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COMPANY REGISTRATION NUMBER: 03201075
Boreflex Limited
Filleted Unaudited Financial Statements
31 March 2025
Boreflex Limited
Financial Statements
Year ended 31 March 2025
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Boreflex Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Boreflex Limited
Year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boreflex Limited for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Boreflex Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Boreflex Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boreflex Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Boreflex Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Boreflex Limited. You consider that Boreflex Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Boreflex Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
6 July 2025
Boreflex Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
6
265,351
245,314
Current assets
Stocks
49,295
44,267
Debtors
7
215,728
242,940
Cash at bank and in hand
83,415
99,203
---------
---------
348,438
386,410
Creditors: amounts falling due within one year
8
148,775
161,917
---------
---------
Net current assets
199,663
224,493
---------
---------
Total assets less current liabilities
465,014
469,807
Creditors: amounts falling due after more than one year
9
21,526
38,044
Provisions
27,455
26,460
---------
---------
Net assets
416,033
405,303
---------
---------
Capital and reserves
Called up share capital
700
700
Capital redemption reserve
300
300
Profit and loss account
415,033
404,303
---------
---------
Shareholders funds
416,033
405,303
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Boreflex Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 4 June 2025 , and are signed on behalf of the board by:
Mrs D Fox
Mr R C Fox
Director
Director
Company registration number: 03201075
Boreflex Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 8 & 9 Gateway Court, Gateway Industrial Estate, Parkgate, Rotherham, South Yorkshire, S62 6LH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 1997, amortised evenly over its estimated useful life of fifteen years, this has now been fully amortised.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
3,998
-------
Amortisation
At 1 April 2024 and 31 March 2025
3,998
-------
Carrying amount
At 31 March 2025
-------
At 31 March 2024
-------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
132,721
58,989
175,652
7,537
374,899
Additions
86,960
2,632
89,592
Disposals
( 59,165)
( 59,165)
---------
--------
---------
--------
---------
At 31 March 2025
132,721
58,989
203,447
10,169
405,326
---------
--------
---------
--------
---------
Depreciation
At 1 April 2024
44,896
81,260
3,429
129,585
Charge for the year
2,840
52,910
2,520
58,270
Disposals
( 47,880)
( 47,880)
---------
--------
---------
--------
---------
At 31 March 2025
47,736
86,290
5,949
139,975
---------
--------
---------
--------
---------
Carrying amount
At 31 March 2025
132,721
11,253
117,157
4,220
265,351
---------
--------
---------
--------
---------
At 31 March 2024
132,721
14,093
94,392
4,108
245,314
---------
--------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2025
97,458
--------
At 31 March 2024
94,393
--------
7. Debtors
2025
2024
£
£
Trade debtors
122,463
153,738
Other debtors
93,265
89,202
---------
---------
215,728
242,940
---------
---------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
15,703
15,806
Trade creditors
57,911
75,834
Corporation tax
26,388
28,634
Social security and other taxes
18,743
17,149
Other creditors
30,030
24,494
---------
---------
148,775
161,917
---------
---------
In relation to the above bank loans and overdrafts, £5,703 (2024: £5,806) of the total is secured by company assets. Included within other creditors above are hire purchase liabilities amounting to £23,188 (2024: £19,363) which are secured on the subject assets.
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,568
17,697
Other creditors
18,958
20,347
--------
--------
21,526
38,044
--------
--------
In relation to the above bank loans and overdrafts, £902 (2024: £6,030) is secured by over company assets. The above other creditors relate to hire purchase balances which are secured on the subject assets.
10. Directors' advances, credits and guarantees
One of the directors received advances and credits from the company of £40,450 (2024: £42,950) during the year. The loan outstanding at the year end and owing to the company was £42,087 (2024: £39,886). No interest has been charged by the company on the loan account. The account has been repaid in full after the year end. A second director received advances and credits from the company of £40,450 (2024: £42,950) during the year. The loan outstanding at the year end and owing to the company was £42,087 (2024: £39,886). No interest has been charged by the company on the loan account. The account has been repaid in full after the year end.