Company registration number 00957133 (England and Wales)
BOYS HOLDINGS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
BOYS HOLDINGS PLC
COMPANY INFORMATION
Directors
Mr B J Boys
Mr M A Boys
Mr P H Boys
Secretary
Mr H Standen
Company number
00957133
Registered office
Todd Carr Road
and business address
Waterfoot
Rossendale
Lancashire
BB4 9SJ
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Handelsbanken plc
Greenbank Court
Challenge Way
Greenbank Business Park
Blackburn
Lancashire
BB1 5QB
BOYS HOLDINGS PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
BOYS HOLDINGS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Fair Review of the Business
We remain in a period of inconsistent economic conditions when, no year will be like the preceding year as with each one comes a new set of challenges. Fuel-supply related inflation and material price increases in 2022 / 2023, Bank of England Base rate increases to control inflation in 2023 / 2024 affecting mortgage affordability and since then, a newly elected government introducing increased National Insurance for business, wage related pressures around the cost of living and increases in the National Living Wage. Whatever the reason the continuing cycle of financial strain has continued to impact on most avenues of business.
Construction costs and affordability remain a challenge for sites that we have in the planning system, aside from the planning system itself. Therefore we do not foresee commencing work on any new housing developments in 2025 / 2026 until such time as market demand and construction costs stabilise. There is an opportunity for commercial development at our former Regal Cinema site in Bacup where pre-commencement conditions are being worked upon with a potential start on site in 2025, subject to gap funding being made available.
The level of construction costs borne out of economic challenges saw the year commence with few construction projects underway from our regular client base which resulted in increased spending on both property maintenance and refurbishment within our own property portfolio. This improved as the year progressed and we now have a healthy number of contracts underway with the conclusion of improvements to Nether Alderley Parish Church, a mixture of heritage work and conservation new build at both Dunsop Bridge and Abbeystead and the commencement of a modern construction school extension seeing us return to St Johns in Thornham. A marked improvement compared to the same time in the last financial year. Recently however, there have been extended periods of consideration for tender submissions, where client budgets have either been inadequate or our competitors have not yet realised the implications of the last period of inflation on costs and wages resulting in our projections for Construction work being undermined. We continue to work for desirable clients, such as the Dutchy of Lancaster and the Duke of Westminster amongst a good number of others with the potential for more work in the future, as well as Group Development projects in the pipeline for 2026 and beyond. Further refurbishment work on our own property ‘Cloisters’ is underway and the Group is mindful of the challenges around Energy Performance with plans to invest in improvements across the property portfolio which should also see a healthy pipeline of construction work.
More problems for employers may be on the horizon however, with the proposed Employment Bill expected in 2026. This is unpopular with many employers and we wait and see at what point the government decides it's time to listen in order to preserve their electoral status. Recent local elections suggest this may be sooner rather than later.
Despite the challenges with rising costs and skills shortages, the industrial lettings market remains stable and occupancy levels robust. The focus remains both on improvement in terms of quality, location, energy efficiency, and simplification in terms of tenure and maintenance.
The ongoing challenges have only served to demonstrate the robustness and resilience of the business.
Principal Risks and Uncertainties
Financial risk management is an integral part of the group's processes.
Cash flow is monitored by regular review of the cash position against forecasts. Trade debt levels are continually monitored and managed to keep them at an acceptable level. This enables the group to ensure that it has the ability to meet the cash flow requirements of its operations, whilst avoiding excessive levels of debt.
The group actively uses financial instruments as part of its financial risk management. The group finances working capital through bank borrowings at the prevailing market interest rates and its exposure to price risk is therefore minimal.
BOYS HOLDINGS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Section 172(1) Statement
The Boys Holdings Plc group is a leading development,construction and investment group in the North West region which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The group is always looking to put its clients' interests first, to invest in its employees, to support the local community in which it is based and to strive to generate increasing profits to reinvest in future growth.
The directors of Boys Holdings Plc have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, will consistently promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set in Section 172(1) of the Companies Act 2006.
