Registration number:
Boutique Modern Limited
for the Year Ended 30 June 2021
Boutique Modern Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Boutique Modern Limited
Company Information
Directors |
G F Palmer R Shone L J P Shone N D Eckert |
Company secretary |
R Yon |
Registered office |
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Accountants |
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Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2021
The directors present their report and the financial statements for the year ended 30 June 2021.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the manufacture and distribution of modular homes
Going concern
The directors have indicated that they will continue to provide support for the foreseeable future so these accounts have been prepared on the going concern basis.
Statement from Dick Shone.
Despite the ongoing challenges caused by Covid-19, material supply shortages and changing Building Regulations, BM have had another very positive year.
The year began with the completion and handover of 13 Social Housing apartments for Lewes District Council that incorporate our Fabric First design principals with energy reducing technologies to cut the running costs of each home for the tenant.
Work has begun both in the factory and on site on a large project in Eastbourne for the Borough Council and BM have established a Construction Team within the business incorporating Project Managers, Surveyors and Site Managers to manage our Main Contractor position on ongoing projects - This will afford BM more control over project programme as well as providing a considerable revenue stream and a new profit centre. We have also commenced with detailed design and enabling works of a project in Peacehaven, comprising of 31 houses and 9 apartments, our largest project to date.
We have seen significant growth in our contracted sales, with secured contracts totalling over £10m in the period, an increase of almost 250% from the previous year as well as showing many prospects for other local projects including submitting an extremely strong tender for the LDC Modular Housing Framework.
We continue to champion our local scale ‘For Local, By Local’ business model and continue to employ and train local people to build homes in our factory. Furthermore, in February we secured accreditation as the first Certified B Corporation in the UK construction industry. B Corp is a global accreditation to certify companies that meet the highest standard of verified social and environmental performance, public transparency and legal accountability to balance purpose with profit.
Changes in Building Regulations have led to an evolution in our build system. Our requirement for process repetition within a flexible module format is still at the core of our product. New projects being developed in our growing Design Department illustrate just how varied BM products can appear using our standard build system. I’m confident this flexibility in design options will be a considerable strength as we grow.
Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2021
Small companies provision statement
This report has 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.
Approved by the Board on
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R Shone
Director
.........................................
N D Eckert
Director
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,316 |
1,316 |
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Share premium reserve |
300 |
300 |
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Profit and loss account |
(3,926,956) |
(3,182,161) |
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Shareholders' deficit |
(3,925,340) |
(3,180,545) |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2021
Approved and authorised by the
.........................................
R Shone
Director
.........................................
N D Eckert
Director
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The directors make up a significant amount of the current and long term creditors, The directors have indicated that they will continue to provide support for the foreseeable future so these accounts have been prepared on the 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 current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, 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 |
5 years straight line |
Fixtures and fittings |
3 years straight line |
Computer equipment |
3 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2021 |
At 1 July 2020 |
Other payments made to company by director |
At 30 June 2021 |
N D Eckert |
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Loan |
( |
(647,000) |
( |
R Shone |
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Loan |
( |
(25,000) |
( |
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
2020 |
At 1 July 2019 |
Other payments made to company by director |
At 30 June 2020 |
N D Eckert |
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Loan |
( |
(401,684) |
( |
R Shone |
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Loan |
( |
8,000 |
( |
Expenditure with and payables to related parties
2021 |
Key management |
Amounts payable to related party |
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2020 |
Key management |
Amounts payable to related party |
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