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COMPANY REGISTRATION NUMBER: 00717293
H.E AND B.S Benson Limited
Filleted Unaudited Financial Statements
31 December 2023
H.E AND B.S Benson Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
23,613
24,735
Current assets
Stocks
7
232,996
264,224
Debtors
8
112,836
192,693
Cash at bank and in hand
257,530
299,394
---------
---------
603,362
756,311
Creditors: amounts falling due within one year
9
42,033
116,323
---------
---------
Net current assets
561,329
639,988
---------
---------
Total assets less current liabilities
584,942
664,723
Provisions
10
3,669
3,843
---------
---------
Net assets
581,273
660,880
---------
---------
Capital and reserves
Called up share capital
12
26
26
Capital redemption reserve
5,975
5,975
Profit and loss account
575,272
654,879
---------
---------
Shareholders funds
581,273
660,880
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H.E AND B.S Benson Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
DJG Price
Director
Company registration number: 00717293
H.E AND B.S Benson Limited
Notes to the Financial Statements
Year ended 31 December 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 1 Laureate Industrial Estate, Exning Road, Newmarket, Suffolk, CB8 0AR.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover from the sale of goods is recognised when the significant risks and rewards are transferred to the buyer and it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration receivable excluding discounts, value added tax and other sales taxes.
Income tax
The tax expense for the year comprises current and deferred tax. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date, to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Freehold property
-
5% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% straight line
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. the impairment loss is recognised immediately in profit and loss.
Defined contribution plans
The company pays fixed pension contributions to a separate pension plan for employees. Contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet.
Dividends
Interim dividends are recognised when paid. Final dividends are recognised when approved by shareholders at a general meeting.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 776)
25,124
Deferred tax:
Origination and reversal of timing differences
( 174)
273
----
--------
Tax on (loss)/profit
( 950)
25,397
----
--------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 5,077)
127,140
-------
---------
(Loss)/profit on ordinary activities by rate of tax
( 1,193)
24,157
Adjustment to tax charge in respect of prior periods
( 174)
273
Effect of expenses not deductible for tax purposes
80
368
Effect of capital allowances and depreciation
154
599
Change in tax rates
183
-------
---------
Tax on (loss)/profit
( 950)
25,397
-------
---------
Factors that may affect future tax income
In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%. The 25% rate is used to measure UK deferred taxes in 2023 (and in 2022 to the extent the related timing differences were expected to reverse after 1 April 2023).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
22,189
173,030
44,637
239,856
Additions
3,074
3,074
Disposals
( 4,569)
( 4,569)
--------
---------
--------
---------
At 31 December 2023
22,189
173,030
43,142
238,361
--------
---------
--------
---------
Depreciation
At 1 January 2023
15,189
155,503
44,429
215,121
Charge for the year
3,265
932
4,197
Disposals
( 4,570)
( 4,570)
--------
---------
--------
---------
At 31 December 2023
15,189
158,768
40,791
214,748
--------
---------
--------
---------
Carrying amount
At 31 December 2023
7,000
14,262
2,351
23,613
--------
---------
--------
---------
At 31 December 2022
7,000
17,527
208
24,735
--------
---------
--------
---------
7. Stocks
2023
2022
£
£
Raw materials and consumables
51,971
61,497
Work in progress
119,884
108,961
Finished goods and goods for resale
61,141
93,766
---------
---------
232,996
264,224
---------
---------
8. Debtors
2023
2022
£
£
Trade debtors
90,161
173,370
Other debtors
22,675
19,323
---------
---------
112,836
192,693
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,365
25,232
Corporation tax
25,124
Social security and other taxes
9,544
26,449
Other creditors
8,124
39,518
--------
---------
42,033
116,323
--------
---------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
3,843
Additions
( 174)
-------
At 31 December 2023
3,669
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
3,669
3,843
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
3,669
3,843
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.50 each
51
26
51
26
----
----
----
----
13. Controlling party
The ultimate controlling party is Mr D J G Price .