Section 172 considerations are implemented in all the decision making undertaken at board level. The group's vision and values are set out in the Strategic Report together with the risks facing the group. The Board of directors believe that strong governance is essential to the group.
The group and its directors are committed to increase the efficiency of the group's construction processes and its ability to recycle surplus materials.
Mr M A Boys
Director
15 May 2025
BOYS HOLDINGS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The company has continued to operate as a property investor and holding company.
The group has continued its activities in both property development and general building contracting.
Results and dividends
The results for the year are set out on page 8.
Interim dividends of £237,600 (2023: £237,600) were paid during the year.
The directors do not recommend the payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B J Boys
Mr M A Boys
Mr P H Boys
Auditor
In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the parent company has not consumed more than 40,000 kWHh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. The subsidiary company is exempt from the reporting requirements in its own right.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr M A Boys
Director
15 May 2025
BOYS HOLDINGS PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BOYS HOLDINGS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOYS HOLDINGS PLC
- 5 -
Opinion
We have audited the financial statements of Boys Holdings Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BOYS HOLDINGS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOYS HOLDINGS PLC
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:
The nature of the industry, the company's and the group’s control environment, the significant laws and regulations relevant to the company and the group, and the company's and the group’s policies on detection of fraud;
Results of our enquiries of management, those charged with governance, and of staff in compliance roles;
Our review of disclosures included in the financial statements; and
Engagement team discussions in respect of any potential indicators of non-compliance or fraud.
We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.
We did not identify a material risk of non-compliance with laws and regulations or of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BOYS HOLDINGS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOYS HOLDINGS PLC
- 7 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Linda Wilkinson (Senior Statutory Auditor)
For and behalf of Pierce C A Limited
15 May 2025
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
BOYS HOLDINGS PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,653,970
11,392,740
Cost of sales
(6,398,190)
(9,597,941)
Gross profit
1,255,780
1,794,799
Administrative expenses
(565,039)
(749,568)
Operating profit
4
690,741
1,045,231
Interest receivable and similar income
7
754,796
658,948
Interest payable and similar expenses
8
(160,585)
(109,239)
Fair value gains on investment properties
10
-
145,000
Profit before taxation
1,284,952
1,739,940
Tax on profit
12
(322,185)
(401,561)
Profit for the financial year
962,767
1,338,379
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BOYS HOLDINGS PLC
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
265,848
351,095
Investment property
14
9,094,698
8,938,084
Investments
15
73,857
75,357
9,434,403
9,364,536
Current assets
Stocks
17
4,294
41,270
Debtors
18
12,804,181
12,840,863
Cash at bank and in hand
37,376
25,696
12,845,851
12,907,829
Creditors: amounts falling due within one year
20
(3,811,012)
(4,505,989)
Net current assets
9,034,839
8,401,840
Total assets less current liabilities
18,469,242
17,766,376
Provisions for liabilities
Deferred tax liability
23
222,210
244,511
(222,210)
(244,511)
Net assets
18,247,032
17,521,865
Capital and reserves
Called up share capital
24
250,000
250,000
Revaluation reserve
2,869,417
2,869,417
Profit and loss reserves
15,127,615
14,402,448
Total equity
18,247,032
17,521,865
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
15 May 2025
Mr M A Boys
Director
Company registration number 00957133 (England and Wales)
BOYS HOLDINGS PLC
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
109,737
109,737
Investment properties
14
9,094,698
8,938,084
Investments
15
73,860
75,360
9,278,295
9,123,181
Current assets
Debtors
18
9,486,885
8,751,232
Cash at bank and in hand
36,424
22,149
9,523,309
8,773,381
Creditors: amounts falling due within one year
20
(774,559)
(978,914)
Net current assets
8,748,750
7,794,467
Total assets less current liabilities
18,027,045
16,917,648
Provisions for liabilities
23
(186,359)
(186,359)
Net assets
17,840,686
16,731,289
Capital and reserves
Called up share capital
24
250,000
250,000
Revaluation reserve
1,411,875
1,411,875
Profit and loss reserves
16,178,811
15,069,414
Total equity
17,840,686
16,731,289
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,346,997 (2023 - £3,513,126 profit).
