Boy Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05276927

Boy Limited

Filleted Unaudited Abridged Financial Statements

30 November 2021

Boy Limited

Abridged Statement of Financial Position

30 November 2021

	2021		2020
Note	£	£	£

Fixed Assets

Tangible assets	4		56,748	18,024

Current Assets

Stocks	253,709	201,003
Debtors	432,521	659,214
Cash at bank and in hand	366,418	107,655
	------------	---------
	1,052,648	967,872

Creditors: amounts falling due within one year	809,326		510,903
	------------		---------
Net Current Assets		243,322	456,969
		---------	---------
Total Assets Less Current Liabilities		300,070	474,993

Creditors: amounts falling due after more than one year		156,667	193,333

Provisions

Taxation including deferred tax	10,782	3,078
	---------	---------
Net Assets	132,621	278,582
	---------	---------

Capital and Reserves

Called up share capital	55,555	55,555
Share premium account	4,445	4,445
Profit and loss account	72,621	218,582
	---------	---------
Shareholders Funds	132,621	278,582
	---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 30 November 2021 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 abridged 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 abridged financial statements .

Boy Limited

Abridged Statement of Financial Position (continued)

30 November 2021

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 21 April 2022 , and are signed on behalf of the board by:

R Wilson

Director

Company registration number: 05276927

Boy Limited

Accounting Policies

Year Ended 30 November 2021

Basis of Preparation

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

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

The turnover shown in the profit and loss account represents amounts charged during the year, exclusive of Value Added Tax, in respect of goods and services provided by the company.

Income Tax

Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed at the balance sheet date, except for timing differences arising on revaluation of fixed assets which are not intended to be sold or gains on disposal of fixed assets which will be rolled over into replacement assets. No provision is made for taxation or permanent differences. Deferred tax assets are recognised to the extent that the directors consider the amount to be recoverable in the foreseeable future.

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant & machinery	-	25% straight line
Motor vehicles	-	25% straight line
Computer equipment	-	33% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 abridged 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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Defined Contribution Plans

The company pays contributions to certain employees personal pension schemes under a group stakeholder arrangement. Consequently, the annual instalments charged to the profit and loss account are fixed under the terms of the scheme. The company has no potential liability other than for the payment of those instalments.

Boy Limited

Notes to the Abridged Financial Statements

Year Ended 30 November 2021

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 7, Brindley Close, Rushden Business Park, Rushden, Northants, NN10 6EN.

2. Statement of Compliance

These abridged 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. Employee Numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 11 ).

4. Tangible Assets

	£
Cost
At 1 December 2020	245,958
Additions	45,549
Disposals	( 31,460)
	---------
At 30 November 2021	260,047
	---------
Depreciation
At 1 December 2020	227,934
Charge for the year	6,822
Disposals	( 31,457)
	---------
At 30 November 2021	203,299
	---------
Carrying amount
At 30 November 2021	56,748
	---------
At 30 November 2020	18,024
	---------

5. Operating Leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	49,126	47,869
Later than 1 year and not later than 5 years	7,193	53,599
	--------	---------
	56,319	101,468
	--------	---------

6. Related Party Transactions

Dividends paid to shareholders during the year are disclosed in the statement of income and retained earnings on page 4.

7. Controlling Party

The immediate and ultimate parent company is Hi-Class Machinery Group Limited, a company registered in England and Wales.