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Registered number: 04805311









L BENNETT & SON HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
L BENNETT & SON HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J L Bennett 
M A Bennett 
A Bennett 
F Bennett 
M Bennett 
S Bennett 




Registered number
04805311



Registered office
3 Prime Point
Bessemer Road

Welwyn Garden City

Hertfordshire

AL7 1HU






Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
L BENNETT & SON HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14 - 15
Consolidated Statement of Changes in Equity
 
16
Company Statement of Changes in Equity
 
17
Consolidated Statement of Cash Flows
 
18 - 19
Consolidated Analysis of Net Debt
 
20
Notes to the Financial Statements
 
21 - 40


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

Introduction

The company acts as a holding company for its subsidiary and manages properties.
The subsidiary 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 subsidiary 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 group'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 group's operations. In addition, the group has various other financial assets and
liabilities such as trade debtors and trade creditors arising directly from operations.
Liquidity Risk
The group manages its cash requirements in order to minimise interest expense, whilst ensuring the
group 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 group 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 group 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 HOLDINGS LIMITED
 

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

Financial key performance indicators
 
The group'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 9 September 2024 and signed on its behalf.



................................................
J L Bennett
Director

Page 2

 
L BENNETT & SON HOLDINGS 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.

Principal activities

The principal activity of the company is to act as a holding company for its subsidiary and manage properties. 
The principal activity of the subsidiary company, L Bennett & Son Limited, continued to be that of the sale of motor accessories and parts to the general public and other traders. 

Results and dividends

The profit for the year, after taxation, amounted to £5,057,000 (2022 - £5,011,187).

During the year, an interim dividend of £1,000,000 (2022 - £1,000,000) 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 
A Bennett 
F Bennett 
M Bennett 
S Bennett 

Future developments

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

Engagement with employees

The Group 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 HOLDINGS 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 and the Group'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 and the Group's auditors are aware of that information.

Page 4

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

Post balance sheet events

There have been no significant events affecting the Group 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 9 September 2024 and signed on its behalf.
 





................................................
J L Bennett
Director

Page 5

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

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

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

Opinion


We have audited the financial statements of L Bennett & Son Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS 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 Group 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 Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.


Page 8

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


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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


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 Group 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
 
Page 9

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


• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.


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.


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

9 September 2024
Page 10

 
L BENNETT & SON HOLDINGS LIMITED
 
 
CONSOLIDATED 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
  
(16,872,708)
(12,878,957)

Other operating income
 5 
236,199
130,503

Fair value movements
  
-
222,106

Operating profit
 6 
7,143,184
6,367,924

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

Interest payable and similar expenses
 11 
(529,504)
(208,564)

Profit before taxation
  
6,639,671
6,184,650

Tax on profit
 12 
(1,582,671)
(1,173,463)

Profit for the financial year
  
5,057,000
5,011,187

  

Total comprehensive income for the year
  
5,057,000
5,011,187

Profit for the year attributable to:
  

Owners of the parent company
  
5,057,000
5,011,187

  
5,057,000
5,011,187

The notes on pages 21 to 40 form part of these financial statements.

Page 11

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
18,942,090
18,598,492

Investments
 15 
1,507,500
-

Investment property
  
3,765,973
-

  
24,215,563
18,598,492

Current assets
  

Stocks
 17 
8,118,984
6,675,574

Debtors: amounts falling due within one year
 18 
6,604,266
8,139,456

Cash at bank and in hand
 19 
50,464
163,714

  
14,773,714
14,978,744

Creditors: amounts falling due within one year
 20 
(9,693,298)
(8,515,058)

Net current assets
  
 
 
5,080,416
 
 
6,463,686

Total assets less current liabilities
  
29,295,979
25,062,178

Creditors: amounts falling due after more than one year
 21 
(6,562,058)
(6,650,219)

Provisions for liabilities
  

Deferred tax
 24 
(1,366,043)
(1,101,081)

  
 
 
(1,366,043)
 
 
(1,101,081)

Net assets
  
21,367,878
17,310,878


Capital and reserves
  

Called up share capital 
 25 
2,367
2,367

Revaluation reserve
 26 
3,548,156
3,548,156

Capital redemption reserve
 26 
360,000
360,000

Profit and loss account
 26 
17,457,355
13,400,355

  
21,367,878
17,310,878


Page 12

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.


................................................
J L Bennett
Director

The notes on pages 21 to 40 form part of these financial statements.

