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Registered number: NI012357
Boilerhouse Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
McCleary & Company Ltd.
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI012357
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 370,760 381,772
Investment Properties 5 195,685 195,685
Investments 6 723,705 718,862
1,290,150 1,296,319
CURRENT ASSETS
Stocks 7 91,093 87,111
Debtors 8 1,708,043 2,232,452
Cash at bank and in hand 1,266,490 964,780
3,065,626 3,284,343
Creditors: Amounts Falling Due Within One Year 9 (761,930 ) (846,286 )
NET CURRENT ASSETS (LIABILITIES) 2,303,696 2,438,057
TOTAL ASSETS LESS CURRENT LIABILITIES 3,593,846 3,734,376
PROVISIONS FOR LIABILITIES
Deferred Taxation - (22,480 )
NET ASSETS 3,593,846 3,711,896
CAPITAL AND RESERVES
Called up share capital 10 410,000 410,000
Revaluation reserve 11 14,976 12,535
Profit and Loss Account 3,168,870 3,289,361
SHAREHOLDERS' FUNDS 3,593,846 3,711,896
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr George Robert Walker
Director
13 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Boilerhouse Services Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI012357 . The registered office is 7 - 15 Enterprise Crescent, Lisburn, Co Antrim, BT28 2BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 15% on cost
Motor Vehicles 25% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2022: 14)
20 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 354,315 255,997 150,108 760,420
Additions - 4,000 27,400 31,400
As at 31 December 2023 354,315 259,997 177,508 791,820
Depreciation
As at 1 January 2023 49,926 206,425 122,297 378,648
Provided during the period 7,086 17,606 17,720 42,412
As at 31 December 2023 57,012 224,031 140,017 421,060
Net Book Value
As at 31 December 2023 297,303 35,966 37,491 370,760
As at 1 January 2023 304,389 49,572 27,811 381,772
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
At cost 386,531 259,997 177,508 824,036
At valuation (32,216) - - (32,216)
354,315 259,997 177,508 791,820
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Page 5
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 386,531
Accumulated depreciation and impairment 172,830
Carrying amount 213,701
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 195,685
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 213,901 213,901
6. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 January 2023 626,519 92,343 718,862
Additions - 23,182 23,182
Disposals - (23,182 ) (23,182 )
Revaluations - 1,822 1,822
Fair value adjustments - 3,021 3,021
As at 31 December 2023 626,519 97,186 723,705
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 626,519 97,186 723,705
As at 1 January 2023 626,519 92,343 718,862
Other investments have been included at most recent valuation.  If they had not been revalued they would have been included at a historical cost of £70,000.
7. Stocks
2023 2022
£ £
Stock 91,093 87,111
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8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 81,673 681,809
Amounts owed by group undertakings 813,441 752,323
Other debtors 812,929 798,320
1,708,043 2,232,452
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 421,463 503,882
Other creditors 234,863 234,753
Taxation and social security 105,604 107,651
761,930 846,286
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 410,000 410,000
11. Reserves
Revaluation Reserve
£
As at 1 January 2023 12,535
Transfer to profit and loss 2,441
As at 31 December 2023 14,976
12. Related Party Transactions
Loan balances owed to / (by) Boilerhouse Services Limited at Year End
£
Transactions with subsidiaries
813,441
Transactions with other related parties
(226,500)
13. Exceptional Items
At the year end, it became apparent that a loan made to an unrelated business in an earlier period would not be recoverable in full.  Therefore a provision has been made in the accounts for the year to 31 December 2023.
14. Ultimate Controlling Party
The company's ultimate controlling party is George R Walker Discretionary Settlement Trust by virtue of its ownership of 100% of the issued share capital in the company.
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