REGISTERED NUMBER: |
BENTON BROS (TRANSPORT) LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
BENTON BROS (TRANSPORT) LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
BENTON BROS (TRANSPORT) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Newland House |
The Point |
Weaver Road |
Lincoln |
Lincolnshire |
LN6 3QN |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
REVIEW OF BUSINESS AND FUTURE DEVELOPMENT |
The results for the year and the financial position of the company of the company at 31 January 2024 are as shown in the annexed financial statements. |
Given the non-complex nature of the company and its business, this review is considered to be balanced and comprehensive, having regard to the company. The review also considers any risks or uncertainties faced by the company. |
The directors are pleased with the trading results considering the difficulties and uncertainties within the transport industry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a challenging economic climate in which the price expectations of our customers have to be balanced against inflationary pressures, particularly in relation to fuel prices. The management of the company's business and the execution of the company's strategies are subject to a number of risks: |
- The significant recent volatility and the significance of fuel costs to the business; |
- Ongoing market pressure on prices; |
- The capital intensive nature of the business; |
- The cost of complying with increasing environmental standards. |
These risks are addressed by: |
- Working closely with our customers to ensure that we understand their needs and continue to offer competitive products and prices; |
- Managing and organising new vehicle financing and cash flows such as HP and other rental repayments are covered by future cash flows; |
- Introducing the new environmental Euro lorries in a cautious manner so as to minimise any teething costs associated with this relatively new technology. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company uses various financial instruments including cash, overdraft facilities, loans, hire purchase agreements and items such as trade debtors and trade creditors that arise directly from its operations, the main purpose of which is to ensure liquidity for the company's activities. These financial instruments expose the company to a number of financial risks, as set out below along with the means in which the company manages its exposure in these areas. |
Interest rate risks |
The company has acquired a number of its fixed assets using hire purchase facilities, but at known and competitive interest rates set at the inception of the contracts. |
Interest on the bank borrowings are at variable rates. Any interest rate charges are not expected to have a significant impact on the company's results as the bank borrowings do not currently represent a major element of the company's finance. |
Liquidity risks |
The company manages its financial risk by ensuring it has enough liquidity available to meet its operating and servicing of finance commitments through operating cash flow inflows, hire purchase and bank loan facilities. |
Credit risk |
The company's main financial assets are cash and trade debtors. The main credit risk is linked to trade debtors. The company's aim is to minimise the risk of doubtful debts through the use of credit rating agencies, trade references and general experience in the industry. A proactive approach to debt collection is adopted with accounts processed regularly for obtaining payments, with collection history and credit limits being reviewed on an ongoing basis. |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
KEY PERFORMANCE INDICATORS |
The directors consider the key performance indicators of the company to be measured by both turnover and operating profit. |
Turnover is down on the prior year to £10,642,756 (2023: £12,752,191) however the business has maintained its gross profit margin at 7.19% (2023: 6.18%). |
The reduction in overheads of the company has enabled a smaller reporting operating loss than in previous years of £338,212 (2023:362,214). |
The directors consider the statement of financial position of the company to be strong despite the drop in net assets of the company. The company remains competitive despite difficult market conditions and the directors hold a positive outlook for the company's future trading. |
FUTURE DEVELOPMENTS |
The company intends to continue to expand its client base at the Immingham site and make use of this growing opportunity and base. |
The directors are also keen on exploring new opportunities in the market to make the company more efficient and environmentally friendly by regularly visiting trade shows and manufacturer conferences. |
ON BEHALF OF THE BOARD: |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of haulage. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 February 2023 to the date of this report. |
The beneficial interests of the directors holding office at 31 January 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
31.1.24 | 1.2.23 |
Ordinary shares of £1 each |
- | - |
- | - |
- | - |
10,000 | 10,000 |
- | - |
Class E shares of £1 each |
- | - |
- | - |
- | - |
284,000 | 284,000 |
- | - |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
DISCLOSURE IN THE STRATEGIC REPORT |
The review of business, future development, principle risks and uncertainties and key performance indicators are all covered in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTON BROS (TRANSPORT) LIMITED |
Opinion |
We have audited the financial statements of Benton Bros (Transport) Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTON BROS (TRANSPORT) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTON BROS (TRANSPORT) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the organisation and determined that the most significant are those that relate to the reporting framework (FRS102), the Companies Act 2006 and the relevant tax compliance. |
