Company registration number 01104320 (England and Wales)
BISHOP SPORTS & LEISURE LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
BISHOP SPORTS & LEISURE LTD.
COMPANY INFORMATION
Directors
Mr P D Bishop
Mr J E Bishop
Mr S B Bishop
Mr C P Halcomb
Mrs N M Haywood
Secretary
Mrs N M Haywood
Company number
01104320
Registered office
Bishop House, East Burnham Park
Crown Lane
Farnham Royal
Slough
Berkshire
SL2 3SF
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
BISHOP SPORTS & LEISURE LTD.
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
BISHOP SPORTS & LEISURE LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the year ended 31 October 2023.

Review of the business

The directors present the audited financial statements which show that the Group has continued to trade profitably during the year under review. The profit for the year, after taxation, amounted to £697,221 (2022: £596,821).

 

The directors monitor certain key performance indicators (KPIs) in their assessment of the Group's performance and financial position. During the year, Group turnover decreased by 10.4% from £8,765,305 to £7,857,353. Gross profit margin was 32.3%, which saw a slight increase from the prior year of 29.9%.

 

Net current assets of the Group decreased by 7.0% from £6,300,578 to £5,861,657. The net assets of the Group decreased by 4.9% from £10,265,305 to £9,759,876.

 

The external commercial environment is expected to remain competitive in 2024, however the Company continues to take such action as necessary to seek to maintain the current level of performance in the future.

Principal risks and uncertainties

The directors have recognised that the business and its execution is subject to several risks. The key financial risks and uncertainties are considered to be those connected with competition and foreign currency risk.

 

Details of the Group's financial risks and management objectives are set out below:

 

Market risk

The Group's activities are principally provided to United Kingdom businesses and as a result the fortunes of the business are therefore linked to the general health of the United Kingdom economy. The Group's exposure is limited by having a broad customer base but the business remains exposed to the vagaries in marketing budget expenditure that traditionally accompany a recession.

 

Price risk

Pricing is generally determined through negotiations with suppliers, and pricing is market sensitive.

 

Foreign currency risk

The Group's principal foreign currency exposure arises from purchasing goods from overseas companies. A hedging strategy is not used although the risk is mitigated by holding foreign currency bank accounts, and using these to settle foreign currency liabilities.

 

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. The Group's exposure is limited by having a broad customer base of local government and schools, who pay within credit terms. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

Liquidity Risk

The Group maintains sufficient cash for ongoing operations and future developments.

 

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

BISHOP SPORTS & LEISURE LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

 

Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

 

Research and development

The Group is not currently undertaking any major research and development projects, beyond the standard continuous improvement of its product and service offerings.

On behalf of the board

Mr S B Bishop
Director
17 April 2024
BISHOP SPORTS & LEISURE LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the Company and Group continued to be that of manufacture, importation and sales, both home and export of sports, educational and recreational goods and equipment.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,202,650 (2022: £394,701). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P D Bishop
Mr J E Bishop
Mr S B Bishop
Mr C P Halcomb
Mrs N M Haywood

Employees

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

 

The Group places considerable value on the involvement of its employees and keeps them informed on matters affecting them as employees and on various factors affecting the performance of the Group. This is achieved largely through formal and informal meetings and also, where practicable, by circulating notices.

Auditor

In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

BISHOP SPORTS & LEISURE LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company, and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

All relevant items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) Companies Act 2006.true

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S B Bishop
Director
17 April 2024
2024-04-19
BISHOP SPORTS & LEISURE LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BISHOP SPORTS & LEISURE LTD.
- 5 -
Opinion

We have audited the financial statements of Bishop Sports & Leisure Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BISHOP SPORTS & LEISURE LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BISHOP SPORTS & LEISURE LTD.
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have gained an understating of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures at group levels to respond to the risk, recognising that risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the companies Act 2006, taxation legislation, financial authority regulation, data protection, anti-bribery and health and safety legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, risk-based sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing legal expense accounts for spend which may be indicative of breaches of law & regulations and reading minutes of meetings of those charged with governance where available.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

