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Registered number: 05332087
P&A Benbow Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
AJI Accounting Solutions Ltd
Accsol House
High Street, Johnstown
Wrexham
LL14 2SH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05332087
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,857 5,340
Tangible Assets 5 32,192 39,817
Investments 6 91,457 91,457
126,506 136,614
CURRENT ASSETS
Debtors 7 50,757 2,252
Cash at bank and in hand 113,444 67,750
164,201 70,002
Creditors: Amounts Falling Due Within One Year 8 (35,176 ) (16,193 )
NET CURRENT ASSETS (LIABILITIES) 129,025 53,809
TOTAL ASSETS LESS CURRENT LIABILITIES 255,531 190,423
NET ASSETS 255,531 190,423
CAPITAL AND RESERVES
Called up share capital 9 4 4
Share premium account 62,081 62,081
Profit and Loss Account 193,446 128,338
SHAREHOLDERS' FUNDS 255,531 190,423
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Benbow
Director
17/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
P&A Benbow Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05332087 . The registered office is Hanns Hall Farm, Hanns Hall Road, Willaston, South Wirral, CH64 2TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 12% Reducing Balance
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Page 4
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 62,080
As at 31 December 2023 62,080
Amortisation
As at 1 January 2023 56,740
Provided during the period 2,483
As at 31 December 2023 59,223
Net Book Value
As at 31 December 2023 2,857
As at 1 January 2023 5,340
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 102,376 127,180 2,220 231,776
As at 31 December 2023 102,376 127,180 2,220 231,776
Depreciation
As at 1 January 2023 80,562 110,312 1,085 191,959
Provided during the period 3,272 4,217 136 7,625
As at 31 December 2023 83,834 114,529 1,221 199,584
Net Book Value
As at 31 December 2023 18,542 12,651 999 32,192
As at 1 January 2023 21,814 16,868 1,135 39,817
6. Investments
Listed
£
Cost
As at 1 January 2023 91,457
As at 31 December 2023 91,457
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 91,457
As at 1 January 2023 91,457
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 50,364 -
VAT 393 2,052
Directors' loan accounts - 200
50,757 2,252
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 254 4,468
Corporation tax 34,134 10,156
Other taxes and social security 56 536
Credit Card 404 868
Accruals and deferred income 328 165
35,176 16,193
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 6