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| Basis of opinion |
| 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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’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. |
|
| Conclusions relating to going concern |
| 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 accounts is not appropriate; or |
| ● |
the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the 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 accounts are authorised for issue. |
|
| Other information |
| The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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 accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
| ● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| Bovill & Boyd (Technical Mouldings) Limited |
| Notes to the Accounts |
| for the year ended 30 November 2020 |
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| 1 |
Accounting policies |
|
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
10%-33⅓% straight line basis |
|
Office equipment, fixtures and fittings |
25% straight line basis |
|
Motor vehicles |
25% straight line basis |
|
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Government grants |
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Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefited from any other forms of government assistance. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
33 |
|
32 |
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| 3 |
Tangible fixed assets |
|
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Motor Vehicle |
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Plant and machinery etc |
|
Fixtures and fittings |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 December 2019 |
6,825 |
|
730,894 |
|
43,760 |
|
781,479 |
|
Additions |
- |
|
166,253 |
|
1,360 |
|
167,613 |
|
At 30 November 2020 |
6,825 |
|
897,147 |
|
45,120 |
|
949,092 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 December 2019 |
2,773 |
|
337,833 |
|
40,300 |
|
380,906 |
|
Charge for the year |
1,013 |
|
60,215 |
|
1,364 |
|
62,592 |
|
At 30 November 2020 |
3,786 |
|
398,048 |
|
41,664 |
|
443,498 |
|
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|
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Net book value |
|
At 30 November 2020 |
3,039 |
|
499,099 |
|
3,456 |
|
505,594 |
|
At 30 November 2019 |
4,052 |
|
393,061 |
|
3,460 |
|
400,573 |
|
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|
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| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
408,550 |
|
466,419 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
114,210 |
|
86,067 |
|
Prepayments |
36,323 |
|
37,021 |
|
Tax recoverable by group relief |
30,207 |
|
64,261 |
|
|
|
|
|
|
589,290 |
|
653,768 |
|
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
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Debtors finance received (secured) |
225,975 |
|
362,464 |
|
Obligations under finance lease and hire purchase contracts |
80,368 |
|
29,734 |
|
Trade creditors |
265,825 |
|
237,425 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
990,140 |
|
1,043,477 |
|
Other taxes and social security costs |
148,830 |
|
73,317 |
|
Accruals |
25,679 |
|
29,301 |
|
|
|
|
|
|
1,736,817 |
|
1,775,718 |
|
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| 6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
232,738 |
|
56,991 |
|
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|
|
|
|
|
|
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| 7 |
Pension commitments |
|
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The company operates a defined contribution pension scheme on behalf of certain employees. The assets of the scheme are held separately from the company in an independently administered funds. The contributions paid for the year amounted to £14,721 (2019: £12,405). |
|
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| 8 |
Contingent liabilities |
|
|
The company takes part in a group financial facility with the HSBC. This involves cross guarantees with all companies within the British Gaskets Group. A contingent liability therefore exists for the bank borrowings of the whole group. Total group indebtedness at the Balance Sheet date amounted to £Nil. |
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| 9 |
Related party transactions |
|
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The company, as a wholly owned subsidiary, has taken advantage of the exemption contained in Financial Reporting Standard 102 Section 1A - small entities and has not disclosed details of transactions or balances with entities which form part of the group |
|
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| 10 |
Controlling party |
|
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The company is a wholly owned subsidiary of British Gaskets Limited whose registered office and principal place of business is 7 Brundon Lane, Sudbury, Suffolk CO10 1XR. |
|
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The ultimate controlling party is R D Jones. |
|
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| 11 |
Going concern basis of accounting |
|
|
The accounts have been prepared on the basis that the company will continue as a going concern for the foreseeable future. The directors consider this basis to be valid on the grounds that the parent company will continue to provide adequate funds. |
|
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| 12 |
Other information |
|
|
Bovill & Boyd (Technical Mouldings) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
BG Office |
|
7 Brundon Lane |
|
Sudbury |
|
Suffolk |
|
CO10 1XR |
