Company Registration No. 00451739 (England and Wales)
EDWIN J. BOWMAN (LINCS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
EDWIN J. BOWMAN (LINCS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EDWIN J. BOWMAN (LINCS) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
312,938
318,844
Current assets
Stocks
44,366
46,125
Debtors
4
281,128
202,328
Cash at bank and in hand
77,281
128,369
402,775
376,822
Creditors: amounts falling due within one year
5
(373,332)
(343,954)
Net current assets
29,443
32,868
Total assets less current liabilities
342,381
351,712
Creditors: amounts falling due after more than one year
6
(7,907)
(18,218)
Provisions for liabilities
(13,548)
(13,153)
Net assets
320,926
320,341
Capital and reserves
Called up share capital
7
625
625
Revaluation reserve
8
238,328
239,037
Profit and loss reserves
81,973
80,679
Total equity
320,926
320,341
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
A.J. Bowman
Director
Company Registration No. 00451739
EDWIN J. BOWMAN (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Edwin J. Bowman (Lincs) Limited is a private company limited by shares incorporated in England. The registered office is Monks Road, Lincoln, Lincolnshire, LN2 5LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value, net of VAT, of sales made during the year.
Revenue from the supply of repair services is recognised when the customer or their appointed agent has approved the repair, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% p.a. on cost
Plant and machinery
20% p.a on written down value
Fixtures, fittings & equipment
10% p.a. on written down value / 25% p.a. hi tech
Motor vehicles
20% p.a on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
EDWIN J. BOWMAN (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks, including work in progress, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to its financial instruments. It has no financial instruments which fall to be classed as 'other financial instruments' as defined by FRS 102.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost.
EDWIN J. BOWMAN (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full on all material timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more than likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are not discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
15
EDWIN J. BOWMAN (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 September 2023 and 31 August 2024
326,843
146,772
473,615
Depreciation and impairment
At 1 September 2023
28,544
126,227
154,771
Depreciation charged in the year
1,701
4,205
5,906
At 31 August 2024
30,245
130,432
160,677
Carrying amount
At 31 August 2024
296,598
16,340
312,938
At 31 August 2023
298,299
20,545
318,844
Freehold land and buildings were revalued in August 2022. In the opinion of the directors the revised value represents the market value of the assets.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
248,201
167,541
Other debtors
32,927
34,787
281,128
202,328
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,313
10,056
Trade creditors
216,376
215,761
Corporation tax
23,630
18,633
Other taxation and social security
110,146
86,619
Other creditors
12,867
12,885
373,332
343,954
EDWIN J. BOWMAN (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,907
18,218
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
600
600
600
600
Ordinary B Shares of £1 each
25
25
25
25
625
625
625
625
All classes of share rank pari passu in all respects except with regards to their dividend entitlement, which can be varied for each class of share.
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
239,037
248,142
Deferred tax on revaluation of tangible assets
(709)
(9,105)
At the end of the year
238,328
239,037
9
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
15,950
15,950
10
Directors' transactions
Dividends totalling £73,038 (2023 - £69,668) were paid in the year in respect of shares held by the company's directors.
11
Ultimate controlling party
The company is controlled A J Bowman.