Company Registration No. 03821243 (England and Wales)
BEN WHISTLER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
BEN WHISTLER LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 9
BEN WHISTLER LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr B De Groot
Mr S De Groot
Mr T Hocking
Mr M Lewis
Secretary
Mr S De Groot
Company number
03821243
Registered office
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
Auditor
TC Group
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
BEN WHISTLER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,697,202
1,681,717
Current assets
Inventories
55,891
47,755
Trade and other receivables
4
1,729,473
1,646,654
Cash and cash equivalents
208,184
458,273
1,993,548
2,152,682
Current liabilities
5
(3,284,525)
(3,426,570)
Net current liabilities
(1,290,977)
(1,273,888)
Total assets less current liabilities
406,225
407,829
Non-current liabilities
6
(360,622)
(454,484)
Provisions for liabilities
(264,007)
(264,007)
Net liabilities
(218,404)
(310,662)
Equity
Called up share capital
110
110
Share premium account
199,990
199,990
Retained earnings
(418,504)
(510,762)
Total equity
(218,404)
(310,662)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEN WHISTLER LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
Mr M Lewis
Director
Company Registration No. 03821243
The notes on pages 4 to 9 form part of these financial statements
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Ben Whistler Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 1, Devonshire House, One Mayfair Place, London, United Kingdom, W1J 8AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the length of the lease
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Computer equipment
15% reducing balance basis.
Motor vehicles
20% on reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Inventories
Inventories are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Equity instruments
Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
38
42
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
377,337
1,502,367
32,074
580,760
79,454
2,571,992
Additions
27,480
214,286
18,302
260,068
Disposals
(28,784)
(28,784)
At 31 December 2021
404,817
1,716,653
32,074
599,062
50,670
2,803,276
Depreciation and impairment
At 1 January 2021
290,900
186,230
23,021
326,592
63,532
890,275
Depreciation charged in the year
27,389
164,036
1,087
44,769
3,169
240,450
Eliminated in respect of disposals
(24,651)
(24,651)
At 31 December 2021
318,289
350,266
24,108
371,361
42,050
1,106,074
Carrying amount
At 31 December 2021
86,528
1,366,387
7,966
227,701
8,620
1,697,202
At 31 December 2020
86,437
1,316,137
9,053
254,168
15,922
1,681,717
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
516,346
9,751
Other receivables
1,213,127
1,636,903
1,729,473
1,646,654
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
5
Current liabilities
2021
2020
£
£
Bank loans
93,879
45,516
Trade payables
677,805
379,294
Taxation and social security
788,493
1,096,712
Other payables
1,724,348
1,905,048
3,284,525
3,426,570
6
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
360,622
454,484
7
Borrowings
2021
2020
£
£
Bank loans
454,501
500,000
Payable within one year
93,879
45,516
Payable after one year
360,622
454,484
The long-term loans are secured by fixed and floating charges over the assets of the company.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Robert Keen FCCA.
The auditor was TC Group.
BEN WHISTLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £672,142 (2020: £693,901).
10
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr B De Groot -
-
2,916
-
-
2,916
Mr S De Groot -
-
588,336
234,351
(193,429)
629,258
Mr M Lewis -
-
5,208
-
-
5,208
596,460
234,351
(193,429)
637,382