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Registered number:
For the 18 months Ended
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Syd Bishop & Sons (Demolition) Limited
Company Information
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Syd Bishop & Sons (Demolition) Limited
Contents
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Syd Bishop & Sons (Demolition) Limited
Strategic Report
For the 18 months Ended 31 March 2024
The directors present their Strategic Report for the 18 months ended 31 March 2024.
The Company continues to operate in the demolition sector.
Turnover increased by 22% on a pro-rata basis, from £1.1m in the year ended 30 September 2022 to £2.0m in the 18 months ended 31 March 2024. The negative gross profit margin moved from 17% in the prior year to 2% in the 18 months ended 31 March 2024, with the overall operating loss falling from £591k in the year ended 30 September 2022 to £552k in the 18 months ended 31 March 2024. Administration expenses increased from £407k in the year ended 30 September 2022, to £514k in the 18 months ended 31 March 2024, which represents a 16% reduction period upon period on a pro-rata basis. Overall, the Company experienced losses of £554k (Year ended 30 September 2022: £549k) and has net liabilities totalling £5m (30 September 2022: £4.5m) as a result. During the year, the Directors made a concerted effort reduce the company’s overheads to help the business move forward to March 2025 with confidence of an improved performance. Furthermore, in July 2024, the Company won a significant demolition and clearance project that returned a 30% gross profit which has helped the Company see improved results in the year ended 31 March 2025.
The Company uses financial instruments which expose the Company to a number of financial risks, which are described below:
Funding risk The Company finances its operations through a combination of equity, loans from group undertakings and working capital. The Company undertakes short-term cash forecasting to monitor its expected cash flows against its cash availability and finance facilities. The Company also undertakes longer term cash forecasting to monitor its expected funding requirements in order to meet its current business plan, in the context of its existing facilities, and to identify and address its requirement for future funding facilities. Liquidity risk In normal trading periods, the Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet ongoing operations and future development. Short term debt finance flexibility is achieved by intercompany loans and the Group headed by the parent company's (Watch It Come Down Limited) commercial bridging loan and invoice discounting facilities, which help smooth the cash flow over the year as the Group operates in a seasonally effected industry. Currently liquidity risk is being managed by the directors in accordance with the usual procedures, and utilising the Group's short term bridging facilities in place. Credit risk The Company’s principal financial assets are cash and trade debtors. In order to manage credit risk, the directors set limits for customers based on carrying out independent credit checks, credit agency and third party references. Payment history is also monitored based on trading history. Credit limits are reviewed on a regular basis by the credit control team in conjunction with debt aging and collection history.
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Syd Bishop & Sons (Demolition) Limited
Strategic Report (continued)
For the 18 months Ended 31 March 2024
Principal risks and uncertainties (continued)
Competitive risks The Company operates in competitive markets. The breadth of the client base reduces the possible effect of the loss of any one single client. The Company focuses on providing clients with a high level of service and wide range of services. This enables the Company to maintain long-term relationships with clients and attract new custom. Compliance risk Compliance is central to everything the Company and Group (headed by Watch It Come Down Limited) does, particularly the Group's operation of a landfill site, recycling facility and waste transfer stations alongside managing a large fleet of vehicles and plant and machinery. The Company has continually invested in people and systems whilst engaging with external professional bodies and stakeholders to ensure the business the highest standards and levels of compliance.
The financial key performance indicators of the Company are Turnover, Gross profit and Operating profit/(loss).
The Directors and senior management team continue to use a number of methods to monitor performance, including the use of data extraction tools within the accounting package to pinpoint departmental and cost-centre fluctuations, both seasonal and unexpected, so that decisions can be made to optimise performance. The use of the hand-recording payroll system enables the HR function to assess sickness absence and overall morale of the staff, to ensure that policies to help and support staff can be put in place. The transport function has a suite of tools to help it maintain efficiencies including vehicle tracking, digital tacographs and fuel management software, to maintain and develop the department.
