11 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05276927 2022-12-01 2023-11-30 05276927 2023-11-30 05276927 2022-11-30 05276927 2021-12-01 2022-11-30 05276927 2022-11-30 05276927 2021-11-30 05276927 core:PlantMachinery 2022-12-01 2023-11-30 05276927 core:MotorVehicles 2022-12-01 2023-11-30 05276927 bus:Director1 2022-12-01 2023-11-30 05276927 core:WithinOneYear 2023-11-30 05276927 core:WithinOneYear 2022-11-30 05276927 core:AfterOneYear 2023-11-30 05276927 core:AfterOneYear 2022-11-30 05276927 core:ShareCapital 2023-11-30 05276927 core:ShareCapital 2022-11-30 05276927 core:SharePremium 2023-11-30 05276927 core:SharePremium 2022-11-30 05276927 core:RetainedEarningsAccumulatedLosses 2023-11-30 05276927 core:RetainedEarningsAccumulatedLosses 2022-11-30 05276927 core:BetweenOneFiveYears 2023-11-30 05276927 core:BetweenOneFiveYears 2022-11-30 05276927 bus:SmallEntities 2022-12-01 2023-11-30 05276927 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05276927 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05276927 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05276927 bus:AbridgedAccounts 2022-12-01 2023-11-30 05276927 core:ComputerEquipment 2022-12-01 2023-11-30 05276927 core:ImmediateParent 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 05276927
Boy Limited
Filleted Unaudited Abridged Financial Statements
30 November 2023
Boy Limited
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
4
60,888
58,484
Current Assets
Stocks
485,180
305,767
Debtors
387,987
666,819
Cash at bank and in hand
106,496
104,905
---------
------------
979,663
1,077,491
Creditors: amounts falling due within one year
860,035
917,465
---------
------------
Net Current Assets
119,628
160,026
---------
---------
Total Assets Less Current Liabilities
180,516
218,510
Creditors: amounts falling due after more than one year
76,667
116,667
Provisions
Taxation including deferred tax
14,488
14,621
---------
---------
Net Assets
89,361
87,222
---------
---------
Capital and Reserves
Called up share capital
55,555
55,555
Share premium account
4,445
4,445
Profit and loss account
29,361
27,222
--------
--------
Shareholders Funds
89,361
87,222
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 abridged 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 abridged financial statements .
Boy Limited
Abridged Statement of Financial Position (continued)
30 November 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 23 May 2024 , and are signed on behalf of the board by:
R Wilson
Director
Company registration number: 05276927
Boy Limited
Accounting Policies
Year Ended 30 November 2023
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
The turnover shown in the profit and loss account represents amounts charged during the year, exclusive of Value Added Tax, in respect of goods and services provided by the company.
Income Tax
Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed at the balance sheet date, except for timing differences arising on revaluation of fixed assets which are not intended to be sold or gains on disposal of fixed assets which will be rolled over into replacement assets. No provision is made for taxation or permanent differences. Deferred tax assets are recognised to the extent that the directors consider the amount to be recoverable in the foreseeable future.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Defined Contribution Plans
The company pays contributions to certain employees personal pension schemes under a group stakeholder arrangement. Consequently, the annual instalments charged to the profit and loss account are fixed under the terms of the scheme. The company has no potential liability other than for the payment of those instalments.
Boy Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 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 Unit 7, Brindley Close, Rushden Business Park, Rushden, Northants, NN10 6EN.
2. Statement of Compliance
These abridged 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. Employee Numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
4. Tangible Assets
£
Cost
At 1 December 2022
286,896
Additions
31,857
Disposals
( 8,726)
---------
At 30 November 2023
310,027
---------
Depreciation
At 1 December 2022
228,412
Charge for the year
27,635
Disposals
( 6,908)
---------
At 30 November 2023
249,139
---------
Carrying amount
At 30 November 2023
60,888
---------
At 30 November 2022
58,484
---------
5. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,408
12,125
Later than 1 year and not later than 5 years
5,564
3,861
--------
--------
12,972
15,986
--------
--------
6. Related Party Transactions
Dividends paid to shareholders during the year are disclosed in the statement of income and retained earnings on page 4.
7. Controlling Party
The immediate and ultimate parent company is Hi-Class Machinery Group Limited , a company registered in England and Wales.