Company registration number SC131304 (Scotland)
Boma Pipe Limited
Unaudited financial statements
for the year ended 31 July 2024
Pages for filing with registrar
Boma Pipe Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Boma Pipe Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boma Pipe Limited for the year ended 31 July 2024 which comprise, the balance sheet 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Boma Pipe Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Boma Pipe Limited and state those matters that we have agreed to state to the board of directors of Boma Pipe Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boma Pipe Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Boma Pipe 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 loss of Boma Pipe Limited. You consider that Boma Pipe 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 Boma Pipe 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.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
22 April 2025
Boma Pipe Limited
Balance sheet
as at 31 July 2024
2
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,530
2,803
Investments
3
62
62
5,592
2,865
Current assets
Stocks
418,645
615,256
Debtors
623,422
1,126,105
Cash at bank and in hand
616,934
367,552
1,659,001
2,108,913
Creditors: amounts falling due within one year
(59,884)
(507,947)
Net current assets
1,599,117
1,600,966
Total assets less current liabilities
1,604,709
1,603,831
Provisions for liabilities
(1,383)
-
0
Net assets
1,603,326
1,603,831
Capital and reserves
Called up share capital
50,000
50,000
Capital redemption reserve
36,667
36,667
Profit and loss reserves
1,516,659
1,517,164
Total equity
1,603,326
1,603,831
Boma Pipe Limited
Balance sheet (continued)
as at 31 July 2024
3

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their 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 by the board of directors and authorised for issue on 22 April 2025 and are signed on its behalf by:
Iain Millership
Director
Company registration number SC131304 (Scotland)
Boma Pipe Limited
Notes to the financial statements
for the year ended 31 July 2024
4
1
Accounting policies
Company information

Boma Pipe Limited is a private company limited by shares incorporated in Scotland. The registered office is 329 North Deeside Road, Cults, Aberdeen, AB15 9SN.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils it's contractual obligations to customers by supplying services.

 

1.3
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.

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:

Fixtures and fittings
Straight line over 4 years

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
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.

Boma Pipe Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies (continued)
5
1.5
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.

 

1.6
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.

1.7
Retirement benefits

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

1.8
Leases

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.

Boma Pipe Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
6
2
Tangible fixed assets
Total
£
Cost
At 1 August 2023
14,338
Additions
4,807
At 31 July 2024
19,145
Depreciation and impairment
At 1 August 2023
11,535
Depreciation charged in the year
2,080
At 31 July 2024
13,615
Carrying amount
At 31 July 2024
5,530
At 31 July 2023
2,803
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
62
62
4
Operating lease commitments
Lessee

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

2024
2023
£
£
400
400
5
Prior period adjustment

The prior year accounts incorrectly reported a loan from a subsidiary as a loan to a subsidiary. The Trade Debtors figure was understated as the balance was incorrectly adjusted against the sales ledger. The adjustment had the following impact on the accounts:

Boma Pipe Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
5
Prior period adjustment (continued)
7
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Jul 2023
£
£
£
Fixed assets
Investments
170,006
(169,944)
62
Current assets
Debtors due within one year
956,161
169,944
1,126,105
Net assets
1,603,831
-
1,603,831
Capital and reserves
Total equity
1,603,831
-
1,603,831
Reconciliation of changes in equity
1 August
31 July
2022
2023
£
£
Adjustments to prior year
Investments
-
(169,944)
Debtors
-
169,944
Total adjustments
-
-
Equity as previously reported
1,402,364
1,603,831
Equity as adjusted
1,402,364
1,603,831
2024-07-312023-08-01falsefalsefalse22 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityAnthony MillershipIain MillershipAnthony Millership3SC1313042023-08-012024-07-31SC1313042024-07-31SC1313042023-07-31SC131304core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-31SC131304core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-31SC131304core:ShareCapital2024-07-31SC131304core:ShareCapital2023-07-31SC131304core:CapitalRedemptionReserve2024-07-31SC131304core:CapitalRedemptionReserve2023-07-31SC131304core:RetainedEarningsAccumulatedLosses2024-07-31SC131304core:RetainedEarningsAccumulatedLosses2023-07-31SC131304bus:Director12023-08-012024-07-31SC131304core:FurnitureFittings2023-08-012024-07-31SC1313042023-07-31SC131304bus:PrivateLimitedCompanyLtd2023-08-012024-07-31SC131304bus:FRS1022023-08-012024-07-31SC131304bus:AuditExemptWithAccountantsReport2023-08-012024-07-31SC131304bus:Director22023-08-012024-07-31SC131304bus:CompanySecretary12023-08-012024-07-31SC131304bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC131304bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP