Boyce Construction Company Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05040701 (England and Wales)

BOYCE CONSTRUCTION COMPANY LIMITED

Unaudited Financial Statements

For The Year Ended 31 March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B J Clements

SECRETARY:

Miss L Clements

REGISTERED OFFICE:

25 Bromfords Drive

Wickford

Essex

SS12 0NZ

REGISTERED NUMBER:

05040701 (England and Wales)

FIXED ASSETS

Intangible assets

4

7,900

15,800

Tangible assets

5

33,555

11,794

41,455

27,594

CURRENT ASSETS

Stocks

1,410

1,300

Debtors

6

34,454

17,275

Cash at bank

13,850

8,526

49,714

27,101

CREDITORS

Amounts falling due within one year

7

35,284

47,188

NET CURRENT ASSETS/(LIABILITIES)

14,430

(20,087

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,885

7,507

CREDITORS

Amounts falling due after more than one year

8

(23,067

)

(4,889

)

PROVISIONS FOR LIABILITIES

(7,084

)

(2,422

)

NET ASSETS

25,734

196

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

25,733

195

SHAREHOLDERS' FUNDS

25,734

196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 December 2017 and were signed by:

Mr B J Clements - Director

1.	STATUTORY INFORMATION

Boyce Construction Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In the opinion of the director, it remains appropriate to continue to adopt the going concern basis of accounting.

The director has pledged his ongoing support of the company for a period of 12 months from the balance sheet

date.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

79,000

AMORTISATION

At 1 April 2016

63,200

Amortisation for year

7,900

At 31 March 2017

71,100

NET BOOK VALUE

At 31 March 2017

7,900

At 31 March 2016

15,800

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

3,221

36,037

4,667

43,925

Additions

-

25,985

499

26,484

Disposals

-

(2,913

)

-

(2,913

)

At 31 March 2017

3,221

59,109

5,166

67,496

DEPRECIATION

At 1 April 2016

2,731

26,118

3,282

32,131

Charge for year

98

2,481

278

2,857

Eliminated on disposal

-

(1,047

)

-

(1,047

)

At 31 March 2017

2,829

27,552

3,560

33,941

NET BOOK VALUE

At 31 March 2017

392

31,557

1,606

33,555

At 31 March 2016

490

9,919

1,385

11,794

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

25,985

At 31 March 2017

25,985

NET BOOK VALUE

At 31 March 2017

25,985

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

34,454

17,275

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,667

2,667

Hire purchase contracts

5,140

-

Trade creditors

9,786

5,350

Taxation and social security

13,101

12,930

Other creditors

4,590

26,241

35,284

47,188

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,222

4,889

Hire purchase contracts

20,845

-

23,067

4,889

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

25,985

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B J Clements.

12.	FIRST YEAR ADOPTION

This is the first year that Boyce Construction Company Limited has prepared its results under FRS 102. The last

financial statements prepared under previous UK GAAP were for the year ended 31 March 2016. The date of

transition to FRS 102 was 1 April 2016.

No transition differences have been identified on transition from previous UK GAAP to FRS 102. As such, no

transition tables are presented showing the differences between the financial statements as presented under previous

GAAP and as presented under FRS 102.