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Registration number: 05337982


Evenett and Bishop Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Evenett and Bishop Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Evenett and Bishop Limited

Company Information

Directors

S Bishop

S Evenett

Company secretary

S Bishop

Registered office

35 High Street
Newport
Shropshire
TF10 7AT

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Evenett and Bishop Limited

(Registration number: 05337982)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,205

14,257

Current assets

 

Stocks

6

21,879

22,122

Debtors

7

5,005

8,055

Cash at bank and in hand

 

31,053

12,381

 

57,937

42,558

Creditors: Amounts falling due within one year

8

(43,596)

(40,264)

Net current assets

 

14,341

2,294

Total assets less current liabilities

 

25,546

16,551

Provisions for liabilities

(2,548)

(2,994)

Net assets

 

22,998

13,557

Capital and reserves

 

Called up share capital

300

300

Retained earnings

22,698

13,257

Shareholders' funds

 

22,998

13,557

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Evenett and Bishop Limited

(Registration number: 05337982)
Balance Sheet as at 31 January 2023

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
S Bishop
Company secretary and director

.........................................
S Evenett
Director

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
35 High Street
Newport
Shropshire
TF10 7AT

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, utilising the provisions of section 1A applicable to small entities and the Companies Act 2006.

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 presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing balance

Plant and machinery

20% Straight line

Office equipment

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

120,900

120,900

At 31 January 2023

120,900

120,900

Amortisation

At 1 February 2022

120,900

120,900

At 31 January 2023

120,900

120,900

Carrying amount

At 31 January 2023

-

-

At 31 January 2022

-

-

5

Tangible assets

Fixtures and fittings
 £

Plant and machinery
 £

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

31,304

44,995

4,467

80,766

At 31 January 2023

31,304

44,995

4,467

80,766

Depreciation

At 1 February 2022

30,791

32,266

3,454

66,511

Charge for the year

161

2,600

289

3,050

At 31 January 2023

30,952

34,866

3,743

69,561

Carrying amount

At 31 January 2023

352

10,129

724

11,205

At 31 January 2022

513

12,729

1,015

14,257

6

Stocks

2023
£

2022
£

Other inventories

21,879

22,122



 

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Debtors

2023
£

2022
£

Trade debtors

3,021

4,234

Prepayments

1,984

931

Other debtors

-

2,890

5,005

8,055

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

-

422

Trade creditors

 

24,910

27,410

Taxation and social security

 

285

-

Other creditors

 

17,084

11,160

Directors' loan account

 

1,317

1,272

 

43,596

40,264

 

Evenett and Bishop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

422

Directors' loan account

1,317

1,272

1,317

1,694

Bank borrowings

Bank borrowings relate to a bank loan with a carrying amount of £Nil (2022 - £422) that is secured by a legal charge and debenture over the company.

10

Going Concern

The accounts have been prepared on a going concern basis. At the date of approving the accounts, the directors are confident that the company is a going concern.