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
15 May 2025
Mr M A Boys
Director
Company Registration No. 00957133
BOYS HOLDINGS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
250,000
2,760,667
13,410,419
16,421,086
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
1,338,379
1,338,379
Dividends
11
-
-
(237,600)
(237,600)
Transfers
-
-
(108,750)
(108,750)
Other movements
-
108,750
-
108,750
Balance at 30 November 2023
250,000
2,869,417
14,402,448
17,521,865
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
962,767
962,767
Dividends
11
-
-
(237,600)
(237,600)
Balance at 30 November 2024
250,000
2,869,417
15,127,615
18,247,032
The revaluation reserve is a non-distributable profits reserve.
BOYS HOLDINGS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
250,000
1,303,125
11,902,638
13,455,763
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
3,513,126
3,513,126
Dividends
11
-
-
(237,600)
(237,600)
Transfers
-
-
(108,750)
(108,750)
Other movements
-
108,750
-
108,750
Balance at 30 November 2023
250,000
1,411,875
15,069,414
16,731,289
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
1,346,997
1,346,997
Dividends
11
-
-
(237,600)
(237,600)
Balance at 30 November 2024
250,000
1,411,875
16,178,811
17,840,686
The revaluation reserve is a non-distributable profits reserve.
BOYS HOLDINGS PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
631,177
(1,343,127)
Interest paid
(160,585)
(109,239)
Corporation taxes paid
(262,596)
(156,186)
Net cash inflow/(outflow) from operating activities
207,996
(1,608,552)
Investing activities
Purchase of tangible fixed assets
(36,224)
(52,848)
Proceeds on disposal of tangible fixed assets
-
14,042
Purchase of investment property
(156,614)
-
Proceeds on disposal of unlisted investments
5,667
44,000
Interest received
754,796
658,948
Net cash generated from investing activities
567,625
664,142
Financing activities
Payment of finance leases obligations
-
(11,705)
Dividends paid to equity shareholders
(237,600)
(237,600)
Net cash used in financing activities
(237,600)
(249,305)
Net increase/(decrease) in cash and cash equivalents
538,021
(1,193,715)
Cash and cash equivalents at beginning of year
(1,786,914)
(593,199)
Cash and cash equivalents at end of year
(1,248,893)
(1,786,914)
Relating to:
Cash at bank and in hand
37,376
25,696
Bank overdrafts included in creditors payable within one year
(1,286,269)
(1,812,610)
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information
Boys Holdings Plc (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Todd Carr Road, Waterfoot, Rossendale, Lancashire, BB4 9SJ.
The group consists of Boys Holdings Plc and all of its subsidiaries.
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.
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, modified to include the revaluation of development properties and investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Boys Holdings plc together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
The group finances its business operations through an overdraft facility provided by its bankers.
The directors are confident that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.
On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Turnover represents amounts receivable for goods, services and rental income, net of VAT and trade discounts.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.5
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.
Tangible fixed assets include development properties and investment properties valued by professional valuers on a market value basis. Other tangible assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Development properties
not depreciated
Plant and machinery
25% straight line
Fixtures, fittings & equipment
15% straight line/reducing balance
Motor vehicles
25% straight line
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 recognised in the profit and loss account.
No depreciation is provided in respect of the development properties because they are not complete and ready for use. On completion development properties are transferred to investment properties when the property is substantially let and income producing and are then carried in the balance sheet at market valuation.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.7
Fixed asset investments
Other fixed asset investments are stated at cost less provision for diminution in value.
1.8
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.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Construction contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Contract retentions withheld by customers are not invoiced or accounted for until they fall due for payment.
1.10
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.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
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 group’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.
