Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
COMPANY INFORMATION
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BOYS & BODEN LIMITED
CONTENTS
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BOYS & BODEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their Strategic Report of Boys & Boden Limited ("the Company") for the year ended 31 March 2023.
Overall, the Company has performed well despite market conditions achieving a turnover of £50.9m, and pre-tax profits in excess of £2.0m.
The Builders’ Merchant business retained the same level of sales under challenging conditions due to increasing price pressure from competitors and a downturn in the retail market. The Plumbline has had a strong year managing sales growth of 3% overall despite challenging market conditions due to the economic climate. Pear Stairs had an excellent year with sales growth of 9% year. Demand for product remains strong and the Company is continuing investment in the division over the coming years. The Company's property portfolio continues to contribute a significant level of profit and a further property was completed and rented out during the year. The Company's Balance Sheet shows an increase in net assets of £1.5m. Fixed assets increased by £2.5m due to continued investment in the trading sites and investment property during the year. Earnings have been invested back into the business. The Company's liquidity remains very healthy, Net Current Assets have decreased to £7.7m in 2023.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The risks facing the Company are constantly monitored and assessed. The Company’s business activities, financial condition and trading results could be affected by any or all of the following risks and uncertainties:
General business conditions and economy The Directors are of the opinion that the principal risks facing the Company relate to the wider economic conditions which influence raw material cost and the demand for its products. The Company seeks to manage these risks by maintaining an appropriate spread of market segments and product ranges, a broad supplier base and robust production systems. The UK is currently in a cost of living crisis due to interest rates, fuel, and household bills rising sharply. This has led to a downturn in the economy and the Company is seeing a decrease in demand for products alongside increased price pressures. The Company continues to monitor and react to changes in supply and demand. Information Systems The Company is reliant upon a number of business systems which, if disrupted for any length of time due to damage or interruption from loss of power, failure of telecommunications, sabotage or vandalism, could have an adverse effect on the efficient running of the Company's business. There are backup facilities in place. Health and Safety In common with all manufacturing businesses, the factory environment exposes the Company to Health and Safety risks. The Directors take the Health and Safety of its employees and any third party on its sites very seriously and are mindful of Health and Safety regulatory compliance. Consequently, they have in place stringent policies and procedures which are appropriately communicated and monitored by a designated Health and Safety Officer. The Directors are proud of the Company's excellent Health and Safety record.
The Statement of Comprehensive Income, Balance Sheet, Statement of Cash Flows and associated notes (as detailed on the following pages) adequately show the development, performance and position of the Company during the year and at the Balance Sheet date.
The Company measures its financial performance and position by reference to Key Performance Indicators (KPI's). The sales, gross profit and bank balances are monitored daily. The profit before tax is reviewed monthly.
The Company uses a suite of non-financial KPI's to monitor and measure success on a weekly basis. These KPI's cover the whole business operating spectrum and reflect the changing needs of the business over time.
The Company has a policy to protect the environment wherever it operates or whenever it sources materials, with KPI's being used to measure the proportion of timber purchased from forests that are well managed environmentally according to the Forest Stewardship Council (FSC) Standards.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
S172(1) of the Companies Act sets out the duties of each Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below:
a) the likely consequences of any decision in the long term; b) the interest of the Company's employees; c) the need to foster the Company's business relationship with suppliers, customer and others; d) the impact of the Company's operations on the community and environment; e) the desirability of the Company maintaining a reputation for high standards of business conduct; and f) the need to act fairly between members of the Company The success of the business depends on the trust and confidence of our stakeholders in the ability of the business to operate sustainability both now and in the longer term. The Company seeks to generate sustainable profits and to do so fairly prioritises the interests of our customers, employees, key suppliers and other identified stakeholders. The Directors have acted in accordance with their legal duties, which include a duty to act in the way in which they consider, in good faith, would be the most likely to promote the success of the business for the benefit of its shareholders, whilst having regard to all of our stakeholders and the matters set out in a) to f) above. The Company was established in 1895 as a sawmill and evolved over the years to meet the needs of customers; providing products for the building and plumbing trades and DIY. The Company is proud of its long history and its record of providing secure employment over many years. The Company is a fast-growing dynamic company which is always looking at ways to improve all areas of the business. This is achieved through investment in capital with profits of the business invested back into the business to achieve long term growth. The Company has customer service at the heart of its operations and all branches are subject to continuous improvement measures, which may include making efficiencies in the way that employees work and increasing stock range in branches. Engaging with stakeholders The Company's stakeholders, and the way in which we engage with them, are as follows: Employees The Company relies on a skilled team in all parts of the business with customer service at the heart of the business. The Company provides interesting, well-paid jobs where individuals can share ideas and have an impact on the efficiency of operations. Recruitment and retention of staff is important and the Company engages with employees by setting remuneration at market level or above, providing training and development opportunities, and extra holiday for long service. Customers and suppliers Every branch is continually invested in to achieve continued growth in order to offer customers the best range of products and services. The Company has built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.