Page 13

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
15,098,816
15,965,482

Investments
 15 
1,869,867
362,367

Investment Property
 16 
3,765,973
-

  
20,734,656
16,327,849

Current assets
  

Debtors: amounts falling due within one year
 18 
7,967
22,577

Cash at bank and in hand
 19 
28,644
2,239

  
36,611
24,816

Creditors: amounts falling due within one year
 20 
(9,966,314)
(4,711,817)

Net current liabilities
  
 
 
(9,929,703)
 
 
(4,687,001)

Total assets less current liabilities
  
10,804,953
11,640,848

  

Creditors: amounts falling due after more than one year
 21 
(4,762,041)
(4,820,449)

Provisions for liabilities
  

Deferred taxation
 24 
(647,205)
(647,205)

  
 
 
(647,205)
 
 
(647,205)

Net assets
  
5,395,707
6,173,194


Capital and reserves
  

Called up share capital 
 25 
2,367
2,367

Revaluation reserve
 26 
3,548,156
3,548,156

Capital redemption reserve
 26 
360,000
360,000

Profit and loss account brought forward
  
2,262,671
2,956,099

Profit for the year
  
222,513
473,152

Other changes in the profit and loss account

  

(1,000,000)
(1,166,580)

Profit and loss account carried forward
  
1,485,184
2,262,671

  
5,395,707
6,173,194


Page 14

 
L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.


................................................
J L Bennett
Director

The notes on pages 21 to 40 form part of these financial statements.

Page 15

 
L BENNETT & SON HOLDINGS LIMITED
 

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


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
2,367
360,000
3,548,156
13,400,355
17,310,878


Comprehensive income for the year

Profit for the year
-
-
-
5,057,000
5,057,000
Total comprehensive income for the year
-
-
-
5,057,000
5,057,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)


At 31 December 2023
2,367
360,000
3,548,156
17,457,355
21,367,878



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


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
2,367
360,000
3,381,576
9,555,748
13,299,691


Comprehensive income for the year

Profit for the year
-
-
-
5,011,187
5,011,187
Total comprehensive income for the year
-
-
-
5,011,187
5,011,187


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)

Fair value movement
-
-
166,580
(166,580)
-


Total transactions with owners
-
-
166,580
(1,166,580)
(1,000,000)


At 31 December 2022
2,367
360,000
3,548,156
13,400,355
17,310,878


The notes on pages 21 to 40 form part of these financial statements.

Page 16

 
L BENNETT & SON HOLDINGS LIMITED
 

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


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
2,367
360,000
3,548,156
2,262,671
6,173,194


Comprehensive income for the year

Profit for the year
-
-
-
222,513
222,513


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
-
-
(1,000,000)
(1,000,000)


At 31 December 2023
2,367
360,000
3,548,156
1,485,184
5,395,707



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


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
2,367
360,000
3,381,576
2,956,099
6,700,042


Comprehensive income for the year

Profit for the year
-
-
-
473,152
473,152


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)

Fair value movement
-
-
166,580
(166,580)
-


Total transactions with owners
-
-
166,580
(1,166,580)
(1,000,000)


At 31 December 2022
2,367
360,000
3,548,156
2,262,671
6,173,194


The notes on pages 21 to 40 form part of these financial statements.

Page 17

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,057,000
5,011,187

Adjustments for:

Depreciation of tangible assets
529,506
321,689

Loss on disposal of tangible assets
699
618

Interest paid
529,504
208,564

Interest received
(25,991)
(25,290)

Taxation charge
1,582,671
1,173,463

(Increase) in stocks
(1,443,405)
(754,376)

Decrease/(increase) in debtors
1,535,192
(3,249,348)

Increase in creditors
954,896
76,122

Net fair value losses/(gains) recognised in P&L
-
(222,106)

Corporation tax (paid)
(747,969)
(673,034)

Net cash generated from operating activities

7,972,103
1,867,489


Cash flows from investing activities

Purchase of tangible fixed assets
(1,495,893)
(3,406,953)

Sale of tangible fixed assets
38,808
37,357

Purchase of investment properties
(3,615,973)
-

Purchase of share in associates
(1,507,500)
-

Interest received
25,991
25,290

HP interest paid
(20,404)
-

Net cash from investing activities

(6,574,971)
(3,344,306)

Cash flows from financing activities

New secured loans
-
3,153,668

Repayment of loans
(425,111)
(1,483,707)

Repayment of/new finance leases
(103,475)
447,515

Movements on invoice discounting
520,078
561,600

Dividends paid
(1,000,000)
(1,000,000)

Interest paid
(509,100)
(208,564)

Net cash used in financing activities
(1,517,608)
1,470,512
Page 18

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Net (decrease) in cash and cash equivalents
(120,476)
(6,305)

Cash and cash equivalents at beginning of year
163,714
170,019

Cash and cash equivalents at the end of year
43,238
163,714


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
50,464
163,714

Bank overdrafts
(7,226)
-

43,238
163,714


The notes on pages 21 to 40 form part of these financial statements.