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the lease term.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
The investment properties are stated at the directors' estimate of open market value as at 30 November 2024. Calculation of this valuation requires judgements to be made, which include consideration of both the local property market and the wider economic environment.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Rent and service charges receivable
1,105,797
1,158,577
Housing new build and refurbishments
375,709
2,110,107
Non housing new build and refurbishments
5,784,427
7,734,599
Maintenance and other work
388,037
389,457
7,653,970
11,392,740
2024
2023
£
£
Other revenue
Interest income
754,796
658,948
All of the group's turnover is generated within the United Kingdom.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
121,471
135,355
Profit on disposal of tangible fixed assets
-
(10,323)
Profit on disposal of unlisted investments
(4,167)
(38,000)
Operating lease charges
31,828
40,991
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,060
10,000
Audit of the financial statements of the company's subsidiaries
18,180
16,353
28,240
26,353
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
25
25
3
3
Production
33
35
-
-
58
60
3
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,877,690
1,865,509
Social security costs
191,033
174,728
-
-
Pension costs
61,162
222,243
2,129,885
2,262,480
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
754,796
658,948
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
138,675
46,672
Other finance costs:
Interest on finance leases and hire purchase contracts
-
904
Other interest
21,910
61,663
Total finance costs
160,585
109,239
9
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
127,548
116,518
Company pension contributions to defined contribution schemes
-
180,000
127,548
296,518
10
Fair value gains on financial instruments
2024
2023
£
£
Fair value gains on financial instruments
Change in value of financial assets held at fair value through profit or loss
-
145,000
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
237,600
237,600
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
344,486
386,025
Adjustments in respect of prior periods
(113)
Total current tax
344,486
385,912
Deferred tax
Origination and reversal of timing differences
(22,301)
15,649
Total tax charge
322,185
401,561
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
12
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,284,952
1,739,940
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
321,238
400,360
Tax effect of expenses that are not deductible in determining taxable profit
280
1,324
Tax effect of income not taxable in determining taxable profit
(1,042)
(8,731)
Adjustments in respect of prior years
(113)
Permanent capital allowances in excess of depreciation
(77)
(22)
Other permanent differences
(2,451)
Dividend income
-
75
Other timing differences
1,786
8,234
Effect of revaluation of investment properties
2,885
Taxation charge
322,185
401,561
13
Tangible fixed assets
Group
Development properties
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2023
107,270
655,576
49,990
520,526
1,333,362
Additions
28,990
7,234
36,224
At 30 November 2024
107,270
684,566
49,990
527,760
1,369,586
Depreciation and impairment
At 1 December 2023
599,768
49,990
332,509
982,267
Depreciation charged in the year
40,742
80,729
121,471
At 30 November 2024
640,510
49,990
413,238
1,103,738
Carrying amount
At 30 November 2024
107,270
44,056
114,522
265,848
At 30 November 2023
107,270
55,808
188,017
351,095
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
13
Tangible fixed assets
(Continued)
- 23 -
Company
Development properties
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 December 2023 and 30 November 2024
109,737
2,000
11,170
122,907
Depreciation and impairment
At 1 December 2023 and 30 November 2024
2,000
11,170
13,170
Carrying amount
At 30 November 2024
109,737
109,737
At 30 November 2023
109,737
109,737
The group's development property at Hurdles Quarry was revalued in February 2003 by Pettys Chartered Surveyors at market value. The valuation of £100,000 was incorporated into the balance sheet at that date. The directors consider it appropriate to carry forward this valuation along with further improvements made since this date of £7,270.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
63,700
63,700
66,167
66,167
Accumulated depreciation
-
-
-
-
Carrying value
63,700
63,700
66,167
66,167
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 December 2023
8,938,084
8,938,084
Additions
156,614
156,614
At 30 November 2024
9,094,698
9,094,698
The group's investment properties were revalued at market value at 28 February 2020 and 15 February 2023 by Knight Frank LLP. The valuations were deemed to be representative of the market value of the properties as of 30 November 2019 and 30 November 2022 respectively and were incorporated into the balance sheets at those dates. A separate review of the market value was undertaken at the previous balance sheet date, by the directors, and the overall estimated market value has been increased by £145,000. The directors consider that these valuations represent a reasonable estimate, together with the additions made in the current year, of the market value of the properties at 30 November 2024.
