Borahurst Limited
Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 01322874 (England and Wales)
Borahurst Limited
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
90,247
133,990
Current assets
Debtors
5
1,644,581
1,890,260
Cash at bank and in hand
1,193,667
1,441,692
2,838,248
3,331,952
Creditors: amounts falling due within one year
6
(2,383,483)
(2,213,128)
Net current assets
454,765
1,118,824
Total assets less current liabilities
545,012
1,252,814
Creditors: amounts falling due after more than one year
7
(9,083)
(32,269)
Provisions for liabilities
8
(101,710)
-
0
Net assets
434,219
1,220,545
Capital and reserves
Called up share capital
9
20,000
20,000
Capital redemption reserve
10,000
10,000
Profit and loss reserves
404,219
1,190,545
Total equity
434,219
1,220,545

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

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 May 2025 and are signed on its behalf by:
D.A. Jee
Director
Company Registration No. 01322874
Borahurst Limited
Statement of Changes in Equity
For the year ended 31 August 2024
Page 2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
20,000
10,000
1,081,858
1,111,858
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
468,687
468,687
Dividends
-
-
(360,000)
(360,000)
Balance at 31 August 2023
20,000
10,000
1,190,545
1,220,545
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
862,674
862,674
Dividends
-
-
(1,649,000)
(1,649,000)
Balance at 31 August 2024
20,000
10,000
404,219
434,219
Borahurst Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 3
1
Accounting policies
Company information

Borahurst Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, Foundation House, 42-48 London Road, Reigate, Surrey, RH2 9QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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
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.

1.3
Turnover

Turnover represents the value of goods and services provided during the year net of value added tax.

 

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.

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:

Plant and machinery
20% per annum on cost
Fixtures, fittings & equipment
20% per annum on cost
Computers
25% per annum on cost
Motor vehicles
25% per annum on cost

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.

Borahurst Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
1.5
Long term contracts

Long-term contract balances classified under the balance sheet heading of 'Stock' are stated at total costs incurred, net of amounts in respect of work carried out to date less foreseeable losses and applicable payments on account.

 

Cumulative turnover (i.e. the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting periods since inception of the contract) is compared with the total payments on account. If turnover exceeds payments on account an 'amounts recoverable on contracts' is established and separately disclosed in within debtors. If payments on account are greater than turnover to date, the excess is classified as a deduction from any balance on that contract in stocks with any residual balance in excess of cost being classified within creditors.

 

Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

1.6
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.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or basic instruments measured at fair value.

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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Borahurst Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 5
1.10
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.

1.11
Retirement benefits

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

1.12
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.

2
Employees

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

2024
2023
Number
Number
Admin
11
10
Production
5
7
Total
16
17
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
381,691
249,903
Borahurst Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
320,868
Additions
10,944
At 31 August 2024
331,812
Depreciation and impairment
At 1 September 2023
186,878
Depreciation charged in the year
54,687
At 31 August 2024
241,565
Carrying amount
At 31 August 2024
90,247
At 31 August 2023
133,990
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,357,904
1,541,971
Gross amounts owed by contract customers
221,090
278,072
Other debtors
65,587
70,217
1,644,581
1,890,260
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,471,935
1,685,320
Corporation tax
385,058
142,134
Other taxation and social security
119,716
158,561
Other creditors
28,236
30,808
Accruals and deferred income
378,538
196,305
2,383,483
2,213,128
Borahurst Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 7
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,083
32,269
8
Provisions for liabilities
2024
2023
£
£
Provision for additional costs
101,710
-
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
20,000
20,000
20,000
20,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amanda Settle
Statutory Auditor:
Moore Kingston Smith LLP
11
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
£
£
76,228
41,046
Borahurst Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 8
12
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
381,691
268,696
Other information

On 20 October 2023 the directors sold their shares into the Borahurst Employee Ownership Trust.

13
Directors' transactions

During the year dividends of £15,000 (2023: £180,000) were paid to A.P. Hall and D.A. Jee.

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