Registered number
NI021585
Boyds Stores Limited
Filleted Accounts
For Year Ended
31 May 2024
Boyds Stores Limited
Registered number: NI021585
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,004,004 1,020,018
Current assets
Stocks 263,579 271,241
Debtors 5 30,252 13,343
Cash at bank and in hand 524,893 429,592
818,724 714,176
Creditors: amounts falling due within one year 6 (147,958) (141,560)
Net current assets 670,766 572,616
Total assets less current liabilities 1,674,770 1,592,634
Creditors: amounts falling due after more than one year 7 (12,128) (22,290)
Provisions for liabilities (15,103) (14,551)
Net assets 1,647,539 1,555,793
Capital and reserves
Called up share capital 2 2
Share premium 8 548,693 548,693
Profit and loss account 1,098,844 1,007,098
Shareholders' funds 1,647,539 1,555,793
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Boyd
Director
Approved by the board on 28 August 2024
Boyds Stores Limited
Notes to the financial statements
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% Straight line
Plant and machinery 10% Straight line
Fixtures, fittings, tools and equipment 10% Straight line
Motor Vehicles 20% Straight line
Leased Assets 10% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Employee benefits
When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Judgements and key sources of estimation uncertainty
Useful Lives of Tangible Fixed Assets: Long-lived assets comprising primarily of property, plant and machinery represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £1,004,004 (2023: £1,020,018).
2 Audit information
The audit report is unqualified.
Senior Statutory Auditor: Brian Delahunt FCA
Firm: Fitzpatrick and Kearney Ltd
Date of audit report: 28 August 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Leased assets Total
£ £ £ £ £
Cost
At 1 June 2023 1,265,851 345,196 33,337 10,287 1,654,671
Additions - 1,170 - - 1,170
At 31 May 2024 1,265,851 346,366 33,337 10,287 1,655,841
Depreciation
At 1 June 2023 271,804 319,225 33,337 10,287 634,653
Charge for the year 12,659 4,525 - - 17,184
At 31 May 2024 284,463 323,750 33,337 10,287 651,837
Net book value
At 31 May 2024 981,388 22,616 - - 1,004,004
At 31 May 2023 994,047 25,971 - - 1,020,018
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,265,851 1,265,851
Cumulative depreciation based on historical cost 284,463 271,804
981,388 994,047
5 Debtors 2024 2023
£ £
Trade debtors 82 135
Other debtors 30,170 13,208
30,252 13,343
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,109 19,291
Trade creditors 56,885 47,943
Corporation tax 33,817 27,832
Other taxes and social security costs 22,001 27,935
Other creditors 20,146 18,559
147,958 141,560
The bank overdrafts are secured by legal mortgage dated 25 November 1993 over 14, John Mitchel Place, Newry
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,128 22,290
8 Share premium 2024
£
At 1 June 2023 548,693
At 31 May 2024 548,693
9 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
10 Capital commitments
The company did not have any capital commitments as 31 May 2024 not already provided for in the financial statements.
11 Contingent liabilities
There were no contingent liabilities at the year end.
12 Related party transactions
Related party transactions have occurred between the company and Boyds Stores (Ireland) Ltd, Boyd Enterprises Ltd and Clanbrassil Management Services Ltd in the years ended 31 May 2024 and 31 May 2023. These companies are related parties by virtue of the fact that some of the directors of Boyds Stores Ltd also act as directors of Boyds Stores (Ireland) Ltd, Boyd Enterprises Ltd and Clanbrassil Management Services Ltd. Management fees were charged to each company and monies paid to Boyds Stores Ltd as follows:
Movement on these accounts during the year and closing balances at the balance sheet date are as follows:
Boyds Boyd Clanbrassil
Stores Enterprises Management
(Ireland) Ltd Ltd Services Ltd
£ £ £
Opening balance at 1 June 2023 - - -
Sales made during the year - - -
Management charges in year 4,000 19,000 4,800
Payments received in year (4,000) (19,000) (4,800)
Closing balance at 31 May 2024 - - -
The comparatives in relation to related party transactions are as follows:
Boyds Boyd Clanbrassil
Stores Enterprises Management
(Ireland) Ltd Ltd Services Ltd
£ £ £
Opening balance at 1 June 2022 - - -
Sales made during the year - - -
Management charges in year 4,000 19,000 4,800
Payments received in year (4,000) (19,000) (4,800)
Closing balance at 31 May 2023 - - -
13 Financial instruments 2024 2023
£ £
The carrying amounts of the company's financial instruments are
as follows:
Financial assets
Debt instruments measured at amortised cost:
Trade debtors (note 5) 82 135
Financial liabilities
Bank loans and overdrafts (note 6) 15,109 19,291
Trade creditors 56,885 47,943
Other creditors 20,146 18,559
92,140 85,793
14 Controlling party
The ultimate controlling parties are Mrs Mary Boyd and Mr Andrew Boyd.
15 Other information
Boyds Stores Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
14, John Mitchel Place
Newry
Co. Down
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