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COMPANY REGISTRATION NUMBER: 11007174
Bowens Amalgamated Services Ltd
Filleted Unaudited Abridged Financial Statements
31 October 2023
Bowens Amalgamated Services Ltd
Abridged Financial Statements
Year Ended 31 October 2023
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
Bowens Amalgamated Services Ltd
Officers and Professional Advisers
The board of directors
Mr D Bowens
Miss S J Bowens
Mr S D Bowens
Registered office
88 High Street
Ramsey
Huntingdon
Cambs
England
PE26 1BS
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
Bowens Amalgamated Services Ltd
Abridged Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,024,088
948,819
Current assets
Debtors
11,729
8,684
Cash at bank and in hand
47,587
58,997
--------
--------
59,316
67,681
Creditors: amounts falling due within one year
( 733,883)
( 743,712)
---------
---------
Net current liabilities
( 674,567)
( 676,031)
------------
---------
Total assets less current liabilities
349,521
272,788
Provisions
( 71,373)
( 60,478)
---------
---------
Net assets
278,148
212,310
---------
---------
Capital and reserves
Called up share capital
99
99
Other reserves
214,118
179,216
Profit and loss account
63,931
32,995
---------
---------
Shareholders funds
278,148
212,310
---------
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 October 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Bowens Amalgamated Services Ltd
Abridged Statement of Financial Position (continued)
31 October 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr D Bowens
Director
Company registration number: 11007174
Bowens Amalgamated Services Ltd
Notes to the Abridged Financial Statements
Year Ended 31 October 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 88 High Street, Ramsey, Huntingdon, Cambs, PE26 1BS, England.
2. Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
£
Cost or valuation
At 1 November 2022
951,826
Additions
38,004
Revaluations
45,797
------------
At 31 October 2023
1,035,627
------------
Depreciation
At 1 November 2022
3,007
Charge for the year
8,532
------------
At 31 October 2023
11,539
------------
Carrying amount
At 31 October 2023
1,024,088
------------
At 31 October 2022
948,819
------------
The investment properties were revalued to their estimate fair value of £961,727 on 31 October 2023. The valuation has been calculated by the director by comparing to similar properties on the same street.
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Three directors
( 735,109)
10,747
( 724,362)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Three directors
( 668,013)
( 67,096)
( 735,109)
---------
--------
---------