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Registered number: 04805311









L BENNETT & SON HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
L BENNETT & SON HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J L Bennett 
M A Bennett 
A Bennett (appointed 1 October 2021)
F Bennett (appointed 1 October 2021)
M Bennett (appointed 1 October 2021)
S Bennett (appointed 1 October 2021)




Registered number
04805311



Registered office
3 Prime Point
Bessemer Road

Welwyn Garden City

Hertfordshire

AL7 1HU






Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
L BENNETT & SON HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Directors' Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11 - 12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 35


 
L BENNETT & SON HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Business review
 
The directors are pleased with the current year’s trading results, considering the testing conditions across the industry brought on by the Covid-19 pandemic.
As a result of the reduced Covid-19 restrictions in place during the year, the subsidiary branches were able to remain open, which had a positive impact on turnover. 
The subsidiary was able to successfully launch branches in Enfield and Park Royal and the directors continue to search for new locations to facilitate further expansion.
The group balance sheet shows a pleasing uplift in net assets at the year end from £11,136,736 to £13,299,691.

Principal risks and uncertainties
 
The principal risks associated with the group's trade are anticipation of consumer demands throughout the year and the related levels of stocks to hold, availability of adequate finance, the state of the general economy and business confidence.
The directors acknowledge the importance of maintaining close relationships with key customers in order to be able to identify the early signs of potential financial difficulties. Sales and stock trends are constantly reviewed to enable early action to be taken in the event of sales declining and stock orders deteriorating.
Liquidity Risk
The group manages its cash requirements in order to minimise interest expense, whilst ensuring the
group has sufficient liquid resources to meet the operational needs of the business.
Credit Risk
Borrowings are made through the banks and companies which must fulfil credit rating criteria approved by the board. The group uses a debt factoring facility for managing its cashflow.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Price Risk
Expenditure incurred by the group is authorised prior to it being made by the management in order to ensure that goods and services are not obtained at a higher price than necessary.

Financial key performance indicators
 
The group's key performance indicators are turnover, gross profit, gross profit percentage, stock levels and funding availabilities.


This report was approved by the board on 8 August 2022 and signed on its behalf.



................................................
J L Bennett
Director

Page 1

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the company is to act as a holding company for its subsidiary and manage properties. 
The principal activity of the subsidiary company, L Bennett & Son Limited, continued to be that of the sale of motor accessories and parts to the general public and other traders. 

Results and dividends

The profit for the year, after taxation, amounted to £3,443,615 (2020 - £6,278,583).

During the year, an interim dividend of £1,280,660 (2020 - £690,678) was paid. The directors do not recommend the payment of a final dividend. 

Directors

The directors who served during the year were:

J L Bennett 
M A Bennett 
A Bennett (appointed 1 October 2021)
F Bennett (appointed 1 October 2021)
M Bennett (appointed 1 October 2021)
S Bennett (appointed 1 October 2021)

Future developments

The directors continue to actively search for new locations to facilitate expansion and open new branches within the subsidiary. This is whilst investing in existing branches to maintain turnover levels.

Financial instruments

The group's principal financial instruments include bank accounts, the main purpose of which is to raise finance for the group's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 2

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 August 2022 and signed on its behalf.
 





................................................
J L Bennett
Director

Page 3

 
L BENNETT & SON HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of L Bennett & Son Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of Comprehensive Income, the Group and company Balance Sheets, the Group Statement of Cash Flows, the Group and company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2021 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Group 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.


Conclusions relating to going concern


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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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 Group 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
 - Had a direct effect on the determination of material amounts and disclosures in the financial statements.     These include the UK Companies Act and tax legislation etc; and 
 - Do not have a direct effect on the financial statements but compliance with which may be fundamental to     the company's ability to operate. 
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.  Audit procedures performed by the audit engagement team include: 
 - Identifying and testing journal entries, in particular any unusual journal entries posted around the year      end and journal entries with no descriptions
 - Assessing the extent of compliance with the relevant laws and regulations
 - Identifying and assessing the design effectiveness of controls management has in place to prevent and     detect fraud.
 - Challenging assumptions and judgements made by management in significant accounting estimates;      and
 - Carrying out a review of large and unusual bank transactions 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 7

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)




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.


