ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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Boardmans Design Limited
Company Information
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Boardmans Design Limited
Contents
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Boardmans Design Limited
Group Strategic Report
For the Year Ended 31 January 2020
The directors present their strategic report for the year ended 31 January 2020.
The financial year 2019/20 saw a number of High Street retailers enter administration or restructure through CVA’s. Despite this, Boardmans Group has performed satisfactorily in what many see as challenging times for the sector.
Post tax profit reduced from £883,149 to £477,286 as the Company’s turnover reduced by 27% in Sterling compared to the prior year. Expenses were 16.5% lower as employee numbers reduced by 10%. The balance sheet on page 9 and 10 shows the financial position at the year-end, in terms of net assets and shareholders' funds after a Capital Reduction Demerger was completed. During the year, the Private Label business supplying goods FOB to multiple retailers saw the percentage of International sales increase whilst the Wholesale business saw continued growth in sales through online retailers at the expense of bricks and mortar business
The Group manages risk through a broad customer base who themselves operate over an increasingly global reach. The balance of sales US dollars, Euros and Sterling continues to provide a hedge against the impact of exchange rates with purchases increasingly in RMB. Financial instruments were enhanced to better manage the ongoing RMB requirements with forward contracts in multiple currencies.
Trade debtor insurance has become increasingly difficult to obtain on all but the most risk-free customers and as the cost increases the value of cover has decreased resulting in a move to self-insure and provide for potential bad debts. Rising costs in China continue to pose a potential risk which we aim to manage through effective local sourcing and the continued transfer of roles and associated cost from the UK to China where practical.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole, being Turnover and Operating Profit. Turnover has decreased when reported in GBP by 27% to £12,330,494 from £16,924,286. Operating profit has reduced from £1,132,710 to £568,933.
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Boardmans Design Limited
Group Strategic Report (continued)
For the Year Ended 31 January 2020
We measure our suppliers through a rigorous and independent audit process that continues to evolve with the demands of our customers. Productivity as a measure of sales and profit per head is a new measure introduce to ensure each role is delivering value.
Future developments and CoVid impact
At the financial year end January 2020, we were predicting further challenges for the High Street with the competitive pressure from Online retail exacerbated by upward only rents and business rates for bricks and mortar stores. Restructuring through CVAs relieved pressure for some retailers and our own expense base reductions provided the opportunity to price competitively. Considering all these aspects, the forecast for the year ending January 2021 was for reduced profitability against 2020 before the impact of CoVid hit. At the time of the first lockdown in April 2020, our revised forecast was for breakeven with an immediate hit to Spring/Summer 20 season and an anticipation of reduced confidence for Autumn 20. Having seen the impact of lockdown on our China office in February 2020, we were able to plan for working from home and we successfully implemented that plan at the end of March. The announcement of the Job Retention Scheme allowed us to initially retain all our workforce in the UK with half on full time furlough. In consultation and agreement with our China staff, we reduced working hours for a 2 month period whilst the business assessed the reaction from the market place. With non-essential retail shut for a number of months we expected further casualties, with Arcadia being the most prominent, and successfully applied for a CoronaVirus Business Interruption Loan (CBILS). We made further redundancies in the second half of 2020 to reflect a forecast 20% reduction in turnover and associated activity. This reduction is lower than originally forecast as a significant percentage of our sales are with retailers who are deemed essential and remained open or are online retailers. We have continued to re-forecast sales, activity and expense and, despite the devasting impact of CoVid on our industry, and many others, we are optimistic that the year ending January 2021 will be profitable and we expect to repay the CBILS before interest becomes due. The Company has successfully adopted a hybrid working from office and home that we expect to continue when restrictions are eased. Combined with the successful move of our Operations to the Hangzhou office, we feel the painful changes forced upon us have speeded up inevitable change and we are better placed than before to capitalise on future growth opportunities.
Financial management
As highlighted above, purchases of goods in USD are offset by a mixture of sales in USD and GBP. The ability to purchase and trade directly in RMB further enhances internal treasury controls. The business is funded by Trade Finance instruments and is cash generative. Finance charges are expected to reduce further in line with reduced borrowing and increased profit retention. There remains an appetite for further funding from the principal bankers if required to stimulate growth and so opportunities are realised swiftly.
