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REGISTERED NUMBER: 01015802 (England and Wales)















BISBELL MAGNETIC PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


BISBELL MAGNETIC PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W M Lloyd-Morris
A Wainwright





SECRETARY: C E Lloyd-Morris





REGISTERED OFFICE: Suite D, Astor House
282 Lichfield Road
Four Oaks
Sutton Coldfield
West Midlands
B74 2UG





REGISTERED NUMBER: 01015802 (England and Wales)





ACCOUNTANTS: Four Oaks Taxation & Accounting Services Limited
Suite D, Astor House
282 Lichfield Road
Four Oaks
Sutton Coldfield
West Midlands
B74 2UG

BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 298,229 314,751
298,230 314,752

CURRENT ASSETS
Stocks 323,799 325,736
Debtors 6 142,544 128,266
Cash at bank and in hand 30,712 32,095
497,055 486,097
CREDITORS
Amounts falling due within one year 7 328,415 297,788
NET CURRENT ASSETS 168,640 188,309
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,870

503,061

CREDITORS
Amounts falling due after more than one
year

8

(903

)

(3,072

)

PROVISIONS FOR LIABILITIES (9,024 ) (10,848 )
NET ASSETS 456,943 489,141

CAPITAL AND RESERVES
Called up share capital 700 700
Capital redemption reserve 300 300
Retained earnings 455,943 488,141
SHAREHOLDERS' FUNDS 456,943 489,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





W M Lloyd-Morris - Director


BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Bisbell Magnetic Products 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% 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.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 19,811
AMORTISATION
At 1 January 2023
and 31 December 2023 19,810
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 343,530 337,422 74,698 78,861 834,511
Additions - - - 1,007 1,007
At 31 December 2023 343,530 337,422 74,698 79,868 835,518
DEPRECIATION
At 1 January 2023 88,364 292,429 67,389 71,578 519,760
Charge for year 6,870 6,704 1,950 2,005 17,529
At 31 December 2023 95,234 299,133 69,339 73,583 537,289
NET BOOK VALUE
At 31 December 2023 248,296 38,289 5,359 6,285 298,229
At 31 December 2022 255,166 44,993 7,309 7,283 314,751

BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 79,738 116,168
Amounts owed by participating interests 100 100
Other debtors 62,706 11,998
142,544 128,266

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 256,665 188,770
Hire purchase contracts 2,168 2,168
Trade creditors 42,575 75,007
Taxation and social security 24,274 29,693
Other creditors 2,733 2,150
328,415 297,788



8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 903 3,072

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 256,665 188,770

The bank overdraft is secured against the property held within the Balance Sheet.

BISBELL MAGNETIC PRODUCTS LIMITED (REGISTERED NUMBER: 01015802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
W M Lloyd-Morris
Balance outstanding at start of year - -
Amounts advanced 50,485 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,485 -

The director's loan will be repaid within 9 months of the year-end.