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BOYS & BODEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The community
As a large employer in Mid Wales, the Company provides well paid quality jobs and as a result of this support many local families. Each year the Company supports a local charity and regularly engages with local communities including schools. The Company uses local suppliers and sub-contractors where possible to benefit the local economy. The environment The Company is committed to reducing its carbon footprint and during the financial year installed an 800kw solar pv system to future proof some of the Company’s energy supply. The Company disposes of all waste responsibly and recycles packaging waste. The Company is proud to have achieved FSC accreditation by supplying products that come from responsibly managed forests.
This report was approved by the board and signed on its behalf.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their report and the financial statements for the year ended 31 March 2023.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements 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 financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements 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 to enable them to ensure that the financial statements 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.
The profit for the year, after taxation, amounted to £1,584,208 (2022 - £3,996,675).
Dividends totalling £36,840 were declared during the year (2022: £32,718).
The Directors who served during the year were:
The strategic aim of the business is to continue to grow over the next ten years by continual re-investment in the business. The investments made will not be short term and will build on the Company's solid foundations.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Company’s research and development project relates to continued investment in Pear Stairs. Further progress has been made on this project during the year and the team continue to overcome technical challenges in the project.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The reporting period that this submission covers is 1 April 2022 to 31 March 2023.
We have followed the GHG Protocol Corporate Accounting & Reporting Standard. We have used data collected specifically for the purpose of SECR reporting. We have used the 2021 UK Conversion Factors for Company Reporting. Emissions data is based on Operational control is as follows:
During the year the Company consumed 968,754 kWh (2022: 1,030,594 kWh) of energy in relation to the combustion of gas and 3,163,618 kWh (2022: 3,144,505 kWh) for the purposes of transport.
Intensity Ratio The intensity ratio chosen was tCO2 per employee. For this reporting period total employees were 272. As a result, the intensity metric for the period equated to 5.1 tCo2 per employee. This was chosen as it was deemed to be the best metric to reflect changes in the business. For the previous year, the intensity metric for the period equated to 5.3 tCO2 per employee and therefore the intensity ratio per employee has reduced. Energy Efficiency Actions The Company is committed to installing energy saving measures in branches and reducing energy use. During the year the Company installed an additional 800kWp of rooftop solar pv on top of the existing 400kWp already in place.
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BOYS & BODEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
There are no significant post balance sheet events for the year end 31st March 2023.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED
We have audited the financial statements of Boys & Boden Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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BOYS & BODEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOYS & BODEN LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Hafren House
5 St Giles Business Park
Powys
SY16 3AJ
Date:
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BOYS & BODEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
REGISTERED NUMBER: 00215444
BALANCE SHEET
AS AT 31 MARCH 2023
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BOYS & BODEN LIMITED
REGISTERED NUMBER: 00215444
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 39 form part of these financial statements.
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BOYS & BODEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Boys & Boden Limited ('the Company') is a private company, limited by shares, incorporated and domiciled in the United Kingdom and operating in England and Wales. The Company's registered office and principal place of business is located at Mill Lane, Welshpool, Powys, SY21 7BL.
The principal activities of the Company are that of timber and builders merchants, staircase manufacturers and plumbing merchants.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Trading property is not depreciated as the Directors believe that these are being carried at residual value. Therefore, these financial statements include a depreciation charge for property improvements only.
Assets that are subject to depreciation are assessed at each Balance Sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit (CGU) to which the asset has been allocated) is tested for impairment. An impairement loss is recognised as the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identfiable cash flows (CGU's).
Non-financial assets that have been previously impaired are reviewed at each Balance Sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have ceased.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Valuation of inventory Inventory is carried at the lower of cost and net realisable value, with cost being determined using actual cost at an individual item level. Net realisable value is calculated based on multiple selling prices throughout the year with the key being the most recent sales price. Management monitors the level of inventory provision applied through reviews of slow moving stock, which has been consistently applied year on year. Further adjustments are made where changes in the above factors would mean that it is appropriate to do so. This application of this estimation technique in applying the inventory provisioning policy represents a significant judgement in the preparation of the financial statements, as items may be ultimately sold at amounts which differ from their carrying value. Management continually reviews the appropriateness of this technique to ensure that it continues to represent their best estimate of net realisable value of inventory. Property valuation Investment property is valued each year at fair value, as per the Directors' valuation. This is based on open market value of the properties individually. The Directors consider whether changes to the valuation were present at the balance sheet date and any changes are recognised in the profit and loss account as fair value movements. For the year ending 31 March 2023, the Directors concluded that there was no change to the valuation of investment properties.
The whole of the turnover is attributable to the principal activities of the Company.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Taxation (continued)
From 1 April 2023, the main rate of Corporation Tax increased from 19% to 25% for companies in the United Kingdom with profits exceeding £250,000. As a result, deferred tax balances at 31 March 2023 have been calculated at 25%.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15.Tangible fixed assets (continued)
The 2023 valuations were made by the Directors, on an open market value for existing use basis.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Bank overdrafts and loans are secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, plant and machinery.
Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Bank overdrafts and loans are secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, plant and machinery.
Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 37
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Revaluation reserve
Capital redemption reserve
ESOT reserve
Profit and loss reserve
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BOYS & BODEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £242,663 (2022: £197,735). Contributions totalling £45,609 (2022: £39,417) were payable to the fund at the balance sheet date and are included in creditors.
The Company is under the control of D Hammond, Director, by virtue of his majority holding of the Company's share capital.
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