Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-310falsetruetruetruetrue2023-01-01falseWholesale trade of motor vehicle parts & accessories367311false 01030722 2023-01-01 2023-12-31 01030722 2022-01-01 2022-12-31 01030722 2023-12-31 01030722 2022-12-31 01030722 2022-01-01 01030722 1 2023-01-01 2023-12-31 01030722 1 2022-01-01 2022-12-31 01030722 d:Director1 2023-01-01 2023-12-31 01030722 d:Director2 2023-01-01 2023-12-31 01030722 d:Director3 2023-01-01 2023-12-31 01030722 d:RegisteredOffice 2023-01-01 2023-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2023-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2022-12-31 01030722 e:LandBuildings 2023-12-31 01030722 e:LandBuildings 2022-12-31 01030722 e:PlantMachinery 2023-01-01 2023-12-31 01030722 e:PlantMachinery 2023-12-31 01030722 e:PlantMachinery 2022-12-31 01030722 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01030722 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01030722 e:MotorVehicles 2023-01-01 2023-12-31 01030722 e:MotorVehicles 2023-12-31 01030722 e:MotorVehicles 2022-12-31 01030722 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01030722 e:FurnitureFittings 2023-01-01 2023-12-31 01030722 e:FurnitureFittings 2023-12-31 01030722 e:FurnitureFittings 2022-12-31 01030722 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01030722 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01030722 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01030722 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01030722 e:CurrentFinancialInstruments 2023-12-31 01030722 e:CurrentFinancialInstruments 2022-12-31 01030722 e:CurrentFinancialInstruments 1 2023-12-31 01030722 e:CurrentFinancialInstruments 1 2022-12-31 01030722 e:Non-currentFinancialInstruments 2023-12-31 01030722 e:Non-currentFinancialInstruments 2022-12-31 01030722 e:Non-currentFinancialInstruments 1 2023-12-31 01030722 e:Non-currentFinancialInstruments 1 2022-12-31 01030722 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01030722 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 01030722 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 01030722 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 01030722 e:UKTax 2023-01-01 2023-12-31 01030722 e:UKTax 2022-01-01 2022-12-31 01030722 e:ShareCapital 2023-12-31 01030722 e:ShareCapital 2022-12-31 01030722 e:ShareCapital 2022-01-01 01030722 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2023-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2022-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2022-01-01 01030722 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01030722 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01030722 d:OrdinaryShareClass1 2023-01-01 2023-12-31 01030722 d:OrdinaryShareClass1 2023-12-31 01030722 d:OrdinaryShareClass1 2022-12-31 01030722 d:PreferenceShareClass1 2023-01-01 2023-12-31 01030722 d:PreferenceShareClass1 2023-12-31 01030722 d:PreferenceShareClass1 2022-12-31 01030722 d:PreferenceShareClass2 2023-01-01 2023-12-31 01030722 d:PreferenceShareClass2 2023-12-31 01030722 d:PreferenceShareClass2 2022-12-31 01030722 d:FRS102 2023-01-01 2023-12-31 01030722 d:Audited 2023-01-01 2023-12-31 01030722 d:FullAccounts 2023-01-01 2023-12-31 01030722 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01030722 e:WithinOneYear 2023-12-31 01030722 e:WithinOneYear 2022-12-31 01030722 e:BetweenOneFiveYears 2023-12-31 01030722 e:BetweenOneFiveYears 2022-12-31 01030722 e:MoreThanFiveYears 2023-12-31 01030722 e:MoreThanFiveYears 2022-12-31 01030722 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 01030722 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 01030722 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 01030722 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 01030722 2 2023-01-01 2023-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 01030722 e:LeasedAssetsHeldAsLessee 2023-12-31 01030722 e:LeasedAssetsHeldAsLessee 2022-12-31 01030722 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01030722









L. BENNETT & SON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
L. BENNETT & SON LIMITED
 
 
COMPANY INFORMATION


Directors
J L Bennett 
M A Bennett 
S A King 




Registered number
01030722



Registered office
3 Prime Point
Bessemer Road

Welwyn Garden City

AL7 1HU




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
L. BENNETT & SON LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 30

 
L. BENNETT & SON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The company sells motor accessories and parts to the general public and other traders.

