Registered number
08346424
Bishop & Associates Holdings Ltd.
Unaudited Filleted Accounts
31 January 2023
Bishop & Associates Holdings Ltd.
Registered number: 08346424
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 49,757 56,469
Current assets
Debtors 4 156,323 136,361
Cash at bank and in hand 419,208 534,387
575,531 670,748
Creditors: amounts falling due within one year 5 (128,954) (169,484)
Net current assets 446,577 501,264
Net assets 496,334 557,733
Capital and reserves
Called up share capital 100 100
Profit and loss account 496,234 557,633
Shareholders' funds 496,334 557,733
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Bernard Bishop
Director
Approved by the board on 13 October 2023
Bishop & Associates Holdings Ltd.
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures and fittings 25% reducing balance
Computer equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 9
3 Tangible fixed assets
Motor vehicles Fixtures & fittings Computer equipment Total
£ £ £ £
Cost
At 1 February 2022 67,697 29,852 21,196 118,745
Additions 5,991 459 7,864 14,314
Disposals (8,273) - - (8,273)
At 31 January 2023 65,415 30,311 29,060 124,786
Depreciation
At 1 February 2022 36,456 13,004 12,816 62,276
Charge for the year 8,198 4,327 4,061 16,586
On disposals (3,833) - - (3,833)
At 31 January 2023 40,821 17,331 16,877 75,029
Net book value
At 31 January 2023 24,594 12,980 12,183 49,757
At 31 January 2022 31,241 16,848 8,380 56,469
4 Debtors 2023 2022
£ £
Trade debtors 128,957 128,660
Other debtors 27,366 7,701
156,323 136,361
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,722 6,731
Taxation and social security costs 116,357 160,676
Other creditors 10,875 2,077
128,954 169,484
6 Other information
Bishop & Associates Holdings Ltd. is a private company limited by shares and incorporated in England. Its registered office is South Street House, 51 South Street, Isleworth, Middlesex TW7 7AA.
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