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For the year ended 9 September 2023
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Registered number: 12156964
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Boxwood Capital Limited - Registered number: 12156964
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Statement of financial position
As at 9 September 2023
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Debtors: amounts falling due after more than one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board on 5 September 2024 and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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Notes to the financial statements
For the year ended 9 September 2023
Boxwood Capital Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is 46/48 Beak Street, London, W1F 9RJ and its registered number is 12156964.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established in the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 2
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Notes to the financial statements
For the year ended 9 September 2023
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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Investment in subsidiary company
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On 11 October 2023, the company's subsidiary UK Windows & Doors Group Limited entered administration and was no longer considered a subsidiary.
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Page 3
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Notes to the financial statements
For the year ended 9 September 2023
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At 9 September 2023, the following was a subsidiary undertaking of the company:
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UK Windows & Doors Group Limited
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Unit A, Moy Road Industrual Estate, Taffs Well, Cardiff, CF15 7QR
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Due after more than one year
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Amounts owed by group undertakings
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Details of non-current trade and other debtors
£Nil (2022 - £15,148,000) of amounts due from group companies is classified as non current. Amounts due from group companies represent a loan to UK Windows & Doors Group Limited. The loan is secured by a fixed and floating charge over the assets of that company and interest is charged at 3.25%. The maturity date of the loan is 31 October 2026.
On 11 October 2023, the company's subsidiary UK Windows & Doors Group Limited entered administration, which resulted in a default event on the loan and becoming due in less than one year.
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Called up share capital not paid
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Prepayments and accrued income
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Page 4
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Notes to the financial statements
For the year ended 9 September 2023
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to connected undertakings
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Other creditors include a balance for deferred consideration due to Masco Corporation Limited persuant to the assignment of a debt. The amount is secured by a fixed charge over the amounts owed by UK Doors & Windows Group Limited to the company.
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Creditors: amounts falling due after more than one year
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Other creditors include a balance for deferred consideration due to Masco Corporation Limited persuant to the assignment of a debt. The amount is secured by a fixed charge over the amounts owed by UK Doors & Windows Group Limited to the company.
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The company had no contingent liabilities as at 9 September 2023 or 9 September 2022.
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The company had no capital commitments at 9 September 2023 or 9 September 2022.
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Page 5
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Notes to the financial statements
For the year ended 9 September 2023
The smallest group of undertakings for which consolidated group accounts, which include the company, have been
drawn up is headed by Fawley Industrial Limited. Fawley Industrial Limited has the same registered office as the
company.
The auditor's report on the financial statements for the year ended 9 September 2023 was unqualified.
The audit report was signed on 6 September 2024 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 6
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