Boston Matthews Machinery Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01815679 (England and Wales)

BOSTON MATTHEWS MACHINERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C T Brookes

R A Brookes

SECRETARY:

S J Brookes

REGISTERED OFFICE:

Navigation Road

Diglis

Worcester

Worcestershire

WR5 3DE

REGISTERED NUMBER:

01815679 (England and Wales)

ACCOUNTANTS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Intangible assets

4

7,167

9,167

Tangible assets

5

171,783

165,981

Investments

6

100

100

179,050

175,248

CURRENT ASSETS

Debtors

7

232,815

250,188

Cash at bank

1,038

1,154

233,853

251,342

CREDITORS

Amounts falling due within one year

8

55,512

48,724

NET CURRENT ASSETS

178,341

202,618

TOTAL ASSETS LESS CURRENT LIABILITIES

357,391

377,866

CREDITORS

Amounts falling due after more than one year

9

(38,284

)

(41,584

)

PROVISIONS FOR LIABILITIES

(6,026

)

(8,120

)

NET ASSETS

313,081

328,162

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Capital redemption reserve

15,000

15,000

Retained earnings

238,081

253,162

SHAREHOLDERS' FUNDS

313,081

328,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 17 April 2023 and were signed on its behalf by:

R A Brookes - Director

1.	STATUTORY INFORMATION

Boston Matthews Machinery 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was 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.

Website costs is being amortised evenly over its estimated useful life of five years.

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.

Long leasehold

-

2% on cost

Plant and machinery

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

50% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 NIL (2021 - NIL).

4.	INTANGIBLE FIXED ASSETS

Website

Goodwill

costs

Totals

£

£

£

COST

At 1 October 2021

and 30 September 2022

25,000

10,000

35,000

AMORTISATION

At 1 October 2021

25,000

833

25,833

Amortisation for year

-

2,000

2,000

At 30 September 2022

25,000

2,833

27,833

NET BOOK VALUE

At 30 September 2022

-

7,167

7,167

At 30 September 2021

-

9,167

9,167

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Office

leasehold

machinery

equipment

£

£

£

COST

At 1 October 2021

277,783

644,026

153,261

Additions

-

8,500

-

Disposals

-

-

-

At 30 September 2022

277,783

652,526

153,261

DEPRECIATION

At 1 October 2021

168,947

609,983

151,895

Charge for year

4,967

7,234

342

Eliminated on disposal

-

-

-

At 30 September 2022

173,914

617,217

152,237

NET BOOK VALUE

At 30 September 2022

103,869

35,309

1,024

At 30 September 2021

108,836

34,043

1,366

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2021

24,250

248,157

1,347,477

Additions

24,990

-

33,490

Disposals

(20,000

)

-

(20,000

)

At 30 September 2022

29,240

248,157

1,360,967

DEPRECIATION

At 1 October 2021

16,128

234,543

1,181,496

Charge for year

2,009

6,807

21,359

Eliminated on disposal

(13,671

)

-

(13,671

)

At 30 September 2022

4,466

241,350

1,189,184

NET BOOK VALUE

At 30 September 2022

24,774

6,807

171,783

At 30 September 2021

8,122

13,614

165,981

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2021

30,000

20,000

50,000

Additions

-

24,990

24,990

Disposals

-

(20,000

)

(20,000

)

At 30 September 2022

30,000

24,990

54,990

DEPRECIATION

At 1 October 2021

17,712

13,671

31,383

Charge for year

2,458

1,561

4,019

Eliminated on disposal

-

(13,671

)

(13,671

)

At 30 September 2022

20,170

1,561

21,731

NET BOOK VALUE

At 30 September 2022

9,830

23,429

33,259

At 30 September 2021

12,288

6,329

18,617

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2021

and 30 September 2022

100

NET BOOK VALUE

At 30 September 2022

100

At 30 September 2021

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Amounts owed by group undertakings

232,002

249,375

Other debtors

813

813

232,815

250,188

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts

9,660

9,519

Hire purchase contracts

8,769

6,712

Taxation and social security

22,375

17,785

Other creditors

14,708

14,708

55,512

48,724

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans

27,905

37,996

Hire purchase contracts

10,379

3,588

38,284

41,584

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of the company due to the diversified shareholding.