| Boyds Stores Limited |
| Notes to the financial statements |
| for the year ended 31 May 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
1% Straight line |
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Plant and machinery |
10% Straight line |
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Fixtures, fittings, tools and equipment |
10% Straight line |
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Motor Vehicles |
20% Straight line |
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Leased Assets |
10% Straight line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Employee benefits |
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When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Judgements and key sources of estimation uncertainty |
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Useful Lives of Tangible Fixed Assets: Long-lived assets comprising primarily of property, plant and machinery represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £1,318,162 (2024: £1,004,004). |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior Statutory Auditor: |
Brian Delahunt FCA |
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Firm: |
Fitzpatrick and Kearney Ltd |
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Date of audit report: |
28 August 2025 |
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| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
12 |
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12 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
Plant and machinery etc |
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Motor vehicles |
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Leased assets |
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Total |
| £ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 June 2024 |
1,265,851 |
346,366 |
|
33,337 |
|
10,287 |
|
1,655,841 |
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Additions |
329,678 |
4,505 |
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- |
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- |
|
334,183 |
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At 31 May 2025 |
1,595,529 |
350,871 |
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33,337 |
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10,287 |
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1,990,024 |
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Depreciation |
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At 1 June 2024 |
284,463 |
323,750 |
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33,337 |
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10,287 |
|
651,837 |
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Charge for the year |
15,956 |
4,069 |
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- |
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- |
|
20,025 |
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At 31 May 2025 |
300,419 |
327,819 |
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33,337 |
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10,287 |
|
671,862 |
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Net book value |
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At 31 May 2025 |
1,295,110 |
23,052 |
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- |
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- |
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1,318,162 |
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At 31 May 2024 |
981,388 |
22,616 |
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- |
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- |
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1,004,004 |
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Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
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Historical cost |
1,595,529 |
|
1,265,851 |
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Cumulative depreciation based on historical cost |
300,419 |
|
284,463 |
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1,295,110 |
|
981,388 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
- |
|
82 |
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Other debtors |
42,782 |
|
30,170 |
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42,782 |
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30,252 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans and overdrafts |
40,620 |
|
15,109 |
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Trade creditors |
49,848 |
|
56,885 |
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Corporation tax |
44,246 |
|
33,817 |
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Other taxes and social security costs |
30,482 |
|
22,001 |
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Other creditors |
17,975 |
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20,146 |
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183,171 |
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147,958 |
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The bank overdrafts are secured by legal mortgage dated 25 November 1993 over 14, John Mitchel Place, Newry |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans |
1,710 |
|
12,128 |
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| 8 |
Share premium |
2025 |
| £ |
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At 1 June 2024 |
548,693 |
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At 31 May 2025 |
548,693 |
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| 9 |
Events after the reporting date |
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There were no events since the balance sheet date which would necessitate a change in the above figures. |
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| 10 |
Capital commitments |
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The company did not have any capital commitments as 31 May 2025 not already provided for in the financial statements. |
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| 11 |
Contingent liabilities |
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There were no contingent liabilities at the year end. |
| 12 |
Related party transactions |
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Related party transactions have occurred between the company and Boyds Stores (Ireland) Ltd, Boyd Enterprises Ltd and Clanbrassil Management Services Ltd in the years ended 31 May 2025 and 31 May 2024. These companies are related parties by virtue of the fact that some of the directors of Boyds Stores Ltd also act as directors of Boyds Stores (Ireland) Ltd, Boyd Enterprises Ltd and Clanbrassil Management Services Ltd. Management fees were charged to each company and monies paid to Boyds Stores Ltd as follows: |
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Movement on these accounts during the year and closing balances at the balance sheet date are as follows: |
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Boyds |
Boyd |
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Clanbrassil |
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Stores |
Enterprises |
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Management |
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(Ireland) Ltd |
Ltd |
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Services Ltd |
| £ |
£ |
£ |
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Opening balance at 1 June 2024 |
- |
- |
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- |
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Sales made during the year |
- |
- |
|
- |
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Management charges in year |
4,000 |
19,000 |
|
4,800 |
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Payments received in year |
(4,000) |
(19,000) |
|
(4,800) |
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Closing balance at 31 May 2025 |
- |
- |
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- |
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The comparatives in relation to related party transactions are as follows: |
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Boyds |
Boyd |
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Clanbrassil |
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Stores |
Enterprises |
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Management |
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(Ireland) Ltd |
Ltd |
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Services Ltd |
| £ |
£ |
£ |
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Opening balance at 1 June 2023 |
- |
- |
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- |
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Sales made during the year |
- |
- |
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- |
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Management charges in year |
4,000 |
19,000 |
|
4,800 |
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Payments received in year |
(4,000) |
(19,000) |
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(4,800) |
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Closing balance at 31 May 2024 |
- |
- |
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- |
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| 13 |
Financial instruments |
2025 |
|
2024 |
| £ |
£ |
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The carrying amounts of the company's financial instruments are |
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as follows: |
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Financial assets |
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Debt instruments measured at amortised cost: |
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Trade debtors (note 5) |
- |
|
82 |
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Financial liabilities |
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Bank loans and overdrafts (note 6) |
40,620 |
|
15,109 |
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Trade creditors |
49,848 |
|
56,885 |
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Other creditors |
17,975 |
|
20,146 |
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|
108,443 |
|
92,140 |
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| 14 |
Controlling party |
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The ultimate controlling parties are Mrs Mary Boyd and Mr Andrew Boyd. |
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| 15 |
Other information |
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Boyds Stores Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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14, John Mitchel Place |
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Newry |
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Co. Down |