In 2015 the group acquired a property for £80,000. This cost is deemed to be a reasonable estimate of that property's market value at the balance sheet date.
The historic cost of the investment properties for the group is £5,832,992 (2023: £5,676,378).
The historic cost of the investment properties for the company is £7,290,534 (2023: £7,133,920).
Cumulative interest capitalised within the cost of investment properties amounts to £87,083 (2023: £87,083).
All diminutions in investment property values that have resulted in the market value of the property falling below cost are considered to be temporary diminutions in value.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
3
3
Unlisted investments
73,857
75,357
73,857
75,357
73,857
75,357
73,860
75,360
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 December 2023
75,357
Disposals
(1,500)
At 30 November 2024
73,857
Carrying amount
At 30 November 2024
73,857
At 30 November 2023
75,357
Movements in fixed asset investments
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 December 2023
3
75,357
75,360
Disposals
-
(1,500)
(1,500)
At 30 November 2024
3
73,857
73,860
Carrying amount
At 30 November 2024
3
73,857
73,860
At 30 November 2023
3
75,357
75,360
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
16
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
B & E Boys (Properties) Limited
Todd Carr Road Waterfoot Rossendale Lancashire BB4 9SJ
Ordinary
100.00
B & E Boys Limited
As above
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
-
36,976
-
-
Finished goods and goods for resale
4,294
4,294
4,294
41,270
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
72,710
558,261
13,331
20,758
Other debtors
12,286,969
12,264,818
9,464,691
8,720,293
Prepayments and accrued income
444,502
17,784
8,863
10,181
12,804,181
12,840,863
9,486,885
8,751,232
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
12,359,679
12,823,079
9,478,022
8,741,051
Equity instruments measured at cost less impairment
73,857
75,357
73,857
75,357
Carrying amount of financial liabilities
Measured at amortised cost
2,916,771
3,763,384
310,019
624,192
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,286,269
1,812,610
Trade creditors
461,063
569,206
43,252
40,651
Amounts owed to group undertakings
116,512
441,598
Corporation tax payable
523,645
441,755
438,508
325,374
Other taxation and social security
370,596
300,850
26,032
29,348
Other creditors
230,442
119,819
27,016
23,266
Accruals and deferred income
938,997
1,261,749
123,239
118,677
3,811,012
4,505,989
774,559
978,914
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
1,286,269
1,812,610
Payable within one year
1,286,269
1,812,610
The group's bank borrowings are secured by:
i) First legal charges over all of the assets of the group; and
ii) Debentures over all of the assets of the group; and
iii) Unlimited inter company cross guarantees by and between the group and the companies detailed below, supported by debentures over the assets of these companies and first legal charges over various properties held by the same companies
i) Brother Investments Limited
ii) Brother Developments Limited
iii) Brother Developments (Yorkshire) Limited
iv) Kingfisher Business Centres Limited
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,162
222,243
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 29 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
38,824
60,083
Unrelieved pension contributions
(2,973)
(1,931)
Fair value gains
186,359
186,359
222,210
244,511
Liabilities
Liabilities
2024
2023
Company
£
£
Fair value gains
186,359
186,359
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
244,511
186,359
Credit to profit and loss
(22,301)
-
Liability at 30 November 2024
222,210
186,359
The deferred tax liability set out above principally relates to accelerated capital allowances that are expected to mature within a period of four years and the potential tax on fair value gains which is expected to crystallise as and when the group disposes of its investment properties.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 30 -
24
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
86,500 Ordinary shares of £1 each
86,500
86,500
16,500 'A' Ordinary shares of £1 each
16,500
16,500
55,500 'B' Ordinary shares of £1 each
55,500
55,500
67,500 'C' Ordinary shares of £1 each
67,500
67,500
15,000 'D' Ordinary shares of £1 each
15,000
15,000
9,000 'E' Ordinary shares of £1 each
9,000
9,000
250,000
250,000
Each class of share has the same voting and capital rights.
