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Company registration number: 08863585
Boss Development (Bath) Limited
Unaudited filleted financial statements
31 January 2019
Boss Development (Bath) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Boss Development (Bath) Limited
Directors and other information
Director C J Bamford
Company number 08863585
Registered office Ground Floor
11 Pierrepont Street
Bath
BA1 1LA
Boss Development (Bath) Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 7 15,036 34,855
_______ _______
15,036 34,855
Current assets
Stocks 596,869 998,919
Debtors 8 2,839 40,909
Cash at bank and in hand 193,069 410,144
_______ _______
792,777 1,449,972
Creditors: amounts falling due
within one year 9 ( 719,521) ( 1,356,458)
_______ _______
Net current assets 73,256 93,514
_______ _______
Total assets less current liabilities 88,292 128,369
Provisions for liabilities ( 2,822) ( 6,594)
_______ _______
Net assets 85,470 121,775
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,370 121,675
_______ _______
Shareholder funds 85,470 121,775
_______ _______
For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2022 , and are signed on behalf of the board by:
C J Bamford
Director
Company registration number: 08863585
Boss Development (Bath) Limited
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ground Floor, 11 Pierrepont Street, Bath, BA1 1LA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of properties is recognised when legal title has passed. Revenue from the provision of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment, which is included in fittings, fixtures and equipment, is depreciated on a 25% straight line basis.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Cost includes costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The company holds the following basic financial instruments: - short term trade and other debtors and creditors; - other loans; and - cash and bank balances.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. They are derecognised when, in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party or, in the case of liabilities, when the company's obligations are discharges, expire or are cancelled.
Such instruments are initially measured at transaction price and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Loss/profit before taxation
Loss/profit before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 7,395 12,358
_______ _______
6. Tax on loss/profit
Major components of tax income/expense
2019 2018
£ £
Current tax:
UK current tax expense - 24,784
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 3,772) 6,594
_______ _______
Tax on loss/profit ( 3,772) 31,378
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2018 22,283 21,992 30,300 74,575
Disposals ( 15,950) - ( 18,500) ( 34,450)
_______ _______ _______ _______
At 31 January 2019 6,333 21,992 11,800 40,125
_______ _______ _______ _______
Depreciation
At 1 February 2018 11,852 9,256 18,612 39,720
Charge for the year 1,033 4,629 1,733 7,395
Disposals ( 9,471) - ( 12,555) ( 22,026)
_______ _______ _______ _______
At 31 January 2019 3,414 13,885 7,790 25,089
_______ _______ _______ _______
Carrying amount
At 31 January 2019 2,919 8,107 4,010 15,036
_______ _______ _______ _______
At 31 January 2018 10,431 12,736 11,688 34,855
_______ _______ _______ _______
8. Debtors
2019 2018
£ £
Trade debtors - 529
Other debtors 2,839 40,380
_______ _______
2,839 40,909
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Other loans (secured) 518,997 1,034,858
Trade creditors 177 61,182
Corporation tax 25,055 24,784
Social security and other taxes 49,499 52,392
Other creditors 125,793 183,242
_______ _______
719,521 1,356,458
_______ _______
The loan facility is secured by a fixed and floating charge on the assets of the company. The loan facility is repaid using the proceeds from the sale of each property development.
10. Related party transactions
Included in 'creditors: amounts falling due within one year' are loans granted by C J Bamford , the director, of £111,924.
11. Controlling party
The company is controlled by C J Bamford , the director, who owns all of the issued share capital.