BISHOP SPORTS & LEISURE LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BISHOP SPORTS & LEISURE LTD.
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Faust (Senior Statutory Auditor)
For and on behalf of FLB Audit LLP
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
19 April 2024
BISHOP SPORTS & LEISURE LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
7,857,353
8,765,305
Cost of sales
(5,321,797)
(6,141,904)
Gross profit
2,535,556
2,623,401
Administrative expenses
(1,783,118)
(2,002,742)
Other operating income
15,000
15,205
Operating profit
4
767,438
635,864
Investment income
8
134,867
62,092
Profit before taxation
902,305
697,956
Tax on profit
9
(205,084)
(101,135)
Profit and total comprehensive income for the financial year
697,221
596,821
The profit and total comprehensive income for the year is all attributable to the owners of the parent company.
BISHOP SPORTS & LEISURE LTD.
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Goodwill
12
34,718
41,902
Other intangible assets
12
-
0
17,237
Total intangible assets
34,718
59,139
Property, plant and equipment
13
3,891,382
3,935,159
3,926,100
3,994,298
Current assets
Inventories
16
2,436,904
2,938,546
Trade and other receivables
17
1,400,308
2,090,543
Cash and cash equivalents
3,142,971
2,837,077
6,980,183
7,866,166
Current liabilities
18
(1,118,526)
(1,565,588)
Net current assets
5,861,657
6,300,578
Total assets less current liabilities
9,787,757
10,294,876
Provisions for liabilities
Deferred tax liability
19
27,881
29,571
(27,881)
(29,571)
Net assets
9,759,876
10,265,305
Equity
Called up share capital
21
119,320
119,320
Distributable retained earnings
9,640,556
10,145,985
Total equity
9,759,876
10,265,305

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
17 April 2024
Mrs N M Haywood
Director
Company registration number 01104320 (England and Wales)
BISHOP SPORTS & LEISURE LTD.
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
12
-
0
17,237
Property, plant and equipment
13
2,780,850
2,820,976
Investments
14
1,526,362
1,681,639
4,307,212
4,519,852
Current assets
Inventories
16
1,924,590
2,574,760
Trade and other receivables
17
2,107,130
2,682,333
Cash and cash equivalents
3,113,191
2,645,186
7,144,911
7,902,279
Current liabilities
18
(916,550)
(1,223,390)
Net current assets
6,228,361
6,678,889
Total assets less current liabilities
10,535,573
11,198,741
Provisions for liabilities
Deferred tax liability
19
24,422
28,140
(24,422)
(28,140)
Net assets
10,511,151
11,170,601
Equity
Called up share capital
21
119,320
119,320
Distributable retained earnings
10,391,831
11,051,281
Total equity
10,511,151
11,170,601

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The Company’s profit for the year was £543,200 (2022: £604,091).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
17 April 2024
Mrs N M Haywood
Director
Company registration number 01104320 (England and Wales)
BISHOP SPORTS & LEISURE LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Fair value reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 November 2021
119,320
448,814
9,495,051
10,063,185
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
596,821
596,821
Dividends
10
-
-
(394,701)
(394,701)
Transfers
-
(448,814)
448,814
-
Balance at 31 October 2022
119,320
-
0
10,145,985
10,265,305
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
697,221
697,221
Dividends
10
-
-
(1,202,650)
(1,202,650)
Balance at 31 October 2023
119,320
-
0
9,640,556
9,759,876
Share capital
Called up share capital reserve represents the nominal value of the shares issued.
Fair value reserve
Fair value reserve represents movements in fair values of investment properties held by the Group. The reserve is non-distributable as fair values of the investment properties are not readily convertible to cash.
Retained earnings
Retained earnings reserve represents cumulative profits and losses, net of dividends paid and adjustments.
BISHOP SPORTS & LEISURE LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
Share capital
Fair value reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 November 2021
119,320
448,814
10,393,077
10,961,211
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
604,091
604,091
Dividends
10
-
-
(394,701)
(394,701)
Transfers
-
(448,814)
448,814
-
Balance at 31 October 2022
119,320
-
0
11,051,281
11,170,601
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
543,200
543,200
Dividends
10
-
-
(1,202,650)
(1,202,650)
Balance at 31 October 2023
119,320
-
0
10,391,831
10,511,151
Share capital
Called up share capital reserve represents the nominal value of the shares issued.
Fair value reserve
Fair value reserve represents movements in fair values of investment properties held by the Company. The reserve is non-distributable as fair values of the investment properties are not readily convertible to cash.
Retained earnings
Retained earnings reserve represents cumulative profits and losses, net of dividends paid and adjustments.
BISHOP SPORTS & LEISURE LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,646,800
400,447
Income taxes paid
(294,753)
(180,700)
Net cash inflow from operating activities
1,352,047
219,747
Investing activities
Purchase of property, plant and equipment
(58,420)
(141,562)
Proceeds from disposal of tangible fixed assets
80,050
38,573
Proceeds from disposal of properties
-
1,098,160
Interest received
122,991
58,860
Other income received from investments
11,876
3,232
Net cash generated from investing activities
156,497
1,057,263
Financing activities
Dividends paid to equity shareholders
(1,202,650)
(394,701)
Net cash used in financing activities
(1,202,650)
(394,701)
Net increase in cash and cash equivalents
305,894
882,309
Cash and cash equivalents at beginning of year
2,837,077
1,954,768
Cash and cash equivalents at end of year
3,142,971
2,837,077
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
1
Accounting policies
Company information

