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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
COMPANY INFORMATION
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BOF GROUP LIMITED
CONTENTS
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BOF GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report of the company for the year ended 31 December 2024.
Background to the business
The principal activity of the company in the year continued to be that of wholesalers and retailers of office furniture. The strategy of the business is to increase its share of the office furniture market through increasing sales via Higher Education and Public Sector Frameworks. The company enjoys a number of competitive advantages including strong brand recognition in its heartland trading region, where it consistently achieves a strong market share; a well-established reputation for price competitiveness; a knowledgeable and enthusiastic workforce and a strong customer focus throughout the business. The company’s business model is driven by market demand; the flexibility and agility to adapt quickly and efficiently has meant existing Frameworks and Contracts provide opportunities for profitable collaborative engagement. The company is an incumbent supplier on several high-profile Public-Sector Frameworks and Contracts and continues to develop productive relationships with Framework customers, further enhancing company security and growth opportunities over the mid to long term. The company’s business model is ideally suited to our chosen marketplaces and the directors of the company continue to see opportunities over the medium-to-long term via their Framework and Contract incumbencies. FY’24 saw the company retain positions on existing Frameworks and win significant new sole supply contracts – including expansion into new UK regions.
The financial performance for the year and the financial position of the company as of 31 December 2024, which includes all relevant key performance indicators for the company, is set out in the annexed financial statements.
The directors of the company were pleased with the overall performance of the business during the year particularly given the economic environment prevailing in the UK. In collaboration with the supply chain and client base, the company continued to apply prudent operational and fiscal management principles throughout 2024 to ensure the prevailing Business Model remained effective and efficient whilst maintaining exemplary service delivery levels.
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BOF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ISO 45001:2018 Occupational Health and Safety Management Systems - The directors were delighted, after a rigorous two stage auditing process with the certificating body NQA, that the business has been awarded accreditation to ISO 45001: 2018 Occupational Health and Safety Management Systems (OH&S). This certification is in addition to the company’s existing ISO 9001 Quality and ISO 14001 Environmental Management Systems that the company has maintained for many years.
Cyber Essentials - The company has successfully been recertified in FY’24. Cyber Essentials is a government-backed and industry-supported scheme that helps businesses protect themselves against the growing threat of cyber-attacks and provides a clear statement of the basic controls organisations should have in place to protect themselves. The company’s robust package of methods has enabled us to become certified for another 12-month period. Constructionline Gold Membership - The company’s Gold accreditation verifies that we have been assessed by Constructionline for our credentials in environmental management, quality management, equal opportunities, modern slavery act adherence and anti-bribery and corruption policies. Awards – The company, once again, had a successful awards year, in November GoAwards 2024/2025 being awarded ‘Highly Commended’ for the ‘Best Net Zero Initiative’ Award and shortlisted for the ‘Social Value’ Award. 2024 also saw the company nominated for several prestigious awards with anticipated award decisions running into 2025. The company is confident of continuing to validate its market position and sustainability credentials through winning relevant awards and accolades, so ensuring customer confidence in the company capabilities and sustainable operations. Sustainability - Whilst sustainability and the environment has always been very important, FY’24 saw the company continue to develop and implement several new business critical, environmental based services and reporting functions e.g., the company now monitors and measures our Carbon Emissions using DEFRA validated sources (Sustainability School, Carbon Footprint and Net Zero Carbon Supplier Tool) and is able to report client Scope 3 emissions via apportionment principles – critical for the company’s clients who need to report on their own supply chain. This monitoring, measuring, and reporting has also provided detailed benchmark data (our initiation year benchmark is 2021) against which BOF Net Zero Carbon Plan is tested. The company now has four years of organisational emissions data and continues to be a leading supplier in terms of carbon reporting. BOF - A Carbon Neutral Company - we have achieved a net-zero carbon footprint by working with Carbon Neutral Britain TM the UK’s leading carbon offsetting initiative. This environmental milestone has been an integrated part of our ‘Green Journey’ driving to reduce our carbon emissions and enhance the way we design and deliver sustainable workspaces. We have achieved carbon neutrality status because we’ve vastly reduced our carbon output, Scopes 1 and 2 with commitment from our employees and advanced business processes including major investment in our furniture reupholstery facility, coupled with a ULEZ-compliant delivery fleet helping to ensure our operations are as eco-friendly as possible. During the year, the company continued its investment in the delivery fleet of motor vehicles contributing directly to ongoing carbon emission reductions.
The Kings Award for Enterprise - Following on with its sustainability path, BOF has been recently recognised for its excellence in Sustainable Development with a ‘Kings Award For Enterprise’ The Awards continue to constitute the highest honour that can be bestowed upon a British company across every sector. Receiving an award is proof of excellence and recognised worldwide. The King's Award for Enterprise is of the highest official UK accolades for British businesses, personally approved by His Majesty The King. This year, only a select group of businesses across the country were chosen to receive this distinguished honour, often compared to a Corporate Knighthood. With this award, BOF joins a distinguished group of UK businesses recognised for setting new standards in sustainability. The company will now carry the King's Awards Emblem for the next five years as a mark of excellence.
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BOF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
End of Life Products - Shifting Consumer Demand – Consumers preferences are changing, with a growing emphasis on Sustainability and customization – BOF’s Closing the Loop furniture scheme focuses on reusing, remaking, and donating furniture to reduce waste and help communities. This also helps our customers save money and reduces the need for new raw materials. The company employs three full-time personnel and has a 1,800sq ft unit at Merthyr Tydfil. The employees reupholster existing / unwanted furniture from our Public Sector and Framework Customers’ estates. Year two, FY’24, saw the refurbishment factory enjoy its first full year of scheduled refurbishment work and has further proved its sustainability credentials by achieving 1656 pieces of furniture diverted from waste; circa 28.5 Tonnes representing an almost doubling of Tonnes saved compared to 2023. Importantly, the company is contributing to the local economy by using local supply chains. IT infrastructure – End of Windows 10 Oct 2025 – investment will be required to ensure compliance to mitigate risk from cyber-attacks and malware. All hardware unable to be upgraded to Windows 11 will need to be replaced. A project is currently underway to audit current systems, document hardware specs and software discrepancies, evaluate compatibility with Windows 11 or alternatives. Once completed, procurement option will be finalised and full scale migration and training of staff will take place before the operational deadlines. Property – FY’24 saw the continued development of the company’s property portfolio with significant investment in all sites to ensure accessibility, services and products remain current and aligned with market innovation and client requirements.
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BOF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Whilst trading conditions are expected to remain competitive throughout FY'24, the board consider the company to be well positioned to manage and take on this challenge.
The company will continue to develop its profile on current frameworks in order to achieve defined objectives as regards business development and performance over the coming accounting period and to ensure relevant business opportunities are identified with compelling business cases constructed and submitted (generally in the form of quotes and tenders). There are also prevailing framework competitions that have been targeted onto which securing an incumbency will further drive business performance and provide the opportunity to build growth into financial performance. The company is confident of achieving a key objective of securing positions on strategically and geographically important furniture supply framework agreements. The company commitment to continuous development and inherent flexibility to quickly adapt to changing circumstances ensures our product and service offerings remain sustainable, viable and cost effective to our client base.
The groups performance indicators (KPI's) are summarised below:
The management of the business and the execution of the company’s strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competitor activity and employee retention and are summarised as follows:
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BOF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Business risks have been monitored and mitigated throughout the year and will continue to provide key indicators influencing business strategy going forward. Typical managed risks include Framework supplier competition, price pressure from clients and costs from supply chain, increasing overhead costs, greater resource demands from clients etc. Also, whilst our Business Model is substantively low risk i.e., Public Sector: Education Sector, NHS, Local Authorities etc. the geo-political environment will continue to be closely monitored to ensure appropriate mitigation strategies are implemented where necessary; case in point being the, at time of writing, uncertainty caused by USA tariffs impositions worldwide.
The company implements robust fiscal management and control policies, mandated at Board level, and managed directly by BOF Managing Director and the finance department. There is no debt finance on the books and the carefully managed Business Model means this is a low credit risk area predicated on stringent customer credit checks (on-going credit worthiness reviewed frequently) and key client profiles e.g., Public Sector: Education Sector, NHS, Local Authorities etc. The company Environmental, Quality, Equality and Health & Safety credentials remain critical to maintaining our strong position on current frameworks and crucial to securing similar incumbencies on upcoming Framework opportunities. Development in these areas has seen further investment strategies achieve enhanced scores in Supply Chain Sustainability School environmental system where our benchmarked scores remain industry leading. Further contract critical credentials continue to be maintained e.g., CTC Security Clearance for numerous BOF personnel and Cyber Essentials accreditation.
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The company is not exposed to any significant credit risk.
The company does not utilise long-term or short-term debt finance. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The company has interest bearing assets which comprise only cash balances which eam interest at fixed and floating rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
This report was approved by the board on 19 June 2025 and signed on its behalf.
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BOF GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The principal activity of the company in the year under review was that of wholesalers and retailers of office furniture.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,283,963 (2023 - £1,999,334).
The results for the year are set out on page 12.
The directors who served during the year were:
Included in the company's strategic report is a review of the business and description of the principal risks and uncertainties facing the company.
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BOF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BOF GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOF GROUP LIMITED
We have audited the financial statements of BOF Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BOF GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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BOF GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below :
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness. - Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; - Discussions with management over any potential or suspected fraud. - Performing substantive tests of detail over the completeness of income within the financial system. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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BOF GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
Swansea, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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BOF GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
REGISTERED NUMBER: 03108386
BALANCE SHEET
AS AT 31 DECEMBER 2024
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BOF GROUP LIMITED
REGISTERED NUMBER: 03108386
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 32 form part of these financial statements.
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BOF GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BOF GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BOF Group Limited is a private company limited by shares incorporated in England Wales. The company's registered number is 03108386. The registered office is Tower House, Tower Close, Bridgend Industrial Estate, Bridgend, Mid Glamorgan, United Kingdom, CF31 3TH.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting end date, the company reviews the carrying amounts of its tangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than is carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instruments are recognized as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that been enacted or substantively enacted by the reporting end date. Deferred Tax Deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure on taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognized to the extent that is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discontinued.
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year that they are payable.
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Rentals payables under operating leases, including any lease incentives received, are charge 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 leases asset are consumed.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Analysis of turnover by country of destination:
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOF GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors consider the ultimate controlling party to be Mr M Parrish due to his level of shareholding.
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