2 2 Boswell Sculpture & Castings Ltd 09012159 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of the creation, production and retail of bronze sculptures. Digita Accounts Production Advanced 6.30.9574.0 true 09012159 2023-05-01 2024-04-30 09012159 2024-04-30 09012159 core:CurrentFinancialInstruments 2024-04-30 09012159 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09012159 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 09012159 core:Goodwill 2024-04-30 09012159 core:MotorVehicles 2024-04-30 09012159 core:OfficeEquipment 2024-04-30 09012159 core:PlantMachinery 2024-04-30 09012159 1 2024-04-30 09012159 bus:SmallEntities 2023-05-01 2024-04-30 09012159 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09012159 bus:FilletedAccounts 2023-05-01 2024-04-30 09012159 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09012159 bus:RegisteredOffice 2023-05-01 2024-04-30 09012159 bus:Director1 2023-05-01 2024-04-30 09012159 bus:Director2 2023-05-01 2024-04-30 09012159 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09012159 core:Goodwill 2023-05-01 2024-04-30 09012159 core:ComputerEquipment 2023-05-01 2024-04-30 09012159 core:MotorVehicles 2023-05-01 2024-04-30 09012159 core:OfficeEquipment 2023-05-01 2024-04-30 09012159 core:PlantMachinery 2023-05-01 2024-04-30 09012159 core:Vehicles 2023-05-01 2024-04-30 09012159 countries:EnglandWales 2023-05-01 2024-04-30 09012159 1 2023-05-01 2024-04-30 09012159 2023-04-30 09012159 core:Goodwill 2023-04-30 09012159 core:MotorVehicles 2023-04-30 09012159 core:OfficeEquipment 2023-04-30 09012159 core:PlantMachinery 2023-04-30 09012159 1 2023-04-30 09012159 2022-05-01 2023-04-30 09012159 2023-04-30 09012159 core:CurrentFinancialInstruments 2023-04-30 09012159 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09012159 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 09012159 core:MotorVehicles 2023-04-30 09012159 core:OfficeEquipment 2023-04-30 09012159 core:PlantMachinery 2023-04-30 09012159 1 2023-04-30 09012159 1 2022-05-01 2023-04-30 09012159 1 2022-04-30 xbrli:pure iso4217:GBP

Registration number: 09012159

Boswell Sculpture & Castings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Boswell Sculpture & Castings Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Boswell Sculpture & Castings Ltd

(Registration number: 09012159)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,853

4,438

Current assets

 

Stocks

6

4,500

1,400

Debtors

7

97,529

59,162

 

102,029

60,562

Creditors: Amounts falling due within one year

8

(63,241)

(45,803)

Net current assets

 

38,788

14,759

Total assets less current liabilities

 

42,641

19,197

Creditors: Amounts falling due after more than one year

8

(7,200)

(11,550)

Provisions for liabilities

(1,021)

(1,208)

Net assets

 

34,420

6,439

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

34,320

6,339

Shareholders' funds

 

34,420

6,439

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

 

Boswell Sculpture & Castings Ltd

(Registration number: 09012159)
Statement of Financial Position as at 30 April 2024 (continued)


Mr S Boswell
Director


Ms F Bond
Director

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is that of the creation, production and retail of bronze sculptures.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

3 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

22,500

22,500

At 30 April 2024

22,500

22,500

Amortisation

At 1 May 2023

22,500

22,500

At 30 April 2024

22,500

22,500

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,266

2,024

11,900

15,190

Additions

-

685

-

685

At 30 April 2024

1,266

2,709

11,900

15,875

Depreciation

At 1 May 2023

593

2,024

8,135

10,752

Charge for the year

101

228

941

1,270

At 30 April 2024

694

2,252

9,076

12,022

Carrying amount

At 30 April 2024

572

457

2,824

3,853

At 30 April 2023

673

-

3,765

4,438

6

Stocks

2024
£

2023
£

Stocks

4,500

1,400

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

32,431

1,152

Other debtors

65,098

58,010

97,529

59,162

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

4,350

4,350

Taxation and social security

 

56,269

36,941

Accruals and deferred income

 

2,622

4,512

 

63,241

45,803

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Other creditors

7,200

11,550

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Boswell Sculpture & Castings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors'

58,010

73,828

(66,740)

65,098

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors'

39,399

67,641

(49,030)

58,010

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.