Company registration number 00364087 (England and Wales)
BENSONS FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
BENSONS FLOORING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BENSONS FLOORING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
715,423
682,088
Current assets
Stocks
86,708
90,829
Debtors
4
130,329
246,193
Cash at bank and in hand
749
5
217,786
337,027
Creditors: amounts falling due within one year
5
(294,171)
(285,047)
Net current (liabilities)/assets
(76,385)
51,980
Total assets less current liabilities
639,038
734,068
Creditors: amounts falling due after more than one year
6
(60,205)
(70,000)
Provisions for liabilities
(19,100)
(10,400)
Net assets
559,733
653,668
Capital and reserves
Called up share capital
7
7,050
7,050
Capital redemption reserve
23,950
23,950
Profit and loss reserves
528,733
622,668
Total equity
559,733
653,668

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 28 February 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.

BENSONS FLOORING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
J W Benson
Director
Company registration number 00364087 (England and Wales)
BENSONS FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Bensons Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Guernsey Road, Heeley, Sheffield, S2 4HG.

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
Going concern

At the time of approving the financial statements, the directors based on trading expectations believe that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
No depreciation charge
Fixtures, fittings & equipment
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable those overheads that have been incurred in bringing the stocks to their present location and condition.

BENSONS FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

BENSONS FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2023 - 9).

3
Tangible fixed assets
Land and buildings freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
684,721
44,045
97,189
825,955
Additions
-
0
12,221
62,852
75,073
Disposals
-
0
-
0
(51,189)
(51,189)
At 28 February 2024
684,721
56,266
108,852
849,839
Depreciation and impairment
At 1 March 2023
65,415
16,150
62,302
143,867
Depreciation charged in the year
-
0
3,462
10,337
13,799
Eliminated in respect of disposals
-
0
-
0
(23,250)
(23,250)
At 28 February 2024
65,415
19,612
49,389
134,416
Carrying amount
At 28 February 2024
619,306
36,654
59,463
715,423
At 28 February 2023
619,306
27,895
34,887
682,088
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
121,233
142,264
Other debtors
9,096
103,929
130,329
246,193
BENSONS FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
125,735
110,302
Trade creditors
61,482
75,964
Corporation tax
25,739
21,761
Other taxation and social security
20,223
23,900
Other creditors
60,992
53,120
294,171
285,047

Included within bank loans and overdrafts is an amount of £20,000 (2023: £20,000), which is secured by a debenture and a legal charge over the property of the company.

 

Included within other creditors are amounts of £10,117 (2023: £nil) relating to hire purchase contracts. The contracts are secured upon the asset in which they relate to.

 

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,000
70,000
Obligations under finance leases
30,205
-
0
60,205
70,000

Bank loans of £30,000 (2023: £70,000) represents a loan which is secured by a debenture and a legal charge over the property of the company. A guarantee limited to £100,000 provided by Bensons Property Company Limited is also in place.

 

Included within other creditors are amounts of £30,205 (2023: £nil) relating to hire purchase contracts. The contracts are secured upon the asset in which they relate to.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,363
5,363
5,363
5,363
'A' Ordinary shares of £1 each
1,687
1,687
1,687
1,687
7,050
7,050
7,050
7,050
BENSONS FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
8
Related party transactions
Transactions with related parties

Bensons Property Company Limited is a property letting company ultimately controlled by J W Benson and D Benson. At the year end £21,363 (2023: £21,363) was owed to Bensons Property Company Limited, which is included within other creditors, detailed in note 5 of the financial statements. No interest is charged on the loan, and it repayable on demand.

9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
37,925
41,000
565
(79,490)
-
Director
2.25
57,780
59,100
721
(119,221)
(1,620)
95,705
100,100
1,286
(198,711)
(1,620)
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