25
Financial commitments, guarantees and contingent liabilities
During the year the group has given an unlimited inter company guarantee, supported by debentures over the group's assets, in respect of bank loans provided to Brother Investments Limited, Brother Developments Limited and Kingfisher Business Centres Limited.
At 30 November 2024 the bank loan balances were as follows:
Brother Investments Limited £15,051,660 (Facility: £16,245,985); and
Brother Developments Limited £953,600 (Facility: £1,043,000); and
Kingfisher Business Centres Limited £473,600 (Facility: £518,000)
During a previous year the group provided a guarantee and indemnity to the Homes and Communities Agency in respect of loan facilities provided to Brother Developments (Worsthorne) Limited.
At 30 November 2024 the loan owed by Brother Developments (Worsthorne) Limited to the Homes and Communities Agency was £nil (2023: £1,122,541).
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
25,920
25,920
-
-
25,920
25,920
-
-
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 31 -
27
Events after the reporting date
On 1 December 2024 the group declared and paid dividends totalling £105,000 in respect of its A £1 ordinary share capital.
On 6 April 2025 the group declared and paid dividends totalling £132,600 in respect of its A £1 ordinary share capital.
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 32 -
28
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Net interest received
Management charges received
2024
2023
2024
2023
£
£
£
£
Group
Entities under the common control of the directors of the group
732,885
597,285
732,081
624,644
Company
Entities under the common control of the directors of the group
668,366
267,302
201,960
85,536
Development work
Property Maintenance/other recharges
2024
2023
2024
2023
£
£
£
£
Group
Entities under the common control of the directors of the group
2,597,055
4,615,716
316,319
341,181
Registered pension scheme for which the directors of the company are trustees
-
-
52,583
48,277
2,597,055
4,615,716
368,902
389,458
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
28
Related party transactions
(Continued)
- 33 -
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
2024
2023
£
£
Group
Entities under the common control of the directors of the group
21,942
83,579
Registered pension scheme for which the directors of the company are trustees
15,515
10,014
37,457
93,593
Company
Entities under the common control of the directors of the group
21,916
21,916
The following amounts were outstanding at the reporting end date:
Amounts owed by related parties
2024
2023
Balance
Balance
£
£
Group
Entities under the common control of the directors of the group
12,277,949
12,262,514
Registered pension scheme for which the directors of the company are trustees
22,531
22,191
12,300,480
12,284,705
Company
Entities under the common control of the directors of the group
9,463,941
8,720,293
29
Controlling party
The company is under the control of the Boys family directors who, either as individuals or through family trusts operated for their benefit, own 100% of the issued share capital of the company.
30
Directors' transactions
Dividends totalling £237,600 (2023: £237,600) were paid in the year in respect of shares held by the company's directors.
Included in other creditors are interest-free loans advanced by the directors amounting to £64,852 (2023 - £91,851).
BOYS HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 34 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
962,767
1,338,379
Adjustments for:
Taxation charged
322,185
401,561
Finance costs
160,585
109,239
Investment income
(754,796)
(658,948)
Gain on disposal of tangible fixed assets
-
(10,323)
Profit on disposal of unlisted investments
(4,167)
(38,000)
Depreciation and impairment of tangible fixed assets
121,471
135,355
Fair value gains on investment properties
-
(145,000)
Movements in working capital:
Decrease in stocks
36,976
253,627
Decrease in debtors
36,682
19,436
(Decrease) in creditors
(250,526)
(2,748,453)
Cash generated from/(absorbed by) operations
631,177
(1,343,127)
32
Analysis of changes in net debt - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
25,696
11,680
37,376
Bank overdrafts
(1,812,610)
526,341
(1,286,269)
(1,786,914)
538,021
(1,248,893)
2024-11-302023-12-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr B J BoysMr M A BoysMr P H BoysMr H Standenfalse2025-05-15Linda 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