Boulders Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06125377 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Boulders Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

O J Noakes

K Thomas

S Noakes

REGISTERED OFFICE:

Boulders Unit E2

St Catherines Trade Park

Pengam Road

Cardiff

CF24 2RZ

REGISTERED NUMBER:

06125377 (England and Wales)

ACCOUNTANTS:

HRA (ACCOUNTING) LIMITED

Accountants

Cardiff House

Cardiff Road

Vale of Glamorgan

CF63 2AW

FIXED ASSETS

Tangible assets

4

156,743

164,877

Investments

5

1

-

156,744

164,877

CURRENT ASSETS

Stocks

13,054

14,124

Debtors

6

64,112

47,184

Cash at bank

125,042

73,328

202,208

134,636

CREDITORS

Amounts falling due within one year

7

86,689

73,603

NET CURRENT ASSETS

115,519

61,033

TOTAL ASSETS LESS CURRENT LIABILITIES

272,263

225,910

CAPITAL AND RESERVES

Called up share capital

360,000

360,000

Retained earnings

(87,737

)

(134,090

)

272,263

225,910

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 1 November 2019 and were signed on its behalf by:

O J Noakes - Director

1.	STATUTORY INFORMATION

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

Significant judgements and estimates

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.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

20% on reducing balance

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Amortisation / depreciation will not be charged on financial investments to subsidiaries.

Investments are subsequently stated at cost less any impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or

preference shares are publicly traded or their fair value can otherwise be measured reliably, the

investment is subsequently measured at fair value with changes in fair value recognised in profit or

Ioss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless

payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is

not a market rate, in which case the asset is measured at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in

profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually

significant, these are assessed individually for impairment. Other financial assets are either assessed

individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the

reversal does not result in a carrying amount of the financial asset that exceeds what the carrying

amount would have been had the impairment not previously been recognised.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2018 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 March 2018

81,468

370,233

89,875

Additions

-

12,214

-

At 28 February 2019

81,468

382,447

89,875

DEPRECIATION

At 1 March 2018

73,312

235,567

87,742

Charge for year

1,631

15,760

427

At 28 February 2019

74,943

251,327

88,169

NET BOOK VALUE

At 28 February 2019

6,525

131,120

1,706

At 28 February 2018

8,156

134,666

2,133

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2018

5,850

87,903

635,329

Additions

3,000

306

15,520

At 28 February 2019

8,850

88,209

650,849

DEPRECIATION

At 1 March 2018

1,300

72,531

470,452

Charge for year

2,700

3,136

23,654

At 28 February 2019

4,000

75,667

494,106

NET BOOK VALUE

At 28 February 2019

4,850

12,542

156,743

At 28 February 2018

4,550

15,372

164,877

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 28 February 2019

1

NET BOOK VALUE

At 28 February 2019

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

4,438

4,414

Other debtors

59,674

42,770

64,112

47,184

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

26,263

23,492

Taxation and social security

33,541

34,431

Other creditors

26,885

15,680

86,689

73,603

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

28.2.19

28.2.18

£

£

Within one year

67,250

81,850

Between one and five years

269,000

156,870

In more than five years

330,650

-

666,900

238,720

The operating lease is up for review in the future.

9.	RELATED PARTY DISCLOSURES

The company wholly and exclusively owned its subsidiary Boulders Site 2 Limited as at the year-end

28th February 2019.

Boulders Ltd was under the control of the directors as disclosed in the directors report throughout the

current year.

Under Section 9.27 of FRS102:

The financial statements of both the ultimate parent company and its subsidiary will be separate.

Boulders Ltd is exempt from preparing consolidated accounts under Section 9.3(e) of FRS102, and as

defined by Section 383 of the Companies Act 2006

The investment in the subsidiary is disclosed in note 6 of these financial statements.

Under Section 33 of FRS102:

As at the 28th February 2019 the company was owed the total sum of £2,011.99 (-£4.00 2018) from

its directors.

As at the 28th February 2019 the company was owed the total sum of £1,279.70 (£NIL 2018) from its

subsidiaries.

These monies owed are both shown in other debtors as unsecured loans, recoverable in due course.