Bishops 4x4 Limited - Period Ending 2019-03-31
Bishops 4x4 Limited - Period Ending 2019-03-31
Registration number:
Year Ended
Bishops 4x4 Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bishops 4x4 Limited
Company Information
Directors |
C L Stopford Sackville C I Bishop |
Registered office |
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Bankers |
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Page 1 |
Bishops 4x4 Limited
(Registration number: 07946367)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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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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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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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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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 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 and Directors' Report has been taken.
Page 2 |
Bishops 4x4 Limited
(Registration number: 07946367)
Balance Sheet as at 31 March 2019
Approved and authorised by the
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C L Stopford Sackville
Director
Page 3 |
Bishops 4x4 Limited
Statement of Changes in Equity
Year Ended 31 March 2019
Share capital |
Profit and loss account |
Total |
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At 1 April 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 March 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2018 |
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Page 4 |
Bishops 4x4 Limited
Notes to the Financial Statements
Year Ended 31 March 2019
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
The financial statements have been prepared under the historical cost convention.
The company's functional and presentational currency is GBP.
Revenue recognition
Turnover represents amounts receivable for vehicle repair services, net of VAT.
Turnover is recognised in the accounting period in which the services are rendered when the outcome of the contract can be measured reliably.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 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.
Page 5 |
Bishops 4x4 Limited
Notes to the Financial Statements
Year Ended 31 March 2019
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 |
Other property, plant and equipment |
20% straight line |
Furniture, fittings and equipment |
15% straight line |
Motor vehicles |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for parts sold and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hire purchase and leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant year. The capital element of the future payments is treated as a liability.
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.
Page 6 |
Bishops 4x4 Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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 during the year was 6 (2018 -
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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Disposals |
- |
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- |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Hire purchase assets
Included in the net book value of tangible fixed assets is £32,220 (2018 - £nil) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £1,730 (2018 - £nil)
Page 7 |
Bishops 4x4 Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Stocks |
2019 |
2018 |
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Other inventories |
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Page 8 |
Bishops 4x4 Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
2019 |
2018 |
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Due within one year |
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Obligations under finance lease and hire purchase contracts |
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- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Obligations under finance lease and hire purchase contracts |
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- |
Obligations under leases and hire purchase contracts |
The total of future minimum lease payments is as follows:
2019 |
2018 |
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Later than one year and not later than five years |
21,583 |
40,083 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Page 9 |