Page 19

 
L BENNETT & SON HOLDINGS LIMITED
 

CONSOLIDATED 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

163,714

(113,250)

50,464

Bank overdrafts

-

(7,226)

(7,226)

Debt due after 1 year

(6,290,018)

214,431

(6,075,587)

Debt due within 1 year

(1,003,712)

(527,544)

(1,531,256)

Finance leases

(447,515)

(179,910)

(627,425)


(7,577,531)
(613,499)
(8,191,030)

The notes on pages 21 to 40 form part of these financial statements.

Page 20

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

1.


General information

L Bennett & Son Holdings Limited is a limited company incorporated in the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.  This company is a holding company and also owns investment property. The nature of the subsidiary’s operations and principal activity is the sale of motor accessories and mechanical parts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildingsand in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound sterling.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Revenue from the retail activity is recognised upon delivery of goods. 

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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.

Page 21

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

2.Accounting policies (continued)

 
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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 22

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Freehold property
-
Nil
Leasehold property
-
Nil
Plant and machinery
-
33.33% reducing balance
Motor vehicles
-
20% straight line
Fixtures and fittings
-
15% reducing balance

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 23

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

2.Accounting policies (continued)

 
2.14

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.15

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.

 
2.16

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.

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

Page 24

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

2.Accounting policies (continued)

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Group'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

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Retail sales
44,394,749
33,425,292

44,394,749
33,425,292


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
5,225
-

Net rents receivable
230,974
130,503

236,199
130,503


Page 25

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
529,506
332,556

Auditors' remuneration
32,500
35,000

Other operating lease rentals
658,726
537,367

Defined contribution pension costs
421,221
537,367


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
32,500
35,000


8.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
9,785,268
7,553,708
-
-

Social security costs
803,988
651,663
-
-

Cost of defined contribution scheme
421,221
240,303
-
-

11,010,477
8,445,674
-
-


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


        2023
        2022
            No.
            No.







Directors
3
3



Administration
44
38



Selling
320
270

367
311

Page 26

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
18,190
58,986

Group contributions to defined contribution pension schemes
90,000
-

108,190
58,986


During the year retirement benefits were accruing to 2 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
382,803
200,567

Other loan interest payable
126,297
7,997

Finance leases and hire purchase contracts
20,404
-

529,504
208,564

Page 27

 
L BENNETT & SON HOLDINGS 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
1,317,709
901,416


Total current tax
1,317,709
901,416

Deferred tax


Origination and reversal of timing differences
264,962
272,047

Total deferred tax
264,962
272,047


Taxation on profit on ordinary activities
1,582,671
1,173,463

Factors affecting tax charge for the year

The tax assessed for the year is higher 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
6,639,671
6,184,650


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,560,323
1,175,084

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,392
27,806

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

Other timing differences leading to an increase (decrease) in taxation
13,656
-

Non-taxable income
-
(15,824)

Other differences leading to an increase (decrease) in the tax charge
-
51,965

Total tax charge for the year
1,582,671
1,173,463


Factors that may affect future tax charges

Page 28

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

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.


Dividends

2023
2022
£
£


Dividends
1,000,000
1,000,000

1,000,000
1,000,000

Page 29

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

14.


Tangible fixed assets

Group






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

£
£
£
£
£



Cost or valuation


At 1 January 2023
9,498,211
7,180,166
260,515
1,544,332
2,110,269


Additions
-
-
52,601
917,454
809,222


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


Transfers between classes
(716,666)
(150,000)
-
-
-



At 31 December 2023

8,781,545
7,030,166
257,811
2,205,869
2,919,491



Depreciation


At 1 January 2023
-
31,627
186,157
533,086
1,244,131


Charge for the year on owned assets
-
-
37,267
201,278
177,751


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


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



At 31 December 2023

-
31,627
168,119
631,164
1,421,882



Net book value



At 31 December 2023
8,781,545
6,998,539
89,692
1,574,705
1,497,609



At 31 December 2022
9,498,211
7,148,539
74,358
1,011,246
866,138
Page 30

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

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
20,593,493


Additions
1,779,277


Disposals
(311,222)


Transfers between classes
(866,666)



At 31 December 2023

21,194,882



Depreciation


At 1 January 2023
1,995,001


Charge for the year on owned assets
416,296


Charge for the year on financed assets
113,210


Disposals
(271,715)



At 31 December 2023

2,252,792



Net book value



At 31 December 2023
18,942,090



At 31 December 2022
18,598,492




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


2023
2022
£
£

Freehold
8,781,545
9,498,210

Long leasehold
6,998,539
7,148,543

15,780,084
16,646,753


Page 31

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

           14.Tangible fixed assets (continued)

