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

REGISTERED NUMBER: 06125377 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2021

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

Intangible assets

4

288

-

Tangible assets

5

458,556

232,845

Investments

6

1

1

458,845

232,846

CURRENT ASSETS

Stocks

37,676

22,346

Debtors

7

197,572

445,071

Cash at bank

193,880

121,356

429,128

588,773

CREDITORS

Amounts falling due within one year

8

102,177

206,058

NET CURRENT ASSETS

326,951

382,715

TOTAL ASSETS LESS CURRENT LIABILITIES

785,796

615,561

CREDITORS

Amounts falling due after more than one year

9

(343,965

)

(220,728

)

PROVISIONS FOR LIABILITIES

(47,000

)

(15,921

)

NET ASSETS

394,831

378,912

CAPITAL AND RESERVES

Called up share capital

360,000

360,000

Retained earnings

34,831

18,912

394,831

378,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 29 November 2021 and were signed on its behalf by:

K Thomas - 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.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures & Fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

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 50 (2020 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 March 2020

and 28 February 2021

11,236

AMORTISATION

At 1 March 2020

10,876

Amortisation for year

72

At 28 February 2021

10,948

NET BOOK VALUE

At 28 February 2021

288

At 29 February 2020

360

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Fixtures

property

machinery

& Fittings

£

£

£

COST

At 1 March 2020

81,468

131,137

342,412

Additions

202,173

5,800

167,190

At 28 February 2021

283,641

136,937

509,602

DEPRECIATION

At 1 March 2020

76,248

121,929

232,126

Charge for year

41,479

3,001

42,861

At 28 February 2021

117,727

124,930

274,987

NET BOOK VALUE

At 28 February 2021

165,914

12,007

234,615

At 29 February 2020

5,220

9,208

110,286

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2020

3,000

79,297

637,314

Additions

35,000

3,843

414,006

At 28 February 2021

38,000

83,140

1,051,320

DEPRECIATION

At 1 March 2020

1,750

67,764

499,817

Charge for year

1,979

3,627

92,947

At 28 February 2021

3,729

71,391

592,764

NET BOOK VALUE

At 28 February 2021

34,271

11,749

458,556

At 29 February 2020

1,250

11,533

137,497

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2020

and 28 February 2021

1

NET BOOK VALUE

At 28 February 2021

1

At 29 February 2020

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Boulders Site 2

Registered office: Boulders

Nature of business: Climbing

%

Class of shares:

holding

Ordinary

100.00

7.

DEBTORS

28.2.21

29.2.20

£

£

Amounts falling due within one year:

Trade debtors

1,890

9,275

Other debtors

195,682

379,957

197,572

389,232

Amounts falling due after more than one year:

Other debtors

-

55,839

Aggregate amounts

197,572

445,071

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade creditors

6,250

81,403

Taxation and social security

31,081

44,024

Other creditors

64,846

80,631

102,177

206,058

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Other creditors

343,965

220,728

10.	LEASING AGREEMENTS

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

28.2.21

29.2.20

£

£

Within one year

71,695

71,695

Between one and five years

286,781

286,781

In more than five years

215,086

280,806

573,562

639,282

The operating lease is up for review in the future.

11.	RELATED PARTY DISCLOSURES

The company wholly and exclusively owned its subsidiary Boulders Site 2 Limited as at the year-end 29th February 2020 and year-end 28th February 2021.

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 2021 the company owed the total sum of £0.00 (£9.40 in 2020) to its directors.

As at the 28th February 2021 the company was owed the total sum of £0.00 (£309,248.46 in 2020) from its subsidiaries.