Company No: 14914555 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	12,368		13,806
Investment property	5	1,145,514		1,145,514
Investments	6	2,001		2,001
		1,159,883		1,161,321
Current assets
Debtors	7	169,400		83,400
Cash at bank and in hand	8	13,615		8,060
		183,015		91,460
Creditors: amounts falling due within one year	9	( 49,957)		( 940,143)
Net current assets/(liabilities)		133,058		(848,683)
Total assets less current liabilities		1,292,941		312,638
Creditors: amounts falling due after more than one year	10	( 1,076,199)		( 211,427)
Net assets		216,742		101,211
Capital and reserves
Called-up share capital	11	1,000		1,000
Profit and loss account		215,742		100,211
Total shareholders' funds		216,742		101,211

For the financial year ending 31 December 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bispo Limited (registered number: 14914555) were approved and authorised for issue by the Director on 30 June 2026. They were signed on its behalf by:

Mr S P Hay Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bispo Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Prior year adjustment

Prior year values have been restated to adjust for the recognition of tangible fixed assets and investments in subsidiaries which were incorrect in the originally submitted accounts.

More detail behind the restatement can be found in note 2 to the Financial Statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Prior year adjustment

An error relating to the recognition of tangible fixed assets in the 2024 accounts has been identified. As a result, an adjustment has been made to remove the depreciation and recognise this as an investment property.

An error relating to the recognition of investments in subsidiaries in the 2024 accounts has been identified. As a result, an adjustment has been made to reflect the accurate position.

		As previously reported		Adjustment		As restated
Year ended 31 December 2024		£		£		£
Tangible assets		770,997		(770,997)		0
Tangible assets depreciation		(4,941)		4,941		0
Investment property		372,679		772,835		1,145,514
Investment property depreciation		1,838		(1,838)		0
Investments		1,000		1,001		2,001
Depreciation		6,779		(6,779)		0

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

4. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2025	14,378		14,378
At 31 December 2025	14,378		14,378
Accumulated amortisation
At 01 January 2025	572		572
Charge for the financial year	1,438		1,438
At 31 December 2025	2,010		2,010
Net book value
At 31 December 2025	12,368		12,368
At 31 December 2024	13,806		13,806

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	1,145,514
As at 31 December 2025	1,145,514

There has been no valuation of investment property by an independent valuer.

6. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	2,001		2,001

7. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	169,400		83,400

8. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	13,615		8,060

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	45,864		47,583
Amounts owed to Group undertakings	0		891,559
Other creditors	4,093		1,001
	49,957		940,143

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

	2025		2024
	£		£
Bank loans	184,140		211,427
Amounts owed to Group undertakings	891,559		0
Other creditors	500		0
	1,076,199		211,427

The bank loans are secured by way of fixed and floating charges over all assets of the company, together with a legal charge over all of the investment properties.

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000