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REGISTERED NUMBER: 01926902 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Bennetts of Ross Limited

Bennetts of Ross Limited (Registered number: 01926902)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Bennetts of Ross Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J W Bennett
C F Bennett
Mrs L Bennett



REGISTERED OFFICE: Wilton Service Station
Ross on Wye
Herefordshire
HR9 6AE



REGISTERED NUMBER: 01926902 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
Market Place
Ross-on-Wye
Herefordshire
HR9 5BX

Bennetts of Ross Limited (Registered number: 01926902)

Statement of Financial Position
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,188 27,443
Investment property 5 625,000 625,000
742,188 652,443

CURRENT ASSETS
Stocks 142,740 147,506
Debtors 6 1,055,847 952,866
Cash at bank and in hand 721,840 674,063
1,920,427 1,774,435
CREDITORS
Amounts falling due within one year 7 439,717 409,634
NET CURRENT ASSETS 1,480,710 1,364,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,222,898

2,017,244

PROVISIONS FOR LIABILITIES 91,976 69,295
NET ASSETS 2,130,922 1,947,949

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Fair value reserve 387,291 387,291
Retained earnings 1,713,631 1,530,658
SHAREHOLDERS' FUNDS 2,130,922 1,947,949

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bennetts of Ross Limited (Registered number: 01926902)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2024 and were signed on its behalf by:





J W Bennett - Director


Bennetts of Ross Limited (Registered number: 01926902)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Bennetts of Ross Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

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 Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Bennetts of Ross Limited (Registered number: 01926902)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
Cost
At 1 December 2022 217,513 737,780 955,293
Additions - 125,302 125,302
Disposals - (150,000 ) (150,000 )
At 30 November 2023 217,513 713,082 930,595
Depreciation
At 1 December 2022 217,513 710,337 927,850
Charge for year - 35,557 35,557
Eliminated on disposal - (150,000 ) (150,000 )
At 30 November 2023 217,513 595,894 813,407
Net book value
At 30 November 2023 - 117,188 117,188
At 30 November 2022 - 27,443 27,443

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 December 2022
and 30 November 2023 625,000
Net book value
At 30 November 2023 625,000
At 30 November 2022 625,000

The directors have reviewed the local property market and consider that the fair value of the investment properties has not changed during the year. The directors have not deemed it necessary for the company to undertake a formal valuation of the properties.

If the investment properties had not been revalued they would have been included at their historic cost of £174,203 (2022 - £174,203).

Bennetts of Ross Limited (Registered number: 01926902)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade debtors 25,556 27,491
Other debtors 1,030,291 925,375
1,055,847 952,866

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade creditors 332,660 261,459
Taxation and social security 95,024 134,338
Other creditors 12,033 13,837
439,717 409,634

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/11/23 30/11/22
£    £   
Within one year 188,269 186,613
Between one and five years 317,646 497,634
505,915 684,247

9. SECURED DEBTS

The bank has fixed and floating charges in place against company investment property in respect of the company overdraft and credit card facilities.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30/11/23 30/11/22
£    £   
J W Bennett and Mrs L Bennett
Balance outstanding at start of year 664,127 699,485
Amounts advanced 106,545 120,972
Amounts repaid (153,525 ) (156,330 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 617,147 664,127

Interest totalling £13,614 (2022 - £13,492) has been charged on the above loan to the directors calculated at the HM Revenue and Customs official rate of interest. The loan has no fixed repayment terms.

Bennetts of Ross Limited (Registered number: 01926902)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


11. RELATED PARTY DISCLOSURES

Bennetts of Ross Development Company Limited
A company controlled by the directors J W Bennett and Mrs L M Bennett

The company has loaned funds to Bennetts of Ross Development Company Limited. The balance owed at 30 November 2023 was £192,616 (2022 - £32,952). The loan, included within other debtors, is interest free and has no fixed repayment terms.

R G Bennett
Brother of the director J W Bennett

The business premises are jointly owned by the director J W Bennett and his brother R G Bennett. During the year, the company paid a market rate rent of £57,850 (2022 - £57,850) to Mr R G Bennett.

J W Bennett
Director

J W Bennett waived his right to receive his share of rental income in respect of the business premises. The waived rent in the year totalled £128,763 (2022 - rent waived £128,763).