Registered number
01741720
Thomas Boers (UK) Limited
Report and Accounts
31 December 2023
Independent Chartered Accountants' review report to the directors of Thomas Boers (UK) Limited
We have reviewed the accounts of Thomas Boers (UK) Limited for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 Section 1A'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
This report is made solely to the Company’s directors, as a body, in accordance with the terms of our engagement letter dated 20 April 2022. Our review has been undertaken so that we might state to the company's directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s directors as a body for our work, for this report or the conclusions we have formed.
Directors' responsibility for the accounts
As explained more fully in the Directors' Repsonsibilities Statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the accounts. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of the accounts in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these accounts.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accounts have not been prepared:
so as to give a true and fair view of the state of the Company’s affairs as at 31 December 2023, and of its profit for the year then ended;
in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
in accordance with the requirements of the Companies Act 2006.
Hicks and Company
Chartered Accountants
99 Bancroft
Hitchin
Herts
SG5 1NQ
24 August 2024
Thomas Boers (UK) Limited
Registered number: 01741720
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 538,492 326,978
Current assets
Stocks 2,342 1,853
Debtors 4 585,953 481,590
Cash at bank and in hand 195,681 257,581
783,976 741,024
Creditors: amounts falling due within one year 5 (330,865) (346,831)
Net current assets 453,111 394,193
Total assets less current liabilities 991,603 721,171
Creditors: amounts falling due after more than one year 6 (237,203) (105,311)
Provisions for liabilities (145,229) (68,224)
Net assets 609,171 547,636
Capital and reserves
Called up share capital 3,000 3,000
Profit and loss account 606,171 544,636
Shareholders' funds 609,171 547,636
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts 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.
Leendert Boers Angelo Boers
Director Director
Approved by the board on 21 August 2024
Thomas Boers (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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:
Warehouse equipment 20% reducing balance
Office furniture and equipment 10% reducing balance
Motor vehicles 25% reducing balance
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.
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 (ie 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 16
3 Tangible fixed assets
Warehouse equipment Office furniture and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 33,584 32,331 857,988 923,903
Additions - 5,189 388,812 394,001
Disposals (2,229) - (82,700) (84,929)
At 31 December 2023 31,355 37,520 1,164,100 1,232,975
Depreciation
At 1 January 2023 24,285 27,144 545,496 596,925
Charge for the year 1,854 933 173,483 176,270
On disposals (2,221) - (76,491) (78,712)
At 31 December 2023 23,918 28,077 642,488 694,483
Net book value
At 31 December 2023 7,437 9,443 521,612 538,492
At 31 December 2022 9,299 5,187 312,492 326,978
4 Debtors 2023 2022
£ £
Trade debtors 411,099 323,506
Other debtors 174,854 158,084
585,953 481,590
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 134,590 84,985
Trade creditors 105,597 176,800
Amounts owed to group undertakings and undertakings in which the company has a participating interest 51,509 56,432
Corporation tax - 19,148
Other taxes and social security costs 26,503 -
Other creditors 12,666 9,466
330,865 346,831
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 237,203 105,311
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 352,500 442,500
8 Related party transactions 2023 2022
£ £
L Boers
Director of Thomas Boers UK Limited and Thomas Boers BV
Goods and services sold 1,792,299 1,742,453
Services purchased 1,688,172 1,574,853
Amount due from (to) the related party (51,509) (56,432)
L Boers
Director of Thomas Boers UK Limited and Leendert Boers Holding BV
Management charges purchased 52,290 49,800
Amount due from (to) the related party
9 Controlling party
The shares of the company are all held by Leendert Boers Holding Gravenzande BV which is incorporated in Holland. Its registered office is:
Noordlandselaan 21
26g1 KS s'Gravenzande
Holland
10 Other information
Thomas Boers (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Perry Way
Witham
Essex
CM8 3SX
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