REGISTERED NUMBER: |
Bennett & Bennett Ltd |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
REGISTERED NUMBER: |
Bennett & Bennett Ltd |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
Bennett & Bennett Ltd (Registered number: 10161298) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Bennett & Bennett Ltd |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Bennett & Bennett Ltd (Registered number: 10161298) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bennett & Bennett Ltd (Registered number: 10161298) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Bennett & Bennett Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
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. |
The company's functional and presentational currency is pound sterling. |
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. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Bennett & Bennett Ltd (Registered number: 10161298) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss for the period. |
The investment property fair value of £575,000 (2022 - £575,000) was determined by the directors by reference to the current open market prices for comparable property and adjusted for any differences in the nature, location and condition of the specific asset. |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 575,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 432,032 | 432,032 |
Investment property was valued on an open market basis on 31 May 2023 by the directors . |
Bennett & Bennett Ltd (Registered number: 10161298) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Corporation tax |
Directors' current accounts | 358,512 | 368,102 |
Accruals |
Deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
8. | RELATED PARTY DISCLOSURES |
During the year the company continued to receive an interest free loan of £66,000 from Bennett & Moody Limited, a company of which a director and shareholder is also a director and shareholder. The loan is not secured and does not have fixed repayment terms. The loan has been included within current liabilities. |