Company Registration No. 10822464 (England and Wales)
BOXINGBUATSI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BOXINGBUATSI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BOXINGBUATSI LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
265,698
175,631
Current assets
Debtors
4
492,695
303,035
Cash at bank and in hand
712,495
617,864
1,205,190
920,899
Creditors: amounts falling due within one year
5
(175,224)
(136,533)
Net current assets
1,029,966
784,366
Total assets less current liabilities
1,295,664
959,997
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,295,663
959,996
Total equity
1,295,664
959,997
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
J S K Buatsi
Director
Company Registration No. 10822464
BOXINGBUATSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 2 -
1
Accounting policies
Company information
Boxingbuatsi Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Buildings
Not depreciated
Office equipment
25% Reducing balance
Computers
25% Reducing balance
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.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks
1.6
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.
BOXINGBUATSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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.
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, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Taxation
The tax expense represents the tax currently payable.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
BOXINGBUATSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 4 -
3
Tangible fixed assets
Buildings
Office equipment
Computers
Total
£
£
£
£
Cost
At 30 June 2023
175,362
466
175,828
Additions
89,683
555
90,238
At 29 June 2024
265,045
466
555
266,066
Depreciation and impairment
At 30 June 2023
197
197
Depreciation charged in the year
67
104
171
At 29 June 2024
264
104
368
Carrying amount
At 29 June 2024
265,045
202
451
265,698
At 29 June 2023
175,362
269
175,631
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
282,734
145,234
Corporation tax recoverable
39,492
39,492
Other debtors
145,469
118,309
Prepayments and accrued income
25,000
492,695
303,035
Other debtors reflects an amount of £145,469 (2023: £118,309) due from the director of the company. This amount was cleared in full within 9-months of the year end.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,105
Corporation tax
128,678
48,169
Other taxation and social security
34,329
83,564
Accruals
5,112
4,800
175,224
136,533
BOXINGBUATSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 5 -
6
Prior period adjustment
The restatement in the prior year is to reclassify the buildings from fixed asset investments to tangible fixed assets.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 29 Jun 2023
£
£
£
Fixed assets
Tangible assets
269
175,362
175,631
Investments
175,362
(175,362)
Net assets
959,997
-
959,997
Capital and reserves
Total equity
959,997
-
959,997