Bishop Instruments & Bows Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06150133

Bishop Instruments & Bows Ltd

Filleted Unaudited Financial Statements

31 March 2025

Bishop Instruments & Bows Ltd

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	16,276	21,701

Current assets

Stocks		842,223	1,094,223
Debtors	6	230,961	69,059
Cash at bank and in hand		18,777	1,470
		------------	------------
		1,091,961	1,164,752

Creditors: amounts falling due within one year	7	727,571	857,761
		------------	------------
Net current assets		364,390	306,991
		---------	---------
Total assets less current liabilities		380,666	328,692

Creditors: amounts falling due after more than one year	8	–	13,389

Provisions	4,123	4,123
	---------	---------
Net assets	376,543	311,180
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	376,443	311,080
	---------	---------
Shareholders funds	376,543	311,180
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bishop Instruments & Bows Ltd

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 3 December 2025 , and are signed on behalf of the board by:

Mr Bishop
Director

Company registration number: 06150133

Bishop Instruments & Bows Ltd

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, 92/93 Great Russell Street, London, WC1B 3PS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents net sales of stringed musical instruments and accessories, excluding value added tax. Income is recognised at the point of sale.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	Over the lease term
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Debtors - short term debtors are measured at transaction price, less any impairment. Creditors - short term creditors are measured at transaction price.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2024: 4 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024 and 31 March 2025	34,084	2,057	83,542	18,657	138,340
	--------	-------	--------	--------	---------
Depreciation
At 1 April 2024	34,084	2,057	66,361	14,137	116,639
Charge for the year	–	–	4,295	1,130	5,425
	--------	-------	--------	--------	---------
At 31 March 2025	34,084	2,057	70,656	15,267	122,064
	--------	-------	--------	--------	---------
Carrying amount
At 31 March 2025	–	–	12,886	3,390	16,276
	--------	-------	--------	--------	---------
At 31 March 2024	–	–	17,181	4,520	21,701
	--------	-------	--------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	183,134	32,012
Other debtors	47,827	37,047
	---------	--------
	230,961	69,059
	---------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	12,218	11,014
Trade creditors	391,196	537,428
Corporation tax	151,356	130,419
Social security and other taxes	3,539	10,130
Other creditors	169,262	168,770
	---------	---------
	727,571	857,761
	---------	---------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	13,389
	----	--------

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

	2025	2024
	£	£
Within one year	20,000	20,000
Between one and five years	6,667	26,667
	--------	--------
	26,667	46,667
	--------	--------

10. Secured debts

The following secured debts are included within creditors:

	2025	2024
	£	£
Bank overdrafts	2,681	–
Bank loans	21,722	32,371
	--------	--------
	24,403	32,371
	--------	--------

The bank loans and overdrafts are secured by a limited personal guarantee from the director.