Company registration number 01936377 (England and Wales)
BOUD MINERALS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Whitings LLP
Chartered Accountants
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
BOUD MINERALS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
12
Statement of changes in equity
11
Statement of cash flows
13
Notes to the financial statements
14 - 29
BOUD MINERALS LIMITED
COMPANY INFORMATION
Directors
Mr F Boud
Mr DE Boud
Company number
01936377
Registered office
West Bank
Sutton Bridge
Spalding
Lincolnshire
PE12 9QH
Auditor
Whitings LLP
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
Accountant
Whitings LLP
12/13 The Crescent
Wisbech
Cambridgeshire
PE13 1EH
BOUD MINERALS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The Directors are pleased to report that the results for the year ended 31 December 2024 are extremely strong
despite the challenges facing the business as a result of inflation and increased operational costs.
The company continue to invest heavily in its fixed asset base to ensure that operationally they are as efficient as possible to ensure they can meet customer demand and continue to expand into the future, with the help of key strategic partners.
Principal risks and uncertainties
Credit Risk - The company's main financial assets are trade receivables, stock and cash and bank balances. Those
assets represent the company's main exposure to credit risk, which is a risk that a counterparty will fail to discharge its obligations, resulting in financial loss to the company. Whilst the company does provide goods and services to many large customers it is not reliant on any of these to continue its operations, with this in mind the Directors believe that credit risk is both limited and mitigated.
Competitive Risk - the company operates in a highly competitive industry and faces competition from a number of sources. This competition may lead to pricing pressure which could result in squeezed profit margins and potential loss of business to other market players. The Directors continually monitor this risk, looking at ways which it can differentiate itself from competitors and continue to assert its strong position in the market.
Regulation Risk - the company operates in an industry which is subject to numerous laws and regulations covering
a wide range of matters including health & safety, employment and other operating issues. The company is
continually ensuring that the compliance demands of these regulatory factors are met and the Directors, supported by colleagues within the business, have ensured that the policies and culture in relation to this are well communicated to all employees.
Finance Risk - the company funded its operations for the year ended 31 December 2024 through a combination of
retained profits, internally generated cash, loans and asset-backed finance arrangements. The Directors
continuously monitor the financial health and liquidity of the business and look to utilise various methods of funding to the betterment of the business.
Economic Risk - the company operates in an industry which can be susceptible to adverse economic conditions
through decreased business activity, especially in times of recession. Although the Directors acknowledge this risk, the core offering of the company is well diversified to combat this, with customers hailing from a range of industries. The directors are aware of the ongoing conflict between Ukraine and Russia and the impact this may have on the global supply chain and inflation going forwards, the Directors continue to monitor the situation closely.
Development and performance
The Directors post year end will continue to look for opportunities to grow its customer base and further improve ongoing financial performance, although it is noted that there are many challenges facing the business including continued macro economic uncertainty which will affect the cost base of the business for the foreseeable future.
- 1 -
BOUD MINERALS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Key performance indicators
The Directors considered the company’s key performance indicators to be turnover, gross profit, gross margin and operating profit.
Turnover increased from £16,283,532 to £17,754,756.
Gross profit increased from £5,436,765 to £6,754,238.
Gross margin increased from 33.39% to 38.04%.
Operating profit increased from £721,065 to £1,039,017.
Mr F Boud
Director
28 May 2025
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BOUD MINERALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the manufacture of non-metallic mineral products.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £72,000. The directors do not recommend 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 F Boud
Mr DE Boud
Auditor
Whitings LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr F Boud
Director
28 May 2025
- 3 -
BOUD MINERALS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
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 company and of the profit or loss of the company 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BOUD MINERALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOUD MINERALS LIMITED
Opinion
We have audited the financial statements of Boud Minerals Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 company's affairs as at 31 December 2024 and of its profit for the period 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 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 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.
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BOUD MINERALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOUD MINERALS LIMITED (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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
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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 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 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.
BOUD MINERALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOUD MINERALS LIMITED (CONTINUED)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting frameworks (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which the Company operates;
•We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;
•We enquired of management and those charged with governance, concerning the Company's policies and procedures relating to:
- the identification, evaluation and compliance with laws and regulations; and
- the detection and response to the risks of fraud.
•We enquired of management and those charged with governance, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;
• In addition, we concluded that there are certain specific laws and regulations that may have an effect on the determination of amounts and disclosures in the financial statements and those laws and regulations relating to health and safety, employee matters, GDPR;
•We corroborated the results of our enquires to relevant supporting documentation;
•We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures performed by the engagement team included:
- evaluation of the programmes and controls established to address the risks related to irregularities and fraud;
- testing journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- identifying and testing related party transactions.
• These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
The engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
- understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
- knowledge of the industry in which the client operates;
- understanding of the legal and regulatory requirements specific to the Company including:
- the provisions of the applicable legislation;
- the regulators' rules and related guidance, including guidance issued by relevant authorities that interprets those rules;
- the applicable statutory provisions.
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BOUD MINERALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOUD MINERALS LIMITED (CONTINUED)
• In assessing the potential risks of material misstatement, we obtained an understanding of:
- the Company's operations, including the nature of its revenue sources and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement;
- the applicable statutory provisions;
- the Company's control environment, including the policies and procedures implemented to comply with the requirements of its regulator, the adequacy of procedures for authorisation of transactions, internal review procedures over the Company's compliance with regulatory requirements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
Ben Beech ACA (Senior Statutory Auditor)
For and on behalf of Whitings LLP, Statutory Auditor
Chartered Accountants
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
28 May 2025
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BOUD MINERALS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
Turnover
3
17,754,756
16,283,532
Cost of sales
(11,000,518)
(10,846,767)
Gross profit
6,754,238
5,436,765
Administrative expenses
(5,731,308)
(4,716,343)
Other operating income
16,087
643
Operating profit
5
1,039,017
721,065
Interest receivable and similar income
8
2,037
Interest payable and similar expenses
9
(91,577)
(96,615)
Profit before taxation
947,440
626,487
Tax on profit
10
(236,414)
(90,370)
Profit for the financial year
711,026
536,117
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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BOUD MINERALS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
£
£
Profit for the year
711,026
536,117
Other comprehensive income
-
-
Total comprehensive income for the year
711,026
536,117
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BOUD MINERALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
41,015
672,258
239,293
4,099,007
5,051,573
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
536,117
536,117
Dividends
11
-
-
-
(59,100)
(59,100)
Balance at 31 December 2023
41,015
672,258
239,293
4,576,024
5,528,590
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
711,026
711,026
Dividends
11
-
-
-
(72,000)
(72,000)
Balance at 31 December 2024
41,015
672,258
239,293
5,215,050
6,167,616
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BOUD MINERALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,419,260
5,035,230
Investments
14
101
101
5,419,361
5,035,331
Current assets
Stocks
15
2,345,823
2,818,272
Debtors
16
1,830,087
2,028,456
Cash at bank and in hand
17
716,762
268,798
4,892,672
5,115,526
Creditors: amounts falling due within one year
18
(2,816,325)
(3,232,983)
Net current assets
2,076,347
1,882,543
Total assets less current liabilities
7,495,708
6,917,874
Creditors: amounts falling due after more than one year
21
(601,285)
(783,698)
Provisions for liabilities
Deferred tax liability
22
726,807
605,586
(726,807)
(605,586)
Net assets
6,167,616
5,528,590
Capital and reserves
Called up share capital
24
41,015
41,015
Share premium account
25
672,258
672,258
Revaluation reserve
26
239,293
239,293
Profit and loss reserves
27
5,215,050
4,576,024
Total equity
6,167,616
5,528,590
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr F Boud
Director
Company Registration No. 01936377
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BOUD MINERALS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,073,912
1,145,230
Interest paid
(91,577)
(96,615)
Income taxes refunded
98,119
Net cash inflow from operating activities
1,982,335
1,146,734
Investing activities
Purchase of tangible fixed assets
(1,167,056)
(1,156,986)
Proceeds from disposal of tangible fixed assets
96,850
71,276
Repayment of loans
(25,703)
Interest received
2,037
Net cash used in investing activities
(1,095,909)
(1,083,673)
Financing activities
Repayment of bank loans
(168,223)
344,278
Payment of finance leases obligations
(198,239)
(155,636)
Dividends paid
(72,000)
(59,100)
Net cash (used in)/generated from financing activities
(438,462)
129,542
Net increase in cash and cash equivalents
447,964
192,603
Cash and cash equivalents at beginning of year
268,798
76,195
Cash and cash equivalents at end of year
716,762
268,798
- 13 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information
Boud Minerals Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Bank, Sutton Bridge, Spalding, Lincolnshire, PE12 9QH.