Use of our 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 2006Our 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.





Christina Georgiou (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

8 August 2022
Page 8

 
L BENNETT & SON HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
29,793,089
22,722,282

Cost of sales
  
(14,438,542)
(10,978,417)

Gross profit
  
15,354,547
11,743,865

Administrative expenses
  
(11,101,953)
(9,097,571)

Other operating income
 5 
273,025
1,301,903

Fair value movements
  
-
3,892,254

Operating profit
 6 
4,525,619
7,840,451

Interest receivable and similar income
 10 
7,145
4,510

Interest payable and similar expenses
 11 
(219,208)
(272,956)

Profit before taxation
  
4,313,556
7,572,005

Tax on profit
 12 
(869,941)
(1,293,422)

Profit for the financial year
  
3,443,615
6,278,583

  

  

Profit for the year attributable to:
  

Owners of the parent company
  
3,443,615
6,278,583

  
3,443,615
6,278,583

The notes on pages 18 to 35 form part of these financial statements.

Page 9

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 14 
15,329,189
13,930,899

  
15,329,189
13,930,899

Current assets
  

Stocks
 16 
5,921,203
4,626,373

Debtors: amounts falling due within one year
 17 
4,890,105
5,599,467

Cash at bank and in hand
 18 
170,019
79,811

  
10,981,327
10,305,651

Creditors: amounts falling due within one year
 19 
(7,921,012)
(7,322,696)

Net current assets
  
 
 
3,060,315
 
 
2,982,955

Total assets less current liabilities
  
18,389,504
16,913,854

Creditors: amounts falling due after more than one year
 20 
(4,260,779)
(5,057,265)

Provisions for liabilities
  

Deferred tax
 22 
(829,034)
(719,853)

  
 
 
(829,034)
 
 
(719,853)

Net assets
  
13,299,691
11,136,736


Capital and reserves
  

Called up share capital 
 23 
2,367
2,367

Revaluation reserve
 24 
3,381,576
3,381,576

Capital redemption reserve
 24 
360,000
360,000

Profit and loss account
 24 
9,555,748
7,392,793

  
13,299,691
11,136,736


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2022.


................................................
J L Bennett
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 10

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 14 
13,508,386
12,330,118

Investments
 15 
362,367
362,367

  
13,870,753
12,692,485

Current assets
  

Debtors: amounts falling due within one year
 17 
18,725
340,225

Cash at bank and in hand
 18 
11,075
1,881

  
29,800
342,106

Creditors: amounts falling due within one year
 19 
(2,348,054)
(1,823,473)

Net current liabilities
  
 
 
(2,318,254)
 
 
(1,481,367)

Total assets less current liabilities
  
11,552,499
11,211,118

  

Creditors: amounts falling due after more than one year
 20 
(4,260,779)
(4,915,788)

Provisions for liabilities
  

Deferred taxation
 22 
(591,678)
(591,678)

  
 
 
(591,678)
 
 
(591,678)

Net assets
  
6,700,042
5,703,652


Capital and reserves
  

Called up share capital 
 23 
2,367
2,367

Revaluation reserve
 24 
3,381,576
3,381,576

Capital redemption reserve
 24 
360,000
360,000

Profit and loss account
 24 
2,956,099
1,959,709

  
6,700,042
5,703,652


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2022.


................................................
J L Bennett
Director

The notes on pages 18 to 35 form part of these financial statements.
Page 11

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


Page 12

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2021
2,367
360,000
3,381,576
7,392,793
11,136,736



Profit for the year
-
-
-
3,443,615
3,443,615

Dividends: Equity capital
-
-
-
(1,280,660)
(1,280,660)


At 31 December 2021
2,367
360,000
3,381,576
9,555,748
13,299,691



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2020
2,367
360,000
81,000
5,105,464
5,548,831



Profit for the year
-
-
-
6,278,583
6,278,583

Dividends: Equity capital
-
-
-
(690,678)
(690,678)

