Company registration number SC212699 (Scotland)
Bentleys Holdings Limited
unaudited financial statements
for the year ended 31 March 2024
Pages for filing with Registrar
Bentleys Holdings Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Bentleys Holdings Limited
Balance sheet
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
519,727
519,727
Current assets
Cash at bank and in hand
18,423
21,891
Creditors: amounts falling due within one year
4
(388,889)
(392,357)
Net current liabilities
(370,466)
(370,466)
Net assets
149,261
149,261
Capital and reserves
Called up share capital
5
56,000
56,000
Capital redemption reserve
44,000
44,000
Profit and loss reserves
6
49,261
49,261
Total equity
149,261
149,261
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
R Anderson
Director
Company Registration No. SC212699
Bentleys Holdings Limited
Notes to the financial statements
for the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Bentleys Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Balgray Works, Balgray Place, Dundee, DD3 8SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Bentleys Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Where the company makes payments to the Trust where no future economic benefits will flow to the company following payment and where the company does not have control to the right or other access to the future economic benefit it is expected to receive, the payments will be expensed in the Profit and loss account.
Where the company distributes its equity instruments to the Trust and in the opinion of the directors de-facto control over the Trust does not exist then the assets and liabilities of the Trust are not recorded on the Balance sheet of the company.
The directors are of the opinion that de-facto control of the Trust does not exist and therefore have excluded the assets and liabilities of the Trust from these financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Bentleys Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
519,727
519,727
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
370,466
370,466
Other creditors
18,423
21,891
388,889
392,357
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
56,000
56,000
56,000
56,000
Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.
6
Profit and loss reserves
Profit and loss reserves include all current and prior years retained profit and losses.
7
Related party transactions
During the year £80,000 was paid to the Employee Ownership Trust (2023 - £75,000) from Bentleys Holdings Limited.
The company also received dividends from Bentleys Shopfitting Limited of £80,000 (2023 - £75,000).
8
Parent company
Bentleys Holdings Limited is owned by The Bentleys Employee-Ownership Trust. No group financial
statements are produced as the group are a small group and therefore exempt from producing such
consolidated statement