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Registration number: 06362054

Ben's Tiles & Reclamations Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Ben's Tiles & Reclamations Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 14

 

Ben's Tiles & Reclamations Limited

Company Information

Director

B A Francis

Company secretary

K P Francis

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Ben's Tiles & Reclamations Limited

(Registration number: 06362054)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

507,730

504,954

Investments

5

110

110

 

507,840

505,064

Current assets

 

Stocks

6

1,678,257

96,445

Debtors

7

737,735

760,448

Cash at bank and in hand

 

19,007

1,372,847

 

2,434,999

2,229,740

Creditors: Amounts falling due within one year

8

(573,377)

(285,816)

Net current assets

 

1,861,622

1,943,924

Total assets less current liabilities

 

2,369,462

2,448,988

Creditors: Amounts falling due after more than one year

8

(1,000,000)

(1,189,686)

Provisions for liabilities

(120,806)

(89,120)

Net assets

 

1,248,656

1,170,182

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

1,248,655

1,170,181

Shareholders' funds

 

1,248,656

1,170,182

For the financial year ending 31 December 2022 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.

 

Ben's Tiles & Reclamations Limited

(Registration number: 06362054)
Balance Sheet as at 31 December 2022

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023
 

.........................................
B A Francis
Director

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold property

2% straight line

Leasehold property

10% straight line

Motor vehicles

25% reducing balance

Fixture and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2021 - 10).

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

26,510

26,510

At 31 December 2022

26,510

26,510

Amortisation

At 1 January 2022

26,510

26,510

At 31 December 2022

26,510

26,510

Carrying amount

At 31 December 2022

-

-

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

37,426

25,643

264,107

641,756

968,932

Additions

-

3,411

103,995

143,410

250,816

Disposals

(16,764)

-

(32,450)

(97,500)

(146,714)

At 31 December 2022

20,662

29,054

335,652

687,666

1,073,034

Depreciation

At 1 January 2022

18,432

18,541

135,311

291,694

463,978

Charge for the year

198

2,632

55,689

110,259

168,778

Eliminated on disposal

-

-

(22,405)

(45,047)

(67,452)

At 31 December 2022

18,630

21,173

168,595

356,906

565,304

Carrying amount

At 31 December 2022

2,032

7,881

167,057

330,760

507,730

At 31 December 2021

18,994

7,102

128,796

350,062

504,954

Included within the net book value of land and buildings above is £Nil (2021 - £16,429) in respect of freehold land and buildings and £2,032 (2021 - £2,565) in respect of short leasehold land and buildings.
 

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

100

100

Investments in associates

10

10

110

110

Subsidiaries

£

Cost or valuation

At 1 January 2022

100

Provision

Carrying amount

At 31 December 2022

100

At 31 December 2021

100

Associates

£

Cost

At 1 January 2022

10

Provision

Carrying amount

At 31 December 2022

10

At 31 December 2021

10

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

A & M Home Parks Limited

The Old Sunbeam Nursery
119 Bristol Road
Frampton Cotterell
Bristol
BS36 2AU

Ordinary shares

100%

100%

 

     

Associates

Silverhill Developments Ltd

Unit 1, Office 1,
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Ordinary shares

33.33%

33.33%

 

England & Wales

     

Subsidiary undertakings

A & M Home Parks Limited

The principal activity of A & M Home Parks Limited is that of commercial property letting.

Associates

Silverhill Developments Ltd

The principal activity of Silverhill Developments Ltd is the development of building projects.

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Stocks

2022
£

2021
£

Work in progress

1,616,612

29,800

Other inventories

61,645

66,645

1,678,257

96,445

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

236,592

162,588

Amounts owed by related parties

11

102,972

82,972

Prepayments

 

40,437

38,702

Other debtors

 

357,734

476,186

   

737,735

760,448

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

330,630

34,667

Trade creditors

 

90,367

46,454

Taxation and social security

 

18,421

42,608

Accruals and deferred income

 

11,974

6,157

Other creditors

 

121,985

155,930

 

573,377

285,816

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

-

44,667

Other non-current financial liabilities

 

1,000,000

1,145,019

 

1,000,000

1,189,686

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

-

44,667

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

5,667

34,667

Other borrowings

324,963

-

330,630

34,667

11

Related party transactions

Loans to related parties

2022

Subsidiary
£

Associates
£

Total
£

At start of period

82,971

453,092

536,063

Advanced

20,001

71,915

91,916

Repaid

-

(170,000)

(170,000)

At end of period

102,972

355,007

457,979

2021

Subsidiary
£

Associates
£

Total
£

At start of period

91,829

419,478

511,307

Advanced

41,142

35,911

77,053

Repaid

(50,000)

(2,297)

(52,297)

At end of period

82,971

453,092

536,063

 

Ben's Tiles & Reclamations Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Loans from related parties

2022

Key management
£

Total
£

At start of period

145,019

145,019

Advanced

263,020

263,020

Repaid

(83,076)

(83,076)

At end of period

324,963

324,963

2021

Key management
£

Total
£

At start of period

281,652

281,652

Advanced

80,227

80,227

Repaid

(216,860)

(216,860)

At end of period

145,019

145,019