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. 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
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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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
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.
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:
Freehold land and buildings
2% straight line basis. Land not depreciated
Freehold improvements
10% straight line basis
Plant and equipment
10 - 20% straight line basis
Fixtures and fittings
25% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
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At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
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.
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 company 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 company after deducting all of its liabilities.
Basic financial 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
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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.
- 17 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 18 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 19 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
15,923,720
14,905,365
Europe
1,098,839
931,180
Rest of world
732,197
446,987
17,754,756
16,283,532
2024
2023
£
£
Other revenue
Interest income
-
2,037
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,600
13,250
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(36,770)
(16,178)
Depreciation of owned tangible fixed assets
423,611
85,608
Depreciation of tangible fixed assets held under finance leases
282,363
241,788
Profit on disposal of tangible fixed assets
(19,799)
(11,950)
Operating lease charges
24,351
31,933
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Director
2
3
Staff
75
62
Total
77
65
- 20 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,991,379
2,499,661
Social security costs
286,982
236,207
Pension costs
74,168
61,897
3,352,529
2,797,765
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
126,371
167,193
Company pension contributions to defined contribution schemes
6,320
6,414
132,691
173,607
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,037
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
33,608
28,056
Other interest
57,969
68,559
91,577
96,615
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
115,193
- 21 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
121,221
90,370
Total tax charge
236,414
90,370
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
947,440
626,487
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
236,860
156,622
Tax effect of expenses that are not deductible in determining taxable profit
152
192
Permanent capital allowances in excess of depreciation
(2,668)
Depreciation on assets not qualifying for tax allowances
10,653
7,597
Research and development tax credit
(11,290)
(64,195)
Other permanent differences
39
(7,178)
Taxation charge for the year
236,414
90,370
11
Dividends
2024
2023
£
£
Interim paid
72,000
59,100
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
464,215
Amortisation and impairment
At 1 January 2024 and 31 December 2024
464,215
Carrying amount
At 31 December 2024
At 31 December 2023
- 22 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
Freehold land and buildings
Freehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
2,205,000
154,579
175,201
4,071,346
210,778
824,643
7,641,547
Additions
32,733
303,087
729,144
27,288
74,803
1,167,055
Disposals
(69,070)
(90,689)
(159,759)
Transfers
76,733
(420,334)
343,401
200
At 31 December 2024
2,205,000
264,045
57,954
5,074,821
238,066
808,957
8,648,843
Depreciation and impairment
At 1 January 2024
226,536
26,342
1,801,516
176,928
374,995
2,606,317
Depreciation charged in the year
28,000
35,974
464,282
15,266
162,452
705,974
Eliminated in respect of disposals
(39,375)
(43,333)
(82,708)
At 31 December 2024
254,536
62,316
2,226,423
192,194
494,114
3,229,583
Carrying amount
At 31 December 2024
1,950,464
201,729
57,954
2,848,398
45,872
314,843
5,419,260
At 31 December 2023
1,978,464
128,237
175,201
2,269,830
33,850
449,648
5,035,230
- 23 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
486,739
396,401
Motor vehicles
613,876
821,647
1,100,615
1,218,048
14
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
101
101
15
Stocks
2024
2023
£
£
Raw materials and consumables
2,345,823
2,818,272
Stock recognised in cost of sales during the year as an expense was £10,439,771 (2023: £10,526,666).
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,242,386
1,528,443
Corporation tax recoverable
8,675
Other debtors
202,012
120,702
Prepayments and accrued income
377,014
379,311
1,830,087
2,028,456
17
Cash and cash equivalents
Cash at bank and in hand at the year end was £716,762 (2023 - £268,798).
