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Company No: 11794825 (England and Wales)

INDUSTRIAL BOYS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

INDUSTRIAL BOYS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

INDUSTRIAL BOYS LIMITED

BALANCE SHEET

As at 31 January 2024
INDUSTRIAL BOYS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 637,500 545,567
637,500 545,567
Current assets
Debtors 4 722 890
Cash at bank and in hand 5 8,254 8,550
8,976 9,440
Creditors: amounts falling due within one year 6 ( 324,436) ( 305,639)
Net current liabilities (315,460) (296,199)
Total assets less current liabilities 322,040 249,368
Creditors: amounts falling due after more than one year 7 ( 217,595) ( 230,900)
Net assets 104,445 18,468
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 75,080 0
Profit and loss account 29,265 18,368
Total shareholders' funds 104,445 18,468

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Industrial Boys Limited (registered number: 11794825) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr W Huetson
Director

31 October 2024

INDUSTRIAL BOYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
INDUSTRIAL BOYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Industrial Boys Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Mission Road, Rackheath, Norwich, NR13 6PL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and is recognised to the extent that it is probable the the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the rental income receivable.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

Only Employees are the directors

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 545,567
Fair value movement 92,691
Other changes (758)
As at 31 January 2024 637,500

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 544,809 545,567

4. Debtors

2024 2023
£ £
Amounts owed by directors 0 206
Prepayments 722 684
722 890

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 8,254 8,550

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 12,688 11,425
Trade creditors 257 839
Amounts owed to associates 276,996 280,238
Corporation tax 2,556 1,999
Other taxation and social security 3,828 2,638
Other creditors 28,111 8,500
324,436 305,639

The bank loan contains a fixed and floating charge over all the property or undertaking of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 217,595 230,900

The bank loan contains a fixed and floating charge over all the property or undertaking of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 159,625 185,200

The bank loan contains a fixed and floating charge over all the property or undertaking of the company.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Statement of Comprehensive Income ( 17,611) 0
At the end of financial year ( 17,611) 0

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Overdrawn directors loan account 0 206

The above overdrawn loan account was repaid within the current year and no interest was applied.

Other related party transactions

2024 2023
£ £
Rental income receivable 51,000 49,542
Loan interest payable (17,258) (15,661)
Loan balance payable 276,996 280,238

During the year the company received rental income from BearingBoys Limited, a company controlled by the directors. In addition the company is in receipt of a loan from BearingBoys Limited Interest was charged to the company during the year at Bank of England base rate plus 2%.