Company registration number 04348405 (England and Wales)
BOLEYN RECOVERY & FLEET SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BOLEYN RECOVERY & FLEET SERVICES LIMITED
COMPANY INFORMATION
Directors
Rosemary Patricia Smith
James Alfred Parker
Archie Smith
(Appointed 14 September 2023)
Jodie Smith
(Appointed 14 September 2023)
Stephen William Smith
Company number
04348405
Registered office
Boleyn Commercial Park
77 River Road
Barking
Essex
IG11 0DS
Auditor
MUS Accountants Limited
268 Bath Road, Regus
Office 146
Slough
SL1 4DX
BOLEYN RECOVERY & FLEET SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
BOLEYN RECOVERY & FLEET SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of recovery for all types of vehicles, the provision of a vehicle repair workshop, an authorised testing facility and tachograph facility.

Review of the business

The company achieved turnover for the year of £6.8 million (2023 restated: £4.7 million). Gross profit was £1.6 million (2023 restated: £0.9million) and profit before tax was £106,291 (2023 restated: loss of £280,410). Revenue increased by £2 million and Profit also increased in line with revenue.

 

The directors remain confident that the company will continue to trade profitably and will seek to further invest in improvement to its facilities and staff over the next two to three years despite the inevitable increases in operating costs as the business grows and customer demands increase.

Principal risks and uncertainties

Management percieves the principal risks and uncertainties of the company to be: the exposure to financial risk,customer risk, environment risk, legal and regulatory risk, interest rate risk, and people risk.

 

Financial Risk

 

A lack of available liquidity could prevent the company from fulfilling its financial obligations. The company faces both liquidity risk and credit risk due to its reliance on payments from debtors.

 

Cash flow movements are monitored on a daily, weekly, and monthly basis to ensure sufficient funds are available to meet all cash flow needs. Credit control management is a key focus for the company, with potential bad debts identified quickly and decisive actions taken early to mitigate future risks.

 

The company does not face significant credit risk concentration, as its exposure is distributed across a large customer base. While revenue from a single customer accounted for more than 10% of the company's total revenue, this does not result in heightened credit risk.

 

Customer Risk

 

The loss of key customers could have a significant impact on the company’s revenues. To address this risk, the company ensures continuous communication, high service quality and competitive pricing.

 

Customer risk is actively managed through monthly reviews of client spend reports, allowing the board to monitor market sector exposure. New opportunities are assessed weekly, and the company minimizes risk by maintaining a well-diversified customer portfolio.

 

Environmental risk

 

The company is exposed to environmental risks such as weather-related disruptions, adherence to strict environmental regulations/new government policies and the need to adapt to the growing demand for electric and sustainable vehicle solutions.

 

The company’s management closely monitors both current and upcoming economic developments that could impact the business, identifying potential new opportunities as they arise.

 

 

 

 

 

 

 

 

BOLEYN RECOVERY & FLEET SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Legal and regulatory risk

 

The company is subject to complex regulatory requirements, and non-compliance could lead to the loss of licenses, legal action, and substantial penalties. Changes in laws may negatively impact our operations and financial performance.

 

To mitigate above, we have a dedicated compliance department that ensures ongoing adherence to all relevant laws and regulations on daily basis.

Interest rate risk

 

The company is exposed to interest rate risk, as fluctuations in interest rates can affect the cost of financing mainly for fleet purchases. Due to recent hike in interest rates cost of borrowing has increased which has impacted profitability.

 

Long-term debts obligations are at a fixed rate until maturity of those debts.

 

People risk

 

The company is exposed to people risk due to challenges in recruiting and retaining skilled technicians which can impact service quality, response times and operational efficiency.

 

The Board monitors people risk by always providing continuous training and development along with appropriate rewards for management and operational staff. Company takes pride in creating strong positive working environment where all staff feel valued and motivated, improving retention and reducing absenteeism.

