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COMPANY REGISTRATION NUMBER: 01871290
BENNISON FABRICS LIMITED
Filleted Unaudited Financial Statements
31 May 2023
BENNISON FABRICS LIMITED
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
18,797
24,748
Investments
6
322,036
322,036
---------
---------
340,833
346,784
Current assets
Stocks
362,496
377,501
Debtors
7
129,298
96,819
Cash at bank and in hand
494,416
411,137
---------
---------
986,210
885,457
Creditors: amounts falling due within one year
8
181,847
179,594
---------
---------
Net current assets
804,363
705,863
------------
------------
Total assets less current liabilities
1,145,196
1,052,647
Provisions
Taxation including deferred tax
3,474
4,583
------------
------------
Net assets
1,141,722
1,048,064
------------
------------
BENNISON FABRICS LIMITED
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,141,622
1,047,964
------------
------------
Shareholders funds
1,141,722
1,048,064
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
Mr G M Newberry
Director
Company registration number: 01871290
BENNISON FABRICS LIMITED
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Holbein Place, London, SW1W 8NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold properties
-
10% straight line
Fixtures and fittings
-
25% reducing balance
Equipments
-
25% reducing balance
Improvement to premises
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Improvement to premise
Total
£
£
£
£
£
Cost
At 1 June 2022
145,697
228,640
49,152
149,056
572,545
Additions
315
315
---------
---------
--------
---------
---------
At 31 May 2023
145,697
228,640
49,467
149,056
572,860
---------
---------
--------
---------
---------
Depreciation
At 1 June 2022
145,697
225,868
27,176
149,056
547,797
Charge for the year
693
5,573
6,266
---------
---------
--------
---------
---------
At 31 May 2023
145,697
226,561
32,749
149,056
554,063
---------
---------
--------
---------
---------
Carrying amount
At 31 May 2023
2,079
16,718
18,797
---------
---------
--------
---------
---------
At 31 May 2022
2,772
21,976
24,748
---------
---------
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
322,036
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
322,036
---------
At 31 May 2022
322,036
---------
7. Debtors
2023
2022
£
£
Trade debtors
16,302
19,081
Amounts owed by group undertakings and undertakings in which the company has a participating interest
53,103
35,572
Other debtors
59,893
42,166
---------
--------
129,298
96,819
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
160,851
158,188
Corporation tax
11
Social security and other taxes
9
9
Other creditors
20,976
21,397
---------
---------
181,847
179,594
---------
---------