Company registration number 09822419 (England and Wales)
BOYDEN INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BOYDEN INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
P Lancaster
A P Williamson
J E Williamson
Company number
09822419
Registered office
108 Beddington Lane
Croydon
Surrey
CR0 4YY
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
BOYDEN INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
BOYDEN INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal Activities

The principal activity of the group through its trading subsidiary Boyden & Co. Limited was that of tile merchants and is unchanged since last year and therefore the following business review is in respect of Boyden & Co Limited for the year ended 31 December 2024.

 

The group continues to deliver profitable growth in a very competitive market.

Business Review

Turnover increased by 14.1% from 2023 to £16,021,129. Gross margin achieved on sales remained consistent at 31%. The commercial sector which provides a large proportion of our business, still remains resilient in the current economic climate.

 

The branches, in the main, continue to hold their own in a very competitive market and margins remain under pressure. Tile Experience, the group internet brand, continues to grow.

 

The group remains a stable, solid business with a good asset base and strong cash reserves at the year end of £802,239 (2023: £829,138). Net current assets increased from £2,606,524 to £2,782,353 (6.7%) during the year reported.

Principal risks and uncertainties

The group's business does not expose itself to any risks other than those associated with normal commercial trading. The list below does not contain all risks that the group faces and it does not list the risks in any order of priority.

 

The Company’s strong performance and it’s response to the inflationary and supply chain challenges and market conditions continue to demonstrate the resilience of our business model and the effectiveness of our strategy.

 

Competition

The market is highly competitive. The group only focus on ceramic tiles and associated products with a competitive value proposition. We have also made significant investment to develop internal platforms which focus on seamless delivery of managed services to customers.

 

The directors realise the need to increase turnover and margins.

 

Credit Risk

Debtor levels are well controlled and customer credit levels constantly reviewed. The group continues its policy to pay creditors promptly and take advantage of early settlement discounts when available.

 

Liquidity Risk

The group maintains sufficient cash for ongoing operations and future developments. The business is cash generative and remains a stable, solid business with a good asset base and strong cash reserves and remains debt free with no requirement for mortgages, bank loans or bank overdraft facilities at the date of this report.

 

Supply Chain Risk

We have seen the supply base increasing their lead times for product delivery this year. This is a result of the ongoing demand of tiles from world wide demand. We continue to work closely with our customers and suppliers to mitigate and overcome supply issues.

Future Outlook

The directors are confident that the market for their services is growing and therefore presents further growth opportunities for the business. Group has invested in both the website and the Tile Experience brand as this is identified as a key driver of the business going forward.

BOYDEN INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

A P Williamson
Director
29 July 2025
BOYDEN INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the distribution and retail of ceramic tiles and associated products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends paid during the year, amounting to £151,858, relate to the final dividends proposed for the prior year. The directors have recommended a final dividend of £7.00 per share in respect of the Group’s performance during the current year, also totaling £151,858, which is payable in 2025.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Lancaster
A P Williamson
J E Williamson
Directors' insurance

The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.

Auditor

In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BOYDEN INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A P Williamson
Director
29 July 2025
BOYDEN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOYDEN INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Boyden Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

Other information

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:

BOYDEN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOYDEN INVESTMENTS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

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 parent 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 parent 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.

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 within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included sample testing a sample of income across the year to agree to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

BOYDEN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOYDEN INVESTMENTS LIMITED
- 7 -

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.

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 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.