Key performance indicators

Financial KPI

 

 

2024

2023

 

£

£

Turnover

6,852,737

4,747,142

Profit/(loss) before tax

106,291

(280,410)

Profit/(loss) after tax

140,123

(338,521)

Current assets as a % of current liabilities

66%

60%

Average number of employees

62

58

 

On behalf of the board

Stephen William Smith
Director
12 March 2025
BOLEYN RECOVERY & FLEET SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Rosemary Patricia Smith
James Alfred Parker
Archie Smith
(Appointed 14 September 2023)
Jodie Smith
(Appointed 14 September 2023)
Stephen William Smith
Future developments

The directors have reviewed the company’s financial position, cash flow forecasts, and business plans for the next12 months and based on this assessment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that MUS Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Stephen William Smith
Director
12 March 2025
BOLEYN RECOVERY & FLEET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLEYN RECOVERY & FLEET SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of BOLEYN RECOVERY & FLEET SERVICES LIMITED (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BOLEYN RECOVERY & FLEET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLEYN RECOVERY & FLEET SERVICES LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

 

We also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

BOLEYN RECOVERY & FLEET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLEYN RECOVERY & FLEET SERVICES LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Muhammad Salar Arain FCCA
Senior Statutory Auditor
For and on behalf of MUS Accountants Limited
13 March 2025
Chartered Certified Accountants
Statutory Auditor
268 Bath Road, Regus
Office 146
Slough
SL1 4DX
BOLEYN RECOVERY & FLEET SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,852,737
4,747,142
Cost of sales
(5,199,768)
(3,774,533)
Gross profit
1,652,969
972,609
Administrative expenses
(1,214,222)
(1,403,999)
Other operating income
11,386
306,135
Operating profit/(loss)
4
450,133
(125,255)
Interest receivable and similar income
7
5,452
5,205
Interest payable and similar expenses
8
(349,294)
(160,359)
Profit/(loss) before taxation
106,291
(280,409)
Tax on profit/(loss)
9
33,832
(58,111)
Profit/(loss) for the financial year
140,123
(338,520)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
140,123
(338,520)
Other comprehensive income
-
-
Total comprehensive income for the year
140,123
(338,520)
BOLEYN RECOVERY & FLEET SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,740,365
8,263,648
Investments
11
10,000
10,000
8,750,365
8,273,648
Current assets
Stocks
13
47,855
20,000
Debtors
14
1,984,002
1,205,164
Cash at bank and in hand
32,761
500
2,064,618
1,225,664
Creditors: amounts falling due within one year
15
(3,138,904)
(2,018,637)
Net current liabilities
(1,074,286)
(792,973)
Total assets less current liabilities
7,676,079
7,480,675
Creditors: amounts falling due after more than one year
16
(3,458,176)
(3,368,037)
Provisions for liabilities
Deferred tax liability
19
824,642
859,510
(824,642)
(859,510)
Net assets
3,393,261
3,253,128
Capital and reserves
Called up share capital
22
111
100
Revaluation reserve
23
3,716,847
3,716,847
Profit and loss reserves
(323,697)
(463,819)
Total equity
3,393,261
3,253,128

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Stephen William Smith
Director
Company registration number 04348405 (England and Wales)
BOLEYN RECOVERY & FLEET SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
3,443,847
(125,299)
3,318,648
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(338,520)
(338,520)
Other movements
-
273,000
-
273,000
Balance at 31 March 2023
100
3,716,847
(463,819)
3,253,128
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
140,123
140,123
Issue of share capital
22
11
-
-
11
Balance at 31 March 2024
111
3,716,847
(323,697)
3,393,261
BOLEYN RECOVERY & FLEET SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,120,729
355,072
Interest paid
(349,294)
(160,359)
Net cash inflow from operating activities
771,435
194,713
Investing activities
Purchase of tangible fixed assets
(775,474)
(2,642,437)
Proceeds from disposal of tangible fixed assets
60,054
181,149
Repayment of loans
(2,109)
143,028
Interest received
5,452
5,205
Net cash used in investing activities
(712,077)
(2,313,055)
Financing activities
Proceeds from finance lease borrowings
625,315
-
0
Repayment of bank loans
-
0
1,776,087
Payment of finance leases obligations
(636,959)
182,031
Interest paid
112,566
-
0
Net cash generated from financing activities
100,922
1,958,118
Net increase/(decrease) in cash and cash equivalents
160,280
(160,224)
Cash and cash equivalents at beginning of year
(127,519)
32,705
Cash and cash equivalents at end of year
32,761
(127,519)
Relating to:
Cash at bank and in hand
32,761
500
Bank overdrafts included in creditors payable within one year
-
0
(128,019)
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

BOLEYN RECOVERY & FLEET SERVICES LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is Boleyn Commercial Park, 77 River Road, Barking, Essex, IG11 0DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements have been prepared on going concern basis despite the net current liabilities of £1,074,286 (2023: £792,973). The directors have expressed that they will continue to support the company until such time as the company is trading as a going concern. This support will continue for a period of at least twelve months from the date of signing of these financial statements.

 

 

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Plant and equipment
5-20% reducing balance
Fixtures and fittings
33% reducing balance
Motor vehicles
5 - 13 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. See note 21 for details of the Enterprise Management Incentive scheme. A corresponding adjustment is made to equity.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
1,530,675
1,129,861
Rendering of services
5,322,062
3,617,281
6,852,737
4,747,142
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
5,452
5,205

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
10,500
Depreciation of owned tangible fixed assets
213,446
184,323
Loss on disposal of tangible fixed assets
25,257
24,409
Share-based payments
11
-
Operating lease charges
113,588
187,218
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
48
47
Administrative staff
9
9
Number of directors
5
2
Total
62
58

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,405,128
1,995,615
Social security costs
235,460
210,866
Pension costs
79,561
47,538
2,720,149
2,254,019
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
117,995
147,084
Company pension contributions to defined contribution schemes
10,995
2,384
128,990
149,468
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
5,452
5,205
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
236,728
101,572
Other finance costs:
Interest on finance leases and hire purchase contracts
112,566
58,787
349,294
160,359
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,036
-
0
Adjustments in respect of prior periods
-
0
(79,644)
Total current tax
1,036
(79,644)
Deferred tax
Origination and reversal of timing differences
(34,868)
137,755
Total tax (credit)/charge
(33,832)
58,111
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
106,291
(280,409)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
20,195
(53,278)
Tax effect of expenses that are not deductible in determining taxable profit
45,354
-
0
Unutilised tax losses carried forward
72,310
106,579
Adjustments in respect of prior years
-
0
(45,021)
Permanent capital allowances in excess of depreciation
(136,823)
(29,106)
Tax on revaluation of freehold property
-
0
78,937
Deferred tax adjustment
(34,868)
-
0
Taxation (credit)/charge for the year
(33,832)
58,111
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
6,154,962
678,063
61,937
2,322,216
9,217,178
Additions
-
0
3,856
59,202
712,416
775,474
Disposals
-
0
-
0
-
0
(123,000)
(123,000)
At 31 March 2024
6,154,962
681,919
121,139
2,911,632
9,869,652
Depreciation and impairment
At 1 April 2023
38,365
390,986
55,361
468,818
953,530
Depreciation charged in the year
38,365
27,364
5,491
142,226
213,446
Eliminated in respect of disposals
-
0
-
0
-
0
(37,689)
(37,689)
At 31 March 2024
76,730
418,350
60,852
573,355
1,129,287
Carrying amount
At 31 March 2024
6,078,232
263,569
60,287
2,338,277
8,740,365
At 31 March 2023
6,116,597
287,077
6,576
1,853,398
8,263,648
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 22 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
-
0
18,486
Motor vehicles
2,234,446
1,398,974
2,234,446
1,417,460

Land and buildings with a carrying amount of £6,078,232 were revalued at 31 March 2024 by the directors on the basis of market value. In considering the market value, the directors have taken into account a third party valuation by Copping Joyce, Chartered Surveyors, dated 27 May 2022 and considered market movements since this date.

