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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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BOA FLEXIBLE SOLUTIONS LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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BOA FLEXIBLE SOLUTIONS LIMITED |
BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Statement of Comprehensive Income | 5 |
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Balance Sheet | 6 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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BOA FLEXIBLE SOLUTIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants & |
Statutory Auditors |
2 AC Court |
High Street |
Thames Ditton |
Surrey |
KT7 0SR |
BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of supplying expansion joints, rubber bellows, |
rubber and stainless steel hoses as well as guides and anchors. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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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 United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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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 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have |
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOA FLEXIBLE SOLUTIONS LIMITED |
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We have audited the financial statements of BOA Flexible Solutions Limited for the year ended 31 December 2016 which |
comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related |
notes. The financial reporting framework that has been applied in their preparation is 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'. |
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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 a Report of the Auditors 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. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then
ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Emphasis of matter - Going concern |
In forming our opinion on the financial statements, which is unqualified, we have considered the adequacy of the |
disclosure made in note 19 to the financial statements concerning the company’s ability to continue as a going concern. |
The company incurred a net loss of £100,817 during the year ended 31 December 2016 and, at that date, the company’s |
current liabilities exceeded its total assets by £875,063. |
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The financial statements have been prepared on a going concern basis, as BOA Holding GmbH the parent company of |
BOA Balg- und Kompensatoren- Technologies GmbH has confirmed its continued support. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Directors for the financial year for which the financial statements are prepared is consistent with the financial statements, |
and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and |
understanding of the company and its environment, we have not identified any material misstatements in the Report of |
the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOA FLEXIBLE SOLUTIONS LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare
a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Certified Accountants & |
Statutory Auditors |
2 AC Court |
High Street |
Thames Ditton |
Surrey |
KT7 0SR |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(81,887 | ) | (549,325 | ) |
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Other operating income |
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OPERATING LOSS | 5 | ( |
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Interest payable and similar expenses | 6 |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 7 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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( |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings | 15 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors on
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2016 |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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BOA Flexible Solutions Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers |
and commission received on sales generated for other group companies. |
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Revenue from sale of goods is recognised when goods are delivered and title has passed. |
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Commission received is recognised in the same month as the sales on which it was earned. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Office equipment | - |
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Stocks |
Stock comprises goods held for resale, which are valued at the lower of cost and estimated selling price less costs |
to complete and sell. |
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Cost is based on the cost of purchase excluding transport costs. |
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Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | TURNOVER |
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The turnover and loss before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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31.12.16 | 31.12.15 |
£ | £ |
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4. | EMPLOYEES AND DIRECTORS |
31.12.16 | 31.12.15 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
31.12.16 | 31.12.15 |
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Directors | 3 | 3 |
Sales | 4 | 6 |
Other | - | 1 |
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31.12.16 | 31.12.15 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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5. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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31.12.16 | 31.12.15 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Computer software amortisation |
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Auditors' remuneration |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.16 | 31.12.15 |
£ | £ |
Other interest paid |
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7. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended |
31 December 2015. |
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8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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9. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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10. | STOCKS |
31.12.16 | 31.12.15 |
£ | £ |
Stocks |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Accrued expenses |
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13. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.16 | 31.12.15 |
£ | £ |
Within one year |
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Between one and five years |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: | £ | £ |
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Ordinary | £1.00 | 150,000 | 150,000 |
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15. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2016 | ( |
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Deficit for the year | ( |
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At 31 December 2016 | ( |
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BOA FLEXIBLE SOLUTIONS LIMITED (REGISTERED NUMBER: 07284514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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16. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is BOA Luxembourg Holding SARL , a company registered in Luxembourg. |
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17. | RELATED PARTY DISCLOSURES |
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During the year the company made sales of £321,456 (2015 - £334,802) to BOA Balg- und Kompensatoren- |
Technologies GmbH. |
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The company also made purchases during the period of £12,474 (2015 - £415,816) from BOA Balg- und |
Kompensatoren- Technologies GmbH and paid interest of £20,111 (2015 - £20,337). |
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At the period end the company owed BOA Balg- und Kompensatoren- Technologies GmbH £910,254 (2015- - |
£814,752). Of this total £400,000 (2015 - £400,000) attracts interest at LIBOR plus 4.25% per annum. The |
remaining amount is interest free. |
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BOA Balg- und Kompensatoren- Technologies GmbH is the immediate parent company of BOA Flexible Solutions |
Limited. |
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During the year the company made sales of £65,008 (2015 - £51,774) to BOA Flexible Solutions S.A.S. |
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At the period end the company was owed £4,071 (2015 - £17,817) by BOA Flexible Solutions S.A.S. |
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BOA Flexible Solutions S.A.S is owned a company under common control. |
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18. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is BOA Luxembourg Holding SARL , a company registered in Luxembourg. |
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19. | GOING CONCERN |
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At the year end the company had net liabilities of £875,063 (2015 - £774,246). |
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The financial statements have been prepared on a going concern basis. BOA Holding GmbH which is the parent |
company of BOA Balg- und Kompensatoren- Technologies GmbH have confirmed their continued support to the |
company. |
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The financial statements do not include any adjustment that would result from the company not being a going |
concern. |