Boyce Investments Limited - Period Ending 2017-12-31

Registration number: 04276763

Boyce Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Boyce Investments Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 7

Boyce Investments Limited

(Registration number: 04276763)
Balance Sheet as at 31 December 2017

	Note
		2017 £	2017 £	2016 £	2016 £
Current assets
Debtors	4		1,140		880
Investments	5		138,457		122,262
Other financial assets	3		4,033,325		1,424,374
Cash at bank and in hand			26		26
			4,172,948		1,547,542
Creditors: Amounts falling due within one year	6		(2,282,068)		(2,261,873)
Total assets less current liabilities			1,890,880		(714,331)
Provisions for liabilities			(523,987)		-
Net assets/(liabilities)			1,366,893		(714,331)
Capital and reserves
Called up share capital		2		2
Other reserves		2,366,440		281,477
Profit and loss account		(999,549)		(995,810)
Total equity			1,366,893		(714,331)

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 1

Boyce Investments Limited

(Registration number: 04276763)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 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 1 August 2018 and signed on its behalf by:
 

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

A R Boyce
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Boyce Investments Limited

Statement of Changes in Equity for the Year Ended 31 December 2017

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2017	2	281,477	(995,810)	(714,331)
Profit for the year	-	-	2,081,224	2,081,224
Other comprehensive income	-	2,084,963	(2,084,963)	-
Total comprehensive income	-	2,084,963	(3,739)	2,081,224
At 31 December 2017	2	2,366,440	(999,549)	1,366,893

	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)
Other comprehensive income	-	(989,562)	989,562	-
Total comprehensive income	-	(989,562)	(138,001)	(1,127,563)
At 31 December 2016	2	281,477	(995,810)	(714,331)

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Boyce Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

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

The address of its registered office is:
Suite One
Beacon House
Kempson Way
Bury St Edmunds
IP32 7AR
United Kingdom

These financial statements were authorised for issue by the Board on 1 August 2018.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Page 4

Boyce Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

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 2017

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 2017	1,212,310	1,212,310
At 31 December 2017	1,212,310	1,212,310
Fair value adjustments
At 1 January 2017	212,065	212,065
Fair value adjustment in the period	2,608,950	2,608,950
At 31 December 2017	2,821,015	2,821,015
Carrying amount
At 31 December 2017	4,033,325	4,033,325
At 31 December 2016	1,424,374	1,424,374

4

Debtors

	2017 £	2016 £
Prepayments	332	72
Other debtors	808	808
	1,140	880

5	Current asset investments

	2017 £	2016 £
Other investments	138,457	122,262

Page 6

Boyce Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	10	242
Accruals and deferred income	2,358	2,540
Other creditors	2,279,700	2,259,091
	2,282,068	2,261,873

7	Financial instruments

Categorisation of financial instruments

	2017 £	2016 £
Financial assets measured at fair value through profit or loss	4,033,325	1,424,374
	4,033,325	1,424,374

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 £4,033,325 (2016 - £1,424,374) and the change in value included in profit or loss is £2,608,950 (2016 - £(1,177,824)).

Items of income, expense, gains or losses

2017	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	2,608,950	-

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

8	Parent and ultimate parent undertaking

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

 

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