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Boardmans Design Limited
Group Strategic Report (continued)
For the Year Ended 31 January 2020
This report was approved by the board and signed on its behalf.
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Boardmans Design Limited
Directors' Report
For the Year Ended 31 January 2020
The directors present their report and the financial statements for the year ended 31 January 2020.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £477,286 (2019 - £883,149).
Dividends paid during the period amounted to £856,885 (2019: £274,500).
The directors do not recommend the payment of a final dividend (2019: £nil).
The directors who served during the year were:
The group's future developments are disclosed in the Strategic Report.
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Boardmans Design Limited
Directors' Report (continued)
For the Year Ended 31 January 2020
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
The Group has been affected by the CoVid pandemic arising in March 2020. The impact of this has been addressed in the Strategic report.
The auditors, Hurst Accountants Limited, 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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Boardmans Design Limited
Independent Auditors' Report to the Members of Boardmans Design Limited
We have audited the financial statements of Boardmans Design Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company 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).
In our opinion the financial statements:
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 Group 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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Boardmans Design Limited
Independent Auditors' Report to the Members of Boardmans Design Limited (continued)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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Boardmans Design Limited
Independent Auditors' Report to the Members of Boardmans Design 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 Group financial statements.
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
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Boardmans Design Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 January 2020
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Boardmans Design Limited
Registered number: 10595878
Consolidated Balance Sheet
As at
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 35 form part of these financial statements.
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Boardmans Design Limited
Registered number: 10595878
Company Balance Sheet
As at
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 35 form part of these financial statements.
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Boardmans Design Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 January 2020
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Boardmans Design Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 January 2019
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Boardmans Design Limited
Company Statement of Changes in Equity
For the Year Ended 31 January 2020
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Boardmans Design Limited
Company Statement of Changes in Equity
For the Year Ended 31 January 2019
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Boardmans Design Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 January 2020
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Boardmans Design Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 January 2020
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Boardmans Design Limited is a private company limited by share capital and incorporated in England, company number 10595878. The address of the registered office and principal place of business is Unit 10 Clarence Avenue, Trafford Park, Manchester, M17 1QS.
The company's principal activity is that of a holding company.
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 February 2017.
The Covid-19 virus pandemic has had a significant impact on businesses in the UK. Since restrictions were implemented by the UK Government in March 2020, the directors have carried out a variety of actions to mitigate the effects including the introduction of home working, applying for applicable Government support (including utilisation of the Coronavirus Job Retention Scheme 'CJRS' for some employees) and deferring or cancelling costs where appropriate.
The directors have concluded with reasonable certainty that the group will be able to realise its assets and discharge its liabilities in the normal course of business for a period of at least 12 months from the date of the approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
2.Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
2.Accounting policies (continued)
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
The Group uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its enter user text. These derivatives are measured at fair value at each balance sheet date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.
Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group at 31 January 2020 are discussed below.
Provision for obsolete and slow-moving stocks The Group has recognised stocks with a carrying value of £396,503 (2019: £526,081). The Group reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for slow-moving stock is based on the ageing and historical sales pattern. Recoverable value of trade debtors The Group has recognised trade debtors with a carrying value of £1,616,063 (2019: £2,475,527). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. Accruals and Provisions Accruals and provisions are entered in the financial statements based on management expectations, taking into account various business and economic factors relevant to each individual item.
The whole of the turnover is attributable to the principal activity of the group.
Analysis of turnover by country of destination:
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 25
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 26
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 28
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 29
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 30
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 31
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
In February 2017, a loan arrangement was entered into for £1,000,000 which is repayable over 5 years in equal installments with interest being charged at 1.97% per annum over base rate. Bank loans and overdrafts are secured by way of fixed and floating charges over the current and future assets of the company.
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Page 33
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
Other reserves
Profit and loss account
Page 34
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Boardmans Design Limited
Notes to the Financial Statements
For the Year Ended 31 January 2020
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £100,329 (2019: £344,480) . Contributions totalling £275 (2019: £61,210) were payable to the fund at the balance sheet date and are included in creditors.
The group is under the ultimate control of P J Wright and J E Wright, by virtue of their majority shareholding of Boardmans Holdings Limited, the parent company.
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