Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30falseManufacturer of other fabricated metal products not elsewhere classifiedfalse912023-10-01false87false 01228801 2023-10-01 2024-09-30 01228801 2022-10-01 2023-09-30 01228801 2024-09-30 01228801 2023-09-30 01228801 2022-10-01 01228801 1 2023-10-01 2024-09-30 01228801 1 2022-10-01 2023-09-30 01228801 5 2023-10-01 2024-09-30 01228801 5 2022-10-01 2023-09-30 01228801 d:CompanySecretary1 2023-10-01 2024-09-30 01228801 d:Director1 2023-10-01 2024-09-30 01228801 d:Director2 2023-10-01 2024-09-30 01228801 d:Director3 2023-10-01 2024-09-30 01228801 d:Director4 2023-10-01 2024-09-30 01228801 d:RegisteredOffice 2023-10-01 2024-09-30 01228801 d:Agent1 2023-10-01 2024-09-30 01228801 e:Buildings 2023-10-01 2024-09-30 01228801 e:Buildings 2024-09-30 01228801 e:Buildings 2023-09-30 01228801 e:Buildings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01228801 e:PlantMachinery 2023-10-01 2024-09-30 01228801 e:PlantMachinery 2024-09-30 01228801 e:PlantMachinery 2023-09-30 01228801 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01228801 e:MotorVehicles 2023-10-01 2024-09-30 01228801 e:MotorVehicles 2024-09-30 01228801 e:MotorVehicles 2023-09-30 01228801 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01228801 e:OfficeEquipment 2023-10-01 2024-09-30 01228801 e:OfficeEquipment 2024-09-30 01228801 e:OfficeEquipment 2023-09-30 01228801 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01228801 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01228801 e:CurrentFinancialInstruments 2024-09-30 01228801 e:CurrentFinancialInstruments 2023-09-30 01228801 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 01228801 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 01228801 e:UKTax 2023-10-01 2024-09-30 01228801 e:UKTax 2022-10-01 2023-09-30 01228801 e:ShareCapital 2024-09-30 01228801 e:ShareCapital 2023-09-30 01228801 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01228801 e:RetainedEarningsAccumulatedLosses 2024-09-30 01228801 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 01228801 e:RetainedEarningsAccumulatedLosses 2023-09-30 01228801 e:RetainedEarningsAccumulatedLosses 2022-10-01 01228801 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01228801 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 01228801 d:OrdinaryShareClass1 2023-10-01 2024-09-30 01228801 d:OrdinaryShareClass1 2024-09-30 01228801 d:OrdinaryShareClass1 2023-09-30 01228801 d:FRS102 2023-10-01 2024-09-30 01228801 d:Audited 2023-10-01 2024-09-30 01228801 d:FullAccounts 2023-10-01 2024-09-30 01228801 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01228801 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01228801










BOZEAT INDUSTRIAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BOZEAT INDUSTRIAL LIMITED
 

CONTENTS



Page
Company Information
 
1
Strategic Report
 
2 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Balance Sheet
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 24


 
BOZEAT INDUSTRIAL LIMITED
 
 
COMPANY INFORMATION


Directors
J V Matcham 
K P Matcham 
L J V Matcham 
A H V Matcham 




Company secretary
K P Matcham



Registered number
01228801



Registered office
Unit 1
Crane Close

Denington Industrial Estate

Wellingborough

Northants

NN8 2QG




Independent auditors
MHA

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

MK9 1LZ




Bankers
Barclays Bank Plc
8 Market Street

Wellingborough

Northamptonshire

NN8 1AP




Page 1

 
BOZEAT INDUSTRIAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their report and the financial statements for the year ended 30 September 2024.

Business review
 
The company’s primary trading activities continue to be the design, development, manufacture and provision of systems, components, and spares, plus the refurbishment of said items, in support of the UK Defence sector and the production of parts for commercial vehicles manufactured by the construction, coach, bus and truck sectors. 
This year has seen more stability in the readily available raw materials market but volatility is still present regarding the more exotic materials such as brass, copper, silver and Tin.  The company’s approach to the bulk buying of raw materials continues. Combining our various customer’s requirements to increase purchase volume is proving successful, particularly on material purchased from overseas.  Continually rising energy costs have impacted overheads.
The Directors’ commitment to improve and increase production levels, control housekeeping and uphold investment in personnel, new plant, equipment, and technology remains unchanged.  Training at all levels has increased, alongside further development of our quality and production competences.  The company has become flexible within its marketplace, with a developing product and customer base, particularly in the commercial sector. The company is also dedicated to maintaining and increasing its Social Values methodology and support for the benefit of its employees and the local community.

Principal risks and uncertainties
 
National and international influences on raw materials, manufacturing and employment strategies are being absorbed by the company.  Upward fluctuations in the cost of raw materials, between the time of tendering and receipt of orders is a constant issue.  National political changes and/or tax implications are an uncertain factor.  However, the Directors are confident of the company meeting and overcoming the challenges. 

Key performance indicators
 
The ethos of producing a quality product, at a competitive price, delivered on time, remains the company’s principle objective.  The company is developing closer relationships with its customers, working towards long term supply agreements covering the company’s varied product range. 
The Directors use the following measures to monitor the financial performance of the Company:

Page 2

 
BOZEAT INDUSTRIAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024



2024
2023
£
£



Turnover
10,493,136
7,845,275

Gross profit
3,460,930
2,351,760

Distribution, administration and interest
(2,036,757)
(1,756,723)

Profit before tax
1,424,173
595,037

Tax on trading profit
354,526
(121,356)

Profit for the financial year
1,069,647
473,681




Turnover has increased by £2,647,861 (34%) from £7,845,275 to £10,493,136.

Gross profit has increased from £2,351,760 to £3,460,930

Administration expenses and overheads have increased as a result of increases in salary costs.




This report was approved by the board and signed on its behalf.



................................................
K P Matcham
Director

Date: 26 June 2025

Page 3

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,069,647 (2023 - £473,681).

Dividends were paid in the current year of £200,000 (2023: £276,000).

Directors

The Directors who served during the year were:

J V Matcham 
K P Matcham 
L J V Matcham 
A H V Matcham 

Future developments

The Company continues to trade in line with previous years, with no significant changes in the business.

Page 4

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no post balance sheet events since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory
changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA
Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies 

This report was approved by the board and signed on its behalf.
 





................................................
K P Matcham
Director

Date: 26 June 2025

Page 5

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOZEAT INDUSTRIAL LIMITED
 

Opinion


We have audited the financial statements of Bozeat Industrial Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 30 September 2024 and of its 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.


Basis for opinion


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOZEAT INDUSTRIAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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.


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
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOZEAT INDUSTRIAL LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


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:

•    enquiry of management around actual and potential litigation and claims;
•    performing audit work over the risk of management override of controls, including testing of journals entries
     and other adjustments for appropriateness, evaluating the business rationale of significant transactions
     outside the normal course of business and reviewing accounting estimates for bias;
•    reviewing financial statement disclosures and testing to supporting documentation to assess compliance
     with applicable laws and regulations.


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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOZEAT INDUSTRIAL LIMITED (CONTINUED)


Use of our 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 2006Our 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 Auditors' 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.





Adam Young ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
 
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).
  
Milton Keynes, United Kingdom

27 June 2025
Page 9

 
BOZEAT INDUSTRIAL LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,493,136
7,845,275

Cost of sales
  
(7,032,206)
(5,493,515)

Gross profit
  
3,460,930
2,351,760

Distribution costs
  
(33,818)
(23,804)

Administrative expenses
  
(2,025,636)
(1,743,129)

Operating profit
  
1,401,476
584,827

Interest receivable and similar income
  
22,697
10,210

Profit before tax
  
1,424,173
595,037

Tax on profit
 8 
(354,526)
(121,356)

Profit after tax
  
1,069,647
473,681

  

  

Retained earnings at the beginning of the year
  
3,928,300
3,730,619

Profit for the year
  
1,069,647
473,681

Dividends declared and paid
  
(200,000)
(276,000)

Retained earnings at the end of the year
  
4,797,947
3,928,300
The notes on pages 14 to 24 form part of these financial statements.

