REGISTERED NUMBER: |
The Boston Bulb Company Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
REGISTERED NUMBER: |
The Boston Bulb Company Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
The Boston Bulb Company Limited (Registered number: 03758013) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 8 |
The Boston Bulb Company Limited |
Company Information |
for the Year Ended 30 June 2024 |
Director: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
The Boston Bulb Company Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Boston Bulb Company Limited for the year ended 30 June 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of The Boston Bulb Company Limited in accordance with the terms of our engagement letter dated 9 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Boston Bulb Company Limited and state those matters that we have agreed to state to the director of The Boston Bulb Company Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Boston Bulb Company Limited and its director for our work or for this report. |
It is your duty to ensure that The Boston Bulb Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Boston Bulb Company Limited. You consider that The Boston Bulb Company 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 financial statements of The Boston Bulb Company 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 financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
The Boston Bulb Company Limited (Registered number: 03758013) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
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. |
The Boston Bulb Company Limited (Registered number: 03758013) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the director and authorised for issue on |
The Boston Bulb Company Limited (Registered number: 03758013) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | Statutory information |
The Boston Bulb Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Government grants |
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Profit and Loss Account by equal annual instalments over the term of the grant. |
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. |
Plant and machinery | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
Office equipment | - 25% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Boston Bulb Company Limited (Registered number: 03758013) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | Accounting policies - continued |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. |
Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
The Boston Bulb Company Limited (Registered number: 03758013) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Amortisation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
6. | Tangible fixed assets |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by related |
companies | 30,096 | 30,000 |
Social security | 1,180 | 2,553 |
Prepayments |
The Boston Bulb Company Limited (Registered number: 03758013) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
VAT | 5,172 | 8,116 |
Other creditors |
Director loan account | 6,357 | 6,357 |
Accruals and deferred income |
Deferred government grants |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Deferred government grants |
10. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |