David Bishop (U.K.) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01307077

DAVID BISHOP (U.K.) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,075

2,636

Investments

5

316

316

Investment property

6

125,000

220,000

127,391

222,952

CURRENT ASSETS

Cash at bank

2,222

1,321

CREDITORS

Amounts falling due within one year

7

85,639

91,481

NET CURRENT LIABILITIES

(83,417

)

(90,160

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,974

132,792

CREDITORS

Amounts falling due after more than one year

8

-

99,319

NET ASSETS

43,974

33,473

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

41,801

77,522

Retained earnings

2,073

(44,149

)

SHAREHOLDERS' FUNDS

43,974

33,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2021 and were signed by:

Mrs C A Bishop - Director

1.	STATUTORY INFORMATION

David Bishop (U.K.) Limited is a private company, limited by shares, registered in England and Wales. The registered office is Kershen Fairfax, Beacon House, 113 Kingsway, London, WC2B 6PP.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The validity of the going concern basis is dependent on the financial performance of the company following the restrictions and other conditions placed throughout the UK due to the Covid 19 pandemic, including its impact on the valuation of investment properties. Despite this, the director considers it to be appropriate to prepare the financial statements on a going concern basis as she will continue to provide financial support to the company if required.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover

Turnover represents rents receivable relating to the period in respect of let property. The company recognises rental income in accordance with the terms of the lease agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets

At each reporting date, non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of the value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from third parties and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Fixed asset investments

Fixed asset investments are recorded at cost unless there is a permanent diminution in the value of the investment to below cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

32,824

Disposals

(5,924

)

At 31 March 2021

26,900

DEPRECIATION

At 1 April 2020

30,188

Charge for year

366

Eliminated on disposal

(5,729

)

At 31 March 2021

24,825

NET BOOK VALUE

At 31 March 2021

2,075

At 31 March 2020

2,636

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2020

and 31 March 2021

316

NET BOOK VALUE

At 31 March 2021

316

At 31 March 2020

316

Listed investments have been included at cost. The market value of listed investments at 31 March 2021 is £80 (2020: £62).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

220,000

Disposals

(125,000

)

Revaluations

30,000

At 31 March 2021

125,000

NET BOOK VALUE

At 31 March 2021

125,000

At 31 March 2020

220,000

The fair value of the investment property at 31 March 2021 has been arrived at on the basis of a valuation carried out at that date by the company's director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

30,000

Valuation in 2020

(30,000

)

Valuation in 2018

41,801

Cost

83,199

125,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

85,639

91,481

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

-

99,319

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgage loans repayable in more than 5 years - not by instalments

-

99,319

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Mortgage loan

-

99,319

Following the sale of one of the company's investment properties during the year, the related borrowings which had been secured by a standard security over that property, were repaid in full.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date, the director was owed £83,343 (2020: £86,425) by the company. This loan is unsecured, interest free and has no fixed terms of repayment.