Page 10

 
BOZEAT INDUSTRIAL LIMITED
REGISTERED NUMBER: 01228801

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,411,714
1,269,559

  
1,411,714
1,269,559

Current assets
  

Stocks
 11 
972,682
896,228

Debtors: amounts falling due within one year
 12 
2,022,252
1,701,916

Cash at bank and in hand
 13 
2,639,443
1,560,459

  
5,634,377
4,158,603

Creditors: amounts falling due within one year
 14 
(2,151,520)
(1,445,616)

Net current assets
  
 
 
3,482,857
 
 
2,712,987

Total assets less current liabilities
  
4,894,571
3,982,546

Provisions for liabilities
  

Deferred tax
 15 
(88,624)
(46,246)

  
 
 
(88,624)
 
 
(46,246)

Net assets
  
4,805,947
3,936,300


Capital and reserves
  

Called up share capital 
 16 
8,000
8,000

Profit and loss account
 17 
4,797,947
3,928,300

  
4,805,947
3,936,300


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J V Matcham
................................................
K P Matcham
Director
Director


Date: 26 June 2025

The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
BOZEAT INDUSTRIAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,069,647
473,681

Adjustments for:

Depreciation of tangible assets
160,214
190,725

Interest received
(22,697)
(10,210)

Taxation charge
354,526
121,356

(Increase) in stocks
(76,454)
(8,545)

(Increase) in debtors
(320,336)
(540,075)

Increase in creditors
506,848
135,432

Corporation tax (paid)
(113,092)
(116,892)

Net cash generated from operating activities

1,558,656
245,472


Cash flows from investing activities

Purchase of tangible fixed assets
(302,369)
(285,049)

Interest received
22,697
10,210

Net cash from investing activities

(279,672)
(274,839)

Cash flows from financing activities

Dividends paid
(200,000)
(276,000)

Net cash used in financing activities
(200,000)
(276,000)

Net increase/(decrease) in cash and cash equivalents
1,078,984
(305,367)

Cash and cash equivalents at beginning of year
1,560,459
1,865,826

Cash and cash equivalents at the end of year
2,639,443
1,560,459


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,639,443
1,560,459


The notes on pages 14 to 24 form part of these financial statements.

Page 12

 
BOZEAT INDUSTRIAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

1,560,459

1,078,984

2,639,443

Directors loan accounts

(66,177)

30,986

(35,191)


1,494,282
1,109,970
2,604,252

The notes on pages 14 to 24 form part of these financial statements.

Page 13

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Bozeat Industrial Limited is a private Company limited by shares incorporated and domiciled in England and Wales.
The Company's registered number is 01228801 and its registered office and principal place of business is Unit 1, Crane Close, Denington Industrial Estate, Wellingborough, Northamptonshire, NN8 2QG.
The financial statements are presented in Sterling, which is also the functional currency of the Company, and rounded to the nearest whole £1.
The principal activity of the Company is the design, development, manufacture and refurbishment of systems and components for the coach, truck, bus and construction vehicle industries and the defence sector.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 14

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
over 50 years
Plant and machinery
-
over 7 years
Motor vehicles
-
over 4 years
Office equipment
-
over 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 15

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. 
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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key judgments. The key estimates are depreciation and percentage completion of work in progress.  


4.


Turnover

Turnover is attributable to the principal activity of the Company, and arose within the United Kingdom.


