Registered number: 00215444
FOR THE YEAR ENDED 31 MARCH 2025
BOYS & BODEN LIMITED
COMPANY INFORMATION
BOYS & BODEN LIMITED
CONTENTS
BOYS & BODEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their Strategic Report of Boys & Boden Limited ("the Company") for the year ended 31 March 2025.
Overall, the Company has performed well, despite market conditions, achieving a turnover of £46.4m, and pre-tax profits in excess of £1.2m.
The Builders’ Merchant business saw sales revenue drop by 5.5% against the previous year as a result of the continuation of increasing price pressure from competitors and the downturn in the retail market.
The Plumbline business’ revenue reduced in the year by 11.7% as a result of price pressure from competitors alongside the challenging market conditions that are being experienced due to the economic climate.
The Pear Stairs business saw sales revenue drop by 2.4% off the back of a large increase in sales seen in the previous year. Demand for products remains strong and the Company is continuing investment in the division over the coming years.
The Company’s Balance Sheet shows an increase in net assets of £1.0m with net current assets remaining strong at £7.4m. The Company’s liquidity remains very healthy.
The Builders’ Merchant business saw sales revenue drop by 5.5% against the previous year as a result of the continuation of increasing price pressure from competitors and the downturn in the retail market.
The Plumbline business’ revenue reduced in the year by 11.7% as a result of price pressure from competitors alongside the challenging market conditions that are being experienced due to the economic climate.
The Pear Stairs business saw sales revenue drop by 2.4% off the back of a large increase in sales seen in the previous year. Demand for products remains strong and the Company is continuing investment in the division over the coming years.
The Company’s Balance Sheet shows an increase in net assets of £1.0m with net current assets remaining strong at £7.4m. The Company’s liquidity remains very healthy.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The risks facing the Company are constantly monitored and assessed. The Company’s business activities, financial condition and trading results could be affected by any or all of the following risks and uncertainties:
General business conditions and economy
The Directors are of the opinion that the principal risks facing the Company relate to the wider economic conditions which influence raw material cost and the demand for its products.
The Company seeks to manage these risks by maintaining an appropriate spread of market segments and product ranges, a broad supplier base and robust production systems.
The UK is currently in a cost of living crisis due to interest rates, fuel, and household bills rising sharply. This has led to a downturn in the economy and the Company is continuing to see a decrease in demand for products alongside increased price pressures. The Company continues to monitor and react to changes in supply and demand.
Information Systems
The Company is reliant upon a number of business systems which, if disrupted for any length of time due to damage or interruption from loss of power, failure of telecommunications, sabotage or vandalism, could have an adverse effect on the efficient running of the Company's business. There are backup facilities in place.
Health and Safety
In common with all manufacturing businesses, the factory environment of the stairs business exposes the Company to Health and Safety risks. The Directors take the Health and Safety of its employees and any third party on its sites very seriously and are mindful of Health and Safety regulatory compliance. Consequently, they have in place stringent policies and procedures which are appropriately communicated and monitored by a designated Health and Safety Officer. The Directors are proud of the Company's excellent Health and Safety record.
General business conditions and economy
The Directors are of the opinion that the principal risks facing the Company relate to the wider economic conditions which influence raw material cost and the demand for its products.
The Company seeks to manage these risks by maintaining an appropriate spread of market segments and product ranges, a broad supplier base and robust production systems.
The UK is currently in a cost of living crisis due to interest rates, fuel, and household bills rising sharply. This has led to a downturn in the economy and the Company is continuing to see a decrease in demand for products alongside increased price pressures. The Company continues to monitor and react to changes in supply and demand.
Information Systems
The Company is reliant upon a number of business systems which, if disrupted for any length of time due to damage or interruption from loss of power, failure of telecommunications, sabotage or vandalism, could have an adverse effect on the efficient running of the Company's business. There are backup facilities in place.