Bishop Sports & Leisure Ltd. (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, England, SL2 3SF.

 

The Group consists of Bishop Sports & Leisure Ltd. and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The parent company has taken advantage of the exemption from preparing a company statement of cash flows, on the basis that it is a qualifying entity and the group statement of cash flows, included in these financial statements, includes the company's cash flows.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bishop Sports & Leisure Ltd. together with all entities controlled by the parent company (its subsidiaries) and the Group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Service rental income is recognised on an accruals basis and is stated net of the cost of any lease incentives given, including rent-free periods, which are spread on straight line basis over the term of the relevant lease.

1.6
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its estimated useful economic life of 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
amortised evenly over their estimated useful life of 5 years.
1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% on cost
Plant and equipment
at varying rates on cost, 6.66% - 25% on cost
Computers
at varying rates on cost, 10% - 25% on cost
Motor vehicles
at varying rates on cost, 25% - 33.3% on cost

Freehold land and assets in the course of construction are not depreciated.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Non-current investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of non-current assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Group's statement of financial position when the Group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 or loss.

 

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. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The Assets of the plan are held separately from the Group in independently administered funds.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Impairment of intangible assets and goodwill

Annually, the group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires on estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

ii. Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
The sale of goods
7,805,309
8,614,121
The rendering of services
52,044
151,184
7,857,353
8,765,305
2023
2022
£
£
Revenue analysed by geographical market
United Kingdom
7,328,049
8,220,896
Europe
16,377
39,899
Rest of the World
512,927
504,510
7,857,353
8,765,305
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
3
Revenue
(Continued)
- 20 -
2023
2022
£
£
Other revenue
Interest income
134,867
62,092
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(93,604)
(81,618)
Depreciation of owned property, plant and equipment
89,914
92,282
Profit on disposal of property, plant and equipment
(61,434)
(20,339)
(Profit)/loss on disposal of investment property
-
0
159,725
Amortisation of intangible assets
9,647
9,647
Impairment of intangible assets
14,774
-
0
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,000
6,500
Audit of the financial statements of the company's subsidiaries
8,000
6,500
17,000
13,000
For other services
All other non-audit services
10,500
9,750
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
23
19
-
-
Office and administration
28
31
23
23
Sales & Marketing
10
8
10
8
Total
61
58
33
31
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,642,759
1,672,071
1,007,724
1,064,016
Social security costs
155,965
149,228
104,864
91,125
Pension costs
83,720
70,220
66,121
51,237
1,882,444
1,891,519
1,178,709
1,206,378
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
261,874
348,628
Company pension contributions to defined contribution schemes
44,155
33,369
306,029
381,997

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
94,727
94,887
Company pension contributions to defined contribution schemes
39,459
28,640
8
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
81,741
17,610
Other interest income
41,250
41,250
Interest income from related parties
11,876
3,232
Total income
134,867
62,092
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
206,774
169,753
Deferred tax
Origination and reversal of timing differences
(1,690)
(68,618)
Total tax charge
205,084
101,135