Business review
 
The directors are pleased with the current year’s trading results
.
The company was able to successfully launch several new branches and the directors continue to search for new locations to facilitate further expansion.

Principal risks and uncertainties
 
The principal risks associated with the company's trade are anticipation of consumer demands throughout the
year and the related levels of stocks to hold, availability of adequate finance, the state of the general economy
and business confidence.
The directors acknowledge the importance of maintaining close relationships with key customers in order to be
able to identify the early signs of potential financial difficulties. Sales and stock trends are constantly reviewed to
enable early action to be taken in the event of sales declining and stock orders deteriorating.
Treasury Operations And Financial Instruments
The company's principal financial instruments include bank accounts, bank loans and other financing facilities to
raise finance for the company's operations. In addition, the company has various other financial assets and
liabilities such as trade debtors and trade creditors arising directly from operations.
Liquidity Risk
The company manages its cash requirements in order to minimise interest expense, whilst ensuring the
company has sufficient liquid resources to meet the operational needs of the business.
Credit Risk
Borrowings are made through the banks and companies which must fulfil credit rating criteria approved by the
board. The company uses a debt factoring facility for managing its cashflow.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are
reviewed on a regular basis and provision is made for doubtful debts when necessary.
Price Risk
Expenditure incurred by the company is authorised prior to it being made by the management in order to ensure
that goods and services are not obtained at a higher price than necessary
Page 1

 
L. BENNETT & SON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The company's key performance indicators are turnover, gross profit, gross profit percentage, stock levels and
funding availabilities.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors are aware of their duty under s.172 of the Companies Act 2006, to act in a way that promotes the success of the business for the benefit of the shareholders. 


This report was approved by the board on 14 June 2024 and signed on its behalf.



J L Bennett
Director
Page 2

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £4,834,489 (2022 - £4,538,034).

During the year, an interim dividend of £nil (2022: £nil) was paid. The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

J L Bennett 
M A Bennett 
S A King 

Future developments

The directors continue to actively search for new locations to facilitate expansion and open new branches. This
is whilst investing in existing branches to maintain turnover levels.

Engagement with employees

The Company has continued to keep employees informed of any matters affecting them as employees and on factors affecting their current and future interests.

Engagement with suppliers, customers and others

Key stakeholder are considered in decision making and in doing so ensures that strong relationships are built with supplier and customers. 

Page 3

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The following table gives our gross emissions and intensity ratios:
                      Energy Consumption KWH CO2 Emissons (Tons of CO2) TCO2 Per £1m Turnover
       2023         2023    2023
   
Scope 1   4,095,573         1,772.0                40.27
Scope 2   1,007,000             77.4                       1.75
   
Total    5,102,573         1,849.4      42.02

Scope one is the fuel consumption figures used to power our vehicles. The figures for fuel consumption have been calculated from our supply invoices and reports.
Gallons of fuel were converting into KWH and using the EPA greenhouse gas equivalent calculator website with converted to tons of CO2.
We obtained the figures for Scope 2 of this report from our gas and electricity supplier Green Energy plc for energy use in 2023.
Figure provided in MWH have been converted to KWH using the EPA greenhouse gas equivalent Calculator website. The total consumption in KWH figure includes electricity and gas. The CO2 missions given relates to the use of green gas only. Our electricity is 100% renewable and zero emissions rated. 

To reduce our energy consumption we changed the supplier for Gas and Electric so all our gas used is certified as 100% green backed by RGGO’s (renewable gas guarantee of origin) and so is our electricity backed by REGO’ S (renewable electricity guarantee of origin) making us as energy efficient as we could be.
During 2023 we took 43 older vans out of service and these were replaced by more, efficient vehicles that are all Euro 6 compliant. All our vehicles are tracked and we are therefore able to monitor use and encourage better driving techniques and improve fuel efficiency. We are currently looking at the using electric bikes.
We have replaced all fluorescent fittings in our branches with more efficient LED units. All new branches comply with current building regulations to keep emissions to a minimum.   We have replaced the roof’s at a number of our sites and have significantly improved the insulation of the branches.
We are removing plug in heaters from all branches and replacing with energy efficient hard wired blow heaters.   We are installing Passive Infrared Sensors on most light fittings in areas not in constant use, so the lighting is movement activated.  This has led to significant energy saving for areas of the branch which are not in constant use.



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 June 2024 and signed on its behalf.
 





J L Bennett
Director
Page 5

 
L. BENNETT & SON LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 6

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED
 

Opinion


We have audited the financial statements of L. Bennett & Son Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 December 2023 and of its profit 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 United Kingdom, including the Financial Reporting Council'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.


Page 7

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 is 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.


Page 8

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 entity and
determined that the most significant are those that:
- Had a direct effect on the determination of material amounts and disclosures in the financial statements.
These include the UK Companies Act and tax legislation etc; and
- Do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate.
We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the audit engagement team include:
- Identifying and testing journal entries, in particular any unusual journal entries posted and journal entries with no descriptions
- Assessing the extent of compliance with the relevant laws and regulations
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
- Challenging assumptions and judgements made by management in significant accounting estimates and;
- Carrying out a review of large and unusual bank transactions


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.


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 Auditors' Report.
Page 9

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Thomas Rogers (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

14 June 2024
Page 10

 
L. BENNETT & SON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
44,394,749
33,425,292

Cost of sales
  
(20,615,056)
(14,531,020)

Gross profit
  
23,779,693
18,894,272

Administrative expenses
  
(17,396,914)
(13,408,676)

Other operating income
 5 
88,926
83,284

Operating profit
 6 
6,471,705
5,568,880

Interest receivable and similar income
 10 
25,991
25,290

Interest payable and similar expenses
 11 
(146,701)
(8,003)

Profit before tax
  
6,350,995
5,586,167

Tax on profit
 12 
(1,516,506)
(1,048,133)

Profit for the financial year
  
4,834,489
4,538,034

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 30 form part of these financial statements.
Page 11

 
L. BENNETT & SON LIMITED
REGISTERED NUMBER: 01030722

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,843,275
2,633,012

  
3,843,275
2,633,012

Current assets
  

Stocks
 14 
8,118,984
6,675,579

Debtors: amounts falling due within one year
 15 
15,099,810
12,193,944

Cash at bank and in hand
 16 
21,820
161,474

  
23,240,614
19,030,997

Creditors: amounts falling due within one year
 17 
(8,230,495)
(7,880,312)

Net current assets
  
 
 
15,010,119
 
 
11,150,685

Total assets less current liabilities
  
18,853,394
13,783,697

Creditors: amounts falling due after more than one year
 18 
(2,160,016)
(2,189,770)

Provisions for liabilities
  

Deferred tax
 21 
(718,838)
(453,876)

  
 
 
(718,838)
 
 
(453,876)

Net assets
  
15,974,540
11,140,051


Capital and reserves
  

Called up share capital 
 22 
2,367
2,367

Profit and loss account
 23 
15,972,173
11,137,684

  
15,974,540
11,140,051


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 June 2024.




J L Bennett
Director

The notes on pages 15 to 30 form part of these financial statements.
Page 12

 
L. BENNETT & SON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
2,367
11,137,684
11,140,051


Comprehensive income for the year

Profit for the year
-
4,834,489
4,834,489


At 31 December 2023
2,367
15,972,173
15,974,540



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
2,367
6,599,650
6,602,017


Comprehensive income for the year

Profit for the year
-
4,538,034
4,538,034


At 31 December 2022
2,367
11,137,684
11,140,051


The notes on pages 15 to 30 form part of these financial statements.
Page 13

 
L. BENNETT & SON LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

161,474

(139,654)

21,820

Bank overdrafts

-

(7,226)

