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Registration number: 11124326

Ben S Vincent Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Ben S Vincent Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ben S Vincent Limited

Registration number: 11124326

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

14,935

18,227

Current assets

 

Stocks

500

500

Debtors

5

8,016

15,301

Cash at bank and in hand

 

59,042

27,090

 

67,558

42,891

Creditors: Amounts falling due within one year

6

(27,967)

(21,670)

Net current assets

 

39,591

21,221

Total assets less current liabilities

 

54,526

39,448

Creditors: Amounts falling due after more than one year

6

(24,604)

(33,000)

Provisions for liabilities

(2,837)

(3,463)

Net assets

 

27,085

2,985

Capital and reserves

 

Called up share capital

101

101

Profit and loss account

26,984

2,884

Total equity

 

27,085

2,985

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Ben S Vincent Limited

Registration number: 11124326

Balance Sheet as at 31 December 2021 (continued)

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 August 2022
 



 

B S Vincent

Director

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Upper Stafford Avenue
Norwich
Norfolk
NR5 0AB
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Plant & machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

5,427

31,511

2,850

39,788

Additions

1,706

-

729

2,435

Disposals

(999)

-

-

(999)

At 31 December 2021

6,134

31,511

3,579

41,224

Depreciation

At 1 January 2021

1,874

18,039

1,648

21,561

Charge for the year

1,127

3,368

483

4,978

Eliminated on disposal

(250)

-

-

(250)

At 31 December 2021

2,751

21,407

2,131

26,289

Carrying amount

At 31 December 2021

3,383

10,104

1,448

14,935

At 31 December 2020

3,551

13,473

1,203

18,227

5

Debtors

2021
£

2020
£

Other debtors

8,016

15,301

Total current trade and other debtors

8,016

15,301

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

5

Debtors (continued)

The amounts owed to the company at the year-end in respect of the directors’ loans was £5,371 and is included in other debtors. The loan was interest free, and it is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest if greater than £10,000.

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

6,327

-

Trade creditors

 

-

7,133

Taxation and social security

 

21,340

14,237

Other creditors

 

300

300

 

27,967

21,670

Due after one year

 

Loans and borrowings

8

24,604

33,000

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

24,604

33,000

 

Ben S Vincent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

1

1

1

1

 

101

101

101

101

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

24,604

33,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

6,327

-