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R.G. Boyce Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

R.G. Boyce Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 11

R.G. Boyce Limited

(Registration number: 01151171)
Balance Sheet as at 31 March 2018

	Note
		2018 £	2018 £	2017 £	2017 £
Fixed assets
Tangible assets	4		3,925,895		3,832,983
Current assets
Debtors	6	8,149,871		7,995,142
Other financial assets	5	6,050		9,809
Cash at bank and in hand		93		93
		8,156,014		8,005,044
Creditors: Amounts falling due within one year	7	(1,858,147)		(1,837,875)
Net current assets			6,297,867		6,167,169
Total assets less current liabilities			10,223,762		10,000,152
Creditors: Amounts falling due after more than one year	7		(9,687,209)		(9,491,710)
Provisions for liabilities			(126,399)		(119,370)
Net assets			410,154		389,072
Capital and reserves
Called up share capital		100		100
Revaluation reserve		288,035		288,035
Profit and loss account		122,019		100,937
Total equity			410,154		389,072

The notes on pages 3 to 11 form an integral part of these financial statements.

Page 1

R.G. Boyce Limited

(Registration number: 01151171)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 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 September 2018 and signed on its behalf by:
 

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

A R Boyce
Director

The notes on pages 3 to 11 form an integral part of these financial statements.

Page 2

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 21 September 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Page 3

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost at cost or valuation (note 6), less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance and 4 years straight line
Motor Vehicles	25% reducing balance

Freehold land and buildings

No depreciation is provided on freehold land and buidlings. The company follows a program of regular maintenance which involves the reinstatement of the fabric of the buildings where necessary to maintain them to such a high standard that, in the opinion of the directors, the residual values would be sufficiently high to make any depreciation charge immaterial. An annual impairment review is therefore undertaken at each year end in accordance with the provision of FRS102.

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.

Page 4

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 4).

Page 5

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2017	3,010,680	2,750	1,468,364	4,481,794
Additions	153,068	-	-	153,068
At 31 March 2018	3,163,748	2,750	1,468,364	4,634,862
Depreciation
At 1 April 2017	-	2,737	646,074	648,811
Charge for the year	-	3	60,153	60,156
At 31 March 2018	-	2,740	706,227	708,967
Carrying amount
At 31 March 2018	3,163,748	10	762,137	3,925,895
At 31 March 2017	3,010,680	13	822,290	3,832,983

Included within the net book value of land and buildings above is £3,163,748 (2017 - £3,010,680) in respect of freehold land and buildings.
 

Revaluation

A number of the company's freehold land and buildings were valued by the directors as at 31 March 1993 on the basis of an open market valuation for existing use. The related valuation of £400,000 was included in the financial statements at the time when the historical net book value was £44,400. This resulted in a revaluation surplus of £355,600.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £44,400 (2017 - £44,400).

Page 6

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost
At 1 April 2017	9,808	9,808
At 31 March 2018	9,808	9,808
Fair value adjustment
Losses made in the period	3,758	3,758
At 31 March 2018	3,758	3,758
Carrying amount
At 31 March 2018	6,050	6,050
At 31 March 2017	9,809	9,809

6

Debtors

	2018 £	2017 £
Trade debtors	102,723	108,823
Prepayments	8,046	4,359
Other debtors	8,039,102	7,881,960
	8,149,871	7,995,142

Page 7

R.G. Boyce Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	9	494,310	426,425
Trade creditors		46,134	18,847
Taxation and social security		21,616	19,540
Accruals and deferred income		148,024	121,961
Other creditors		1,148,063	1,251,102
		1,858,147	1,837,875