Boyce AIM Limited - Period Ending 2018-12-31

Registration number: 05588170

Boyce AIM Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Boyce AIM Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Boyce AIM Limited

(Registration number: 05588170)
Balance Sheet as at 31 December 2018

	Note
		2018 £	2018 £	2017 £	2017 £
Fixed assets
Other financial assets	3		100,821		120,821
Current assets
Debtors	4	383		383
Creditors: Amounts falling due within one year	5	(1,412,539)		(1,409,903)
Net current liabilities			(1,412,156)		(1,409,520)
Net liabilities			(1,311,335)		(1,288,699)
Capital and reserves
Called up share capital	6	100		100
Profit and loss account		(1,311,435)		(1,288,799)
Total equity			(1,311,335)		(1,288,699)

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 August 2019 and signed on its behalf by:
 

.........................................

A R Boyce
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Boyce AIM Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite One
Beacon House
Kempson Way
Bury St Edmunds
IP32 7AR
United Kingdom

These financial statements were authorised for issue by the Board on 16 August 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 2

Boyce AIM Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial Investments
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss statement. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
 
 

3	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost
At 1 January 2018	170,821	170,821
At 31 December 2018	170,821	170,821
Fair value adjustment
At 1 January 2018	(50,000)	(50,000)
Fair value adjustment in the period	(20,000)	(20,000)
At 31 December 2018	(70,000)	(70,000)
Carrying amount
At 31 December 2018	100,821	100,821
At 31 December 2017	120,821	120,821

Page 3

Boyce AIM Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Debtors

	2018 £	2017 £
Other debtors	383	383
	383	383

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Accruals and deferred income	10,149	9,496
Other creditors	1,402,390	1,400,407
	1,412,539	1,409,903

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

Page 4

Boyce AIM Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7	Financial instruments

Categorisation of financial instruments

	2018 £	2017 £
Financial assets measured at fair value through profit or loss	100,821	120,821
	100,821	120,821

Financial assets measured at fair value

Non Current Financial Assets
The fair value of the financial assets is determined by the price of share issues.

The fair value is £100,821 (2017 - £120,821) and the change in value included in profit or loss is £(20,000) (2017 - £10,000).

Items of income, expense, gains or losses

2018	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	-	20,000

2017	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	10,000	-

8	Parent and ultimate parent undertaking

The company's immediate parent is Boyce Investment Group Limited, incorporated in England.

 The RG Boyce Trustee Co Ltd, a company incorporated in Cyprus, in its capacity as trustee, had a controlling interest in the company throughout the year .

 

9

Going Concern

As at 31 December 2018, the comany had net liabilities of £1,311,435 (2017: £1,288,699). This included related party loan of £1,402,390 (2017: £1,400,407).

The directors have no reason to believe that there is any material uncertainty in relation to the ongoing provision of these loans.

Page 5