Health and Safety
In common with all manufacturing businesses, the factory environment of the stairs business exposes the Company to Health and Safety risks. The Directors take the Health and Safety of its employees and any third party on its sites very seriously and are mindful of Health and Safety regulatory compliance. Consequently, they have in place stringent policies and procedures which are appropriately communicated and monitored by a designated Health and Safety Officer. The Directors are proud of the Company's excellent Health and Safety record.
The Statement of Comprehensive Income, Balance Sheet, Statement of Cash Flows and associated notes (as detailed on the following pages) adequately show the development, performance and position of the Company during the year and at the Balance Sheet date.
The Company measures its financial performance and position by reference to Key Performance Indicators (KPI's). The sales, gross profit and bank balances are monitored daily. The profit before tax is reviewed monthly.
The Company measures its financial performance and position by reference to Key Performance Indicators (KPI's). The sales, gross profit and bank balances are monitored daily. The profit before tax is reviewed monthly.
The Company uses a suite of non-financial KPI's to monitor and measure success on a weekly basis. These KPI's cover the whole business operating spectrum and reflect the changing needs of the business over time.
The Company has a policy to protect the environment wherever it operates or whenever it sources materials, with KPI's being used to measure the proportion of timber purchased from forests that are well managed environmentally according to the Forest Stewardship Council (FSC) Standards.
The Company has a policy to protect the environment wherever it operates or whenever it sources materials, with KPI's being used to measure the proportion of timber purchased from forests that are well managed environmentally according to the Forest Stewardship Council (FSC) Standards.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
S172(1) of the Companies Act sets out the duties of each Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below:
a) the likely consequences of any decision in the long term;
b) the interest of the Company's employees;
c) the need to foster the Company's business relationship with suppliers, customer and others;
d) the impact of the Company's operations on the community and environment;
e) the desirability of the Company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly between members of the Company
The success of the business depends on the trust and confidence of our stakeholders in the ability of the business to operate sustainability both now and in the longer term. The Company seeks to generate sustainable profits and to do so fairly prioritises the interests of our customers, employees, key suppliers and other identified stakeholders.
The Directors have acted in accordance with their legal duties, which include a duty to act in the way in which they consider, in good faith, would be the most likely to promote the success of the business for the benefit of its shareholders, whilst having regard to all of our stakeholders and the matters set out in a) to f) above.
The Company was established in 1895 as a sawmill and evolved over the years to meet the needs of customers; providing products for the building and plumbing trades and DIY. The Company is proud of its long history and its record of providing secure employment over many years.
The Company is a fast-growing dynamic company which is always looking at ways to improve all areas of the business. This is achieved through investment in capital with profits of the business invested back into the business to achieve long term growth. The Company has customer service at the heart of its operations and all branches are subject to continuous improvement measures, which may include making efficiencies in the way that employees work and increasing stock range in branches.
a) the likely consequences of any decision in the long term;
b) the interest of the Company's employees;
c) the need to foster the Company's business relationship with suppliers, customer and others;
d) the impact of the Company's operations on the community and environment;
e) the desirability of the Company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly between members of the Company
The success of the business depends on the trust and confidence of our stakeholders in the ability of the business to operate sustainability both now and in the longer term. The Company seeks to generate sustainable profits and to do so fairly prioritises the interests of our customers, employees, key suppliers and other identified stakeholders.
The Directors have acted in accordance with their legal duties, which include a duty to act in the way in which they consider, in good faith, would be the most likely to promote the success of the business for the benefit of its shareholders, whilst having regard to all of our stakeholders and the matters set out in a) to f) above.
The Company was established in 1895 as a sawmill and evolved over the years to meet the needs of customers; providing products for the building and plumbing trades and DIY. The Company is proud of its long history and its record of providing secure employment over many years.
The Company is a fast-growing dynamic company which is always looking at ways to improve all areas of the business. This is achieved through investment in capital with profits of the business invested back into the business to achieve long term growth. The Company has customer service at the heart of its operations and all branches are subject to continuous improvement measures, which may include making efficiencies in the way that employees work and increasing stock range in branches.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Engaging with stakeholders
The Company's stakeholders, and the way in which we engage with them, are as follows:
Employees
The Company relies on a skilled team in all parts of the business with customer service at the heart of the business. The Company provides interesting, well-paid jobs where individuals can share ideas and have an impact on the efficiency of operations.