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
902,305
697,956
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
203,019
132,612
Tax effect of expenses that are not deductible in determining taxable profit
2,863
3,340
Tax effect of income not taxable in determining taxable profit
-
(39)
Depreciation on assets not qualifying for tax allowances
6,627
5,391
Other chargeable gains
(6,123)
-
Other adjustments to taxable profit
-
(636)
Effect of capital allowances super deduction claimed
(811)
(1,347)
Effect of change in tax rate
(491)
7,097
Reversal of deferred tax on investment properties
-
(45,283)
Taxation charge
205,084
101,135

An increase in the rate of corporation tax from 19% to 25% became effective from 1 April 2023. This will impact the Company's future tax charges accordingly for any profits taxed at the main rate.

10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,202,650
394,701
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Intangible assets
12
14,774
-
Recognised in:
Administrative expenses
14,774
-
12
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
71,835
29,550
101,385
Amortisation and impairment
At 1 November 2022
29,933
12,313
42,246
Amortisation charged for the year
7,184
2,463
9,647
Impairment losses
-
0
14,774
14,774
At 31 October 2023
37,117
29,550
66,667
Carrying amount
At 31 October 2023
34,718
-
0
34,718
At 31 October 2022
41,902
17,237
59,139
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Intangible fixed assets
(Continued)
- 24 -
Company
Patents & licences
£
Cost
At 1 November 2022 and 31 October 2023
29,550
Amortisation and impairment
At 1 November 2022
12,313
Amortisation charged for the year
2,463
Impairment losses
14,774
At 31 October 2023
29,550
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
17,237

More information on impairment movements in the year is given in note 11.

13
Property, plant and equipment
Group
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
3,869,742
909,360
202,690
163,017
5,144,809
Additions
-
0
53,556
11,197
-
0
64,753
Disposals
(10,241)
(21,363)
(7,177)
-
0
(38,781)
At 31 October 2023
3,859,501
941,553
206,710
163,017
5,170,781
Depreciation and impairment
At 1 November 2022
176,101
751,158
165,814
116,577
1,209,650
Depreciation charged in the year
25,652
32,862
12,183
19,217
89,914
Eliminated in respect of disposals
-
0
(12,996)
(7,169)
-
0
(20,165)
At 31 October 2023
201,753
771,024
170,828
135,794
1,279,399
Carrying amount
At 31 October 2023
3,657,748
170,529
35,882
27,223
3,891,382
At 31 October 2022
3,693,641
158,202
36,876
46,440
3,935,159
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
13
Property, plant and equipment
(Continued)
- 25 -
Company
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
2,756,855
187,808
84,008
65,455
3,094,126
Additions
-
0
35,870
8,490
-
0
44,360
Disposals
(10,241)
(9,133)
(2,774)
-
0
(22,148)
At 31 October 2023
2,746,614
214,545
89,724
65,455
3,116,338
Depreciation and impairment
At 1 November 2022
123,930
79,426
50,779
19,015
273,150
Depreciation charged in the year
18,200
17,910
10,668
19,217
65,995
Eliminated in respect of disposals
-
0
(883)
(2,774)
-
0
(3,657)
At 31 October 2023
142,130
96,453
58,673
38,232
335,488
Carrying amount
At 31 October 2023
2,604,484
118,092
31,051
27,223
2,780,850
At 31 October 2022
2,632,925
108,382
33,229
46,440
2,820,976
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,526,362
1,681,639
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
1,681,639
Impairment
At 1 November 2022
-
Impairment losses
155,277
At 31 October 2023
155,277
Carrying amount
At 31 October 2023
1,526,362
At 31 October 2022
1,681,639
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 26 -
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Wilkinson Sports and Leisure Ltd
Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, SL2 3SF
Dormant Company
Ordinary
100.00
Niels Larsen Limited
Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, SL2 3SF
Manufacture and supply of gym and games equipment
Ordinary
100.00
Bishop Holdings Ltd
Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, SL2 3SF
Dormant Company
Ordinary
100.00
J S Bishop and Company Ltd
Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, SL2 3SF
Dormant Company
Ordinary
100.00
Edventure Ltd
Bishop House, East Burnham Park, Crown Lane, Farnham Royal, Slough, Berkshire, SL2 3SF
Dormant Company
Ordinary
100.00
16
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
2,436,904
2,938,546
1,924,590
2,574,760
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
510,599
1,013,730
423,475
690,277
Amounts owed by group undertakings
-
-
822,220
947,220
Amounts owed by related parties
184,427
263,721
184,427
263,721
Other receivables
550,518
550,268
550,000
550,000
Prepayments and accrued income
154,764
262,824
127,008
231,115
1,400,308
2,090,543
2,107,130
2,682,333