Fair value movement
-
-
3,300,576
(3,300,576)
-


At 31 December 2020
2,367
360,000
3,381,576
7,392,793
11,136,736


Page 13

 
L BENNETT & SON HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2021
2,367
360,000
3,381,576
1,959,709
5,703,652



Profit for the year
-
-
-
2,277,050
2,277,050

Dividends: Equity capital
-
-
-
(1,280,660)
(1,280,660)


At 31 December 2021
2,367
360,000
3,381,576
2,956,099
6,700,042



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2020
2,367
360,000
81,000
1,394,345
1,837,712



Profit for the year
-
-
-
4,556,618
4,556,618

Dividends: Equity capital
-
-
-
(690,678)
(690,678)

Fair value movement
-
-
3,300,576
(3,300,576)
-


At 31 December 2020
2,367
360,000
3,381,576
1,959,709
5,703,652


The notes on pages 18 to 35 form part of these financial statements.

Page 14

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
3,443,615
6,278,583

Adjustments for:

Depreciation of tangible assets
274,165
229,620

Loss on disposal of tangible assets
6,396
-

Government grants
(145,025)
(1,182,198)

Interest paid
219,208
272,956

Interest received
(7,145)
(4,510)

Taxation charge
869,941
1,293,422

(Increase) in stocks
(1,294,830)
(439,704)

Decrease/(increase) in debtors
709,362
(1,374,831)

Increase/(decrease) in creditors
567,107
(1,049,385)

Net fair value losses/(gains) recognised in P&L
-
(3,892,254)

Corporation tax (paid)
(795,470)
(362,114)

Net cash generated from operating activities

3,847,324
(230,415)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,678,852)
(262,224)

Government grants received
145,025
1,182,198

Interest received
7,145
4,510

Net cash from investing activities

(1,526,682)
924,484
Page 15

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


2021
2020

£
£



Cash flows from financing activities

New secured loans
-
885,032

Repayment of loans
(1,541,686)
-

Movements on invoice discounting
811,120
(719,301)

Dividends paid
(1,280,660)
(690,678)

Interest paid
(219,208)
(272,956)

Net cash used in financing activities
(2,230,434)
(797,903)

Net increase/(decrease) in cash and cash equivalents
90,208
(103,834)

Cash and cash equivalents at beginning of year
79,811
183,645

Cash and cash equivalents at the end of year
170,019
79,811


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
170,019
79,811

170,019
79,811


The notes on pages 18 to 35 form part of these financial statements.

Page 16

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021




At 1 January 2021
Cash flows
At 31 December 2021
£

£

£

Cash at bank and in hand

79,811

90,208

170,019

Debt due after 1 year

(4,990,316)

4,990,316

-

Debt due within 1 year

(1,913,212)

(3,465,545)

(5,378,757)


(6,823,717)
1,614,979
(5,208,738)

The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

L Bennett & Son Holdings Limited is a limited company incorporated in the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.  This company is a holding company and also owns investment property. The nature of the subsidiary’s operations and principal activity is the sale of motor accessories and mechanical parts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildingsand in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound sterling.
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.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the retail activity is recognised upon delivery of goods. 

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Leasehold property
-
Nil
Plant and machinery
-
33.33% reducing balance
Motor vehicles
-
33.33% straight line
Fixtures and fittings
-
15% reducing balance

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Properties have been valued by the directors, who are of the opinion that the difference between the carrying value and the current year fair value is not material.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

Page 20

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Page 21

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Retail sales
29,793,089
22,722,282

29,793,089
22,722,282


All turnover arose within the United Kingdom.


5.


Other operating income

2021
2020
£
£

Net rents receivable
128,000
119,705

Government grants receivable
145,025
1,182,198

273,025
1,301,903



6.


