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Registered number: 08670415









BOON PROPERTY SERVICES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BOON PROPERTY SERVICES LTD
REGISTERED NUMBER: 08670415

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
4,307
34,013

  
4,307
34,013

Current assets
  

Stocks
 5 
-
2,468,225

Debtors: amounts falling due after more than one year
 6 
514,676
80,000

Debtors: amounts falling due within one year
 6 
220,955
54,420

Cash at bank and in hand
 7 
77,320
819,243

  
812,951
3,421,888

Creditors: amounts falling due within one year
 8 
(321,654)
(848,085)

Net current assets
  
 
 
491,297
 
 
2,573,803

Total assets less current liabilities
  
495,604
2,607,816

Creditors: amounts falling due after more than one year
 9 
-
(1,851,062)

Provisions for liabilities
  

Deferred tax
 12 
-
(102,663)

  
 
 
-
 
 
(102,663)

Net assets
  
495,604
654,091


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
495,504
653,991

  
495,604
654,091


Page 1

 
BOON PROPERTY SERVICES LTD
REGISTERED NUMBER: 08670415
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2025.




M E Boon
Director


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Boon Property Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 13 New Road, Wonersh, Guildford, England, GU5 0SF.
The company's principal activity is property investment and development.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation, in which case the income is recognised as revenue in accordance with the expected payments. Rental income is included in turnover.

Page 3

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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 reporting 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 the Statement of comprehensive income.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.


 
2.13

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:

Motor vehicles
-
25%
Straight line

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 the Statement of comprehensive income.

Page 5

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost


At 1 January 2024
101,187


Disposals
(32,274)



At 31 December 2024

68,913



Depreciation


At 1 January 2024
67,174


Charge for the year on financed assets
17,228


Disposals
(19,796)



At 31 December 2024

64,606



Net book value



At 31 December 2024
4,307



At 31 December 2023
34,013

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
4,307
34,013

4,307
34,013

Page 7

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Stocks

2024
2023
£
£

Stock properties
-
2,468,225

-
2,468,225


The estimated open market value of the stock of properties as at 31 December 2024 is £Nil (2023 - £2,468,225).
A stock property was transferred at fair value at the date of change of use from investment property to stock in 2019. In accordance with FRS 102 the property was transferred at historic cost and revaluation. This fair value becomes deemed cost. Carrying stock at more than cost is in contravention of Company Law however this treatment is in accordance with the accounting standards and the directors consider this necessary to ensure a true and fair view is presented in the financial statements.


6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
514,676
80,000

514,676
80,000


2024
2023
£
£

Due within one year

Trade debtors
40,555
33,955

Other debtors
180,400
20,465

220,955
54,420



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
77,320
819,243

77,320
819,243


Page 8

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
23,535

Trade creditors
50,990
7,273

Amounts owed to group undertakings
165,648
794,306

Corporation tax
70,022
132

Other taxation and social security
958
3,194

Obligations under finance lease and hire purchase contracts
30,513
6,429

Other creditors
-
3,600

Accruals and deferred income
3,523
9,616

321,654
848,085


Secured loans
At the year end the bank loans were repaid as the properties were sold. The loans were secured under legal charges held by Handelsbanken Plc dated 24 January 2020 and 21 February 2020.
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,807,502

Net obligations under finance leases and hire purchase contracts
-
43,560

-
1,851,062


Secured loans
For details on security refer to note 10 above.

Page 9

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
23,535

Amounts falling due 1-2 years

Bank loans
-
1,807,502



-
1,831,037



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
30,513
6,429

Between 1-2 years
-
43,560

30,513
49,989

Page 10

 
BOON PROPERTY SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
102,663
138,084


Credited to the Statement of comprehensive income
(102,663)
(35,421)



At end of year
-
102,663

The deferred taxation balance is made up as follows:

2024
2023
£
£


Tax on unrealised gain on investment properties
-
102,663

-
102,663


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



14.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. Included in the profit and loss account are unrealised revaluation gains on investment properties and stock of £Nil (2023 - £389,325) which are not distributable.


15.


Related party transactions

The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with other wholly owned group companies.


16.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent company is Boon Group Limited, a company registered in England and Wales. The ultimate controlling party is the director, M E Boon, by virtue of his majority shareholding in the ultimate parent company.
 
Page 11