Silverfin false false 31/08/2023 01/09/2022 31/08/2023 C J Banks 21/07/2023 N J F Boston 21/07/2023 17/04/2001 W F Michelmore 21/08/2023 30 August 2024 The principal activity of the Company was that of property development. 04162076 2023-08-31 04162076 bus:Director1 2023-08-31 04162076 bus:Director2 2023-08-31 04162076 bus:Director3 2023-08-31 04162076 2022-08-31 04162076 core:CurrentFinancialInstruments 2023-08-31 04162076 core:CurrentFinancialInstruments 2022-08-31 04162076 core:Non-currentFinancialInstruments 2023-08-31 04162076 core:Non-currentFinancialInstruments 2022-08-31 04162076 core:ShareCapital 2023-08-31 04162076 core:ShareCapital 2022-08-31 04162076 core:RetainedEarningsAccumulatedLosses 2023-08-31 04162076 core:RetainedEarningsAccumulatedLosses 2022-08-31 04162076 core:LandBuildings 2022-08-31 04162076 core:PlantMachinery 2022-08-31 04162076 core:LandBuildings 2023-08-31 04162076 core:PlantMachinery 2023-08-31 04162076 core:CostValuation 2022-08-31 04162076 core:CostValuation 2023-08-31 04162076 bus:OrdinaryShareClass1 2023-08-31 04162076 2022-09-01 2023-08-31 04162076 bus:FilletedAccounts 2022-09-01 2023-08-31 04162076 bus:SmallEntities 2022-09-01 2023-08-31 04162076 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 04162076 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04162076 bus:Director1 2022-09-01 2023-08-31 04162076 bus:Director2 2022-09-01 2023-08-31 04162076 bus:Director3 2022-09-01 2023-08-31 04162076 core:LandBuildings core:TopRangeValue 2022-09-01 2023-08-31 04162076 core:PlantMachinery core:TopRangeValue 2022-09-01 2023-08-31 04162076 2021-09-01 2022-08-31 04162076 core:LandBuildings 2022-09-01 2023-08-31 04162076 core:PlantMachinery 2022-09-01 2023-08-31 04162076 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 04162076 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 04162076 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04162076 (England and Wales)

J BOSTON & SONS (HOLDINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

J BOSTON & SONS (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

J BOSTON & SONS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
J BOSTON & SONS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 169,382 187,532
Investments 4 2 2
169,384 187,534
Current assets
Stocks 5 8,800,000 6,421,760
Debtors 6 293,877 56,196
Cash at bank and in hand 11,589 42,193
9,105,466 6,520,149
Creditors: amounts falling due within one year 7 ( 11,391,671) ( 7,057,040)
Net current liabilities (2,286,205) (536,891)
Total assets less current liabilities (2,116,821) (349,357)
Creditors: amounts falling due after more than one year 8 0 ( 8,786)
Net liabilities ( 2,116,821) ( 358,143)
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account ( 2,116,823 ) ( 358,145 )
Total shareholders' deficit ( 2,116,821) ( 358,143)

For the financial 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.

Directors' responsibilities:

The financial statements of J Boston & Sons (Holdings) Limited (registered number: 04162076) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

C J Banks
Director
J BOSTON & SONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
J BOSTON & SONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J Boston & Sons (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Winslade Park Manor Drive, Clyst St. Mary, Exeter, EX5 1FY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £2,116,821. The Company is supported through loans from Bricks Finance Limited, which became a 50% shareholder during the year. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the shareholder will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Depreciation is provided only on the building element of the Land and buildings. The cost element of land owned by the Company shown above and not depreciated is estimated by the Director to be £44,262 (2022: £44,262).

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock is made up of work in progress.

Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 September 2022 144,262 80,750 225,012
At 31 August 2023 144,262 80,750 225,012
Accumulated depreciation
At 01 September 2022 8,000 29,480 37,480
Charge for the financial year 2,000 16,150 18,150
At 31 August 2023 10,000 45,630 55,630
Net book value
At 31 August 2023 134,262 35,120 169,382
At 31 August 2022 136,262 51,270 187,532

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 September 2022 2
At 31 August 2023 2
Carrying value at 31 August 2023 2
Carrying value at 31 August 2022 2

5. Stocks

2023 2022
£ £
Work in progress 8,800,000 6,421,760

6. Debtors

2023 2022
£ £
Trade debtors 200,000 0
VAT recoverable 93,877 56,196
293,877 56,196

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 323,567 208,131
Amounts owed to directors 0 184,852
Other loans 11,033,025 6,574,894
Accruals 4,200 42,579
Other taxation and social security 22,829 0
Obligations under finance leases and hire purchase contracts (secured) 8,050 29,184
Other creditors 0 17,400
11,391,671 7,057,040

The Company's borrowings are secured against its assets and the obligations under hire purchase are secured against the assets to which the loan relates. In addition, a previous director, who has now resigned, had given a personal guarantee against these borrowings. This personal guarantee was removed when he ceased to be a director.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 8,786

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Interest free loan from a director, repayable on demand 0 184,852

During the year, advances were made by a former director totalling £54,434 and repayments made of £725. The total loan of £238,561 was then released to the profit and loss account when the former director agreed that the amount would not be repaid.

The Company has taken advantage of the exemption under Section 33 to not disclose transactions with other wholly owned group companies.