6 6 Boyd Sealants Limited SC451181 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is window mastic sealants. Digita Accounts Production Advanced 6.30.9574.0 true SC451181 2023-06-01 2024-05-31 SC451181 2024-05-31 SC451181 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC451181 core:ShareCapital 2024-05-31 SC451181 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 SC451181 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 SC451181 core:CurrentFinancialInstruments 2024-05-31 SC451181 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 SC451181 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 SC451181 core:MotorVehicles 2024-05-31 SC451181 bus:SmallEntities 2023-06-01 2024-05-31 SC451181 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC451181 bus:FilletedAccounts 2023-06-01 2024-05-31 SC451181 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC451181 bus:RegisteredOffice 2023-06-01 2024-05-31 SC451181 bus:Director1 2023-06-01 2024-05-31 SC451181 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC451181 bus:Agent1 2023-06-01 2024-05-31 SC451181 core:MotorVehicles 2023-06-01 2024-05-31 SC451181 countries:Scotland 2023-06-01 2024-05-31 SC451181 2023-05-31 SC451181 core:MotorVehicles 2023-05-31 SC451181 2022-06-01 2023-05-31 SC451181 2023-05-31 SC451181 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC451181 core:ShareCapital 2023-05-31 SC451181 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 SC451181 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 SC451181 core:CurrentFinancialInstruments 2023-05-31 SC451181 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC451181 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 SC451181 core:MotorVehicles 2023-05-31 xbrli:pure iso4217:GBP

Registration number: SC451181

Boyd Sealants Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Boyd Sealants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

Boyd Sealants Limited

Company Information

Director

Mr Alexander Boyd

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Boyd Sealants Limited

(Registration number: SC451181)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,251

22,636

Current assets

 

Stocks

5

-

25,855

Debtors

6

11,093

57,655

Cash at bank and in hand

 

21,522

-

 

32,615

83,510

Creditors: Amounts falling due within one year

7

(37,878)

(59,537)

Net current (liabilities)/assets

 

(5,263)

23,973

Total assets less current liabilities

 

21,988

46,609

Creditors: Amounts falling due after more than one year

7

(7,992)

(19,216)

Provisions for liabilities

(5,995)

(4,980)

Net assets

 

8,001

22,413

Capital and reserves

 

Called up share capital

200

200

Retained earnings

7,801

22,213

Shareholders' funds

 

8,001

22,413

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 February 2025
 

 

Boyd Sealants Limited

(Registration number: SC451181)
Balance Sheet as at 31 May 2024

.........................................
Mr Alexander Boyd
Director

 

Boyd Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Boyd Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Motor vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

Boyd Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

49,126

49,126

Additions

13,700

13,700

At 31 May 2024

62,826

62,826

Depreciation

At 1 June 2023

26,490

26,490

Charge for the year

9,085

9,085

At 31 May 2024

35,575

35,575

Carrying amount

At 31 May 2024

27,251

27,251

At 31 May 2023

22,636

22,636

5

Stocks

2024
£

2023
£

Work in progress

-

25,855

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,284

15,413

Other debtors

7,809

42,242

 

11,093

57,655

 

Boyd Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,341

10,561

Trade creditors

 

8,240

31,540

Taxation and social security

 

18,074

15,919

Other creditors

 

2,223

1,517

 

37,878

59,537


Creditors include net obligations under hire purchase contracts which are secured of £9,340 (2023 - £6,103).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,992

19,216


Creditors include net obligations under hire purchase contracts which are secured of £7,992 (2023 - £19,216).

 

Boyd Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,992

19,216

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

4,458

Hire purchase contracts

9,341

6,103

9,341

10,561

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Alexander Boyd

150

511

 

150

511

The maximum balance outstanding during the year amounted to £511.

The directors current accounts are repayable on demand.
 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Boyd Sealants Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Boyd Sealants Limited for the year ended 31 May 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Boyd Sealants Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of Boyd Sealants Limited and state those matters that we have agreed to state to the Board of Directors of Boyd Sealants Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boyd Sealants Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Boyd Sealants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Boyd Sealants Limited. You consider that Boyd Sealants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Boyd Sealants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

25 February 2025