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Registration number: 05185650

Bendrey Brothers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Bendrey Brothers Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Bendrey Brothers Limited

Company Information

Directors

Mr R Bendrey

Mrs R Bendrey

Mr C Bendrey

Mr A Bendrey

Company secretary

Mr R Bendrey

Registered office

Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bendrey Brothers Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bendrey Brothers Limited for the year ended 31 October 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Bendrey Brothers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bendrey Brothers Limited and state those matters that we have agreed to state to the Board of Directors of Bendrey Brothers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bendrey Brothers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bendrey Brothers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bendrey Brothers Limited. You consider that Bendrey Brothers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bendrey Brothers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

31 January 2024

 

Bendrey Brothers Limited

(Registration number: 05185650)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

533,338

600,004

Tangible assets

5

360,902

381,805

 

894,240

981,809

Current assets

 

Stocks

6

558,614

639,684

Debtors

7

82,540

96,544

Cash at bank and in hand

 

2,195,698

2,065,872

 

2,836,852

2,802,100

Creditors: Amounts falling due within one year

8

(560,939)

(566,200)

Net current assets

 

2,275,913

2,235,900

Total assets less current liabilities

 

3,170,153

3,217,709

Provisions for liabilities

(24,227)

(22,385)

Net assets

 

3,145,926

3,195,324

Capital and reserves

 

Called up share capital

700

600

Revaluation reserve

986,787

986,787

Other reserves

(913,482)

(913,482)

Retained earnings

3,071,921

3,121,419

Shareholders' funds

 

3,145,926

3,195,324

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Bendrey Brothers Limited

(Registration number: 05185650)
Balance Sheet as at 31 October 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
Mr R Bendrey
Director

.........................................
Mrs R Bendrey
Director

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

These financial statements were authorised for issue by the Board on 31 January 2024.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Plant & machinery

25% Reducing balance

Fixtures & fittings

25% Reducing balance

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 15 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

1,045,833

1,045,833

At 31 October 2023

1,045,833

1,045,833

Amortisation

At 1 November 2022

445,829

445,829

Amortisation charge

66,666

66,666

At 31 October 2023

512,495

512,495

Carrying amount

At 31 October 2023

533,338

533,338

At 31 October 2022

600,004

600,004

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

263,997

98,724

131,032

108,984

602,737

Additions

-

11,408

-

-

11,408

At 31 October 2023

263,997

110,132

131,032

108,984

614,145

Depreciation

At 1 November 2022

-

80,454

54,378

86,100

220,932

Charge for the year

-

7,425

19,164

5,722

32,311

At 31 October 2023

-

87,879

73,542

91,822

253,243

Carrying amount

At 31 October 2023

263,997

22,253

57,490

17,162

360,902

At 31 October 2022

263,997

18,270

76,654

22,884

381,805

Included within the net book value of land and buildings above is £263,997 (2022 - £263,997) in respect of freehold land and buildings.
 

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Other inventories

558,614

639,684

7

Debtors

Current

2023
£

2022
£

Trade debtors

58,876

75,766

Prepayments

20,749

20,778

Other debtors

2,915

-

 

82,540

96,544

 

Bendrey Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

752

3,035

Trade creditors

 

363,504

298,844

Taxation and social security

 

190,432

257,910

Accruals and deferred income

 

4,000

4,000

Other creditors

 

2,251

2,411

 

560,939

566,200

Creditors: amounts falling due after more than one year

2023
£

2022
£

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

752

3,035