Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false2023-07-01161falsefalseNo description of principal activity151false 12733035 2023-07-01 2024-06-30 12733035 2022-07-01 2023-06-30 12733035 2024-06-30 12733035 2023-06-30 12733035 2022-07-01 12733035 c:Director1 2023-07-01 2024-06-30 12733035 c:Director2 2023-07-01 2024-06-30 12733035 c:Director4 2023-07-01 2024-06-30 12733035 c:Director5 2023-07-01 2024-06-30 12733035 c:Director6 2023-07-01 2024-06-30 12733035 c:Director7 2023-07-01 2024-06-30 12733035 c:Director7 2024-06-30 12733035 c:Director8 2023-07-01 2024-06-30 12733035 c:Director8 2024-06-30 12733035 c:RegisteredOffice 2023-07-01 2024-06-30 12733035 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 12733035 d:Buildings d:LongLeaseholdAssets 2024-06-30 12733035 d:Buildings d:LongLeaseholdAssets 2023-06-30 12733035 d:PlantMachinery 2023-07-01 2024-06-30 12733035 d:PlantMachinery 2024-06-30 12733035 d:PlantMachinery 2023-06-30 12733035 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12733035 d:MotorVehicles 2023-07-01 2024-06-30 12733035 d:MotorVehicles 2024-06-30 12733035 d:MotorVehicles 2023-06-30 12733035 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12733035 d:FurnitureFittings 2023-07-01 2024-06-30 12733035 d:FurnitureFittings 2024-06-30 12733035 d:FurnitureFittings 2023-06-30 12733035 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12733035 d:ComputerEquipment 2023-07-01 2024-06-30 12733035 d:ComputerEquipment 2024-06-30 12733035 d:ComputerEquipment 2023-06-30 12733035 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12733035 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12733035 d:Goodwill 2023-07-01 2024-06-30 12733035 d:Goodwill 2024-06-30 12733035 d:Goodwill 2023-06-30 12733035 d:CurrentFinancialInstruments 2024-06-30 12733035 d:CurrentFinancialInstruments 2023-06-30 12733035 d:Non-currentFinancialInstruments 2024-06-30 12733035 d:Non-currentFinancialInstruments 2023-06-30 12733035 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12733035 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12733035 e:UnitedKingdom 2023-07-01 2024-06-30 12733035 e:UnitedKingdom 2022-07-01 2023-06-30 12733035 e:RestWorldOutsideUK 2023-07-01 2024-06-30 12733035 e:RestWorldOutsideUK 2022-07-01 2023-06-30 12733035 d:UKTax 2023-07-01 2024-06-30 12733035 d:UKTax 2022-07-01 2023-06-30 12733035 d:ShareCapital 2024-06-30 12733035 d:ShareCapital 2023-06-30 12733035 d:ShareCapital 2022-07-01 12733035 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12733035 d:RetainedEarningsAccumulatedLosses 2024-06-30 12733035 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12733035 d:RetainedEarningsAccumulatedLosses 2023-06-30 12733035 d:RetainedEarningsAccumulatedLosses 2022-07-01 12733035 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 12733035 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 12733035 d:OtherDeferredTax 2024-06-30 12733035 d:OtherDeferredTax 2023-06-30 12733035 c:OrdinaryShareClass1 2023-07-01 2024-06-30 12733035 c:OrdinaryShareClass1 2024-06-30 12733035 c:OrdinaryShareClass1 2023-06-30 12733035 c:FRS102 2023-07-01 2024-06-30 12733035 c:Audited 2023-07-01 2024-06-30 12733035 c:FullAccounts 2023-07-01 2024-06-30 12733035 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12733035 d:WithinOneYear 2024-06-30 12733035 d:WithinOneYear 2023-06-30 12733035 d:BetweenOneFiveYears 2024-06-30 12733035 d:BetweenOneFiveYears 2023-06-30 12733035 d:MoreThanFiveYears 2024-06-30 12733035 d:MoreThanFiveYears 2023-06-30 12733035 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 12733035 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 12733035 2 2023-07-01 2024-06-30 12733035 6 2023-07-01 2024-06-30 12733035 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-06-30 12733035 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-30 12733035 d:LeasedAssetsHeldAsLessee 2024-06-30 12733035 d:LeasedAssetsHeldAsLessee 2023-06-30 12733035 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 12733035 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12733035










AGM BISHOPS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
AGM BISHOPS LIMITED
 
 
COMPANY INFORMATION


Directors
R Start 
S Sampson 
M Costa-Rising 
D M Hibbert 
K Dugard 
C Sargent 
J Comley 




Registered number
12733035



Registered office
The Heights East
Cranborne Road

EN6 3JN




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
AGM BISHOPS LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 28


 
AGM BISHOPS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their company Strategic Report for the year ended 30 June 2024.

Business review
 
The principal activity of the company during the year was that of storage, and moving services within the niche markets of substantial private UK residential moves, international relocations and commercial moving.
Bishops’ revenue did not show the same level of growth as last year.  Revenue increased slightly by 6.4% from £19.1M to £20.3M for the year ended 30 June 2024. This is mainly attributed to the tough economic environment which has resulted in increased competition for a smaller market.
Inflationary cost pressure has forced us to be ultra vigilant about costs. Gross margin decreased from 37.9% in 2023 to this year’s 37.2%. 
Operating profit increased to £441,337 from last year’s £386,634.

Principal risks and uncertainties
 
The principal risks associated with this industry relate to market cycles as driven by the general economic performance of the UK. This manifests itself in dramatic changes in the seasonal cycle which are regularly reviewed by the directors to limit the consequent impact on resource availability and company profitability.
The winter months show a large slow down of revenue with the consequential decrease in free cash.  Credit control and cash management become more important during this period.

Financial key performance indicators
 
The Company uses a range of performance measures to monitor business performance. The key indicators are turnover, gross margin and operating margins.
ole1755.png

Other key performance indicators
 
All performance data is reported monthly to management and directors to assess and decide on any immediate changes that may be appropriate. For the year 2023/2024 all indicators met our expectations and were on track to produce the expected results.


This report was approved by the board and signed on its behalf.



................................................
D M Hibbert
Director

Date: 26 June 2025

Page 1

 
AGM BISHOPS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £435,091 (2023 - £303,254).

Directors

The directors who served during the year were:

R Start 
S Sampson 
M Costa-Rising 
D M Hibbert 
K Dugard 
C Sargent (appointed 23 November 2023)
J Comley (appointed 1 April 2024)
A P R Bingle (resigned 1 April 2024)

Future developments

There are no significant future developments to report.

Page 2

 
AGM BISHOPS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

This report was approved by the board and signed on its behalf.
 





................................................
D M Hibbert
Director

Date: 26 June 2025

Page 3

 
AGM BISHOPS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGM BISHOPS LIMITED
 

Opinion


We have audited the financial statements of AGM Bishops Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
AGM BISHOPS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGM BISHOPS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
AGM BISHOPS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGM BISHOPS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on   those laws and regulations that had a direct effect on the financial statements;
•  Enquiry of management to identify any instances of known or suspected instances of fraud; 
•  Enquiry of management and those charged with governance around actual and potential litigation and    claims; 
•  Enquiry of management about any instances of non-compliance with laws and regulations;
•  Enquiry of staff to identify any instances of non-compliance with laws and regulations;
•  Reviewing the control systems in place and testing the effectiveness of the controls;
•  Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias;
•  Reviewing minutes of meetings of those charged with governance; and 
•  Reviewing financial statement disclosures and testing to supporting documentation to access compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
AGM BISHOPS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGM BISHOPS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of
MHA
Colchester, United Kingdom

26 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 7

 
AGM BISHOPS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,273,829
19,058,237

Cost of sales
  
(12,723,211)
(11,839,631)

Gross profit
  
7,550,618
7,218,606

Administrative expenses
  
(7,109,281)
(6,851,270)

Other operating income
 5 
-
19,298

Operating profit
 6 
441,337
386,634

Interest receivable and similar income
 10 
1,890
1,957

Interest payable and similar expenses
 11 
(3,808)
(4,457)

Profit before tax
  
439,419
384,134

Tax on profit
 12 
(4,328)
(80,880)

Profit for the financial year
  
435,091
303,254

The notes on pages 12 to 28 form part of these financial statements.

