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COMPANY REGISTRATION NUMBER: 08800902
Bostall Developments Limited
Filleted Unaudited Financial Statements
31 August 2023
Bostall Developments Limited
Statement of Financial Position
31 August 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
4
84,583
1,005
Current assets
Stocks
575,000
600,000
Debtors
5
9,153,664
9,328,768
Cash at bank and in hand
7,959
252,630
------------
-------------
9,736,623
10,181,398
Creditors: amounts falling due within one year
6
10,856,585
9,698,596
-------------
-------------
Net current (liabilities)/assets
( 1,119,962)
482,802
------------
---------
Total assets less current liabilities
( 1,035,379)
483,807
Creditors: amounts falling due after more than one year
7
87,983
33,035
Provisions
255
255
------------
---------
Net (liabilities)/assets
( 1,123,617)
450,517
------------
---------
Capital and reserves
Called up share capital
101
101
Profit and loss account
( 1,123,718)
450,416
------------
---------
Shareholders (deficit)/funds
( 1,123,617)
450,517
------------
---------
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 income statement has not been delivered.
For the year ending 31 August 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 .
Bostall Developments Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr L Heer
Director
Company registration number: 08800902
Bostall Developments Limited
Notes to the Financial Statements
Year ended 31 August 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 The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover relates to the sale of land and properties and is recognised when a sale contract is legally binding.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 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.
4. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022 (as restated)
2,383
2,383
Additions
89,418
89,418
-------
--------
--------
At 31 August 2023
2,383
89,418
91,801
-------
--------
--------
Depreciation
At 1 September 2022
1,378
1,378
Charge for the year
251
5,589
5,840
-------
--------
--------
At 31 August 2023
1,629
5,589
7,218
-------
--------
--------
Carrying amount
At 31 August 2023
754
83,829
84,583
-------
--------
--------
At 31 August 2022
1,005
1,005
-------
--------
--------
5. Debtors
2023
2022
(restated)
£
£
Trade debtors
5,552,251
8,987,607
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,420,633
Other debtors
180,780
341,161
------------
------------
9,153,664
9,328,768
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
10,140
10,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,731,325
9,580,409
Other creditors
115,120
108,187
-------------
------------
10,856,585
9,698,596
-------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
22,770
33,035
Other creditors
65,213
--------
--------
87,983
33,035
--------
--------
8. Going concern
The companies liabilities exceed its assets by £1,123,617 as at the year end. The directors have stated that they will continue to support the company and therefore the company will continue on a going concern basis.