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REGISTERED NUMBER: 06174218 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

REX BISHOP & SON LTD

REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REX BISHOP & SON LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R A Bishop
N A Bishop





SECRETARY: R A Bishop





REGISTERED OFFICE: 133 Tuffley Lane
Tuffley
Gloucester
Gloucestershire
GL4 0NZ





REGISTERED NUMBER: 06174218 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 16,000
Tangible assets 5 192,169 240,561
192,169 256,561

CURRENT ASSETS
Stocks 1,650 1,650
Debtors 6 53,982 71,553
Cash at bank and in hand 58,848 68,097
114,480 141,300
CREDITORS
Amounts falling due within one year 7 132,121 116,081
NET CURRENT (LIABILITIES)/ASSETS (17,641 ) 25,219
TOTAL ASSETS LESS CURRENT
LIABILITIES

174,528

281,780

PROVISIONS FOR LIABILITIES 48,042 45,707
NET ASSETS 126,486 236,073

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 126,484 236,071
SHAREHOLDERS' FUNDS 126,486 236,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




N A Bishop - Director



R A Bishop - Director


REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Rex Bishop & Son Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue represents the invoiced value of services provided during the period, stated net of VAT.

Revenue is recognised when the service has been provided and all obligations to the customers have been fulfilled.

Goodwill
In 2007, the Company acquired a 50% interest in an unincorporated business, Rex Bishop & Son, from the Directors at market value. On 31 March 2014, the Company acquired the remaining 50% interest from the unincorporated business, Rex Bishop & Son.

All goodwill is currently being amortised over its useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern and the financial statements have been prepared on a going concern basis.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 335,000
AMORTISATION
At 1 April 2023 319,000
Charge for year 16,000
At 31 March 2024 335,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 16,000

REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 224,876 14,169 263,209 8,054 510,308
Additions 3,904 415 - - 4,319
Disposals - - (15,285 ) - (15,285 )
At 31 March 2024 228,780 14,584 247,924 8,054 499,342
DEPRECIATION
At 1 April 2023 127,465 9,240 126,492 6,550 269,747
Charge for year 15,700 769 33,711 491 50,671
Eliminated on disposal - - (13,245 ) - (13,245 )
At 31 March 2024 143,165 10,009 146,958 7,041 307,173
NET BOOK VALUE
At 31 March 2024 85,615 4,575 100,966 1,013 192,169
At 31 March 2023 97,411 4,929 136,717 1,504 240,561


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,222 11,098
Other debtors 3,938 3,938
VAT - 13,427
Prepayments and accrued income 44,822 43,090
53,982 71,553

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,127 545
Corporation Tax 8,716 11,568
Social security and other taxes 4,092 4,361
Pension control account 620 578
VAT 12,858 -
Directors' loan accounts 98,013 95,338
Accruals and deferred income 3,695 3,691
132,121 116,081

8. OTHER FINANCIAL COMMITMENTS

The company had lease commitments totalling £41,775 (2023 £69,625) as at the year end.

REX BISHOP & SON LTD (REGISTERED NUMBER: 06174218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
R A Bishop
Balance outstanding at start of year (47,319 ) (61,813 )
Amounts advanced 39,798 55,669
Amounts repaid (41,033 ) (41,175 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (48,554 ) (47,319 )

N A Bishop
Balance outstanding at start of year (48,018 ) (54,170 )
Amounts advanced 39,592 47,327
Amounts repaid (41,033 ) (41,175 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (49,459 ) (48,018 )

No interest is being charged on the loans and there are no set repayment terms.