Company registration number 05748517 (England and Wales)
YMD BOON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
YMD BOON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
YMD BOON LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,275
24,150
Tangible assets
5
148,752
116,144
164,027
140,294
Current assets
Debtors
6
1,222,650
1,024,398
Cash at bank and in hand
311,312
168,795
1,533,962
1,193,193
Creditors: amounts falling due within one year
7
(790,717)
(560,006)
Net current assets
743,245
633,187
Total assets less current liabilities
907,272
773,481
Creditors: amounts falling due after more than one year
8
(41,045)
(80,952)
Provisions for liabilities
(11,268)
(2,368)
Net assets
854,959
690,161
Capital and reserves
Called up share capital
9
374
374
Capital redemption reserve
10
626
626
Profit and loss reserves
853,959
689,161
Total equity
854,959
690,161

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

YMD BOON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mr JJ Warren
Director
Company registration number 05748517 (England and Wales)
YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

YMD Boon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6B Anson House, Compass Point Business Park, Market Harborough, Leicestershire, UK, LE16 9HW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of two unincorporated businesses in June 2006 over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Computer software and website development is being amortised evenly over its estimated useful life of four years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of the lease
Plant and machinery
25% on cost
Furniture and fittings
25% on reducing balance
Office and computer equipment
25% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

The company pays contributions to personal pension schemes for certain of its employees. Such contributions are charged in the profit and loss account as they become due.

1.10
Leases and hire purchase contracts

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

 

Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease or hire purchase contract payments. The related liability is included in the balance sheet as a finance lease and hire purchase contract obligation. Payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
48
40
YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Intangible fixed assets
Goodwill
Computer software and website development
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
128,000
41,615
169,615
Amortisation and impairment
At 1 June 2023
108,800
36,665
145,465
Amortisation charged for the year
6,400
2,475
8,875
At 31 May 2024
115,200
39,140
154,340
Carrying amount
At 31 May 2024
12,800
2,475
15,275
At 31 May 2023
19,200
4,950
24,150

Goodwill was purchased on 1 June 2006 at a cost of £96,000 from John Boon and Partners and £32,000 from YMD Architecture. The two businesses were partnerships in which one of the directors, as well as several former directors, were previously involved.

5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Furniture and fittings
Office and computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
20,555
4,704
89,076
218,139
24,722
357,196
Additions
17,897
8,981
19,955
57,539
-
0
104,372
Disposals
-
0
-
0
-
0
-
0
(24,722)
(24,722)
At 31 May 2024
38,452
13,685
109,031
275,678
-
0
436,846
Depreciation and impairment
At 1 June 2023
12,008
3,623
54,671
159,129
11,621
241,052
Depreciation charged in the year
6,035
2,666
13,590
36,372
-
0
58,663
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(11,621)
(11,621)
At 31 May 2024
18,043
6,289
68,261
195,501
-
0
288,094
Carrying amount
At 31 May 2024
20,409
7,396
40,770
80,177
-
0
148,752
At 31 May 2023
8,547
1,081
34,405
59,010
13,101
116,144
YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
752,230
605,542
Gross amounts owed by contract customers
339,378
278,340
Directors' current accounts
-
0
20,000
Other debtors
-
0
14,420
Prepayments and accrued income
131,042
106,096
1,222,650
1,024,398
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
39,328
35,355
Obligations under finance leases and hire purchase contracts
3,666
9,240
Trade creditors
191,948
183,102
Taxation and social security
369,207
227,148
Other creditors
-
0
60
Accruals and deferred income
186,568
105,101
790,717
560,006
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
28,644
67,972
Obligations under finance leases and hire purchase contracts
12,401
12,980
41,045
80,952

The company has received additional government support by way of an 80% guarantee on bank loans received under the Coronavirus Business Interruption Loan Scheme ("CBILS"). The value of such loans at 31 May 2024 was £67,972 (2023: £103,327).

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
374
374
374
374
YMD BOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
10
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
626
626
11
Financial commitments, guarantees and contingent liabilities

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £877,302 (2023: £435,642). This comprises the remaining commitment under non-cancellable operating leases of £429,833 (2023: £166,866) over Land & Buildings, £314,646 (2023: £267,909) over Plant & Machinery and £132,823 (2023: £867) over Software.

12
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors' current accounts
-
20,000
(20,000)
-
0
20,000
(20,000)
-

The amounts advanced to the directors are repayable on demand.

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