 135,790
Creditors: amounts falling due within one year 6 ( 72,640) ( 79,028)
Net current assets 58,272 56,762
Total assets less current liabilities 77,422 80,332
Creditors: amounts falling due after more than one year 7 ( 21,624) ( 21,360)
Provision for liabilities ( 4,564) ( 5,517)
Net assets 51,234 53,455
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 50,234 52,455
Total shareholders' funds 51,234 53,455

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of L J Boyce Limited (registered number: 04270229) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

William Johann Litherland
Director
L J BOYCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
L J BOYCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

L J Boyce Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is 49 Fore Street, Brixham, Devon, TQ5 8AG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 35,000 35,000
At 31 March 2024 35,000 35,000
Accumulated amortisation
At 01 April 2023 35,000 35,000
At 31 March 2024 35,000 35,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 115,973 7,143 123,116
At 31 March 2024 115,973 7,143 123,116
Accumulated depreciation
At 01 April 2023 95,682 3,864 99,546
Charge for the financial year 3,044 1,376 4,420
At 31 March 2024 98,726 5,240 103,966
Net book value
At 31 March 2024 17,247 1,903 19,150
At 31 March 2023 20,291 3,279 23,570

5. Debtors

2024 2023
£ £
Trade debtors 6,870 15,450
Amounts owed by Parent undertakings 10,972 8,536
17,842 23,986

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,181 10,108
Accruals 3,100 3,100
Taxation and social security 50,693 43,673
Other creditors 14,666 22,147
72,640 79,028

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 21,624 21,360

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
664 Ordinary A shares of £ 1.00 each 664 664
236 Ordinary B shares of £ 1.00 each 236 236
100 Ordinary C shares of £ 1.00 each 100 100
1,000 1,000

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by parent company 10,972 8,536