R.G. Boyce Limited 01151171 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is poultry rearing. Digita Accounts Production Advanced 6.30.9574.0 true true true 01151171 2023-04-01 2024-03-31 01151171 2024-03-31 01151171 core:OtherReservesSubtotal 2024-03-31 01151171 core:RetainedEarningsAccumulatedLosses 2024-03-31 01151171 core:RevaluationReserve 2024-03-31 01151171 core:ShareCapital 2024-03-31 01151171 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01151171 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 01151171 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 01151171 core:CurrentFinancialInstruments 2024-03-31 01151171 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01151171 core:Non-currentFinancialInstruments 2024-03-31 01151171 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01151171 core:LandBuildings 2024-03-31 01151171 core:MotorVehicles 2024-03-31 01151171 core:OtherPropertyPlantEquipment 2024-03-31 01151171 1 2024-03-31 01151171 bus:SmallEntities 2023-04-01 2024-03-31 01151171 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01151171 bus:FilletedAccounts 2023-04-01 2024-03-31 01151171 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01151171 bus:RegisteredOffice 2023-04-01 2024-03-31 01151171 bus:Director2 2023-04-01 2024-03-31 01151171 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01151171 core:LandBuildings 2023-04-01 2024-03-31 01151171 core:MotorVehicles 2023-04-01 2024-03-31 01151171 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01151171 core:PlantMachinery 2023-04-01 2024-03-31 01151171 core:Vehicles 2023-04-01 2024-03-31 01151171 1 2023-04-01 2024-03-31 01151171 1 2023-04-01 2024-03-31 01151171 countries:England 2023-04-01 2024-03-31 01151171 2023-03-31 01151171 core:LandBuildings 2023-03-31 01151171 core:MotorVehicles 2023-03-31 01151171 core:OtherPropertyPlantEquipment 2023-03-31 01151171 2022-04-01 2023-03-31 01151171 2023-03-31 01151171 core:OtherReservesSubtotal 2023-03-31 01151171 core:RetainedEarningsAccumulatedLosses 2023-03-31 01151171 core:RevaluationReserve 2023-03-31 01151171 core:ShareCapital 2023-03-31 01151171 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01151171 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01151171 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 01151171 core:CurrentFinancialInstruments 2023-03-31 01151171 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01151171 core:Non-currentFinancialInstruments 2023-03-31 01151171 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01151171 core:LandBuildings 2023-03-31 01151171 core:MotorVehicles 2023-03-31 01151171 core:OtherPropertyPlantEquipment 2023-03-31 01151171 1 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01151171

R.G. Boyce Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

R.G. Boyce Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

R.G. Boyce Limited

(Registration number: 01151171)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

7,404,380

7,305,672

Current assets

 

Debtors

6

9,293,950

8,949,079

Other financial assets

5

237,620

213,010

Cash at bank and in hand

 

113

135,060

 

9,531,683

9,297,149

Creditors: Amounts falling due within one year

7

(517,389)

(334,487)

Net current assets

 

9,014,294

8,962,662

Total assets less current liabilities

 

16,418,674

16,268,334

Creditors: Amounts falling due after more than one year

7

(13,237,540)

(13,225,429)

Provisions for liabilities

(777,365)

(722,047)

Net assets

 

2,403,769

2,320,858

Capital and Reserves

 

Called up share capital

100

100

Revaluation reserve

1,758,648

1,758,648

Other reserves

36,945

36,945

Retained Earnings

608,076

525,165

Shareholders' funds

 

2,403,769

2,320,858

 

R.G. Boyce Limited

(Registration number: 01151171)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
A R Boyce
Director

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ruffles Barn Brookside
Dalham
Newmarket
CB8 8TG
England

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible assets are stated in the balance sheet at cost or valuation (note 6), less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance and 4 years straight line

Motor Vehicles

25% reducing balance

Freehold land and buildings

No depreciation is provided on freehold land and buidlings. The company follows a program of regular maintenance which involves the reinstatement of the fabric of the buildings where necessary to maintain them to such a high standard that, in the opinion of the directors, the residual values would be sufficiently high to make any depreciation charge immaterial. An annual impairment review is therefore undertaken at each year end in accordance with the provision of FRS102.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible Assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

6,594,124

7,750

1,724,797

8,326,671

Additions

3,661

-

165,649

169,310

At 31 March 2024

6,597,785

7,750

1,890,446

8,495,981

Depreciation

At 1 April 2023

-

4,934

1,016,065

1,020,999

Charge for the year

-

704

69,898

70,602

At 31 March 2024

-

5,638

1,085,963

1,091,601

Carrying amount

At 31 March 2024

6,597,785

2,112

804,483

7,404,380

At 31 March 2023

6,594,124

2,816

708,732

7,305,672

Revaluation


The company's freehold poultry land and buildings were valued by Bidwells as at December 2019 on the basis of an open market valuation for existing use. The valuation of £4,785,000 has been incorporated into the financial statements. This results in a revaluation surplus of £2,344,865.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,440,135 (2023 - £2,440,135).

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost

At 1 April 2023

50,056

50,056

Fair value adjustments

19,564

19,564

At 31 March 2024

69,620

69,620

Fair value adjustment

At 1 April 2023

(162,954)

(162,954)

Losses made in the period

(5,046)

(5,046)

At 31 March 2024

(168,000)

(168,000)

Carrying amount

At 31 March 2024

237,620

237,620

At 31 March 2023

213,010

213,010

6

Debtors

Current

2024
£

2023
£

Trade Debtors

123,630

25,241

Prepayments

15,852

12,795

Other debtors

9,154,468

8,911,043

 

9,293,950

8,949,079

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

402,324

218,380

Trade Creditors

 

54,244

54,374

Taxation and social security

 

35,476

36,423

Accruals and deferred income

 

25,345

25,310

 

517,389

334,487

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,203,490

13,225,429

Other non-current financial liabilities

 

34,050

-

 

13,237,540

13,225,429

8

Parent and ultimate parent undertaking

The RG Boyce Trustee Company Ltd, a company incorporated in Cyprus, in its capacity as trustee, had a controlling shareholding in the company throughout the year.

 The company's immediate parent is RG Boyce Trustee Company Limited, incorporated in Cyprus.

 

 

R.G. Boyce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank loans

3,568,604

3,682,540

Hire purchase contracts

2,115

5,740

Other borrowings

9,632,771

9,537,149

13,203,490

13,225,429

Current loans and borrowings

2024
£

2023
£

Bank loans

213,936

213,936

Bank overdrafts

184,763

-

Hire purchase contracts

3,625

4,444

402,324

218,380

Bank borrowings

The carrying amount at year end is £3,782,540 (2023 - £3,896,476).

The bank loan is secured by a debenture, specific charges over certain freehold properties and by personal guarantees by RG Boyce, AR Boyce and JC Boyce. Interest is charged at rates varying between base rate plus 0.9% and LIBOR plus 3.25%.

Other borrowings

Borrowings is denominated in sterling with a nominal interest rate of between 0% and 2% above base%. The carrying amount at year end is £9,632,771 (2023 - £9,523,776).

The other borrowings do not have a set repayment date and are therefore considered to be repayable on demand, measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. However, in the directors' opinion the loans will not be settled in part or in full by 31 March 2025 and the loans have therefore been recorded as due after more than one year to show a true and fair view. Part of the borrowings are interest free and others bear interest at base rate plus 2% per annum.