Operating profit

The operating profit is stated after charging:

2021
2020
£
£

Depreciation of tangible fixed assets
274,165
229,620

Auditors' remuneration
28,500
23,500

Defined contribution pension costs
229,595
185,586

Other operating lease rentals
499,385
399,991

Page 22

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Auditors' remuneration

2021
2020
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual accounts
28,500
23,500

28,500
23,500

Fees payable to the Group's auditor and its associates in respect of:


Other services relating to taxation
7,500
10,651

7,500
10,651



8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Wages and salaries
6,707,897
5,535,948
-
-

Social security costs
525,760
435,689
-
-

Cost of defined contribution scheme
229,595
185,586
-
-

7,463,252
6,157,223
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Directors
3
3



Administration
17
17



Selling
230
237

250
257

Page 23

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
102,126
110,198

102,126
110,198


During the year retirement benefits were accruing to 2 directors (2020 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2021
2020
£
£


Other interest receivable
7,145
4,510

7,145
4,510


11.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
152,355
243,924

Other loan interest payable
66,853
29,032

219,208
272,956

Page 24

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
760,760
692,569


Total current tax
760,760
692,569

Deferred tax


Origination and reversal of timing differences
109,181
600,853

Total deferred tax
109,181
600,853


Taxation on profit on ordinary activities
869,941
1,293,422

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
4,313,556
7,572,006


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
819,576
1,438,681

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,954
3,398

Capital allowances for year in excess of depreciation
-
1,734

Short term timing difference leading to an increase (decrease) in taxation
(1,431)
-

Non-taxable income
(19,123)
-

Other differences leading to an increase (decrease) in the tax charge
56,965
(150,391)

Total tax charge for the year
869,941
1,293,422

Page 25

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
12.Taxation (continued)


Factors that may affect future tax charges

During March 2021 the UK chancellor announced an expected change to the UK’s main  corporation tax rates from 19% to 25% which was subsequently enacted into the Finance Act in June 2021. The main rate will increase to 25% from 1 April 2023 and will impact the corporation tax provision of the Company from that date. The deferred tax provision has been adjusted in these financial statements in recognition of this change. 


13.


Dividends

2021
2020
£
£


Dividends
1,280,660
690,678

1,280,660
690,678

Page 26

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles

£
£
£
£



Cost or valuation


At 1 January 2021
6,394,432
6,648,581
355,731
718,933


Additions
657,817
520,451
41,694
260,366


Disposals
-
-
(67,129)
(41,690)



At 31 December 2021

7,052,249
7,169,032
330,296
937,609



Depreciation


At 1 January 2021
-
23,973
292,079
591,559


Charge for the year on owned assets
-
7,654
29,803
116,202


Disposals
-
-
(67,058)
(35,365)



At 31 December 2021

-
31,627
254,824
672,396



Net book value



At 31 December 2021
7,052,249
7,137,405
75,472
265,213



At 31 December 2020
6,394,432
6,624,609
63,652
127,374
Page 27

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           14.Tangible fixed assets (continued)


Fixtures and fittings
Total

£
£



Cost or valuation


At 1 January 2021
1,765,344
15,883,021


Additions
198,524
1,678,852


Disposals
-
(108,819)



At 31 December 2021

1,963,868
17,453,054



Depreciation


At 1 January 2021
1,044,512
1,952,123


Charge for the year on owned assets
120,506
274,165


Disposals
-
(102,423)



At 31 December 2021

1,165,018
2,123,865



Net book value



At 31 December 2021
798,850
15,329,189



At 31 December 2020
720,832
13,930,899




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
7,052,249
6,394,432

Long-term leasehold property
7,137,406
6,624,609

14,189,655
13,019,041


Page 28

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           14.Tangible fixed assets (continued)


Company






Freehold property
Long-term leasehold property
Total

£
£
£

Cost or valuation


At 1 January 2021
6,394,432
5,935,686
12,330,118


Additions
657,817
520,451
1,178,268



At 31 December 2021

7,052,249
6,456,137
13,508,386






Net book value



At 31 December 2021
7,052,249
6,456,137
13,508,386



At 31 December 2020
6,394,432
5,935,686
12,330,118





The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
7,052,249
6,394,432

Long leasehold
6,456,137
5,935,686

13,508,386
12,330,118


Page 29

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
362,367



At 31 December 2021
362,367





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

L Bennett & Son Limited
Ordinary
100%


16.


