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COMPANY REGISTRATION NUMBER: 04049489
The Boiler Shop Limited
Filleted Unaudited Financial Statements
31 December 2023
The Boiler Shop Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
83,317
51,404
Investments
6
1,300
1,300
--------
--------
84,617
52,704
Current assets
Stocks
485,423
387,396
Debtors
7
952,959
800,393
Cash at bank and in hand
878,221
602,157
------------
------------
2,316,603
1,789,946
Creditors: amounts falling due within one year
8
1,433,907
1,111,262
------------
------------
Net current assets
882,696
678,684
---------
---------
Total assets less current liabilities
967,313
731,388
Provisions
Taxation including deferred tax
20,900
9,800
---------
---------
Net assets
946,413
721,588
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
946,313
721,488
---------
---------
Shareholders funds
946,413
721,588
---------
---------
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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Boiler Shop Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
W W Carr
Director
Company registration number: 04049489
The Boiler Shop Limited
Notes to the Financial Statements
Year ended 31 December 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 1 Impact House, Ireland Close, Staveley, Chesterfield, S43 3PE.
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.
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.
Income tax
Provision is made at current rates for tax deferred in respect of all material timing differences. The company has not adopted a policy of discounting deferred tax assets and liabilities.
Operating leases
Lease payments are recognised as an 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.
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:
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 16 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
59,735
29,287
89,022
Additions
57,445
57,445
---------
--------
---------
At 31 December 2023
117,180
29,287
146,467
---------
--------
---------
Depreciation
At 1 January 2023
22,414
15,204
37,618
Charge for the year
21,514
4,018
25,532
---------
--------
---------
At 31 December 2023
43,928
19,222
63,150
---------
--------
---------
Carrying amount
At 31 December 2023
73,252
10,065
83,317
---------
--------
---------
At 31 December 2022
37,321
14,083
51,404
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
1,300
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
1,300
-------
At 31 December 2022
1,300
-------
7. Debtors
2023
2022
£
£
Trade debtors
936,373
786,249
Other debtors
16,586
14,144
---------
---------
952,959
800,393
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,189,025
882,384
Corporation tax
98,779
101,569
Social security and other taxes
125,920
116,823
Other creditors
20,183
10,486
------------
------------
1,433,907
1,111,262
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
59,183
46,515
Later than 1 year and not later than 5 years
23,584
47,125
--------
--------
82,767
93,640
--------
--------
10. Related party transactions
During the year there were no related party transactions requiring disclosure under the Financial Reporting Standard 102 Section 1A.
11. Controlling party
The company was under the control of Mr & Mrs W Carr who own 90% of the issued share capital. Mr Wayne Carr is the managing director and a 45% shareholder.