Daniel Wesolowski (Senior Statutory Auditor)
For and on behalf of FLB Audit LLP
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
29 July 2025
BOYDEN INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,021,129
14,040,641
Cost of sales
(11,063,790)
(9,673,586)
Gross profit
4,957,339
4,367,055
Administrative expenses
(4,724,459)
(4,138,540)
Other operating income
3
119,878
128,307
Operating profit
4
352,758
356,822
Interest receivable and similar income
8
36,442
26,989
Profit before taxation
389,200
383,811
Tax on profit
9
(96,344)
(103,249)
Profit for the financial year and total comprehensive income
292,856
280,562
Profit for the financial year and total comprehensive income is all attributable to the owners of the parent company.
BOYDEN INVESTMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
845
Tangible assets
12
4,905,198
4,933,553
Investment property
13
690,000
690,000
Investments
14
840
840
5,596,038
5,625,238
Current assets
Stocks
18
1,430,243
1,388,729
Debtors
19
2,223,308
1,899,134
Cash at bank and in hand
802,239
829,138
4,455,790
4,117,001
Creditors: amounts falling due within one year
20
(1,673,437)
(1,510,477)
Net current assets
2,782,353
2,606,524
Total assets less current liabilities
8,378,391
8,231,762
Provisions for liabilities
Deferred tax liability
21
568,958
563,327
(568,958)
(563,327)
Net assets
7,809,433
7,668,435
Capital and reserves
Called up share capital
23
21,694
21,694
Capital redemption reserve
1,328
1,328
Profit and loss reserves
7,786,411
7,645,413
Total equity
7,809,433
7,668,435

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
29 July 2025
A P Williamson
Director
Company registration number 09822419 (England and Wales)
BOYDEN INVESTMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,221,753
4,277,628
Investment property
13
690,000
690,000
Investments
14
23,022
23,022
4,934,775
4,990,650
Current assets
Debtors
19
58,463
44,962
Creditors: amounts falling due within one year
20
(4,848)
(4,531)
Net current assets
53,615
40,431
Total assets less current liabilities
4,988,390
5,031,081
Provisions for liabilities
Deferred tax liability
21
444,765
444,765
(444,765)
(444,765)
Net assets
4,543,625
4,586,316
Capital and reserves
Called up share capital
23
21,694
21,694
Capital redemption reserve
1,328
1,328
Profit and loss reserves
4,520,603
4,563,294
Total equity
4,543,625
4,586,316

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £109,167 (2023 - £42,954 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
29 July 2025
A P Williamson
Director
Company registration number 09822419 (England and Wales)
BOYDEN INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
21,694
1,328
7,364,851
7,387,873
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
280,562
280,562
Balance at 31 December 2023
21,694
1,328
7,645,413
7,668,435
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
292,856
292,856
Dividends
10
-
-
(151,858)
(151,858)
Balance at 31 December 2024
21,694
1,328
7,786,411
7,809,433

Share capital - Represents the nominal value of shares allotted.

 

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

 

Profit and loss reserves - This reserve records the accumulated profits of the business, net of dividends paid and other adjustments.

BOYDEN INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
21,694
1,328
4,606,248
4,629,270
Year ended 31 December 2023:
Loss and total comprehensive loss for the year
-
-
(42,954)
(42,954)
Balance at 31 December 2023
21,694
1,328
4,563,294
4,586,316
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
109,167
109,167
Dividends
10
-
-
(151,858)
(151,858)
Balance at 31 December 2024
21,694
1,328
4,520,603
4,543,625

Share capital - Represents the nominal value of shares allotted.

 

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

 

Profit and loss reserves - This reserve records the accumulated profits of the business, net of dividends paid and other adjustments.

BOYDEN INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
328,759
408,596
Income taxes paid
(77,155)
(63,297)
Net cash inflow from operating activities
251,604
345,299
Investing activities
Purchase of tangible fixed assets
(179,997)
(246,171)
Proceeds from disposal of tangible fixed assets
16,910
-
Interest received
36,442
16,761
Net cash used in investing activities
(126,645)
(229,410)
Financing activities
Dividends paid to equity shareholders
(151,858)
-
0
Net cash used in financing activities
(151,858)
-
Net (decrease)/increase in cash and cash equivalents
(26,899)
115,889
Cash and cash equivalents at beginning of year
829,138
713,249
Cash and cash equivalents at end of year
802,239
829,138
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Boyden Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 108 Beddington Lane, Croydon, Surrey, CR0 4YY.

 

The group consists of Boyden Investments Limited and all of its subsidiaries.

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 and the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The parent company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the group statement of cash flows, included in these financial statements, includes the company's cash flows.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Boyden Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

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.

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.

 

Rental income from investment property is recognised over the relevant period.

Investment income

Dividend income is recognised when the right to receive payment is established.

 

Interest income is recognised in profit or loss using the effective interest method.

1.6
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

Where company websites are expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred. Development costs that are capitalised in accordance with the requirements of FRS 102 are not treated, for dividend purposes, as a realised loss.

