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REGISTERED NUMBER: 04084732 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ERIC BATES & SONS LTD

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ERIC BATES & SONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G R Bates
J R Bates





REGISTERED OFFICE: 54 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 04084732 (England and Wales)






ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,369
Tangible assets 5 204,072 157,752
204,072 161,121

CURRENT ASSETS
Stocks 354,218 307,971
Debtors 6 268,122 303,501
Cash at bank and in hand 46,344 58,555
668,684 670,027
CREDITORS
Amounts falling due within one year 7 490,220 417,342
NET CURRENT ASSETS 178,464 252,685
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,536

413,806

CREDITORS
Amounts falling due after more than one
year

8

(172,239

)

(156,680

)

PROVISIONS FOR LIABILITIES (8,183 ) (14,995 )
NET ASSETS 202,114 242,131

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 201,114 241,131
SHAREHOLDERS' FUNDS 202,114 242,131

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.

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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 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 13 September 2024 and were signed on its behalf by:





G R Bates - Director


ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

1. STATUTORY INFORMATION

Eric Bates & Sons 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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its 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.

The following criteria must also be met before revenue is recognised:

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has accepted delivery of the goods.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the company'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 Statement of income and retained earnings over its useful economic life, considered to be 20 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.

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short leasehold - equal instalments over the lease period
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

Stocks
Cost is calculated using the first in, first out method.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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.


ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 40,000 13,451 53,451
Disposals - (13,451 ) (13,451 )
At 31 December 2023 40,000 - 40,000
AMORTISATION
At 1 January 2023 40,000 10,082 50,082
Eliminated on disposal - (10,082 ) (10,082 )
At 31 December 2023 40,000 - 40,000
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - 3,369 3,369

5. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 337,015 290,844 60,621 14,443 702,923
Additions - 87,776 - 602 88,378
At 31 December 2023 337,015 378,620 60,621 15,045 791,301
DEPRECIATION
At 1 January 2023 238,518 262,148 30,514 13,991 545,171
Charge for year 17,004 16,875 7,526 653 42,058
At 31 December 2023 255,522 279,023 38,040 14,644 587,229
NET BOOK VALUE
At 31 December 2023 81,493 99,597 22,581 401 204,072
At 31 December 2022 98,497 28,696 30,107 452 157,752

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 41,921
DEPRECIATION
At 1 January 2023 14,412
Charge for year 6,877
At 31 December 2023 21,289
NET BOOK VALUE
At 31 December 2023 20,632
At 31 December 2022 27,509

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 68,967 123,492
Other debtors 199,155 180,009
268,122 303,501

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 35,222 32,232
Hire purchase contracts 19,163 7,676
Trade creditors 55,873 50,266
Taxation and social security 36,873 26,714
Other creditors 343,089 300,454
490,220 417,342

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 101,240 131,474
Hire purchase contracts 70,999 25,206
172,239 156,680

ERIC BATES & SONS LTD (REGISTERED NUMBER: 04084732)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 136,462 163,706
Hire purchase contracts 90,162 32,882
226,624 196,588

10. OTHER FINANCIAL COMMITMENTS

The company has commitments under operating leases amounting to £828,049 (2022 - £291,589).

11. 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
£    £   
J R Bates
Balance outstanding at start of year 110,902 104,369
Amounts advanced 16,971 6,533
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 127,873 110,902

Interest is charged on this advance based on HMRC official rates of interest for beneficial loan arrangements.

12. RELATED PARTY DISCLOSURES

At the year end, the Company was owed £32,233 (2022: £31,786) by NR12 Fitness Gym & Studio Limited, a company under the control of J Bates, director.

At the year end, the Company rented equipment totalling £4,346 (2022: £3,827) to NR12 Fitness Gym & Studio Limited, a company under the control of J Bates, director.

At the year end, the Company owed £83,767 (2022: £72,852) to a close family member to the directors.

13. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the directors.