Boyce Equities Limited - Period Ending 2016-12-31

Registration number: 04295379

Boyce Equities Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Boyce Equities Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 10

Boyce Equities Limited

(Registration number: 04295379)
Balance Sheet as at 31 December 2016

	Note
		2016 £	2016 £	(As restated) 2015 £	(As restated) 2015 £
Fixed assets
Other financial assets	3		5,349,863		3,440,410
Current assets
Debtors	4	7		3,521
Other financial assets	3	14,474		19,987
Cash at bank and in hand		822		380
		15,303		23,888
Creditors: Amounts falling due within one year	5	(1,707,346)		(1,696,222)
Net current liabilities			(1,692,043)		(1,672,334)
Total assets less current liabilities			3,657,820		1,768,076
Provisions for liabilities			(703,666)		(326,091)
Net assets			2,954,154		1,441,985
Capital and reserves
Called up share capital		2		2
Other reserves		4,261,521		2,731,162
Profit and loss account		(1,307,369)		(1,289,179)
Total equity			2,954,154		1,441,985

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 1

Boyce Equities Limited

(Registration number: 04295379)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 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 21 June 2017 and signed on its behalf by:
 

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

A R Boyce

Director

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Boyce Equities Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2016	2	2,731,162	(1,289,179)	1,441,985
Profit for the year	-	-	1,512,169	1,512,169
Total comprehensive income	-	-	1,512,169	1,512,169
Transfers	-	1,530,359	(1,530,359)	-
At 31 December 2016	2	4,261,521	(1,307,369)	2,954,154

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2015	2	1,763,015	(713,489)	1,049,528
Profit for the year	-	-	392,457	392,457
Total comprehensive income	-	-	392,457	392,457
Transfers	-	968,147	(968,147)	-
At 31 December 2015	2	2,731,162	(1,289,179)	1,441,985

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

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

The address of its registered office is:
6 Lower Baxter Street
Bury St Edmunds
Suffolk
IP33 1ET

These financial statements were authorised for issue by the Board on 21 June 2017.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 4

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

 
 

Page 5

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 2016	374,567	374,567
At 31 December 2016	374,567	374,567
Fair value adjustments
At 1 January 2016	(3,065,843)	(3,065,843)
Fair value adjustment in year	(1,909,453)	(1,909,453)
At 31 December 2016	(4,975,296)	(4,975,296)
Carrying amount
At 31 December 2016	5,349,863	5,349,863
At 31 December 2015	3,440,410	3,440,410

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost
At 1 January 2016	31,161	31,161
Additions	92,374	92,374
Disposals	(96,369)	(96,369)
At 31 December 2016	27,166	27,166
Fair value adjustments
At 1 January 2016	11,174	11,174
Fair value adjusments in year	1,518	1,518
At 31 December 2016	12,692	12,692
Carrying amount
At 31 December 2016	14,474	14,474
At 31 December 2015	19,987	19,987

Page 6

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Debtors

	2016 £	2015 £
Trade debtors	7	3,521
Total current trade and other debtors	7	3,521

5

Creditors

	Note	2016 £	2015 £
Due within one year
Other creditors		1,707,346	1,696,222

Page 7

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6	Financial instruments

Categorisation of financial instruments

	2016 £	2015 £
Financial assets measured at fair value through profit or loss	5,364,337	3,460,397
	5,364,337	3,460,397

Financial assets measured at fair value

Non Current Financial Assets
The fair value of the financial assets is based on the share issue prices.

The fair value is £5,349,863 (2015 - £3,440,410) and the change in value included in profit or loss is £1,932,700 (2015 - £1,172,836).

Current Financial Assets
Current assets are valued according to the stock market price.

The fair value is £14,475 (2015 - £19,987) and the change in value included in profit or loss is £1,518 (2015 - £8,590).

Items of income, expense, gains or losses

2016	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	1,907,934	-

2015	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	1,164,246	-

Page 8

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7	Parent and ultimate parent undertaking

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

 

8	Transition to FRS 102

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		942,440	(942,440)	-	-
Other financial assets		-	942,440	1,893,007	2,835,447
		942,440	-	1,893,007	2,835,447
Current assets
Debtors		522	-	-	522
Current investments		31,146	(31,146)	-	-
Other financial assets		-	31,146	-	31,146
Cash at bank and in hand		3	-	-	3
		31,671	-	-	31,671
Creditors: Amounts falling due within one year		(1,687,597)	-	-	(1,687,597)
Net current liabilities		(1,655,926)	-	-	(1,655,926)
Total assets less current liabilities		(713,486)	-	1,893,007	1,179,521
Provisions for liabilities		-	-	(129,992)	(129,992)
Net (liabilities)/assets		(713,486)	-	1,763,015	1,049,529
Capital and reserves
Called up share capital		2	-	-	2
Other reserves		-	1,763,015	-	1,763,015
Profit and loss account		(713,489)	(1,763,015)	1,763,015	(713,489)
Total equity		(713,487)	-	1,763,015	1,049,528

Page 9

Boyce Equities Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		374,567	(374,567)	-	-
Other financial assets		-	374,567	3,065,843	3,440,410
		374,567	-	3,065,843	3,440,410
Current assets
Debtors		3,521	-	-	3,521
Current investments		19,987	(19,987)	-	-
Other financial assets		-	19,987	-	19,987
Cash at bank and in hand		380	-	-	380
		23,888	-	-	23,888
Creditors: Amounts falling due within one year		(1,696,222)	-	-	(1,696,222)
Net current liabilities		(1,672,334)	-	-	(1,672,334)
Total assets less current liabilities		(1,297,767)	-	3,065,843	1,768,076
Provisions for liabilities		-	-	(326,091)	(326,091)
Net (liabilities)/assets		(1,297,767)	-	2,739,752	1,441,985
Capital and reserves
Called up share capital		2	-	-	2
Other reserves		-	2,731,162	-	2,731,162
Profit and loss account		(1,297,769)	(2,731,162)	2,739,752	(1,289,179)
Total equity		(1,297,767)	-	2,739,752	1,441,985

Page 10