Registration number:
Boutique Modern Limited
for the Year Ended 30 June 2024
Boutique Modern Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Boutique Modern Limited
Company Information
Chairman |
N D Eckert |
Directors |
G F Palmer R Shone L J P Shone |
Company secretary |
Clyde Secretaries Limited |
Registered office |
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Accountants |
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Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the manufacture and distribution of modular homes
Going concern
The directors have indicated that they will continue to provide support for the foreseeable future so these accounts have been prepared on the going concern basis.
Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2024
Statement from Dick Shone, MD Boutique Modern
Our trading year was peppered with political upheaval at National and Local level, with periods of instability in the world and repeated upheaval in UK Central Government. Furthermore, Local Elections created uncertainty, interrupting progress on planned developments with our core customers.
The broader construction industry, plagued by continuous bureaucratic and planning delays, continued to be in crisis leading to more Tier 1 Contractors and highly debt leveraged modular companies giving up the ghost.
Despite the widely acknowledged affordable housing shortage, our customers consistently resisted moving forward on developments blaming high interest rates and an unstable outlook for inflation and the economy in general.
Despite all of this, we have made some positive inroads -
• Fort Lane, a garage site development provided a great example of what is possible using our system. Seven homes were delivered in under 18 months, to provide low energy, 2 & 3 bed homes for Council tenants, all completed on program and on budget.
• Pells School, a thirty-two home development in Lewes continues to progress despite delays caused by planning, contract disputes and other delays. The modules were in storage for far longer than planned but are now onsite and the roofs and facias are now nearing completion.
• Leeds Castle and High Hill House were commissioned independent accommodation units via one of our Architect Partners. Providing six beautiful, self-contained ‘hotel’ pods in beautiful locations, that have proved extremely popular with guests since handover.
Other notable projects included the completion of a 16-home project in Worthing, and a garage site development at Ringmer, near Lewes. We finished the year with many projects in design for various local Councils. We are hopeful that the economic landscape will stabilise and improve, and the new Government will support its manifesto pledges to deliver 1.5 million new homes during its term. It appears our customers are now happy to crack-on into 2025 but they will need to eradicate the roadblocks of internal bureaucracy and planning delays to get anywhere close.
Following discussions at Board Level it was agreed to convert loan capital from our Chairman, Neil Eckert, into equity. The results of this are clear in the following pages. This position has been further improved by our continued commitment to research and development, allowing us to benefit from the available HMRC tax incentives.
We have commenced the 2024/25 year in a far better place despite the wider economy, with a stronger Balance Sheet to assist with this next phase of the modular industry entering its 2.0 period - a time when the first bubble bursts and the industry consolidates. We believe we are well established, organically grown and first wave disruptors enabling us to consolidate and grow. Reflecting, you will see similar adjustments have occurred in other industries, like electric cars and renewable energy technologies.
To take of advantage of this, we have plans to move into a larger space within Newhaven (a bigger, modest shed, nothing more) in January 2025 that we hope will further assure our old and new customers, that Boutique Modern is fundamentally different and is here to support the modernisation of housing delivery.
Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2024
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
R Shone
Director
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
5,794,116 |
1,316 |
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Share premium reserve |
300 |
300 |
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Retained earnings |
(5,805,700) |
(5,762,707) |
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Shareholders' deficit |
(11,284) |
(5,761,091) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2024
Approved and authorised by the
.........................................
R Shone
Director
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The directors make up a significant amount of the current and long term creditors, The directors have indicated that they will continue to provide support for the foreseeable future so these accounts have been prepared on the going concern basis.
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.
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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 income 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.
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.
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 |
Plant and machinery |
5 years straight line |
Fixtures and fittings |
3 years straight line |
Computer equipment |
3 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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- |
Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2024 |
At 1 July 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
N D Eckert |
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Loan |
( |
( |
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( |
R Shone |
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Loan |
( |
- |
- |
( |
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
2023 |
At 1 July 2022 |
Advances to director |
At 30 June 2023 |
N D Eckert |
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Loan |
( |
( |
( |
R Shone |
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Loan |
( |
- |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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277,807 |
237,808 |
Expenditure with and payables to related parties
2024 |
Key management |
Amounts payable to related party |
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2023 |
Key management |
Amounts payable to related party |
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