Boyce Investments Limited - Period Ending 2016-12-31

Registration number: 04276763

Boyce Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Boyce Investments Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 9

Boyce Investments Limited

(Registration number: 04276763)
Balance Sheet as at 31 December 2016

	Note
		2016 £	2016 £	(As restated) 2015 £	(As restated) 2015 £
Current assets
Debtors	4		880		287
Investments	5		122,262		106,622
Other financial assets	3		1,424,374		2,736,624
Cash at bank and in hand			26		26
			1,547,542		2,843,559
Creditors: Amounts falling due within one year	6		(2,261,873)		(2,242,065)
Total assets less current liabilities			(714,331)		601,494
Provisions for liabilities			-		(188,262)
Net (liabilities)/assets			(714,331)		413,232
Capital and reserves
Called up share capital		2		2
Other reserves		281,477		1,271,039
Profit and loss account		(995,810)		(857,809)
Total equity			(714,331)		413,232

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 1

Boyce Investments Limited

(Registration number: 04276763)
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 9 form an integral part of these financial statements.

Page 2

Boyce Investments 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	1,271,039	(857,809)	413,232
Loss for the year	-	-	(1,127,563)	(1,127,563)
Total comprehensive income	-	-	(1,127,563)	(1,127,563)
Transfers	-	(989,562)	989,562	-
At 31 December 2016	2	281,477	(995,810)	(714,331)

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2015	2	1,722,499	(852,653)	869,848
Loss for the year	-	-	(456,616)	(456,616)
Total comprehensive income	-	-	(456,616)	(456,616)
Transfers	-	(451,460)	451,460	-
At 31 December 2015	2	1,271,039	(857,809)	413,232

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Boyce Investments 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 Investments 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 Investments 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 £
Current financial assets
Cost
At 1 January 2016	1,346,784	1,346,784
Additions	10,531	10,531
Disposals	(144,956)	(144,956)
At 31 December 2016	1,212,359	1,212,359
Fair value adjustments
At 1 January 2016	1,389,840	1,389,840
Fair value adjustment in the period	(1,307,041)	(1,307,041)
Adjustments resulting from a disposal	129,216	129,216
At 31 December 2016	212,015	212,015
Carrying amount
At 31 December 2016	1,424,374	1,424,374
At 31 December 2015	2,736,624	2,736,624

4

Debtors

	2016 £	2015 £
Other debtors	880	287
Total current trade and other debtors	880	287

5	Current asset investments

	2016 £	(As restated) 2015 £
Other investments	122,262	106,622

Page 6

Boyce Investments Limited

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

6

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		242	11
Other creditors		2,261,631	2,242,054
		2,261,873	2,242,065

7	Financial instruments

Categorisation of financial instruments

	2016 £	2015 £
Financial assets measured at fair value through profit or loss	1,424,374	2,736,624
	1,424,374	2,736,624

Financial assets measured at fair value

Current Financial Assets
The fair value of the financial assets is based on the share price at the year end.

The fair value is £1,424,374 (2015 - £2,736,624) and the change in value included in profit or loss is £(1,177,824) (2015 - £(564,325)).

Items of income, expense, gains or losses

2016	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	-	1,177,824

2015	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	-	564,325

8	Parent and ultimate parent undertaking

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

 

Page 7

Boyce Investments Limited

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

9	Transition to FRS 102

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		75,469	(75,469)	-	-
Current assets
Debtors		252	-	-	252
Current investments		3,300,950	(3,225,481)	-	75,469
Other financial assets		-	3,300,950	-	3,300,950
Cash at bank and in hand		26	-	-	26
		3,301,228	75,469	-	3,376,697
Creditors: Amounts falling due within one year		(2,205,722)	-	-	(2,205,722)
Net current assets		1,095,506	75,469	-	1,170,975
Total assets less current liabilities		1,170,975	-	-	1,170,975
Provisions for liabilities		-	-	(301,127)	(301,127)
Net assets/(liabilities)		1,170,975	-	(301,127)	869,848
Capital and reserves
Called up share capital		2	-	-	2
Other reserves		-	2,023,626	(301,127)	1,722,499
Profit and loss account		1,170,973	(2,023,626)	-	(852,653)
Total equity		1,170,975	-	(301,127)	869,848

Page 8

Boyce Investments 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		106,622	(106,622)	-	-
Current assets
Debtors		287	-	-	287
Current investments		2,736,624	(2,630,002)	-	106,622
Other financial assets		-	2,736,624	-	2,736,624
Cash at bank and in hand		26	-	-	26
		2,736,937	106,622	-	2,843,559
Creditors: Amounts falling due within one year		(2,242,065)	-	-	(2,242,065)
Net current assets		494,872	106,622	-	601,494
Total assets less current liabilities		601,494	-	-	601,494
Provisions for liabilities		-	-	(188,262)	(188,262)
Net assets/(liabilities)		601,494	-	(188,262)	413,232
Capital and reserves
Called up share capital		2	-	-	2
Other reserves		-	1,459,301	(188,262)	1,271,039
Profit and loss account		601,492	(1,459,301)	-	(857,809)
Total equity		601,494	-	(188,262)	413,232

Page 9