Recruitment and retention of staff is important and the Company engages with employees by setting remuneration at market level or above, providing training and development opportunities, and extra holiday for long service.
Customers and suppliers
Every branch is continually invested in to achieve continued growth in order to offer customers the best range of products and services.
The Company has built and will maintain a reputation for transparency and fair dealing in their interaction with customers and suppliers.
The community
As a large employer in Mid Wales, the Company provides well paid quality jobs and as a result of this support many local families. Each year the Company supports a local charity and regularly engages with local communities including schools.
The Company uses local suppliers and sub-contractors where possible to benefit the local economy.
The environment
The Company is committed to reducing its carbon footprint and now has 1,204kw of solar pv systems across its branches to future proof some of the Company’s energy supply. The Company disposes of all waste responsibly and recycles packaging waste. The Company is proud to have achieved FSC accreditation by supplying products that come from responsibly managed forests.
The Company's stakeholders, and the way in which we engage with them, are as follows:
Employees
The Company relies on a skilled team in all parts of the business with customer service at the heart of the business. The Company provides interesting, well-paid jobs where individuals can share ideas and have an impact on the efficiency of operations.
Recruitment and retention of staff is important and the Company engages with employees by setting remuneration at market level or above, providing training and development opportunities, and extra holiday for long service.
Customers and suppliers
Every branch is continually invested in to achieve continued growth in order to offer customers the best range of products and services.
The Company has built and will maintain a reputation for transparency and fair dealing in their interaction with customers and suppliers.
The community
As a large employer in Mid Wales, the Company provides well paid quality jobs and as a result of this support many local families. Each year the Company supports a local charity and regularly engages with local communities including schools.
The Company uses local suppliers and sub-contractors where possible to benefit the local economy.
The environment
The Company is committed to reducing its carbon footprint and now has 1,204kw of solar pv systems across its branches to future proof some of the Company’s energy supply. The Company disposes of all waste responsibly and recycles packaging waste. The Company is proud to have achieved FSC accreditation by supplying products that come from responsibly managed forests.
This report was approved by the board and signed on its behalf.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
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 judgements 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 £1,065,268 (2024 - £888,488).
Dividends totalling £34,545 were declared during the year (2024: £33,639).
The Directors who served during the year were:
The strategic aim of the business is to continue to grow over the next ten years by continual re-investment in the business. The investments made will not be short term and will build on the Company's solid foundations.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company’s research and development project relates to continued investment in Pear Stairs. Further progress has been made on this project during the year and the team continue to overcome technical challenges in the project.
The reporting period that this submission covers is 1 April 2024 to 31 March 2025.
The GHG Protocol Corporate Accounting & Reporting Standard has been followed.
The data used has been collected specifically for the purpose of SECR.
The 2024 UK Conversion Factors for Company Reporting have been used.
Emissions data is based on Operational control is as follows:
The GHG Protocol Corporate Accounting & Reporting Standard has been followed.
The data used has been collected specifically for the purpose of SECR.
The 2024 UK Conversion Factors for Company Reporting have been used.
Emissions data is based on Operational control is as follows:
During the year the Company consumed 834,813 kWh (2024: 990,618 kWh) of energy in relation to the combustion of gas and 3,273,711 kWh (2024: 3,208,104 kWh) for the purposes of transport.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Intensity Ratio
The intensity ratio chosen was tCO2 per employee. For this reporting period total employees were 267. As a result, the intensity metric for the period equated to 5.45 tCO2 per employee. This was chosen as it was deemed to be the best metric to reflect changes in the business.
Energy Efficiency Actions
The Company is committed to installing energy saving measures in branches and reducing energy use.
