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REGISTERED NUMBER: 07272728 (England and Wales)















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: R M L Taylor FCCA





REGISTERED OFFICE: 1 Carnegie Road
Newbury
Berkshire
RG14 5DJ





REGISTERED NUMBER: 07272728 (England and Wales)





ACCOUNTANTS: Banks & Co Limited
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 94,666 141,999
Tangible assets 5 3,375 4,193
98,041 146,192

CURRENT ASSETS
Work in progress 184,298 194,555
Debtors 130,130 122,782
Cash at bank and in hand 39,584 49,919
354,012 367,256
CREDITORS
Amounts falling due within one year 183,105 180,349
NET CURRENT ASSETS 170,907 186,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,948

333,099

CREDITORS
Amounts falling due after more than one
year

(14,446

)

(36,510

)

PROVISIONS FOR LIABILITIES (867 ) (818 )
NET ASSETS 253,635 295,771

CAPITAL AND RESERVES
Called up share capital 7 200,000 200,000
Retained earnings 53,635 95,771
SHAREHOLDERS' FUNDS 253,635 295,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





R M L Taylor FCCA - Director


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 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
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 15 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022
and 30 November 2023 786,131
AMORTISATION
At 1 December 2022 644,132
Amortisation for year 47,333
At 30 November 2023 691,465
NET BOOK VALUE

At 30 November 2023 94,666
At 30 November 2022 141,999

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 26,929
Additions 440
At 30 November 2023 27,369
DEPRECIATION
At 1 December 2022 22,736
Charge for year 1,258
At 30 November 2023 23,994
NET BOOK VALUE
At 30 November 2023 3,375
At 30 November 2022 4,193

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 20,510 28,369

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: £    £   
200,000 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).