5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
23,500
23,000

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,732,013
2,562,601

Social security costs
261,327
245,363

Cost of defined contribution scheme
68,097
56,481

3,061,437
2,864,445


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Weekly employees
75
69



Monthly employees
16
18

91
87

Page 18

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
298,957
303,854


The highest paid Director received remuneration of £105,726 (2023 - £104,453).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).

Key management personnel
The Directors consider that there are no members of key management personnel, other than the Directors.


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
312,148
115,437

Adjustments in respect of previous periods
-
(10,803)


Total current tax
312,148
104,634

Deferred tax


Origination and reversal of timing differences

42,378
16,722


Tax on profit
354,526
121,356
Page 19

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,424,173
595,037


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
356,043
130,957

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,037
(169)

Capital allowances for year in excess of depreciation
(44,932)
(15,351)

Movement in deferred tax
42,378
16,722

Other timing differences leading to an increase (decrease) in taxation
-
(10,803)

Total tax charge for the year
354,526
121,356


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

2024
2023
£
£


Dividends paid
200,000
276,000

Page 20

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
1,150,936
1,355,820
572,498
80,001
3,159,255


Additions
-
267,114
-
35,255
302,369



At 30 September 2024

1,150,936
1,622,934
572,498
115,256
3,461,624



Depreciation


At 1 October 2023
442,082
1,014,744
387,194
45,676
1,889,696


Charge for the year on owned assets
18,979
45,433
88,004
7,798
160,214



At 30 September 2024

461,061
1,060,177
475,198
53,474
2,049,910



Net book value



At 30 September 2024
689,875
562,757
97,300
61,782
1,411,714



At 30 September 2023
708,854
341,076
185,304
34,325
1,269,559

Included in freehold property is land costing £200,000 (2023 - £200,000) which is not depreciated.


11.


Stocks

2024
2023
£
£

Raw materials
540,314
500,865

Work in progress
432,368
395,363

972,682
896,228


Page 21

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Debtors

2024
2023
£
£


Trade debtors
1,501,170
1,217,785

Other debtors
481,246
360,299

Prepayments and accrued income
39,836
123,832

2,022,252
1,701,916



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,639,443
1,560,459



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,283,090
772,686

Corporation tax
314,493
115,437

Other taxation and social security
357,287
246,720

Other creditors
143,486
149,861

Accruals and deferred income
53,164
160,912

2,151,520
1,445,616


Page 22

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Deferred taxation




2024


£






At beginning of year
46,246


Charged to profit or loss
(42,378)



At end of year
88,624

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
88,624
46,246


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



8,000 (2023 - 8,000) Ordinary shares of £1 each
8,000
8,000



17.


Reserves

Profit and loss account

The profit and loss account contains all current and prior year retained profits and losses less dividends paid.


18.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £68,097 (2023 - £56,481). There were no contributions outstanding at either period end date.

Page 23

 
BOZEAT INDUSTRIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Transactions with directors

At the Balance Sheet date other debtor balances included £416,903 (2023 - £325,402) relating to amounts due from Directors and Shareholders and other creditors balances included £35,191 (2023 - £44,651) relating to amounts due to Directors and Shareholders by way of directors' loan accounts. 
These were cleared in full after the year end. 
No interest is charged and there are no set terms for repayment.


20.


Related party transactions

Transactions  with Companies with common Directors
Costs of £30,271 (2023 - £9,418) were recharged by the Company to companies with common control during the year. Rent of £30,271 (2023 - £10,154) was charged to the company from another entity with common Directors.
An amount due to the company of £42,245 (2023 - £nil) was included in other debtors at the year end and an amount of £nil (2023 - £9,326) was due from the Company to other Companies with common and included in other creditors.
There is no interest charged and no set terms for repayment.
Dividends to Directors
During the year dividends were paid to Directors in their capacity as Shareholders.


21.


Controlling party

The ultimate controlling party is J V Matcham and K P Matcham by virtue of their majority share holding ownership of the Company. 

 
Page 24