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Company Registration number: 08342633

BOS Associates Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

BOS Associates Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

BOS Associates Limited

Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

328,152

317,614

Current assets

 

Debtors

6

457,936

380,501

Cash at bank and in hand

 

182,015

202,922

 

639,951

583,423

Creditors: Amounts falling due within one year

7

(438,908)

(436,875)

Net current assets

 

201,043

146,548

Total assets less current liabilities

 

529,195

464,162

Creditors: Amounts falling due after more than one year

7

(206,797)

(208,143)

Provisions for liabilities

(13,374)

(11,416)

Net assets

 

309,024

244,603

Capital and reserves

 

Called up share capital

102

102

Retained earnings

308,922

244,501

Shareholders' funds

 

309,024

244,603

 

BOS Associates Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 08342633

Approved and authorised by the director on 30 May 2024
 

.........................................
Mr P D Henderson
Director

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

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

The address of its registered office is:
The Long Barn
Redmain
Cockermouth
CA13 0PZ

These financial statements were authorised for issue by the director on 30 May 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 prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 corporation 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.
 

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, 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.

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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

Land and buildings

2% straight line

Fixtures, fittings and equipment

25% reducing balance and 25% straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

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.

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

INTANGIBLE ASSETS

Entitlements
 £

Total
£

Cost or valuation

Additions

765

765

Disposals

(765)

(765)

At 31 December 2023

-

-

Amortisation

Carrying amount

At 31 December 2023

-

-

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

254,912

9,876

48,046

34,190

347,024

Additions

-

1,613

51,732

480

53,825

Disposals

-

-

(42,841)

-

(42,841)

At 31 December 2023

254,912

11,489

56,937

34,670

358,008

Depreciation

At 1 January 2023

951

7,847

13,333

7,279

29,410

Charge for the year

316

908

4,508

5,425

11,157

Eliminated on disposal

-

-

(10,711)

-

(10,711)

At 31 December 2023

1,267

8,755

7,130

12,704

29,856

Carrying amount

At 31 December 2023

253,645

2,734

49,807

21,966

328,152

At 31 December 2022

253,961

2,029

34,713

26,911

317,614

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

427,172

330,738

Other debtors

30,764

49,763

 

457,936

380,501

7

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

12,541

40,628

Trade creditors

313,867

315,736

Taxation and social security

54,880

24,235

Accruals and deferred income

57,620

56,276

438,908

436,875


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,960 (2022 - £34,222).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

206,797

208,143


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £171,638 (2022 - £168,820).

 

BOS Associates Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

8

RELATED PARTY TRANSACTIONS

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr P D Henderson

Directors loan account

49,763

30,765

(49,763)

30,765

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr P D Henderson

Directors loan account

36,181

49,763

(36,181)

49,763


There is an obligation for the directors to pay interest to the company on their overdrawn loan accounts at the beneficial loan arrangement rate of 2.25%.