REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
BANKS & CO LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
BANKS & CO LIMITED |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BANKS & CO LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
1 Carnegie Road |
Newbury |
Berkshire |
RG14 5DJ |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
ABRIDGED BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Work in progress |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
ABRIDGED BALANCE SHEET - continued |
30 November 2023 |
The financial statements were approved by the director and authorised for issue on |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Banks & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill is an amount paid in connection with the acquisition of a business in 2010, and is being amortised evenly over its estimated useful life of fifteen years, together with an amount paid in connection with the acquisition of a business in 2014, which is being amortised evenly over its estimated useful life of three years, and an amount paid in 2017, which is also being amortised evenly over its estimated useful life of five 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 life. |
Short Leasehold | - | 10% reducing balance |
Fixtures & Fittings | - | 20% on cost |
Computer Equipment | - | 33% on cost |
Work in progress |
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and a proportion of other overheads. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 November 2023 |
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 payable 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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
BANKS & CO LIMITED (REGISTERED NUMBER: 07272728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 November 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank borrowings are secured by a fixed and floating charge over all property, assets and rights of the company owned now or in the future. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200,000 | 200,000 |
8. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The balance outstanding at the year end was £4,303 (2022 £3,579). |
9. | OTHER FINANCIAL COMMITMENTS |
At 30 November 2023, the company had total commitments under non-cancellable operating leases, which are not included in the balance sheet, of £52,737 (2022 - £78,146). |