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REGISTERED NUMBER: 09038574 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

BOAM AUTOMOTIVE ENGINEERING LIMITED

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BOAM AUTOMOTIVE ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: M J Boam





SECRETARY: M J Boam





REGISTERED OFFICE: Harvey Court
Low Willington Industrial Estate
Crook
County Durham
DL15 0FB





REGISTERED NUMBER: 09038574 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 346,620 373,758
Investment property 6 160,594 160,594
507,214 534,352

CURRENT ASSETS
Stocks 273,108 32,072
Debtors 7 104,753 73,853
Cash at bank 118,941 203,841
496,802 309,766
CREDITORS
Amounts falling due within one year 8 294,157 138,388
NET CURRENT ASSETS 202,645 171,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

709,859

705,730

CREDITORS
Amounts falling due after more than one
year

9

(408,871

)

(468,402

)

PROVISIONS FOR LIABILITIES 11 (27,305 ) (34,464 )
NET ASSETS 273,683 202,864

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 24,885 25,575
Retained earnings 13 248,698 177,189
SHAREHOLDERS' FUNDS 273,683 202,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2024 and were signed by:





M J Boam - Director


BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Boam Automotive Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is derived from the principal activity, which is that of sale of second hand cars along with vehicle servicing, repairs and class 4 MOTs, and is recognised when the company becomes entitled to it.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 20,000
AMORTISATION
At 1 June 2023
and 31 May 2024 20,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 250,658 298,513 549,171
Additions - 49,140 49,140
Disposals - (32,946 ) (32,946 )
At 31 May 2024 250,658 314,707 565,365
DEPRECIATION
At 1 June 2023 27,332 148,081 175,413
Charge for year 4,144 48,056 52,200
Eliminated on disposal - (8,868 ) (8,868 )
At 31 May 2024 31,476 187,269 218,745
NET BOOK VALUE
At 31 May 2024 219,182 127,438 346,620
At 31 May 2023 223,326 150,432 373,758

Cost or valuation at 31 May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 250,658 314,707 565,365

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 216,153 216,153
Aggregate depreciation 25,725 22,271

Freehold land and buildings were valued on an open market basis on 14 January 2016 by Thomas Madrell MRICS. The directors consider this to be the fair value at 31 May 2024.

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 June 2023 145,785
Additions 2,650
Disposals (32,946 )
At 31 May 2024 115,489
DEPRECIATION
At 1 June 2023 30,634
Charge for year 28,898
Eliminated on disposal (8,868 )
At 31 May 2024 50,664
NET BOOK VALUE
At 31 May 2024 64,825
At 31 May 2023 115,151

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 160,594
NET BOOK VALUE
At 31 May 2024 160,594
At 31 May 2023 160,594

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,095 26,305
Other debtors 71,658 47,548
104,753 73,853

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,950 19,950
Hire purchase contracts 18,683 18,974
Trade creditors 65,222 47,971
Taxation and social security 69,080 16,975
Other creditors 121,222 34,518
294,157 138,388

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 348,175 367,342
Hire purchase contracts 60,696 101,060
408,871 468,402

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 79,379 120,034
Bank loans 348,124 357,292
427,503 477,326

The hire purchase creditors are secured on the assets to which they relate.

The above bank loan is secured by way of a fixed and floating charge over the company's property.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred Tax on Revaluation 5,092 5,092
Accelerated capital allowances 22,213 29,372
27,305 34,464

Deferred
tax
£   
Balance at 1 June 2023 34,464
Charge to profit and loss (7,159 )
Charge to profit and loss due
to fair value change of
investment property
Balance at 31 May 2024 27,305

BOAM AUTOMOTIVE ENGINEERING LIMITED (REGISTERED NUMBER: 09038574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. RESERVES

Revaluation
reserve
£

At 1 June 202325,575
Profit for the year -
Transfer(690)
Deferred tax on revaluation -
At 31 May 202424,885


14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
M J Boam
Balance outstanding at start of year 39,231 130,566
Amounts advanced 11,967 22,165
Amounts repaid (2,666 ) (113,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,532 39,231