Stocks

Group
Group
2021
2020
£
£

Finished goods and goods for resale
5,921,203
4,626,373

5,921,203
4,626,373


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 30

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

17.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Trade debtors
3,654,995
3,518,274
-
-

Other debtors
1,004,060
1,926,210
7,425
332,425

Prepayments and accrued income
231,050
154,983
11,300
7,800

4,890,105
5,599,467
18,725
340,225



18.


Cash and cash equivalents

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Cash at bank and in hand
170,019
79,811
11,075
1,881

170,019
79,811
11,075
1,881



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Bank loans
1,001,214
1,813,362
855,217
501,343

Trade creditors
3,045,959
2,721,430
-
-

Amounts owed to group undertakings
-
-
1,354,002
1,194,280

Corporation tax
377,816
412,526
71,886
56,786

Other taxation and social security
739,667
537,903
-
-

Proceeds of factored debts
1,887,662
1,076,542
-
-

Other creditors
614,029
652,657
66,949
71,064

Accruals and deferred income
254,665
108,276
-
-

7,921,012
7,322,696
2,348,054
1,823,473


The proceeds of factored debts liability is owing in respect of a debtor financing arrangement and is secured on the trade debts of the company.

Page 31

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Bank loans
4,260,779
4,990,316
4,260,779
4,848,839

Other creditors
-
66,949
-
66,949

4,260,779
5,057,265
4,260,779
4,915,788


The bank facilities are secured by a fixed and floating charge over the assets of the company, a cross guarantee with its subsidiary company, personal guarantees from the directors M A Bennett and J L Bennett for the combined sum of £175,000 (2020: £175,000) and D P S Bennett for freehold property owned personally, and over certain insurance policies in the names of J L Bennett and M A Bennett.
A sales finance agreement with Barclays Bank has been secured by a corporate guarantee executed by J L Bennett and M A Bennett amounting to £50,000.


21.


Loans

Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Amounts falling due within one year

Bank loans
1,001,214
1,813,362
855,217
501,343


1,001,214
1,813,362
855,217
501,343

Amounts falling due 1-2 years

Bank loans
4,260,779
4,848,839
4,260,779
4,848,839


4,260,779
4,848,839
4,260,779
4,848,839

Amounts falling due 2-5 years

Bank loans
-
141,477
-
-


-
141,477
-
-


5,261,993
6,803,678
5,115,996
5,350,182


Page 32

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

22.


Deferred taxation


Group



2021


£






At beginning of year
719,853


Charged to the profit or loss
109,181



At end of year
829,034

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Accelerated capital allowances
237,356
128,175
-
-

Fair value movements
591,678
591,678
591,678
591,678

(829,034)
(719,853)
(591,678)
(591,678)


23.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



2,367 (2020 - 2,367) Ordinary shares of £1.00 each
2,367
2,367



24.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted. 

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. 

Page 33

 
L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

25.


Pension commitments

The group operates a defined contributions 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 £229,595 (2020: £185,586).
At the year end a balance of £20,440 (2020: £21,935) was still owed to the defined contribution pension scheme.


26.


Commitments under operating leases

At 31 December 2021 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
708,061
734,562

Later than 1 year and not later than 5 years
2,134,275
2,641,532

Later than 5 years
370,915
573,886

3,213,251
3,949,980

27.


Transactions with directors

At the year end, £832,201 was due from the directors of the company (2020: £1,276,433). Interest of £7,145 (2020: £4,501) has been charged on the loan. The balances due from directors have been cleared post year end.


28.


Related party transactions

During the year, dividends totalling £1,280,660 (2020: £690,678) were paid.
During the year transactions with the following related parties outside of the group occurred: 
Other related parties
The company rents properties from these entities for which rents of £171,700 (2020: £171,700) were charged for the year.  






 
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L BENNETT & SON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

28.Related party transactions (continued)



2021
2020
£
£

Key management personnel
832,201
1,276,433
832,201
1,276,433


29.


Controlling party

The group is controlled by the Bennett family.

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