Registered number 07075306
Boomerang (NW) Limited
Report and Accounts
Year ended 30 November 2022
Boomerang (NW) Limited
Report and accounts
Contents
| Page | |
|---|---|
| Directors' report | 1 |
| Accountants' report | 2 |
| Profit and loss account | 3 |
| Balance sheet | 4 |
| Notes to the accounts | 5 |
Boomerang (NW) Limited Registered number: 07075306
Directors' Report
The directors present their report and accounts for the year ended 30 November 2022.
Directors
The following persons served as directors during the year:
E Birkett J Birkett T Wild
Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 13 April 2023 and signed by its order.
E Birkett Director
1
Boomerang (NW) Limited
Report to the directors on the preparation of the unaudited statutory accounts of Boomerang (NW) Limited for the year ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Boomerang (NW) Limited for the year ended 30 November 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of directors of Boomerang (NW) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Boomerang (NW) Limited and state those matters that we have agreed to state to the Board of directors of Boomerang (NW) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boomerang (NW) Limited and its Board of directors as a body for our work or for this report.
It is your duty to ensure that Boomerang (NW) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Boomerang (NW) Limited. You consider that Boomerang (NW) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Boomerang (NW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
LW Accountants Chartered Certified Accountants
4 Frecheville Court Bury Lancashire BL9 0UF
13 April 2023
2
Boomerang (NW) Limited
Statement of Income and Retained Earnings
for the year ended 30 November 2022
| Notes Turnover Cost of sales Gross profit Administrative expenses Operating profit/(loss) Interest payable Profit/(loss) before taxation Tax on profit/(loss) Profit/(loss) for the financial year Profit & loss at the beginning of the accounting period Dividends paid during the period Profit & loss at the end of the accounting period |
2022 £ 237,713 (21,224) 216,489 (148,361) 68,128 (328) 67,800 - 67,800 (9,004) - 58,796 |
2021 £ 87,822 (6,024) |
|---|---|---|
| 81,798 (99,452) |
||
| (17,654) - |
||
| (17,654) - |
||
| (17,654) 8,650 - |
||
| (9,004) |
3
Boomerang (NW) Limited
Registered number: 07075306
Balance Sheet as at 30 November 2022
| Notes Fixed assets Tangible assets 4 Current assets Stocks Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets/(liabilities) Capital and reserves Profit and loss account Shareholder's funds |
2022 £ 8,902 650 78,250 78,900 (7,956) 70,944 79,846 (21,050) 58,796 58,796 58,796 |
2021 £ 712 - 18,679 18,679 (5,941) 12,738 13,450 (22,454) (9,004) (9,004) (9,004) |
2021 £ 712 - 18,679 18,679 (5,941) 12,738 13,450 (22,454) (9,004) (9,004) (9,004) |
|---|---|---|---|
| 13,450 (22,454) |
|||
| (9,004) | |||
| (9,004) | |||
| (9,004) |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Birkett Director Approved by the board on 13 April 2023
4
Boomerang (NW) Limited
Notes to the Accounts
for the year ended 30 November 2022
1 Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS102 Section 1A for small entities. There were no material departures from that standard.
The Balance Sheet has been abridged pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors' Report) Regulations (SI 2008/49). All the members of the company have consented to the abridgement.
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities may result in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on shareholders' funds at the transition date and the comparative Balance Sheet date and profit for the comparative period are explained in the notes below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to leasehold property 10% straight line Equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
5
Boomerang (NW) Limited
Notes to the Accounts
for the year ended 30 November 2022
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
6
Boomerang (NW) Limited
Notes to the Accounts
for the year ended 30 November 2022
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
COVID-19 going concern assessment
The Directors have considered the possible effects on the company of the impacts of the worldwide pandemic caused by the Coronavirus (COVID-19). Taking into account a period covering 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and for this reason will continue to adopt the going concern basis in the preparation of its Financial Statements.
| 3 | Employees | 2022 | 2021 |
|---|---|---|---|
| Number | Number | ||
| Average number of persons employed by the company | 11 | 8 | |
| 4 | Tangible fixed assets |
| 3 4 |
Employees Average number of persons employed by the company Tangible fixed assets |
Employees Average number of persons employed by the company Tangible fixed assets |
2022 Number 11 |
2021 Number 8 |
|---|---|---|---|---|
| 5 | Cost At 1 December 2021 Additions At 30 November 2022 Depreciation At 1 December 2021 Charge for the year At 30 November 2022 Net book value At 30 November 2022 At 30 November 2021 Loans Creditors include: Instalments falling due for payment after more than |
Land and buildings £ 153,166 3,837 157,003 153,166 383 153,549 3,454 - five years |
Plant and machinery etc £ 146,370 6,180 152,550 145,658 1,444 147,102 5,448 712 2022 £ 9,938 |
Total £ 299,536 10,017 |
| 309,553 | ||||
| 298,824 1,827 |
||||
| 300,651 | ||||
| 8,902 | ||||
| 712 | ||||
| 2021 £ 11,343 |
7
Boomerang (NW) Limited
Notes to the Accounts
for the year ended 30 November 2022
6 Other information
Boomerang (NW) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Woodhill Street Bury Lancashire BL8 1AT
8
Boomerang (NW) Limited
Detailed profit and loss account
for the year ended 30 November 2022
| Income Cost of sales Gross profit Administrative expenses Operating profit/(loss) Depreciation Interest payable Profit/(loss) before tax |
2022 £ 237,713 (21,224) 216,489 (146,533) 69,956 (1,828) (328) 67,800 |
2021 £ 87,822 (6,024) |
|---|---|---|
| 81,798 (99,274) |
||
| (17,476) (178) - |
||
| (17,654) |
9
Boomerang (NW) Limited
Detailed profit and loss account
for the year ended 30 November 2022
| Income Play income Parties Café income Donations Grant monies Insurance claim Cost of sales Café purchases Increase in stocks Other direct costs Administrative expenses Employee costs: Wages and salaries Pensions Staff training and welfare Travel and subsistence Premises costs: Rent Water Light and heat Cleaning Waste removal General administrative expenses: Telephone and internet Postage Stationery and printing Subscriptions Bank charges Insurance Equipment hire Software Gifts Repairs and maintenance Donations and gifts Legal and professional costs: Advertising and PR |
2022 £ 64,099 38,398 40,217 5 34,986 60,008 237,713 21,558 (650) 316 21,224 100,184 772 2,894 642 104,492 18,000 3,756 5,849 192 1,483 29,280 545 8 - 20 1,352 2,917 1,635 - 191 6,027 - 12,695 66 66 146,533 |
2021 £ 15,304 6,189 10,024 31 56,274 - |
|---|---|---|
| 87,822 | ||
| 6,012 - 12 |
||
| 6,024 | ||
| 68,454 641 212 295 |
||
| 69,602 | ||
| 8,000 1,413 1,290 9 - |
||
| 10,712 | ||
| 396 8 42 60 1,406 1,652 1,442 300 - 9,622 3,966 |
||
| 18,894 | ||
| 66 | ||
| 66 | ||
| 99,274 |
10