David Bishop (U.K.) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01307077

DAVID BISHOP (U.K.) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

5,080

5,926

Investments

5

316

316

Investment property

6

470,000

730,000

475,396

736,242

CURRENT ASSETS

Cash at bank

1

1

CREDITORS

Amounts falling due within one year

7

393,727

140,705

NET CURRENT LIABILITIES

(393,726

)

(140,704

)

TOTAL ASSETS LESS CURRENT LIABILITIES

81,670

595,538

CREDITORS

Amounts falling due after more than one year

8

-

487,398

NET ASSETS

81,670

108,140

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

176,469

289,550

Retained earnings

(94,899

)

(181,510

)

SHAREHOLDERS' FUNDS

81,670

108,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 Board of Directors on 21 December 2017 and were signed on its behalf by:

Mr D H 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.

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 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.

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 has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recorded at transaction value and subsequently measured at their settlement

value.

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 directors consider 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

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 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

67,136

Additions

2,130

Disposals

(22,055

)

At 31 March 2017

47,211

DEPRECIATION

At 1 April 2016

61,210

Charge for year

897

Eliminated on disposal

(19,976

)

At 31 March 2017

42,131

NET BOOK VALUE

At 31 March 2017

5,080

At 31 March 2016

5,926

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

316

NET BOOK VALUE

At 31 March 2017

316

At 31 March 2016

316

Listed investments have been included at cost. The market value of listed investments at 31 March 2017 is £154

(2016 : £211).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

730,000

Disposals

(260,000

)

At 31 March 2017

470,000

NET BOOK VALUE

At 31 March 2017

470,000

At 31 March 2016

730,000

The fair value of the investment property at 31 March 2017 has been arrived at on the basis of a valuation

carried out at that date by the company directors, who are not professionally qualified valuers. 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.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

279,205

29,055

Other creditors

114,522

111,650

393,727

140,705

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

487,398

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

279,205

242

Bank loans

-

516,211

279,205

516,453

Bank borrowings are secured by a standard security over the company's assets.

10.	RELATED PARTY DISCLOSURES

11.	FIRST YEAR ADOPTION

As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of

transition, 1 April 2015, and the prior year end, 31 March 2016 need to be restated for the changes which have

occurred on transition to FRS 102.

In accordance with FRS 102, investment property is included at fair value. Gains are recognised in the Profit and

Loss Account and deferred tax is provided on these gains at the rate expected to apply when the property is sold.

As a result of these policy changes, the balance of the investment revaluation reserve has been reallocated to

profit and loss reserves. As this balance remains undistributable, it has been reclassified as a fair value reserve to

differentiate from the profit and loss reserves available for distribution.

No deferred tax has required to be incorporated on transition and subsequently, due to the availability of capital

losses.

No restatement of the Profit and Loss Account or Balance Sheet and no further changes to accounting policies

have been required on transition.