The intensity ratio chosen was tCO2 per employee. For this reporting period total employees were 267. As a result, the intensity metric for the period equated to 5.45 tCO2 per employee. This was chosen as it was deemed to be the best metric to reflect changes in the business.
Energy Efficiency Actions
The Company is committed to installing energy saving measures in branches and reducing energy use.
In August 2025, Boys & Boden Holdings Limited became the immediate and ultimate parent company of Boys & Boden Limited.
It is the intention of the directors that, following this change in ownership, certain investment and trading properties together with associated loan facilities will be transferred to Boys and Boden Holdings Limited.
It is the intention of the directors that, following this change in ownership, certain investment and trading properties together with associated loan facilities will be transferred to Boys and Boden Holdings Limited.
The auditors, WR Partners, 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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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED
We have audited the financial statements of Boys & Boden Limited (the 'Company') for the year ended 31 March 2025, 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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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN 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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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN 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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Unit 10
St Giles Business Park
Powys
SY16 3AJ
Date:
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BOYS & BODEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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BOYS & BODEN LIMITED
REGISTERED NUMBER: 00215444
BALANCE SHEET
AS AT 31 MARCH 2025
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BOYS & BODEN LIMITED
REGISTERED NUMBER: 00215444
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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BOYS & BODEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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BOYS & BODEN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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BOYS & BODEN LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Boys & Boden Limited ('the Company') is a private company, limited by shares, incorporated and domiciled in the United Kingdom and operating in England and Wales. The Company's registered office and principal place of business is located at Mill Lane, Welshpool, Powys, SY21 7BL.
The principal activities of the Company are that of timber and builders merchants, staircase manufacturers and plumbing merchants.
The principal activities of the Company are that of timber and builders merchants, staircase manufacturers and plumbing merchants.
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Trading property is not depreciated as the Directors believe that these are being carried at residual value. Therefore, these financial statements include a depreciation charge for property improvements only.
Assets that are subject to depreciation are assessed at each Balance Sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit (CGU) to which the asset has been allocated) is tested for impairment. An impairment loss is recognised as the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's).
Non-financial assets that have been previously impaired are reviewed at each Balance Sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have ceased.
Non-financial assets that have been previously impaired are reviewed at each Balance Sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have ceased.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Valuation of inventory
Inventory is carried at the lower of cost and net realisable value, with cost being determined using actual cost at an individual item level. Net realisable value is calculated based on multiple selling prices throughout the year with the key being the most recent sales price. Management monitors the level of inventory provision applied through reviews of slow moving stock, which has been consistently applied year on year. Further adjustments are made where changes in the above factors would mean that it is appropriate to do so. This application of this estimation technique in applying the inventory provisioning policy represents a significant judgement in the preparation of the financial statements, as items may be ultimately sold at amounts which differ from their carrying value. Management continually reviews the appropriateness of this technique to ensure that it continues to represent their best estimate of net realisable value of inventory.
Investment property valuation
Investment property is valued each year at fair value, as per the Directors' valuation. This is based on open market value of the properties individually. The Directors consider whether changes to the valuation were present at the balance sheet date and any changes are recognised in the profit and loss account as fair value movements. For the year ending 31 March 2025, the Directors concluded that there was an increase of £744,040 to the valuation of investment properties.
The whole of the turnover is attributable to the principal activities of the Company.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 28
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 29
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.Taxation (continued)
There are no factors that will affect future tax charges.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 31
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.Tangible fixed assets (continued)
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The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 32
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 33
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 34
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 35
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 36
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 37
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Investment property revaluation reserve
Capital redemption reserve
Profit and loss reserve
Page 38
BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £234,561 (2024: £240,122). Contributions totalling £39,729 (2024: £66,973) were payable to the fund at the balance sheet date and are included in creditors.
It is the intention of the directors that, following this change in ownership, certain investment and trading properties together with associated loan facilities will be transferred to Boys and Boden Holdings Limited.
The Company is under the control of D Hammond, Director, by virtue of his majority holding of the Company's share capital.
Page 39