Page 8

 
AGM BISHOPS LIMITED
REGISTERED NUMBER: 12733035

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 14 
407,977
460,828

Tangible fixed assets
 15 
592,354
697,018

Fixed asset investments
 16 
1,044
1,044

  
1,001,375
1,158,890

Debtors: amounts falling due after more than one year
 18 
412,578
416,256

Total non-current assets
  
1,413,953
1,575,146

Current assets
  

Stocks
 17 
78,404
81,692

Debtors: amounts falling due within one year
 18 
5,029,006
4,563,230

Cash at bank and in hand
 19 
23,992
149,246

  
5,131,402
4,794,168

Creditors: amounts falling due within one year
 20 
(5,997,534)
(5,661,659)

Net current liabilities
  
 
 
(866,132)
 
 
(867,491)

Total assets less current liabilities
  
547,821
707,655

Provisions for liabilities
  

Deferred tax
 22 
(79,850)
(74,775)

  
 
 
(79,850)
 
 
(74,775)

Net assets
  
467,971
632,880


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
467,871
632,780

  
467,971
632,880


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.

................................................
D M Hibbert
Director

The notes on pages 12 to 28 form part of these financial statements.
Page 9

 
AGM BISHOPS LIMITED
REGISTERED NUMBER: 12733035
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


Page 10

 
AGM BISHOPS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
100
329,526
329,626



Profit for the year
-
303,254
303,254



At 1 July 2023
100
632,780
632,880



Profit for the year
-
435,091
435,091


Contributions by and distributions to owners

Dividends: Equity capital
-
(600,000)
(600,000)


At 30 June 2024
100
467,871
467,971


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

AGM Bishops Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is The Heights East, Cranborne Road, Potters Bar, EN6 3JN.
The principal activity of the company during the year was that of storage, and moving services within the niche markets of substantial private UK residential moves, international relocations and commercial moving.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
•   the requirements of Section 7 Statement of Cash Flows;
•   the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
•   the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AGM Relocation Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 12

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
In the year ended 30 June 2024, the company generated a profit before tax of £439,419 (2023: £384,134) and at the balance sheet date, there were net assets of £468,132 (2023: £632,880).
The ultimate controlling party has confirmed that it will not demand repayment of the existing loans until the group is in a position to do so. This commitment is for a period of at least twelve months from the approval of these financial statements.
The directors have prepared detailed profit and cash flow forecasts for the year based on current and expected trading conditions. These show the company generate a significant profit.
As a result of these projections, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 13

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as 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:

Rendering of services

Revenue 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 when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 15

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

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 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 Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.13

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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the lease term
Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
10%
Computer equipment
-
33%

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 profit or loss.

Page 16

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

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.

  
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.19

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.

Page 17

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

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.

Page 18

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Amortisation on intangible assets which has been calculated in accordance with the accounting policies set out in note 2.13 and which is disclosed in note 14.
Depreciation on tangible fixed assets which has been calculated in accordance with accounting policies set out in note 2.14 and which is disclosed in note 15.
Estimation of costs to be accrued in respect of jobs which have been completed at the financial statements are where invoices have not been received from suppliers, which are included within accruals and deferred income in note 20.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
19,627,458
15,552,098

Rest of the world
646,371
3,506,139

20,273,829
19,058,237



5.


Other operating income

2024
2023
£
£

Other operating income
-
19,298

-
19,298


Page 19

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
2,860
2,694

Depreciation
180,135
188,481


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
30,000
36,000

Non-audit fees
5,500
2,500


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,731,912
4,875,495

Social security costs
499,445
480,063

Cost of defined contribution scheme
135,922
144,351

5,367,279
5,499,909


The average monthly number of employees, including the directors, during the year was as follows:


        2024
  As restated
2023
            No.
            No.







Management office staff
57
57



Operative staff
94
104

151
161

Page 20

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
128,033
155,620

Company contributions to defined contribution pension schemes
19,135
21,076

147,168
176,696


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £100,533 (2023 - £124,066).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,760 (2023 - £17,035).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
1,890
1,957

1,890
1,957


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
511
271

Finance leases and hire purchase contracts
2,688
4,186

Other interest payable
609
-

3,808
4,457

Page 21

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
88,733

Adjustments in respect of previous periods
(747)
-

Total current tax
(747)
88,733

Deferred tax


Origination and reversal of timing differences
5,075
(7,853)

Total deferred tax
5,075
(7,853)


