Bishops 4x4 Limited Filleted accounts for Companies House (small and micro)

BISHOPS 4X4 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07946367

Bishops 4x4 Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

Bishops 4x4 Limited

Statement of Financial Position

31 March 2023

	2023		2022
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	5		58,214	89,053

Current assets

Stocks		139,390	97,188
Debtors	6	213,674	27,983
Cash at bank and in hand		72,384	178,141
		---------	---------
		425,448	303,312

Creditors: amounts falling due within one year	7	229,591		141,793
		---------		---------
Net current assets			195,857	161,519
			---------	---------
Total assets less current liabilities			254,071	250,572

Creditors: amounts falling due after more than one year	8		38,739	91,331

Provisions

Taxation including deferred tax	2,231	–
	---------	---------
Net assets	213,101	159,241
	---------	---------

Capital and reserves

Called up share capital	100,050	100,050
Profit and loss account	113,051	59,191
	---------	---------
Shareholders funds	213,101	159,241
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bishops 4x4 Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:

C L Stopford Sackville

Director

Company registration number: 07946367

Bishops 4x4 Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Imperial Way, Eagle Business Park Yaxley, Peterborough, Huntingdonshire, PE7 3GP, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

The directors are confident that the company has the ability to meet its liabilities as they fall due for payment for a period of at least twelve months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as included within the accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as included within the accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised in the accounting period in which the services are rendered and when the outcome of the contract can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value of each asset on a straight line basis as detailed below. The residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Plant and machinery	-	20% straight line
Fixtures and fittings	-	6% straight line
Motor vehicles	-	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2022 (as restated)	32,494	29,933	126,047	188,474
Additions	1,068	155	1,500	2,723
Disposals	–	–	( 5,600)	( 5,600)
	--------	--------	---------	---------
At 31 March 2023	33,562	30,088	121,947	185,597
	--------	--------	---------	---------
Depreciation
At 1 April 2022	26,911	23,130	49,380	99,421
Charge for the year	2,351	2,333	23,846	28,530
Disposals	–	–	( 568)	( 568)
	--------	--------	---------	---------
At 31 March 2023	29,262	25,463	72,658	127,383
	--------	--------	---------	---------
Carrying amount
At 31 March 2023	4,300	4,625	49,289	58,214
	--------	--------	---------	---------
At 31 March 2022	5,583	6,803	76,667	89,053
	--------	--------	---------	---------

6. Debtors

	2023	2022
		(restated)
	£	£
Trade debtors	203,306	17,180
Other debtors	10,368	10,803
	---------	--------
	213,674	27,983
	---------	--------

The debtors above include the following amounts falling due after more than one year:

	2023	2022
		(restated)
	£	£
Other debtors	5,200	5,200
	-------	-------

7. Creditors: amounts falling due within one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	9,996	9,996
Trade creditors	121,826	50,554
Social security and other taxes	48,057	52,074
Other creditors	49,712	29,169
	---------	---------
	229,591	141,793
	---------	---------

The other creditors are secured against the assets concerned. The comparatives have been adjusted to split out the bank loan balance between amounts due within one and amounts due after one year and to split out other creditors from trade creditors.

8. Creditors: amounts falling due after more than one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	21,639	31,634
Other creditors	17,100	59,697
	--------	--------
	38,739	91,331
	--------	--------

The other creditors are secured against the assets concerned. The comparatives have been adjusted to split out the bank loan balance between amounts due within one and amounts due after one year.

9. Prior period adjustment

During the preparation of the financial statements it was noted that the amount of turnover recognised in the comparative period required adjustment. The comparative turnover and opening reserves have been reduced by £87,480 and the current turnover and reserves by the same amount.