RJ & EJ Bishops Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11084179 (England and Wales)

RJ & EJ Bishops Limited

Unaudited Financial Statements

for the Year Ended 30 November 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R P Jackson

REGISTERED OFFICE:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

REGISTERED NUMBER:

11084179 (England and Wales)

FIXED ASSETS

Tangible assets

5

3,918

5,474

Investment property

6

1,350,518

1,354,436

1,355,992

CURRENT ASSETS

Debtors

7

-

2,474

Cash at bank

16,945

35,931

16,945

38,405

CREDITORS

Amounts falling due within one year

8

(891,791

)

(949,040

)

NET CURRENT LIABILITIES

(874,846

)

(910,635

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

479,590

445,357

CREDITORS

Amounts falling due after more than one
year

9

(263,161

)

(286,735

)

NET ASSETS

216,429

158,622

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

216,329

158,522

SHAREHOLDERS' FUNDS

216,429

158,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 February 2023 and were signed by:

R P Jackson - Director

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

The principal place of business is:

Prospect House

Ashley Lane

Lymington

Hampshire

SO41 3RH

England

2.	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.

3.	ACCOUNTING POLICIES

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.

The company's functional and presentational currency is pound sterling.

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.

GOING CONCERN

The financial statements have been prepared on a 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 and after eliminating sales within the company.

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.

TAXATION

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.

INVESTMENT PROPERTY

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 merchandise sold or 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 receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 December 2021

and 30 November 2022

6,227

DEPRECIATION

At 1 December 2021

753

Charge for year

1,556

At 30 November 2022

2,309

NET BOOK VALUE

At 30 November 2022

3,918

At 30 November 2021

5,474

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

and 30 November 2022

1,350,518

NET BOOK VALUE

At 30 November 2022

1,350,518

At 30 November 2021

1,350,518

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss for the period.

The investment property fair value of £1,350,518 (2021 - £1,350,518) was determined by the director by reference to the current open market prices for comparable property and adjusted for any differences in the nature, location and condition of the specific asset.

There has been no valuation of investment property by an independent valuer.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

-

2,474

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Bank loans and overdrafts

19,200

Trade creditors

13

Corporation tax liability

13,925

8,617

Social security and other taxes

4,548

4,260

Directors' current accounts

845,253

909,574

Accruals and deferred income

8,852

7,376

891,791

949,040

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2022

2021

£

Bank loans - 1-2 years

76,800

Bank loans more 5 yr by instal

186,361

209,935

263,161

286,735

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

186,361

209,935

Bank borrowings

A bank loan, totalling £263,161as at 30 November 2022, is repayable in installments, at a current interest rate of 3.75%.

£186,361 of this balance is repayable in more than 5 years.

RJ & EJ Bishops Limited - Accounts to registrar (filleted) - small 22.3

RJ & EJ Bishops Limited - Accounts to registrar (filleted) - small 22.3