Amounts owed by group undertakings to the Company, consist of intercompany loans, which are unsecured, bear no interest and are repayable on demand.

 

Amounts owed by related parties consist of an intercompany loan due from a company over which the directors have significant influence. The loan is unsecured, bears interest at 7% per annum and is repayable on demand.

 

Other receivables consist of secured loans of £550,000 (2022: £550,000), which bear interest at 7.5% and are repayable on 2 July 2024. The loans are secured by way fixed and floating charges over a number of properties owned by and other undertaking of the counterparty.

BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
18
Current liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade payables
380,263
612,109
276,442
410,585
Amounts owed to group undertakings
-
0
-
0
100
100
Corporation tax payable
81,774
169,753
80,027
166,526
Other taxation and social security
219,486
305,893
170,815
214,048
Other payables
19,676
15,101
14,163
14,014
Accruals and deferred income
417,327
462,732
375,003
418,117
1,118,526
1,565,588
916,550
1,223,390

Amounts owed to group undertakings from the Company consist of intercompany loans which are unsecured, bear no interest and are repayable on demand.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
28,446
29,571
Other timing differences
(565)
-
27,881
29,571
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
24,935
28,140
Other timing differences
(513)
-
24,422
28,140
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
29,571
28,140
Credit to profit or loss
(1,690)
(3,718)
Liability at 31 October 2023
27,881
24,422
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
19
Deferred taxation
(Continued)
- 28 -

The deferred tax liability set out above in respect of accelerated capital allowances is expected to reverse in line with the depreciation of the underlying tangible fixed assets to which they relate, which is between 1 to 4 years.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,315
56,392

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

 

Contributions totalling £2,049 (2022: £2,167) were payable to the fund at the year end and are included in other creditors.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 25p each
477,280
477,280
119,320
119,320

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.    

22
Financial commitments, guarantees and contingent liabilities

The Company's bankers NatWest hold unlimited cross guarantees between Bishop Sports & Leisure Ltd. and its subsidiary, Niels Larsen Limited. There were no contingent liabilities as at 31 October 2022 or 31 October 2023.

23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Interest received
2023
2022
£
£
Group and Company
Other related parties
11,876
3,232
BISHOP SPORTS & LEISURE LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
23
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group and Company
Other related parties
184,427
263,721

 

Amounts owed by related parties consist of an intercompany loan due from a company over which the directors have significant influence. The loan is unsecured, bears interest at 7% per annum and is repayable on demand.

Other information

The Company has taken advantage of the exemption, under FRS 102 paragraph 33.1A, from disclosing transactions with related parties with wholly owned subsidiaries within the group.

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
697,221
596,821
Adjustments for:
Taxation charged
205,084
101,135
Investment income
(134,867)
(62,092)
Gain on disposal of property, plant and equipment
(61,434)
(20,339)
Loss on disposal of investment property
-
0
159,725
Amortisation and impairment of intangible assets
24,421
9,647
Depreciation and impairment of property, plant and equipment
89,914
92,282
Impairment of fixed asset investments
-
674
Movements in working capital:
Decrease/(increase) in inventories
501,642
(498,985)
Decrease/(increase) in trade and other receivables
690,234
(210,028)
(Decrease)/increase in trade and other payables
(365,415)
231,607
Cash generated from operations
1,646,800
400,447
25
Analysis of changes in net funds - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
2,837,077
305,894
3,142,971
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100Mr P D BishopMr J E BishopMr S B BishopMr C P HalcombMrs N M HaywoodMrs N M 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