 

All intangible assets are considered to have a finite life. If a reliable estimate of the useful life can not be made, the useful life shall not exceed ten years.

Amortisation 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:

Software
5 years
Web development costs
5 years

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

 

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any 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 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 buildings
2% on cost
Leasehold improvements
Over term of lease
Fixtures and fittings
5% - 15% straight line basis
Motor vehicles
16.67% - 25% straight line basis

Freehold land is not depreciated.

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

 

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 recognised in profit or loss.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
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.

1.12
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.

1.13
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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, amounts owed by group undertakings 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.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’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 income statement, 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 if, and only if, there is 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.

1.16
Employee benefits

Short term 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

Annual bonus plan

The group operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the group has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

1.17
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group 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 group in independently administered funds.

1.18
Leases

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 leased asset are consumed.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
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 group’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.

Amortisation and depreciation of intangible and tangible fixed assets

Fixed assets are amortised or depreciated over their estimated useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

 

Stock provision

The group buys and sells products used in the workplace and is subject to changing customer demands. Due to the nature of the business activities, it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of products. See note 18 for the net carrying amount of the stock and the associated provision.

 

Valuation of investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location, or condition of the specific asset.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
16,021,129
14,040,641
2024
2023
£
£
Turnover analysed by geographical market
UK
16,021,129
14,040,641
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Other operating income
95,478
105,507
Rental income
24,400
22,800
119,878
128,307
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
202,953
209,923
Profit on disposal of tangible fixed assets
(11,511)
-
Amortisation of intangible assets
845
15,076
Operating lease charges
233,306
213,261
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,350
1,300
Audit of the financial statements of the company's subsidiaries
13,000
12,300
14,350
13,600
For other services
All other non-audit services
6,440
6,350
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
11
11
-
-
Distribution staff
9
7
-
-
Admin staff
27
26
-
-
Management staff
6
6
-
-
Total
53
50
-
0
-
0
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,478,433
2,194,081
-
0
-
0
Social security costs
243,615
216,233
-
-
Pension costs
85,381
77,199
-
0
-
0
2,807,429
2,487,513
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
517,438
519,818
Company pension contributions to defined contribution schemes
50,022
45,023
567,460
564,841
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
188,525
187,710
Company pension contributions to defined contribution schemes
10,022
10,023

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
36,442
26,989
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
90,307
76,928
Adjustments in respect of prior periods
406
-
0
Total current tax
90,713
76,928
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
5,631
26,321
Total tax charge
96,344
103,249

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
389,200
383,811
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
97,300
90,272
Tax effect of expenses that are not deductible in determining taxable profit
4,393
3,400
Depreciation on assets not qualifying for tax allowances
14,945
14,060
Under/(over) provided in prior years
406
(3,981)
Deferred tax adjustments in respect of prior years
(20,700)
-
0
Effect of super deduction enhanced capital allowances
-
0
(2,296)
Effect of change in tax rates applied to deferred tax
-
0
1,073
Effect of change in tax rates applied to corporation tax
-
0
721
Taxation charge
96,344
103,249
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
151,858
-
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Software
Web development costs
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
50,816
50,138
100,954
Amortisation and impairment
At 1 January 2024
50,115
49,994
100,109
Amortisation charged for the year
701
144
845
At 31 December 2024
50,816
50,138
100,954
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
701
144
845
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
4,668,753
310,545
686,479
722,773
6,388,550
Additions
-
0
-
0
97,358
82,639
179,997
Disposals
-
0
-
0
(12,000)
(40,490)
(52,490)
At 31 December 2024
4,668,753
310,545
771,837
764,922
6,516,057
Depreciation and impairment
At 1 January 2024
391,125
272,769
318,777
472,326
1,454,997
Depreciation charged in the year
55,875
5,397
44,624
97,057
202,953
Eliminated in respect of disposals
-
0
-
0
(12,000)
(35,091)
(47,091)
At 31 December 2024
447,000
278,166
351,401
534,292
1,610,859
Carrying amount
At 31 December 2024
4,221,753
32,379
420,436
230,630
4,905,198
At 31 December 2023
4,277,628
37,776
367,702
250,447
4,933,553
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
£
Cost
At 1 January 2024 and 31 December 2024
4,668,753
Depreciation and impairment
At 1 January 2024
391,125
Depreciation charged in the year
55,875
At 31 December 2024
447,000
Carrying amount
At 31 December 2024
4,221,753
At 31 December 2023
4,277,628

Included within freehold land and buildings is land which is not depreciated of:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold land
1,875,000
1,875,000
1,875,000
1,875,000
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
690,000
690,000

The fair value of the investment property has been arrived at on the basis of assessments made by management, who are not professional surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The fair value of the investment properties at the year end does not differ materially from that valued above.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as £570,373 (2023: 570,373).