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


Company






Freehold property
Long-term leasehold property
Total

£
£
£

Cost or valuation


At 1 January 2023
9,498,211
6,467,271
15,965,482


Transfers between classes
(716,666)
(150,000)
(866,666)



At 31 December 2023

8,781,545
6,317,271
15,098,816






At 31 December 2023

-
-
-



Net book value



At 31 December 2023
8,781,545
6,317,271
15,098,816



At 31 December 2022
9,498,211
6,467,271
15,965,482


Page 32

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

           14.Tangible fixed assets (continued)




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


2023
2022
£
£

Freehold
8,781,545
9,498,210

Long leasehold
6,317,271
6,467,271

15,098,816
15,965,481



15.


Fixed asset investments

Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
362,367
-
362,367


Additions
-
1,507,500
1,507,500



At 31 December 2023
362,367
1,507,500
1,869,867





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

L. Bennet & Son Limited
Ordinary
100%


Associate


The following was an associate of the company:


Name

Class of shares

Holding

Independent Motor Factors Limited
Ordinary
10%

Page 33

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

16.


Investment property

Group and Company


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


Additions at cost
2,899,307
-
2,899,307


Transfers between classes
-
866,666
866,666



At 31 December 2023
2,899,307
866,666
3,765,973

The 2023 valuations were made by the directors, on an open market value for existing use basis.















17.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
8,118,984
6,675,574

8,118,984
6,675,574


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

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

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
5,887,532
4,540,212
-
-

Other debtors
328,943
3,311,686
2,260
14,777

Prepayments and accrued income
387,791
287,558
5,707
7,800

6,604,266
8,139,456
7,967
22,577



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
50,464
163,714
28,644
2,239

Less: bank overdrafts
(7,226)
-
-
-

43,238
163,714
28,644
2,239



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
7,226
-
-
-

Bank loans
431,256
641,936
275,232
491,254

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

Amounts owed to group undertakings
-
-
8,503,514
4,077,066

Corporation tax
459,180
606,104
65,081
141,690

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
1,396,937
840,883
1,112,458
1,807

Accruals and deferred income
248,742
168,567
10,029
-

9,693,298
8,515,058
9,966,314
4,711,817


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.

Page 35

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

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
6,075,587
6,290,018
4,762,041
4,820,449

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

6,562,058
6,650,219
4,762,041
4,820,449


The bank facilities are secured by a fixed and floating charge over the assets of the company, a cross guarantee with its subsidiary company, personal guarantees from the directors M A Bennett and J L Bennett for the combined sum of £175,000 (2022: £175,000) and D P S Bennett for freehold property owned personally, and over certain insurance policies in the names of J L Bennett and M A Bennett.
A sales finance agreement with Barclays Bank has been secured by a corporate guarantee executed by J L Bennett and M A Bennett amounting to £50,000.
 
Page 36

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


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
431,256
641,936
275,232
491,254


431,256
641,936
275,232
491,254

Amounts falling due 1-2 years

Bank loans
437,036
647,280
275,232
491,256


437,036
647,280
275,232
491,256

Amounts falling due 2-5 years

Bank loans
2,206,502
2,787,310
1,054,761
1,473,765


2,206,502
2,787,310
1,054,761
1,473,765

Amounts falling due after more than 5 years

Bank loans
3,432,049
2,855,428
3,432,049
2,855,428

3,432,049
2,855,428
3,432,049
2,855,428

6,506,843
6,931,954
5,037,274
5,311,703



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
140,955
87,314

Between 1-5 years
486,471
360,201

627,426
447,515

Page 37

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

24.


Deferred taxation


Group



2023


£






At beginning of year
(1,101,081)


Charged to the profit or loss
(264,962)



At end of year
(1,366,043)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
718,838
453,876
-
-

Fair value movements
647,205
647,205
647,205
647,205

(1,366,043)
(1,101,081)
(647,205)
(647,205)


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.


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



26.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted. 

Profit and loss account

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

Page 38

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

27.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge, represents contributions payable by the group to the fund and amounted to £421,221 (2022: £240,303).
At the year end a balance of £34,991 (2022: £26,348) was still owed to the defined contribution pension scheme.


28.


Commitments under operating leases

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


Group
Group
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

29.


Transactions with directors

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

Page 39

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

30.


Related party transactions

During the year, dividends totalling £1,000,000 (2022: £1,000,000) were paid.
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 (2021: £171,700) 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
130,416
3,153,154


31.


Controlling party

The group is controlled by the Bennett family.

Page 40