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Company registration number: 08863585
Boss Development (Bath) Limited
Unaudited filleted financial statements
31 January 2020
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 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 7 6,440 15,036
_______ _______
6,440 15,036
Current assets
Stocks 236,961 596,869
Debtors 8 2,848 2,839
Cash at bank and in hand 163,250 193,069
_______ _______
403,059 792,777
Creditors: amounts falling due
within one year 9 ( 343,325) ( 719,521)
_______ _______
Net current assets 59,734 73,256
_______ _______
Total assets less current liabilities 66,174 88,292
Provisions for liabilities ( 1,209) ( 2,822)
_______ _______
Net assets 64,965 85,470
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 64,865 85,370
_______ _______
Shareholder funds 64,965 85,470
_______ _______
For the year ending 31 January 2020 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 Section 1A of 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 25 October 2024 , 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 2020
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 1 (2019: 3 ).
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible assets 3,949 7,395
_______ _______
6. Tax on loss
Major components of tax income
2020 2019
£ £
Deferred tax:
Origination and reversal of timing differences ( 1,613) ( 3,772)
_______ _______
Tax on loss ( 1,613) ( 3,772)
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2019 6,333 21,992 11,800 40,125
Disposals - ( 8,970) - ( 8,970)
_______ _______ _______ _______
At 31 January 2020 6,333 13,022 11,800 31,155
_______ _______ _______ _______
Depreciation
At 1 February 2019 3,414 13,885 7,790 25,089
Charge for the year 730 2,216 1,003 3,949
Disposals - ( 4,323) - ( 4,323)
_______ _______ _______ _______
At 31 January 2020 4,144 11,778 8,793 24,715
_______ _______ _______ _______
Carrying amount
At 31 January 2020 2,189 1,244 3,007 6,440
_______ _______ _______ _______
At 31 January 2019 2,919 8,107 4,010 15,036
_______ _______ _______ _______
8. Debtors
2020 2019
£ £
Other debtors 2,848 2,839
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Other loans (secured) 197,877 518,997
Trade creditors 3,330 177
Corporation tax - 25,055
Social security and other taxes 52,189 49,499
Other creditors 89,929 125,793
_______ _______
343,325 719,521
_______ _______
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 £81,559.
11. Controlling party
The company is controlled by C J Bamford , the director, who owns all of the issued share capital.