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
23,022
23,022
Investments in associates
16
840
840
-
0
-
0
840
840
23,022
23,022
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024 and 31 December 2024
840
Carrying amount
At 31 December 2024
840
At 31 December 2023
840
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
23,022
Carrying amount
At 31 December 2024
23,022
At 31 December 2023
23,022
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Boyden & Co. Limited
108 Beddington Lane, Croydon, Surrey CR0 4YY
Ordinary
100.00
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Associates

Details of associates at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
A.B.C.D. Distributors Limited
Stourbridge Road, Bridgnorth, Shropshire WV15 6AS
Ordinary
0
12.50
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,084,251
1,786,673
58,463
44,962
Carrying amount of financial liabilities
Measured at amortised cost
1,091,797
961,886
4,848
1,500

Financial assets carried at amortised cost are comprised of trade debtors, amounts owed by group undertakings and other debtors.

 

Financial liabilities carried at amortised cost are comprised of trade creditors, other creditors and accruals.

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,430,243
1,388,729
-
0
-
0

Stocks are stated after impairment of £252,396 (2023: £245,070).

19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,712,509
1,442,562
-
0
-
0
Amounts owed by group undertakings
-
-
58,463
44,962
Other debtors
371,742
344,111
-
0
-
0
Prepayments and accrued income
139,057
112,461
-
0
-
0
2,223,308
1,899,134
58,463
44,962

Trade debtors are stated net after provisions for possible bad debts of £40,348 (2023: £82,001).

 

Amounts owed by group undertakings to the parent company are unsecured, interest free and repayable on demand.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
916,892
759,417
-
0
-
0
Corporation tax payable
90,307
76,749
-
0
3,031
Other taxation and social security
491,333
471,842
-
-
Other creditors
16,773
52,084
-
0
-
0
Accruals
158,132
150,385
4,848
1,500
1,673,437
1,510,477
4,848
4,531
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
125,055
120,632
Other timing difference
(862)
(2,070)
Investment property
29,907
29,907
Business property- gain rollover
414,858
414,858
568,958
563,327
Liabilities
Liabilities
2024
2023
Company
£
£
Investment property
29,907
29,907
Business property- gain rollover
414,858
414,858
444,765
444,765
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
563,327
444,765
Charge to profit or loss
5,631
-
Liability at 31 December 2024
568,958
444,765
BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 29 -

The deferred tax liabilities set out above in respect of accelerated capital allowances are expected to reverse within 1-4 years of the reporting date.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,381
77,199

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £8,416 (2023: £8,280) were payable to the fund at the year end and are included in accruals.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
21,694
21,694
21,694
21,694

Each share has one vote and has the right to participate in any income distributions, including dividends declared. Each share has the right to participate in any capital distributions, including on a winding up. The shares are non-redeemable.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
223,211
223,211
-
-
Between two and five years
617,282
752,398
-
-
In over five years
70,141
152,038
-
-
910,634
1,127,647
-
-
25
Related party transactions
Remuneration of key management personnel

The only key management personnel are the directors, whose remuneration have been disclosed in note 7.

BOYDEN INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
292,856
280,562
Adjustments for:
Taxation charged
96,344
103,249
Investment income
(36,442)
(26,989)
Gain on disposal of tangible fixed assets
(11,511)
-
Amortisation and impairment of intangible assets
845
15,076
Depreciation and impairment of tangible fixed assets
202,953
209,923
Movements in working capital:
Increase in stocks
(41,514)
(37,430)
Increase in debtors
(324,174)
(365,433)
Increase in creditors
149,402
229,638
Cash generated from operations
328,759
408,596
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
829,138
(26,899)
802,239
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