This report was approved by the board and signed on its behalf.
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Syd Bishop & Sons (Demolition) Limited
Directors' Report
For the 18 months Ended 31 March 2024
The directors present their report and the financial statements for the 18 months ended 31 March 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The loss for the 18 months, after taxation, amounted to £553,652 (Year ended 30 September 2022 - loss £548,700).
The directors do not recommend the payment of a final dividend.
The directors who served during the 18 months were:
Please see the Strategic Report for a description of these.
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Syd Bishop & Sons (Demolition) Limited
Directors' Report (continued)
For the 18 months Ended 31 March 2024
The financial statements have been prepared on a going concern basis.
The Company experienced losses totalling £0.6m in the 18 months ended 31 March 2024 (Year ended 30 September 2022: £0.5m) and the Company has net liabilities totalling £5m (Year ended 30 September 2022: £4.5m). The Company currently meets its working capital requirements through its cash balances and intercompany loans, aided by the Group headed by Watch It Come Down Limited's commercial bridging loan, totalling £5.5m, with Together Finance. The wider Group's bridging loan was initially repayable in November 2024, and an agreement was subsequently made to increase the loan to £5.8m and extend the repayment date to November 2025, which is less than 12 months after the financial statements being approved. The Company relies on continued financial support from its parent company, Watch It Come Down Limited and the group subsidiaries. Such financial support has been confirmed by the Watch It Come Down group. In July 2025, the Company had tax liabilities totalling £0.2m which were overdue (the Group's overdue liabilities totalled £0.9m) and at the date of the accounts being approved, all scheduled payments under a Time-To-Pay arrangement have been made. The Company's current trading position and the wider Group's bridging loan upcoming repayment date represent a material uncertainty over the Company's ability to continue to trade as a going concern. However, the directors are very confident that an extension to the repayment date of the Group's bridging loan, or obtaining a new bridging loan, will be achievable ahead of the repayment date. The Company continued to make a loss in the year ended 31 March 2025. There is also significant value in the property assets held in the wider group headed by Watch It Come Down Limited, which may be utilised in the event of funds being required. The directors believe it is appropriate to prepare the financial statements to 31 March 2025 on a going concern basis.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Syd Bishop & Sons (Demolition) Limited
Independent Auditors' Report to the Members of Syd Bishop & Sons (Demolition) Limited
We have audited the financial statements of Syd Bishop & Sons (Demolition) Limited (the 'Company') for the 18 months ended 31 March 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 policies. The 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).
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 Auditors' 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.
We draw attention to note 2.4 in the financial statements, which indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The material uncertainty is in relation to the ability of the Company to settle its liabilities as they fall due in the next 12 months, in light of continued losses recognised by the Company and its net liabilities position at 31 March 2024, and also the wider Group headed by Watch It Come Down Limited's ability to continue providing support to the Company. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Key audit matters Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.
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Syd Bishop & Sons (Demolition) Limited
Independent Auditors' Report to the Members of Syd Bishop & Sons (Demolition) Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our 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.
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 18 months 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.
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.
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Syd Bishop & Sons (Demolition) Limited
Independent Auditors' Report to the Members of Syd Bishop & Sons (Demolition) Limited (continued)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption, healthy and safety regulations, and regulations associated with the Company's waste carrier licence and waste operations permit. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Syd Bishop & Sons (Demolition) Limited
Independent Auditors' Report to the Members of Syd Bishop & Sons (Demolition) Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 2006. Our 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Syd Bishop & Sons (Demolition) Limited
Statement of Comprehensive Income
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Registered number: 01092292
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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Syd Bishop & Sons (Demolition) Limited
Statement of Changes in Equity
For the 18 months Ended 31 March 2024
Statement of Changes in Equity
For the Year Ended 30 September 2022
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Syd Bishop & Sons (Demolition) Limited ('the Company') is a private limited company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office and its place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. The principal activity of the Company continues to be that of demolition.
