R & M Bentley (Motor Factors) Limited 01424232 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Motor vehicle spares & accessories Digita Accounts Production Advanced 6.30.9574.0 true true 01424232 2022-06-01 2023-05-31 01424232 2023-05-31 01424232 bus:OrdinaryShareClass1 2023-05-31 01424232 core:CurrentFinancialInstruments 2023-05-31 01424232 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 01424232 core:ConstructionInProgressAssetsUnderConstruction 2023-05-31 01424232 core:OtherPropertyPlantEquipment 2023-05-31 01424232 bus:SmallEntities 2022-06-01 2023-05-31 01424232 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 01424232 bus:FullAccounts 2022-06-01 2023-05-31 01424232 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 01424232 bus:RegisteredOffice 2022-06-01 2023-05-31 01424232 bus:Director1 2022-06-01 2023-05-31 01424232 bus:Director2 2022-06-01 2023-05-31 01424232 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 01424232 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01424232 core:ConstructionInProgressAssetsUnderConstruction 2022-06-01 2023-05-31 01424232 core:LandBuildings 2022-06-01 2023-05-31 01424232 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 01424232 core:PlantMachinery 2022-06-01 2023-05-31 01424232 countries:AllCountries 2022-06-01 2023-05-31 01424232 2022-05-31 01424232 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 01424232 core:OtherPropertyPlantEquipment 2022-05-31 01424232 2021-06-01 2022-05-31 01424232 2022-05-31 01424232 bus:OrdinaryShareClass1 2022-05-31 01424232 core:CurrentFinancialInstruments 2022-05-31 01424232 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 01424232 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 01424232 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01424232

R & M Bentley (Motor Factors) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

image-name
 

R & M Bentley (Motor Factors) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

R & M Bentley (Motor Factors) Limited

Company Information

Directors

Mr MP Bentley

Mrs LA Bentley

Registered office

Octagon House
1 Over Road
Swavesey
Cambs
CB24 4QZ

Solicitors

Eversheds
Kett House
Station Road
Cambridge
Cambridgeshire
CB1 2JY

Accountants

ProEdge Associates Limited
Unit 1H Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW

 

R & M Bentley (Motor Factors) Limited

(Registration number: 01424232)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

57,772

62,786

Current assets

 

Stocks

5

834,891

742,752

Debtors

6

842,760

20,741

Cash at bank and in hand

 

-

1,288

 

1,677,651

764,781

Creditors: Amounts falling due within one year

7

(1,345,039)

(269,803)

Net current assets

 

332,612

494,978

Total assets less current liabilities

 

390,384

557,764

Provisions for liabilities

(1,940)

(2,591)

Net assets

 

388,444

555,173

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

388,344

555,073

Shareholders' funds

 

388,444

555,173

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mr MP Bentley
Director

 

R & M Bentley (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Octagon House
1 Over Road
Swavesey
Cambs
CB24 4QZ

These financial statements were authorised for issue by the Board on 23 October 2023.

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

R & M Bentley (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises 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.

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.

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

Plant and machinery

25% - 33% reducing balance

Lease hold property

Straight line over the life of the lease

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.

 

R & M Bentley (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

 

R & M Bentley (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

95,105

178,978

274,083

At 31 May 2023

95,105

178,978

274,083

Depreciation

At 1 June 2022

45,958

165,339

211,297

Charge for the year

1,584

3,430

5,014

At 31 May 2023

47,542

168,769

216,311

Carrying amount

At 31 May 2023

47,563

10,209

57,772

At 31 May 2022

49,147

13,639

62,786

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

834,891

742,752

6

Debtors

Current

2023
£

2022
£

Trade debtors

832,344

18,778

Prepayments

2,416

1,963

Other debtors

8,000

-

 

842,760

20,741

7

Creditors

Creditors: amounts falling due within one year

 

R & M Bentley (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,423

80,224

Trade creditors

 

125,479

58,059

Taxation and social security

 

22,479

20,671

Accruals and deferred income

 

75,332

35,848

Other creditors

 

1,110,326

75,001

 

1,345,039

269,803

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

11,423

80,224

10

Dividends