Company Registration No. 03505359 (England and Wales)
M.W. BENNEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
M.W. BENNEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
M.W. BENNEY LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,400
30,500
Tangible assets
4
278,058
234,552
302,458
265,052
Current assets
Stocks
256,334
170,000
Debtors
5
382,606
156,435
Cash at bank and in hand
1,133,849
310,710
1,772,789
637,145
Creditors: amounts falling due within one year
6
(658,485)
(296,267)
Net current assets
1,114,304
340,878
Total assets less current liabilities
1,416,762
605,930
Creditors: amounts falling due after more than one year
7
(150,014)
(163,261)
Provisions for liabilities
(14,684)
(5,682)
Net assets
1,252,064
436,987
Capital and reserves
Called up share capital
24
24
Capital redemption reserve
76
76
Profit and loss reserves
1,251,964
436,887
Total equity
1,252,064
436,987
M.W. BENNEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 November 2023
2023-11-23
Mr A Bickham
Director
Company Registration No. 03505359
M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

M.W. Benney Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 7 & 8, Marble Court Business Park, Lymington Road, Torquay, Devon, TQ1 4FB.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -

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:

Freehold land and buildings
Not depreciated
Plant and equipment
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
11
M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
61,000
Amortisation and impairment
At 1 June 2022
30,500
Amortisation charged for the year
6,100
At 31 May 2023
36,600
Carrying amount
At 31 May 2023
24,400
At 31 May 2022
30,500
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
205,487
3,841
1,195
51,256
261,779
Additions
-
0
1,162
1,895
71,895
74,952
Disposals
-
0
-
0
-
0
(14,500)
(14,500)
At 31 May 2023
205,487
5,003
3,090
108,651
322,231
Depreciation and impairment
At 1 June 2022
-
0
2,037
1,195
23,995
27,227
Depreciation charged in the year
-
0
743
474
22,979
24,196
Eliminated in respect of disposals
-
0
-
0
-
0
(7,250)
(7,250)
At 31 May 2023
-
0
2,780
1,669
39,724
44,173
Carrying amount
At 31 May 2023
205,487
2,223
1,421
68,927
278,058
At 31 May 2022
205,487
1,804
-
0
27,261
234,552
M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
239,168
20,997
Amounts owed by group undertakings
128,943
132,030
Other debtors
12,445
1,367
Prepayments and accrued income
2,050
2,041
382,606
156,435
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
14,686
16,125
Trade creditors
209,690
105,154
Corporation tax
201,681
64,084
Other taxation and social security
204,178
95,561
Other creditors
19,525
8,787
Accruals and deferred income
8,725
6,556
658,485
296,267
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
150,014
163,261

The long-term loans are secured by fixed charges over the property of the company.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
128,943
132,030

 

M.W. BENNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan Account
-
1,367
11,945
(1,367)
11,945
1,367
11,945
(1,367)
11,945

The account bears an interest rate as per the table above and there is no fixed date for repayment.

2023-05-312022-06-01false24 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A Bickham035053592022-06-012023-05-31035053592023-05-31035053592022-05-3103505359core:Goodwill2023-05-3103505359core:Goodwill2022-05-3103505359core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-3103505359core:PlantMachinery2023-05-3103505359core:ComputerEquipment2023-05-3103505359core:MotorVehicles2023-05-3103505359core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3103505359core:PlantMachinery2022-05-3103505359core:ComputerEquipment2022-05-3103505359core:MotorVehicles2022-05-3103505359core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103505359core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3103505359core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3103505359core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3103505359core:CurrentFinancialInstruments2023-05-3103505359core:CurrentFinancialInstruments2022-05-3103505359core:ShareCapital2023-05-3103505359core:ShareCapital2022-05-3103505359core:CapitalRedemptionReserve2023-05-3103505359core:CapitalRedemptionReserve2022-05-3103505359core:RetainedEarningsAccumulatedLosses2023-05-3103505359core:RetainedEarningsAccumulatedLosses2022-05-3103505359bus:Director12022-06-012023-05-3103505359core:Goodwill2022-06-012023-05-3103505359core:Goodwill2022-05-3103505359core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3103505359core:PlantMachinery2022-05-3103505359core:ComputerEquipment2022-05-3103505359core:MotorVehicles2022-05-31035053592022-05-3103505359core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-012023-05-3103505359core:PlantMachinery2022-06-012023-05-3103505359core:ComputerEquipment2022-06-012023-05-3103505359core:MotorVehicles2022-06-012023-05-3103505359core:Non-currentFinancialInstruments2023-05-3103505359core:Non-currentFinancialInstruments2022-05-3103505359bus:PrivateLimitedCompanyLtd2022-06-012023-05-3103505359bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3103505359bus:FRS1022022-06-012023-05-3103505359bus:AuditExemptWithAccountantsReport2022-06-012023-05-3103505359bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP