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Company No: 04162076 (England and Wales)

J BOSTON & SONS (HOLDINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

J BOSTON & SONS (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

J BOSTON & SONS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
J BOSTON & SONS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 169,382
Investments 4 2 2
2 169,384
Current assets
Stocks 5 7,000,000 8,800,000
Debtors 6 41,449 293,877
Cash at bank and in hand 22,871 11,589
7,064,320 9,105,466
Creditors: amounts falling due within one year 7 ( 10,295,970) ( 11,391,671)
Net current liabilities (3,231,650) (2,286,205)
Total assets less current liabilities (3,231,648) (2,116,821)
Net liabilities ( 3,231,648) ( 2,116,821)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 3,231,650 ) ( 2,116,823 )
Total shareholders' deficit ( 3,231,648) ( 2,116,821)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J Boston & Sons (Holdings) Limited (registered number: 04162076) were approved and authorised for issue by the Board of Directors on 20 May 2025. They were signed on its behalf by:

C J Banks
Director
J BOSTON & SONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
J BOSTON & SONS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J Boston & Sons (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Winslade Park Manor Drive, Clyst St. Mary, Exeter, EX5 1FY, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,231,648. The Company is supported through loans from Bricks Finance Limited, a 50% shareholder. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock is made up of work in progress.

Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads. At each reporting date, work in progress is assessed for impairment. If work in progress is 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.

Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 September 2023 144,262 80,750 225,012
Disposals ( 144,262) ( 80,750) ( 225,012)
At 31 August 2024 0 0 0
Accumulated depreciation
At 01 September 2023 10,000 45,630 55,630
Disposals ( 10,000) ( 45,630) ( 55,630)
At 31 August 2024 0 0 0
Net book value
At 31 August 2024 0 0 0
At 31 August 2023 134,262 35,120 169,382

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 September 2023 2
At 31 August 2024 2
Carrying value at 31 August 2024 2
Carrying value at 31 August 2023 2

5. Stocks

2024 2023
£ £
Work in progress 7,000,000 8,800,000

6. Debtors

2024 2023
£ £
Trade debtors 10,000 200,000
VAT recoverable 23,779 93,877
Other debtors 7,670 0
41,449 293,877

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 18,869 323,567
Other loans 10,257,112 11,033,025
Accruals 9,765 4,200
Other taxation and social security 2,224 22,829
Obligations under finance leases and hire purchase contracts 0 8,050
Other creditors 8,000 0
10,295,970 11,391,671

The Company's borrowings are secured against its assets and the obligations under hire purchase agreements are secured against the assets to which the loan relates.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

The Company has taken advantage of the exemption under Section 33 to not disclose transactions with other wholly owned group companies.