Registration number:
Boutique Modern Limited
for the Year Ended 30 June 2022
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
Chairman |
N D Eckert |
Directors |
G F Palmer R Shone L J P Shone |
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 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
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.
Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2022
Statement from Dick Shone.
This last year has been another huge step forward on the Boutique Modern journey. After 8 years of developing our bespoke technical specification and modular build process, we delivered [50] new homes and grew our revenues by 250% to £8.6 million. Despite the ongoing challenges of Covid-19, the supply chain shortages and yet more changes in Building Regulations, our factory in Newhaven is now running at full capacity with a strong order book for next year and beyond.
We started the year with the completion and handover of our Foundry project in Eastbourne, a development of 13 affordable apartments which incorporates our ‘Fabric First’ design principals. These include energy-reducing technologies which aim to reduce the annual costs of living for tenants. This project showcased all of the core values of the Boutique Modern business philosophy, delivering local, environmentally-friendly, quality, affordable housing.
During the year, we started work as the Main Contractor and supplier on our biggest project to date, a development of 40 affordable housing units in Peacehaven which is a showcase for the full suite of Boutique Modern’s capabilities; from Main Contractor project management, design, site management and our core expertise of delivering cat-1 factory-built modular houses.
We finished the year with secured contracts in excess of £10 million and a strong pipeline of new potential projects, partly as a result of our strong relationship with Lewes District Council who have awarded us a five-year Modular Housing Framework contract. We share many of our core values with Lewes Council, in particular supporting the local community. Our mantra remains “For Local, by Local”; local housing built by local people.
We are particularly proud this year to have been accredited as the first Certified B Corporation in the UK construction industry. B Corp status is a global accreditation certifying companies that meet the very highest standards of verified social and environmental excellence and public transparency and accountability. This sought-after accreditation is a valuable reward for the hard work and unrelenting commitment the Boutique Modern team has put into the development of its business model over the last 8 years.
We are not resting on our laurels however and, against the backdrop of climate change, the housing shortage and the cost of living crisis, we continue to research and evolve our build system, supply chains and designs. Our mission is to maximise quality of living whilst minimising cost of living and to achieve this our processes must be robust enough to be replicable but flexible enough to future proof Boutique Modern against the fast-changing nature of our industry.
Modular housing construction is now being championed by both industry and political commentators as a key driver of solutions for both housing shortages and climate change. I believe we are now one of the best positioned businesses in the UK to deliver these solutions.
Boutique Modern Limited
Directors' Report for the Year Ended 30 June 2022
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
.........................................
R Shone
Director
.........................................
N D Eckert
Chairman
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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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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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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Retained earnings |
(4,400,509) |
(3,926,956) |
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Shareholders' deficit |
(4,398,893) |
(3,925,340) |
For the financial year ending 30 June 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Boutique Modern Limited
(Registration number: 07362460)
Balance Sheet as at 30 June 2022
Approved and authorised by the
.........................................
R Shone
Director
.........................................
N D Eckert
Chairman
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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.
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.
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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.
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
Taxation charge |
The tax for the period is attributable to: |
2021 |
Current Tax |
|
UK corporation tax |
(106,464) |
UK corporation tax adjustment to prior periods |
(84,602) |
Total current tax charge |
(191,066) |
Total tax charge for period |
(191,066) |
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2021 |
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- |
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Additions |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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- |
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Charge for the year |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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- |
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Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
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 2022
Note |
2022 |
2021 |
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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 2022
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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2022 |
2021 |
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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 |
2022 |
At 1 July 2021 |
Other payments made to company by director |
At 30 June 2022 |
N D Eckert |
|||
Loan |
( |
- |
( |
R Shone |
|||
Loan |
( |
- |
( |
Boutique Modern Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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 |
|||
Loan |
( |
(25,000) |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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|
229,457 |
221,267 |
Expenditure with and payables to related parties
2022 |
Key management |
Amounts payable to related party |
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2021 |
Key management |
Amounts payable to related party |
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