Company registration number 12156964 (England and Wales)
BOXWOOD CAPITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BOXWOOD CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BOXWOOD CAPITAL LIMITED
BALANCE SHEET
AS AT
9 SEPTEMBER 2024
09 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
1
Current assets
Debtors
4
7,701,311
10,707,927
Cash at bank and in hand
15,110
78,357
7,716,421
10,786,284
Creditors: amounts falling due within one year
5
(3,786,038)
(4,334,568)
Net current assets
3,930,383
6,451,716
Net assets
3,930,383
6,451,717
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
3,930,382
6,451,716
Total equity
3,930,383
6,451,717

The notes on pages 2 to 6 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Paul McGowan
Director
Company registration number 12156964 (England and Wales)
BOXWOOD CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Boxwood Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46/48 Beak Street, London, England, W1F 9RJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
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.

1.3
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.

1.4
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.

BOXWOOD CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 9 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

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.

1.5
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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1

On 11 October 2023, UK Windows & Doors Group Limited entered administration and was no longer considered a subsidiary.

BOXWOOD CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 9 SEPTEMBER 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 10 September 2023
1
Disposals
(1)
At 9 September 2024
-
Carrying amount
At 9 September 2024
-
At 9 September 2023
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,701
24,185
Other debtors
7,637,610
10,683,742
7,701,311
10,707,927
5
Creditors: amounts falling due within one year
2024
2023
£
£
Restated
Trade creditors
46,693
8,033
Amounts owed to group undertakings
159,631
-
0
Taxation and social security
-
0
26,605
Other creditors
3,558,964
4,279,180
Accruals and deferred income
20,750
20,750
3,786,038
4,334,568

Other creditors include a balance for deferred consideration due to Masco Corporation Limited persuant to the assignment of a debt. The amount is secured by a fixed charge over the amounts owed by UK Doors & Windows Group Limited to the company.

BOXWOOD CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 9 SEPTEMBER 2024
- 5 -
6
Audit report information

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

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Peter Chapman
Statutory Auditor:
Buzzacott Audit LLP
Date of audit report:
11 July 2025
7
Events after the reporting date

On 8 May 2025, an interim dividend of £3,793,285 was declared.

BOXWOOD CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 9 SEPTEMBER 2024
- 6 -
8
Parent company

The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Fawley Industrial Limited. Fawley Industrial Limited has the same registered office as the company.

9
Prior year adjustment

In August 2020, an accrual of £100,000 relating to management fees was recognised on the balance sheet. The accrual remained on the balance sheet at 9 September 2023, despite it being unlikely to materialise at that point in time. In accordance with FRS 102, Section 10.21, the error has been corrected retrospectively by restating the comparative figures for the year ended 9 September 2023. The impact of the restatement is as follows:

 

Profit and Loss Account: Expenses for the year ended 9 September 2023 have been reduced by £100,000, increasing profit before tax for the period.

 

Balance Sheet: Accruals as at 9 September 2023 have been reduced by £100,000, with a corresponding increase in retained earnings.

 

In the financial statements for the year ended 9 September 2023, the company recognised a consultancy expense of £133,026 (net) based on an invoice issued in August 2023. Subsequent to the year-end, a credit note was issued on 31 October 2023, fully reversing this invoice. This indicates that the expense recognised in the prior period did not meet the recognition criteria under FRS 102 at the time of initial recording, constituting a prior period error.

In accordance with FRS 102, Section 10.21, the error has been corrected retrospectively by restating the comparative figures for the year ended 9 September 2023. The adjustment removes the recognised expense of £133,026, with a corresponding adjustment to retained earnings. The impact of the restatement is as follows:

 

Profit and Loss Account: Expenses for the year ended 9 September 2023 have been reduced by £133,026, increasing profit before tax for the period.

 

Balance Sheet: Trade creditors as at 9 September 2023 have been reduced by £133,026, with a corresponding increase in retained earnings.

 

 

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