(7,226)

Debt due after 1 year

(1,829,569)

156,024

(1,673,545)

Debt due within 1 year

(512,458)

356,434

(156,024)

Finance leases

(447,515)

(179,910)

(627,425)


(2,628,068)
185,668
(2,442,400)

The notes on pages 15 to 30 form part of these financial statements.
Page 14

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

L Bennett & Son Limited is a private company, limited by shares and incorporated in England & Wales,
United Kingdom, with a registration number 01030722. The address of the registered office is 3 Prime
Point, Bessemer Road, Welwyn Garden City, Herts, AL7 1HU.
The nature of the companys operations and principal activities are the sale of motor accessories and parts to the general public and other traders.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of L Bennett & Son Holdings as at 31st December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

A sale is recognised on delivery of goods to customers.

Page 15

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed
assets. Assets acquired by finance leases are depreciated over the shorter of the lease term and
their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance
leases are those where substantially all of the benefits and risks of ownership are assumed by the
company. Obligations under such agreements are included in creditors net of the finance charge
allocated to future periods. The finance element of the rental payment is charged to profit and loss
so as to produce constant periodic rate of charge on the net obligation oustanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Using the following basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Nil
Plant and machinery
-
33%
Reducing Balance
Motor vehicles
-
20%
Straight Line
Fixtures and fittings
-
15%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 17

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 
2.15

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 18

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements,
estimates and assumptions are based on the best and most reliable evidence available at the time when
the decisions are made, and are based on historical experience and other factors that are considered to
be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods, if the revision affects both current and future
periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts
recognised in the financial statements.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
88,926
83,284

88,926
83,284



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
529,507
238,591

Auditors Remuneration
32,500
35,000

Defined contribution pension cost
421,221
240,303

Other Operating lease rentals
1,350,360
1,146,167

Page 20

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
32,500
35,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
9,789,401
7,555,608

Social security costs
803,988
651,663

Cost of defined contribution scheme
421,221
240,303

11,014,610
8,447,574


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
47
41



Selling
320
270

367
311

Page 21

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
114,620
110,886

Company contributions to defined contribution pension schemes
91,200
1,200

205,820
112,086


During the year retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
25,991
25,290

25,991
25,290


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
6

Other loan interest payable
126,297
7,997

Finance leases and hire purchase contracts
20,404
-

146,701
8,003

Page 22

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,251,544
831,613


1,251,544
831,613


Total current tax
1,251,544
831,613

Deferred tax


Origination and reversal of timing differences
264,962
164,555

Changes to tax rates
-
51,965

Total deferred tax
264,962
216,520


Tax on profit
1,516,506
1,048,133

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
6,350,995
5,586,167


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,492,484
1,061,372

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,392
16,188

Capital allowances for year in excess of depreciation
1,300
(65,568)

Other timing differences leading to an increase (decrease) in taxation
15,330
51,965

Non-taxable income
-
(15,824)

Total tax charge for the year
1,516,506
1,048,133
Page 23

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

During March 2021 the UK chancellor announced an expected change to the UK’s main corporation tax
rates from 19% to 25% which was subsequently enacted into the Finance Act in June 2021. The main rate
will increase to 25% from 1 April 2023 and will impact the corporation tax provision of the Company from
that date. The deferred tax provision has been adjusted in these financial statements in recognition of this
change.


13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
637,898
260,515
1,544,332
2,185,267
4,628,012


Additions
-
52,601
917,454
809,222
1,779,277


Disposals
-
(55,305)
(255,917)
-
(311,222)



At 31 December 2023

637,898
257,811
2,205,869
2,994,489
6,096,067



Depreciation


At 1 January 2023
-
186,156
533,086
1,275,758
1,995,000


Charge for the year on owned assets
-
37,268
201,278
177,751
416,297


Charge for the year on financed assets
-
-
113,210
-
113,210


Disposals
-
(55,305)
(216,410)
-
(271,715)



At 31 December 2023

-
168,119
631,164
1,453,509
2,252,792



Net book value



At 31 December 2023
637,898
89,692
1,574,705
1,540,980
3,843,275



At 31 December 2022
637,898
74,359
1,011,246
909,509
2,633,012

Page 24

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
637,898
637,898

637,898
637,898


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
651,258
466,167

651,258
466,167


14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
8,118,984
6,675,579

8,118,984
6,675,579



15.


