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Registration number: 09123427

Bison Engineering & Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bison Engineering & Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Bison Engineering & Construction Ltd

Company Information

Directors

Mr N S Althorp

Mr A S J Althorp

Registered office

New House Farm
Upper Eggleton
Stretton Grandison
Ledbury
Herefordshire
HR8 2TP

Accountants

Young & Co
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Bison Engineering & Construction Ltd

(Registration number: 09123427)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

374,286

341,903

Current assets

 

Stocks

5

198,833

181,691

Debtors

6

474,212

442,245

Cash at bank and in hand

 

61,328

371,367

 

734,373

995,303

Creditors: Amounts falling due within one year

7

(200,575)

(409,940)

Net current assets

 

533,798

585,363

Total assets less current liabilities

 

908,084

927,266

Creditors: Amounts falling due after more than one year

7

(12,667)

(20,667)

Provisions for liabilities

(63,598)

(42,550)

Net assets

 

831,819

864,049

Capital and reserves

 

Called up share capital

8

2,500

2,500

Retained earnings

829,319

861,549

Shareholders' funds

 

831,819

864,049

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Bison Engineering & Construction Ltd

(Registration number: 09123427)
Balance Sheet as at 31 March 2024
(continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr A S J Althorp
Director

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
New House Farm
Upper Eggleton
Stretton Grandison
Ledbury
Herefordshire
HR8 2TP
England

These financial statements were authorised for issue by the Board on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

Motor vehicles

25% of written down value per annum

Plant and machinery

15% of cost per annum

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Fixtures and fittings

20% of cost per annum

Computer equipment

33% of cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

112,865

379,617

111,722

604,204

Additions

2,248

90,108

22,695

115,051

Disposals

-

-

(59,228)

(59,228)

At 31 March 2024

115,113

469,725

75,189

660,027

Depreciation

At 1 April 2023

-

204,896

57,406

262,302

Charge for the year

-

54,272

13,054

67,326

Eliminated on disposal

-

-

(43,887)

(43,887)

At 31 March 2024

-

259,168

26,573

285,741

Carrying amount

At 31 March 2024

115,113

210,557

48,616

374,286

At 31 March 2023

112,866

174,721

54,316

341,903

Included within the net book value of land and buildings above is £115,113 (2023 - £112,866) in respect of long leasehold land and buildings.
 

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

5

stocks

2024
£

2023
£

Work in progress

158,833

161,691

Other inventories

40,000

20,000

198,833

181,691

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

132,720

137,776

Amounts owed by related parties

10

276,670

237,970

Prepayments

 

22,628

10,616

Other debtors

 

42,194

55,883

   

474,212

442,245

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,000

8,000

Trade creditors

 

113,126

210,603

Taxation and social security

 

21,232

78,358

Accruals and deferred income

 

43,818

71,350

Other creditors

 

14,399

41,629

 

200,575

409,940

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,667

20,667

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

2,500

2,500

2,500

2,500

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,667

20,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,000

8,000

 

Bison Engineering & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

10

Related party transactions

Interest is being charged on the director's loan by the company at a rate of 2%. The loan is unsecured and repayable on demand.

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Loan to director

23,957

51,916

(63,312)

12,561

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Loan to director

-

23,957

23,957