- 24 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
168,222
168,222
Obligations under finance leases
20
180,424
364,473
Trade creditors
1,536,976
1,805,165
Amounts owed to group undertakings
340
340
Corporation tax
123,868
Other taxation and social security
439,743
366,890
Other creditors
165,141
239,481
Accruals and deferred income
201,611
288,412
2,816,325
3,232,983
Bank loans and hire purchase agreements are secured against the assets to which they relate to.
19
Loans and overdrafts
2024
2023
£
£
Bank loans
619,397
787,620
Payable within one year
168,222
168,222
Payable after one year
451,175
619,398
The bank loan is secured by fixed and floating charges over the company’s assets. Interest on the bank loans are charged at 2.73% above fixed rate and 3.53% over LIBOR.
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
180,424
364,473
In two to five years
150,110
164,300
330,534
528,773
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
- 25 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19
451,175
619,398
Obligations under finance leases
20
150,110
164,300
601,285
783,698
Bank loans and hire purchase agreements are secured against the assets to which they relate to.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
726,807
627,467
Tax losses
-
(21,881)
726,807
605,586
2024
Movements in the year:
£
Liability at 1 January 2024
605,586
Charge to profit or loss
121,221
Liability at 31 December 2024
726,807
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,168
61,897
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
- 26 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
8,894
8,894
8,894
8,894
Ordinary B shares of £1 each
20,918
20,918
20,918
20,918
Ordinary C shares non voting of £1 each
3,000
3,000
3,000
3,000
Ordinary D shares of £1 each
8,203
8,203
8,203
8,203
41,015
41,015
41,015
41,015
All classes of shares shall rank pari passu except that 1) the directors may pay interim dividends at variable rates on the different share classes of shares and 2) the C ordinary shares have no voting rights.
25
Share premium account
2024
2023
£
£
At the beginning and end of the year
672,258
672,258
The balance classified as share premium relates to the aggregate net processed less nominal value of shares on issue of the Company's equity share capital.
26
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
239,293
239,293
Represents all of the current and prior period gains on the valuation of the Company's freehold property.
27
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
4,576,024
4,099,007
Profit for the year
711,026
536,117
Dividends declared and paid in the year
(72,000)
(59,100)
At the end of the year
5,215,050
4,576,024
Represents all current and prior periods retained profits and losses, less dividends paid.
- 27 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
28
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
333,940
304,000
Between two and five years
539,390
721,000
873,330
1,025,000
29
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
64,429
164,129
30
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
181,750
173,607
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Instarmac Group PLC
1,395,146
1,355,010
202,713
271,688
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Instarmac Group PLC
1,310
61,104
- 28 -
BOUD MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Related party transactions
(Continued)
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Instarmac Group PLC
163,285
118,913
Other information
Boud Minerals AB, is a company owned and controlled by a director of Boud Minerals Ltd.
Boud Minerals Ltd are partially owned by Instarmac Holding Limited, who wholly own Instarmac Group PLC.
31
Ultimate controlling party
The ultimate controlling party is Mr F Boud who holds a majority shareholding in the company.
32
Cash generated from operations
2024
2023
£
£
Profit after taxation
711,026
536,117
Adjustments for:
Taxation charged
236,414
90,370
Finance costs
91,577
96,615
Investment income
(2,037)
Gain on disposal of tangible fixed assets
(19,799)
(11,950)
Depreciation and impairment of tangible fixed assets
705,974
569,184
Movements in working capital:
Decrease in stocks
472,449
8,196
Decrease/(increase) in debtors
232,748
(200,720)
(Decrease)/increase in creditors
(356,477)
59,455
Cash generated from operations
2,073,912
1,145,230
33
Analysis of changes in net debt
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
268,798
447,964
-
716,762
Borrowings excluding overdrafts
(787,620)
168,223
-
(619,397)
Obligations under finance leases
(528,773)
438,416
(240,177)
(330,534)
(1,047,595)
1,054,603
(240,177)
(233,169)
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