Debtors

2023
2022
£
£


Trade debtors
5,887,531
4,540,212

Amounts owed by group undertakings
8,503,514
4,077,066

Other debtors
326,681
3,296,909

Prepayments and accrued income
382,084
279,757

15,099,810
12,193,944


Page 25

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,820
161,474

Less: bank overdrafts
(7,226)
-

14,594
161,474



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
7,226
-

Bank loans
156,024
150,682

Trade creditors
3,095,455
3,042,547

Corporation tax
394,098
464,414

Other taxation and social security
944,206
678,445

Obligations under finance lease and hire purchase contracts
140,955
87,314

Proceeds of factored debts
2,969,341
2,449,262

Other creditors
284,477
839,081

Accruals and deferred income
238,713
168,567

8,230,495
7,880,312


Disclosure of the terms and conditions attached to the non-equity shares is made in note 22.

The proceeds of factored debts liability is owing in respect of a debtor financing arrangement and is
secured on the trade debts of the company.
The bank facilities are secured by a debenture and a cross guarantee with its parent company, and a
legal charge in favour of the bank.


18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,313,545
1,469,569

Net obligations under finance leases and hire purchase contracts
486,471
360,201

Share capital treated as debt
360,000
360,000

2,160,016
2,189,770


Page 26

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
156,024
150,682


156,024
150,682

Amounts falling due 1-2 years

Bank loans
161,804
1,469,569


161,804
1,469,569

Amounts falling due 2-5 years

Bank loans
1,151,741
-


1,151,741
-


1,469,569
1,620,251



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
140,955
87,314

Between 1-5 years
486,471
360,201

627,426
447,515
Page 27

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023


£






At beginning of year
(453,876)


Charged to profit or loss
(264,962)



At end of year
(718,838)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(718,838)
(453,876)

(718,838)
(453,876)


The net reversal of deferred tax assets and liabilities expected to reverse in the next year is £172,869. This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation.

Page 28

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



2,367 (2022 - 2,367) Ordinary shares of £1.00 each
2,367
2,367

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



306,000 (2022 - 306,000) "A" Redeemable preference shares shares of £1.00 each
306,000
306,000
54,000 (2022 - 54,000) "B" Redeemable preference shares shares of £1.00 each
54,000
54,000

360,000

360,000


The redeemable preference shares which are classified as a liability are redeemable at the option of the
company. No premium is payable on redemption.


23.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £421,221 (2022:
£240,303). Contributions totalling £34,991 (2022: £26,348) were payable to the fund at the balance sheet
date and are included in creditors.

Page 29

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
758,757
712,453

Later than 1 year and not later than 5 years
1,311,180
1,750,799

Later than 5 years
119,974
225,111

2,189,911
2,688,363


26.Transaction with directors

At the year end, £145,129 (2022: £3,153,154) was due from the directors of the company. Interest of £9,431 (2022: £25,290) has been charged on the loan. The balances outstanding from the directors have been repaid post year end.


27.


Related party transactions

The company is a subsidiary of L Bennett & Son Holdings Limited, and the holding company exerts
significant influence over this entity.
During the year transactions with the following related parties outside of the group occurred:
Other related parties
The company rents properties from these entities for which rents of £221,308 (2022: £193,300) were charged for the year.
At the year-end the following amounts were due from / (to) related parties.


2023
2022
£
£

Key Management personnel
130,416
3,153,154
Entities with significant influence
8,503,514
4,077,066
8,633,930
7,230,220


28.


Controlling party

The ultimate parent company is L Bennett & Son Holdings Limited, a company incorporated in England.
The ultimate controlling party is the Bennett family.
 
Page 30