Registered number
00557590
L.E.G. Bishop & Sons Limited
Filleted Accounts
29 February 2024
L.E.G. Bishop & Sons Limited
Registered number: 00557590
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 302,923 265,121
Current assets
Stocks 17,785 13,957
Debtors 4 5,026 37,055
Cash at bank and in hand 26,092 110,866
48,903 161,878
Creditors: amounts falling due within one year 5 (20,022) (21,418)
Net current assets 28,881 140,460
Net assets 331,804 405,581
Capital and reserves
Called up share capital 84,680 84,680
Revaluation reserve 6 38,787 38,787
Profit and loss account 208,337 282,114
Shareholders' funds 331,804 405,581
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Adrian Bishop
Director
Approved by the board on 8 November 2024
L.E.G. Bishop & Sons Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 334,224 189,592 54,179 577,995
Additions 50,003 3,018 - 53,021
At 29 February 2024 384,227 192,610 54,179 631,016
Depreciation
At 1 March 2023 96,217 170,169 46,488 312,874
Charge for the year 7,685 5,611 1,923 15,219
At 29 February 2024 103,902 175,780 48,411 328,093
Net book value
At 29 February 2024 280,325 16,830 5,768 302,923
At 28 February 2023 238,007 19,423 7,691 265,121
Freehold land and buildings: 2024 2023
£ £
Historical cost 293,826 293,826
Cumulative depreciation based on historical cost - -
293,826 293,826
4 Debtors 2024 2023
£ £
Trade debtors 12 33,651
Other debtors 5,014 3,404
5,026 37,055
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 15,369 3,041
Corporation tax - 5,504
Other taxes and social security costs (822) 8,844
Other creditors 5,475 4,029
20,022 21,418
6 Revaluation reserve 2024 2023
£ £
At 1 March 2023 38,787 38,787
At 29 February 2024 38,787 38,787
7 Controlling party
By virtue of his shareholding, Mr Adrian Bishop holds the controlling interest.
8 Other information
L.E.G. Bishop & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Grange Road
Bishopsworth
Bristol
BS13 8LE
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