 

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Cost
2,129,962
2,129,962
Accumulated depreciation
(28,429)
(14,215)
Carrying value
2,101,533
2,115,747
11
Fixed asset investments
2024
2023
£
£
Unlisted investments
10,000
10,000
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
10,000
10,000
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Stocks
2024
2023
£
£
Work in progress
27,855
-
Finished goods and goods for resale
20,000
20,000
47,855
20,000
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,779,047
970,329
Other debtors
190,527
186,103
Prepayments and accrued income
14,428
48,732
1,984,002
1,205,164
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
-
0
128,019
Obligations under finance leases
18
383,558
372,775
Trade creditors
660,941
398,013
Amounts owed to undertakings in which the company has a participating interest
410
39,085
Corporation tax
1,036
-
0
Other taxation and social security
662,281
231,073
Other creditors
1,360,388
797,172
Accruals and deferred income
70,290
52,500
3,138,904
2,018,637
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
2,500,000
2,500,000
Obligations under finance leases
18
958,176
868,037
3,458,176
3,368,037
BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
2,500,000
2,500,000
Bank overdrafts
-
0
128,019
2,500,000
2,628,019
Payable within one year
-
0
128,019
Payable after one year
2,500,000
2,500,000

Bank loans and overdraft are secured by fixed charge over the freehold property. The company has one bank loan, which is secured with a fixed charge against the freehold property and a floating charge over all properties and the undertakings of the company, and carried an interest only period at base rate +4.45% for 36 months. After this period, the repayment will consist of both interest and capital repayments calculated over 264 months.

 

Obligations under finance lease are secured against the assets to which the finance relates.

 

The invoice discounting facility is secured by fixed charge over the freehold property. This is included within other creditors.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
383,558
372,775
In two to five years
958,176
868,037
1,341,734
1,240,812

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
458,764
458,764
Tax losses
(183,217)
(183,217)
Revaluations
583,963
583,963
Deferred tax movement
(34,868)
-
824,642
859,510
2024
Movements in the year:
£
Liability at 1 April 2023
859,510
Credit to profit or loss
(34,868)
Liability at 31 March 2024
824,642

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
79,561
47,538

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount recognised in the profit and loss account as an expense in relation to defined contribution plans was £79,561 (2023: £47,538). As at 31 March 2024, £20,896 was held within Creditors: amounts falling due within one year (2023: £11,331).

 

21
Share-based payment transactions
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £11 (2023 - £-) which related to equity settled share based payment transactions.

During the year, the company entered into an Enterprise Management Incentive Scheme with a director of the company, for the option to issue 11 Ordinary Shares of £1 par value. This was exercised in full on 30 January 2024. The company has recognised total share-based payment expenses of £11 (2023 - £-). There are no outstanding share options as at 31 March 2024.

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
111
100
111
100

On 30 January 2024, 11 Ordinary shares of £1 were issued at par. These shares were issued under an

Enterprise Management Incentive Scheme. See note 21 for details.

23
Revaluation reserve

Non-distributable reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
207,199
33,000
Between two and five years
371,250
132,000
In over five years
-
0
140,250
578,449
305,250
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year, close family of the directors received remuneration of £75,887 (2023: £75,828). As at the balance sheet date, close family of the director owed £73,720 (2023: £70,377) which is included within debtors.

 

Amounts falling due within one year and was owed £125,080 (2023: £142,000) by the company which is included within creditors due within one year.

 

BOLEYN RECOVERY & FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
26
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
4.75
44,406
2,109
46,515
Director
44,406
2,109
46,515
27
Ultimate controlling party

The controlling party is Stephen Smith, by virtue of shareholding.

28
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
140,123
(338,520)
Adjustments for:
Taxation (credited)/charged
(33,832)
58,111
Finance costs
349,294
160,359
Investment income
(5,452)
(5,205)
Loss on disposal of tangible fixed assets
25,257
24,409
Depreciation and impairment of tangible fixed assets
213,446
184,323
Equity settled share based payment expense
11
-
Movements in working capital:
Increase in stocks
(27,855)
(2,400)
Increase in debtors
(776,729)
(121,656)
Increase in creditors
1,236,467
395,650
Cash generated from operations
1,120,730
355,071
29
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
500
32,261
32,761
Bank overdrafts
(128,019)
128,019
-
0
(127,519)
160,280
32,761
Borrowings excluding overdrafts
(2,500,000)
-
(2,500,000)
Obligations under finance leases
(1,240,812)
(100,922)
(1,341,734)
(3,868,331)
59,358
(3,808,973)
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