4,328
80,880

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
439,419
384,134


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
109,855
78,747

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,413
9,012

Capital allowances for year in excess of depreciation
18,650
(5,464)

Remeasurement of deferred tax for changes in tax rates
-
(1,415)

Adjustments to tax charge in respect of prior periods
(747)
-

Group relief
(127,843)
-

Total tax charge for the year
4,328
80,880


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£

Ordinary


Dividends
600,000
-

600,000
-


14.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
591,510



At 30 June 2024

591,510



Amortisation


At 1 July 2023
130,682


Charge for the year on owned assets
52,851



At 30 June 2024

183,533



Net book value



At 30 June 2024
407,977



At 30 June 2023
460,828



Page 23

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
56,369
616,302
284,564
115,687
64,654
1,137,576


Additions
-
88,238
2,654
2,357
7,098
100,347


Disposals
-
(16,690)
(14,833)
-
-
(31,523)



At 30 June 2024

56,369
687,850
272,385
118,044
71,752
1,206,400



Depreciation


At 1 July 2023
7,228
176,536
162,293
46,737
47,764
440,558


Charge for the year on owned assets
3,881
98,401
41,734
23,284
12,835
180,135


Disposals
-
(3,557)
(3,090)
-
-
(6,647)



At 30 June 2024

11,109
271,380
200,937
70,021
60,599
614,046



Net book value



At 30 June 2024
45,260
416,470
71,448
48,023
11,153
592,354



At 30 June 2023
49,141
439,766
122,271
68,950
16,890
697,018

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
28,175
46,172

28,175
46,172

Page 24

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2023
1,044



At 30 June 2024
1,044





17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
78,404
81,692

78,404
81,692



18.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
412,578
416,256

412,578
416,256


2024
2023
£
£

Due within one year

Trade debtors
1,241,304
1,203,297

Amounts owed by group undertakings
2,338,579
2,133,173

Other debtors
-
1,300

Prepayments and accrued income
1,449,123
1,225,460

5,029,006
4,563,230


Page 25

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
23,992
149,246

Less: bank overdrafts
(59,017)
(201)

(35,025)
149,045



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
59,017
201

Trade creditors
2,378,894
2,434,411

Amounts owed to group undertakings
2,002,185
1,607,985

Other taxation and social security
394,190
311,539

Obligations under finance lease and hire purchase contracts
32,733
7,550

Other creditors
82,416
37,717

Accruals and deferred income
1,048,099
1,262,256

5,997,534
5,661,659



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
32,733
7,550

32,733
7,550

Page 26

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Deferred taxation




2024


£






At beginning of year
74,775


Charged to profit or loss
(5,075)



At end of year
79,850

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
85,575
80,006

Other short term timing differences
(5,725)
(5,231)

79,850
74,775


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



24.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits and losses of the Company, net of any dividends paid.


25.


Prior year adjustment

Comparative figures for the prior year have been restated following the identification of errors during the year relating to the classification of operating leases and the calculation of the average number of employees. The adjustments have been made in accordance with FRS 102, and the restated amounts are presented in notes 8 and 28.

Page 27

 
AGM BISHOPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Contingent liabilities

A composite company unlimited guarantee has been given by the company and its fellow group companies, Gerson Relocation Limited, AGM Relocation Limited, Global Moving Services Limited, Momentous Relocation Limited and Abels Moving Services Limited, to its bankers to secure all the liabilities of each other. As at year end 30 June 2024 liabilities to the bank across the group were nil. 


27.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £135,922 (2023: £144,351). Contributions totalling £22,897 (2023: £20,924) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2024
2023
£
£


Not later than 1 year
1,885,019
1,651,586

Later than 1 year and not later than 5 years
5,926,848
5,782,251

Later than 5 years
6,462,249
7,277,174

14,274,116
14,711,011

Lease payments recognised as an expense during the year totalled £1,529,141.


29.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.


30.


Controlling party

The ultimate parent undertaking is AGM Relocation Limited. AGM Bishops Limited is included within the consolidated financial statements of AGM Relocation Limited, the smallest and largest group which draws up consolidated financial statements, available from its registered address, The Heights East, Cranborne Road, Potters Bar, England, EN6 3JN.
The ultimate controlling party is Ms. India Abigail Sargent.

 
Page 28