REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Boretech Engineering Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Boretech Engineering Ltd |
Boretech Engineering Ltd (Registered number: 07095028) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Boretech Engineering Ltd (Registered number: 07095028) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible fixed assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors: amounts falling due within one year |
6 |
Net current assets |
Total assets less current liabilities |
Creditors: amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Boretech Engineering Ltd (Registered number: 07095028) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Boretech Engineering Ltd (Registered number: 07095028) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Boretech Engineering Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
The period covered by the financial statements is 13 months from 1 March 2021 to 31 March 2022 therefore comparatives are not entirely comparable. The reason for extending the year end is for it to coincide with the year ends of related companies. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods. |
Rendering of services |
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Boretech Engineering Ltd (Registered number: 07095028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Boretech Engineering Ltd (Registered number: 07095028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The Freehold property fair value of £500,000 was determined by the directors based on the market value of similar properties in the area. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Boretech Engineering Ltd (Registered number: 07095028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years by instalments |
5,508 |
11,803 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | Reserves |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
10. | Related party disclosures |
At the year end, the company was owed by a partnership of the directors £79,300 (2023: £47,683). |