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REGISTERED NUMBER: 03838424 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

BANKS SPECIALIST COVERS LIMITED

BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BANKS SPECIALIST COVERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: D M Banks
Mrs G C Banks





SECRETARY: Wilsons (Company Secretaries) Limited





REGISTERED OFFICE: Alexandra House
St John Street
Salisbury
SP1 2SB





REGISTERED NUMBER: 03838424 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St Ann Street
Salisbury
SP1 2DR

BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,984 2,517

CURRENT ASSETS
Stocks 197,903 186,545
Debtors 5 73,151 54,895
Cash at bank and in hand 7,404 752
278,458 242,192
CREDITORS
Amounts falling due within one year 6 552,835 461,817
NET CURRENT LIABILITIES (274,377 ) (219,625 )
TOTAL ASSETS LESS CURRENT LIABILITIES (272,393 ) (217,108 )

CREDITORS
Amounts falling due after more than one
year

7

11,000

16,931
NET LIABILITIES (283,393 ) (234,039 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings (283,395 ) (234,041 )
SHAREHOLDERS' FUNDS (283,393 ) (234,039 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

BALANCE SHEET - continued
30 SEPTEMBER 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 16 September 2024 and were signed on its behalf by:





D M Banks - Director


BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Banks Specialist Covers 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.

The financial statements have been prepared on a going concern basis. The company is reliant upon the support of the directors who have confirmed that they do not intend to withdraw their support and therefore, the going concern basis is considered to be appropriate.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebate and value added tax.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

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


BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022
and 30 September 2023 1,915 3,700 789 6,404
DEPRECIATION
At 1 October 2022 959 2,139 789 3,887
Charge for year 143 390 - 533
At 30 September 2023 1,102 2,529 789 4,420
NET BOOK VALUE
At 30 September 2023 813 1,171 - 1,984
At 30 September 2022 956 1,561 - 2,517

BANKS SPECIALIST COVERS LIMITED (REGISTERED NUMBER: 03838424)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS - continued


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 58,571 43,960
Other debtors 14,580 10,935
73,151 54,895

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 7,326
Trade creditors 134,595 139,196
Taxation and social security 11,870 10,682
Other creditors 400,370 304,613
552,835 461,817

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 11,000 16,931

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

At the year end £158,040 (2022 £158,040) was owed to a director of the company.

10. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Westray Estates Limited, a company incorporated in England. In the opinion of the directors there is no single individual with control over Westray Estates Limited.