We understood how the organisation is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing board minutes and reviewing third party correspondence, including correspondence with HMRC. |
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where they considered there was susceptibility to fraud. We considered the controls that the organisation has established to address risks identified, or that otherwise prevent, deter and detect fraud and also reviewed how these had operated in the year. |
Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the organisation. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Newland House |
The Point |
Weaver Road |
Lincoln |
Lincolnshire |
LN6 3QN |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
(338,212 | ) | (362,214 | ) |
Amounts written off investments | 5 | - | (6,995 | ) |
(338,212 | ) | (355,219 | ) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 | 12,840 | 3,249,381 | 4,000 | 3,266,221 |
Changes in equity |
Dividends | - | (23,000 | ) | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 January 2023 | 12,840 | 2,816,994 | 4,000 | 2,833,834 |
Changes in equity |
Dividends | - | (23,000 | ) | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 January 2024 | 12,840 | 2,345,697 | 4,000 | 2,362,537 |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 23,000 | 23,000 |
Amount withdrawn by directors | (40,100 | ) | (36,000 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 358,576 |
Cash and cash equivalents at end of year | 2 | ( |
) | 344,907 |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 110,085 | 54,168 |
Finance income | (2,529 | ) | (2,916 | ) |
612,524 | 410,097 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | - | 344,907 |
Bank overdrafts | ( |
) |
(451,727 | ) | 344,907 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 344,907 | 358,576 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 344,907 | (344,907 | ) | - |
Bank overdrafts | - | (451,727 | ) | (451,727 | ) |
344,907 | ( |
) | (451,727 | ) |
Debt |
Finance leases | (2,518,910 | ) | 896,223 | (1,622,687 | ) |
(2,518,910 | ) | 896,223 | (1,622,687 | ) |
Total | (2,174,003 | ) | 99,589 | (2,074,414 | ) |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Benton Bros (Transport) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. The most significant estimate which could impact the carrying amounts of assets and liabilities within the next financial year is the useful economic lives of tangible assets. The annual depreciation charge for motor vehicles is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are monitored in case a change to depreciation rates is considered necessary. |
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 |
Freehold property | - |
Garage & sundry equipment | - |
Motor vehicles | - |
Computer equipment | - |
Land is not depreciated. |
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 Statement of Comprehensive Income, 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
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. |
Operating leases |
Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
Financial instruments |
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. |
All of the company's basic financial assets and liabilities are short term and are recognised at the transaction price. |
The company currently only has basic financial instruments. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operatives | 75 | 80 |
Office staff and management | 12 | 13 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
£ | £ |
Intercompany loan write off | - | (6,995 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
The company has corporation tax losses carried forward of £4,341,955 to use in future years. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | TANGIBLE FIXED ASSETS |
Garage & |
Freehold | sundry | Motor | Computer |
property | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (156,000 | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (95,327 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Fuel |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | 170,491 | 153,390 |
Tax |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 1,622,687 | 2,518,910 |
Hire purchase creditors are secured against the asset for which they provided the original finance. |
The bank holds a fixed and floating charge for the overdraft over the all the company assets including all freehold property. |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'E' shares | £1 | 2,840 | 2,840 |
The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
The holders of the E Shares are entitled to receive dividends as declared from time to time and carry no other rights or preferences. |
Called up share capital represents the nominal value of shares that have been issued. Only 1p per Class E Share has been called up. |
18. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 2,816,994 | 4,000 | 2,820,994 |
Deficit for the year | ( |
) | ( |
) |
Dividends | (23,000 | ) | (23,000 | ) |
At 31 January 2024 | 2,345,697 | 4,000 | 2,349,697 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
All advances made to directors are unsecured, repayable on demand and with no interest charged. |
20. | RELATED PARTY DISCLOSURES |
The balance on the current account with M J Benton as at 31 January 2024 amounted to £170,491 owed to the company (2023 owed to the company £153,390). |
M J Benton is also a director of Bentons Developments Limited. During the year to 31 January 2024 there were no transactions between the companies (2022 included an interest free loan of £6,995 which written off at 31 January 2023). At the year end no amounts were owing between the companies. |
BENTON BROS (TRANSPORT) LIMITED (REGISTERED NUMBER: 00617372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |