Bishop's Beds Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 05553386

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		236,282		234,988

			236,282		234,988
CURRENT ASSETS
Stocks	5	214,655		38,620
Debtors	6	327,966		822,950
Cash at bank and in hand		737,509		938,758

		1,280,130		1,800,328
Creditors: Amounts Falling Due Within One Year	7	(531,494 )		(982,305 )

NET CURRENT ASSETS (LIABILITIES)			748,636		818,023

TOTAL ASSETS LESS CURRENT LIABILITIES			984,918		1,053,011

Creditors: Amounts Falling Due After More Than One Year	8		(15,710 )		(25,723 )

NET ASSETS			969,208		1,027,288

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			969,108		1,027,188

SHAREHOLDERS' FUNDS			969,208		1,027,288

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Bishop's Beds Ltd

Balance Sheet (continued)

As At 31 December 2024

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs K Vinnicombe

Director

25th March 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Bishop's Beds Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05553386 . The registered office is 2 Brindley Road, South West Industrial Estate, Peterlee, County Durham, SR8 2LT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15%
Motor Vehicles	25%
Fixtures & Fittings	15%
Computer Equipment	33%

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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.

...CONTINUED

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Bishop's Beds Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

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 substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

49Average number of employees, including directors, during the year was: 52 (2023: 49)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	218,195	176,641	92,491	30,750	518,077
Additions	-	45,533	-	-	45,533

As at 31 December 2024	218,195	222,174	92,491	30,750	563,610

Depreciation
As at 1 January 2024	135,125	85,435	43,804	18,725	283,089
Provided during the period	12,460	20,510	7,302	3,967	44,239

As at 31 December 2024	147,585	105,945	51,106	22,692	327,328

Net Book Value
As at 31 December 2024	70,610	116,229	41,385	8,058	236,282

As at 1 January 2024	83,070	91,206	48,687	12,025	234,988

5. Stocks

	2024	2023
	£	£
Stock	214,655	38,620

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	311,978	648,389
Prepayments and accrued income	40,565	40,565
JT Lewis Ltd	(24,577 )	133,996

	327,966	822,950

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Bishop's Beds Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	35,996	47,486
Trade creditors	374,397	693,268
Bank loans and overdrafts	9,531	9,531
Corporation tax	65,909	94,172
Other taxes and social security	14,343	12,356
VAT	25,103	119,321
Accruals	6,135	6,135
Directors' loan accounts	80	36

	531,494	982,305

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	15,710	25,723

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	35,996	47,486

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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