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REGISTERED NUMBER: 02980625 (England and Wales)















Financial Statements for the Year Ended 31 July 2023

for

BENICRAFT LIMITED

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BENICRAFT LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mrs Karamjit Kaur Gill
Mr Kulvinder Singh Gill
Mr Vipan Singh Gill





REGISTERED OFFICE: 5-6 Carlton Terrace
Green Street
Forest Gate
London
E7 8LH





REGISTERED NUMBER: 02980625 (England and Wales)





ACCOUNTANTS: Ark Aurora Ltd
Chartered Accountants & Chartered Tax Advisers
The Maltings
2 Anderson Rd
Bearwood
Birmingham
West Midlands
B66 4AR

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Balance Sheet
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,779 22,611
Investment property 5 1,157,786 900,000
1,183,565 922,611

CURRENT ASSETS
Stocks 6 53,680 70,335
Debtors 7 229,578 395,498
Cash at bank and in hand 67,130 194,984
350,388 660,817
CREDITORS
Amounts falling due within one year 8 789,642 873,091
NET CURRENT LIABILITIES (439,254 ) (212,274 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

744,311

710,337

PROVISIONS FOR LIABILITIES 11 83,810 63,063
NET ASSETS 660,501 647,274

CAPITAL AND RESERVES
Called up share capital 51,000 51,000
Other reserves 12 295,488 314,099
Retained earnings 12 314,013 282,175
SHAREHOLDERS' FUNDS 660,501 647,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Balance Sheet - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





Mr Kulvinder Singh Gill - Director


BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Benicraft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 103,812 71,974 78,871 13,846 268,503
Additions - - 8,189 - 8,189
At 31 July 2023 103,812 71,974 87,060 13,846 276,692
DEPRECIATION
At 1 August 2022 103,812 59,526 69,004 13,550 245,892
Charge for year - 2,489 2,458 74 5,021
At 31 July 2023 103,812 62,015 71,462 13,624 250,913
NET BOOK VALUE
At 31 July 2023 - 9,959 15,598 222 25,779
At 31 July 2022 - 12,448 9,867 296 22,611

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 900,000
Additions 736,531
Disposals (478,745 )
At 31 July 2023 1,157,786
NET BOOK VALUE
At 31 July 2023 1,157,786
At 31 July 2022 900,000

6. STOCKS
31.7.23 31.7.22
£    £   
Stocks 53,680 70,335

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 204,628 361,445
VAT 8,783 -
Prepayments and accrued income 16,167 34,053
229,578 395,498

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts (see note 9) 450,443 687,167
Trade creditors 111,294 154,936
Tax 36,601 10,387
Other creditors 100,429 429
Directors' current accounts 87,255 -
Accrued expenses 3,620 20,172
789,642 873,091

9. LOANS

An analysis of the maturity of loans is given below:

31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank Loan (1) 450,423 491,334
Bank Loan (2) 20 195,833
450,443 687,167

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 97,000 97,000
Between one and five years 388,000 388,000
In more than five years 517,333 614,333
1,002,333 1,099,333

11. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 83,810 63,063

BENICRAFT LIMITED (REGISTERED NUMBER: 02980625)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 63,063
Provided during year 2,136
Tax movement on revaluation 18,611
Balance at 31 July 2023 83,810

12. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 August 2022 282,175 314,099 596,274
Profit for the year 93,227 93,227
Dividends (80,000 ) (80,000 )
Reallocation 18,611 (18,611 ) -
At 31 July 2023 314,013 295,488 609,501

13. RELATED PARTY DISCLOSURES

During the year the company paid dividends of £80,000 (2021: £80,000) to Benicraft Trading Limited, the
parent company.

At 31 July 2022, there was a balance of £200 (2021: £200) due from Benicraft Investments Limited, a
connected company.

14. ULTIMATE CONTROLLING PARTY

The parent company is Benicraft Trading Limited, a company registered in England and Wales.