Boden Resource Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07978215

Boden Resource Limited

Filleted Unaudited Financial Statements

31 December 2024

Boden Resource Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	134,950	137,556
Investments	6	200	–
		---------	---------
		135,150	137,556

Current assets

Debtors	7	2,771,749	3,463,595
Cash at bank and in hand		425,438	533,113
		------------	------------
		3,197,187	3,996,708

Creditors: amounts falling due within one year	8	2,702,533	3,576,348
		------------	------------
Net current assets		494,654	420,360
		---------	---------
Total assets less current liabilities		629,804	557,916

Provisions	27,572	28,368
	---------	---------
Net assets	602,232	529,548
	---------	---------

Capital and reserves

Called up share capital	9	200	200
Profit and loss account		602,032	529,348
		---------	---------
Shareholders funds		602,232	529,548
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Boden Resource Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 September 2025 , and are signed on behalf of the board by:

J A Fitzpatrick

Director

Company registration number: 07978215

Boden Resource Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11 Quartz Point, Stonebridge Road, Coleshill, Birmingham, B46 3JL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	15% straight line
Fixtures and fittings	-	25% straight line
Equipment	-	25 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 54 (2023: 48 ).

5. Tangible assets

	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	–	210,699	103,392	314,091
Additions	50,763	2,399	34,648	87,810
	--------	---------	---------	---------
At 31 December 2024	50,763	213,098	138,040	401,901
	--------	---------	---------	---------
Depreciation
At 1 January 2024	–	116,901	59,634	176,535
Charge for the year	6,541	58,961	24,914	90,416
	--------	---------	---------	---------
At 31 December 2024	6,541	175,862	84,548	266,951
	--------	---------	---------	---------
Carrying amount
At 31 December 2024	44,222	37,236	53,492	134,950
	--------	---------	---------	---------
At 31 December 2023	–	93,798	43,758	137,556
	--------	---------	---------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	–
Additions	200
	----
At 31 December 2024	200
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	200
	----
At 31 December 2023	–
	----

7. Debtors

	2024	2023
	£	£
Trade debtors	2,283,178	3,140,093
Amounts owed by related parties	98,667	98,667
Prepayments and accrued income	68,564	207,195
Directors loan account	282,549	–
Other debtors	38,791	17,640
	------------	------------
	2,771,749	3,463,595
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,921	–
Trade creditors	165,856	213,176
Amounts owed to group undertakings	100	–
Amounts owed to related parties	43,060	120,000
Accruals and deferred income	298,212	324,792
Corporation tax	35,768	158,423
Social security and other taxes	301,875	456,690
Amounts owed to invoice discounter	1,836,910	2,285,784
Other creditors	18,831	17,483
	------------	------------
	2,702,533	3,576,348
	------------	------------

Creditors include an amount of £1,836,910 (2023: £2,285,784) owed to the invoice discounter which is secured against the assets of the company.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
A Ordinary shares of £ 1 each	1	1	1	1
B Ordinary shares of £ 1 each	89	89	89	89
C Ordinary shares of £ 1 each	5	5	5	5
D Ordinary shares of £ 1 each	5	5	5	5
	----	----	----	----
	200	200	200	200
	----	----	----	----

The ordinary shares, A shares, B shares, C shares and D shares shall rank pari passu in all respects, except that: A) The profits of the company available for distribution and which are resolved to be distributed shall be applied in paying the holders of the ordinary shares, A shares, B shares, C shares and D shares dividends at such rates (if any) as the directors shall determine and so that a dividend may be paid on one class of shares to the exclusion of the other class of shares and that dividends at different rates may be paid on different classes of shares; and B) The A shares, B shares, C shares and D shares carry no rights to receive notice of or attend or vote at any general meeting of the company or receive or vote on any written resolution of the shareholders of the company, and only the ordinary shares carry a right to receive notice of and to attend and vote at any general meeting of the company and to receive or vote on any written resolution of the shareholders of the company.

10. Directors' advances, credits and guarantees

At the year end the company was owed £282,549 (2023: £Nil) from the directors of the company. the loan is repayable on demand and interest has been charged at the HMRC beneficial loan rates.

11. Related party transactions

Boden Group Investments Limited During the year the company had purchases of £34,478 (2023: £25,229) from Boden Group Investments Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £93,667 (2023 - £99,947) due from the related party. Boden Resource Property Limited During the year the company made net sales of £Nil (2023: £36,344) and had net purchases of £53,614 (2023: £56,129) from Boden Resource Property Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £40,660 (2023 - £129,821) due to the related party. Canopy Search Limited During the year the company made net sales of £205,811 (2022: £92,233) and had net purchases of £31,318 (2023: £32,858) from Canopy Search Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £21,605 (2023 - £34,073) due from the related party.