2.Accounting policies
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 reporting period is the 18 months ended 31 March 2024. As the previous reporting period was the year ended 30 September 2022, the comparative amounts presented in the financial statements are not entirely comparable.
The following principal accounting policies have been applied:
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 Watch It Come Down Limited as at 31 March 2024 and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Company experienced losses totalling £0.6m in the 18 months ended 31 March 2024 (Year ended 30 September 2022: £0.5m) and the Company has net liabilities totalling £5m (Year ended 30 September 2022: £4.5m). The Company currently meets its working capital requirements through its cash balances and intercompany loans, aided by the Group headed by Watch It Come Down Limited's commercial bridging loan, totalling £5.5m, with Together Finance. The wider Group's bridging loan was initially repayable in November 2024, and an agreement was subsequently made to increase the loan to £5.8m and extend the repayment date to November 2025, which is less than 12 months after the financial statements being approved. The Company relies on continued financial support from its parent company, Watch It Come Down Limited and the group subsidiaries. Such financial support has been confirmed by the Watch It Come Down group. In July 2025, the Company had tax liabilities totalling £0.2m which were overdue, and the Group headed by Watch It Come Down Limited's overdue liabilities totalled £0.9m. At the date of the accounts being approved, all scheduled payments under a Time-To-Pay arrangement have been made. The Company's current trading position and the wider Group's bridging loan upcoming repayment date represent a material uncertainty over the Company's ability to continue to trade as a going concern. However, the directors are very confident that an extension to the repayment date of the Group's bridging loan, or obtaining a new bridging loan, will be achievable ahead of the repayment date. The Company continued to make a loss in the year ended 31 March 2025. There is also significant value in the property assets held in the wider group headed by Watch It Come Down Limited, which may be utilised in the event of funds being required. The directors believe it is appropriate to prepare the financial statements to 31 March 2025 on a going concern basis.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
When the outcome of contracts can be estimated reliably, contract revenue and costs are recognised and revenue and expenses respectively by reference to the stage of completion at the end of the reporting period. Reliable estimation of the outcome of demolition contracts required estimates of the stage of completion, future costs and collectability of billings. The stage of completion is measured by surveys of work performed. When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. When it is probable that the total contract costs will exceed contract revenue on a demolition contract, the expected loss shall be recognised as a expense immediately, with a corresponding provision for an onerous contract. Revenue in respect of variations to contracts is recognised when it is probably it will be agreed by the customer. Revenue from the saleable materials which are retrieved from demolition sites is recognised when they are delivered to the customer.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
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 payables, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.
The whole of the turnover is attributable to demolitions contracts.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
11.Taxation (continued)
The Company has trading losses of approximately £2.9m (Year ended 30 September 2022: £2.4m) available to carry forward against future trading profits.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Profit and loss account
At the prior year end, the Company had a cross-guarantee in favour of Shawbrook Bank Limited. The cross-company guarantee was in relation to bank loans and invoice discounting facilities provided to the Group headed by Watch It Come Down Limited which totalled £4,841,186 at 30 September 2022, none of which was recognised as a liability of the Company. The Company also had a mortgage debenture in favour of Shawbrook Bank Limited over all the assets of the Company. The guarantee and debenture were removed during the period ended 31 March 2024, when the Group arranged new short-term facilities.
A fixed and floating charge now exists in favour of Close Brothers Limited over all the assets of the Company, in relation to the wider Group's invoicing liabilities totalling £1,168,189 (30 September 2022: £nil).
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £13,379 (Year ended 30 September 2022: £10,623). Contributions totalling £23,876 (30 September 2022: £20,260) were payable to the fund at the balance sheet date and are included in creditors.
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Syd Bishop & Sons (Demolition) Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
The Company is a wholly owned subsidiary of Watch It Come Down Limited, which is controlled by the board of directors of this company. Watch It Come Down Limited prepares group financial statements, and copies can be obtained from Companies House, Cardiff, CF4 3UZ.
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