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Registered number: 10441848










BENBECULA GROUP LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BENBECULA GROUP LTD
REGISTERED NUMBER: 10441848

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,358
12,256

Investments
 5 
3,256,582
3,256,582

  
3,265,940
3,268,838

Current assets
  

Debtors: amounts falling due within one year
 6 
254,934
272,087

Cash at bank and in hand
 7 
3,414
10,645

  
258,348
282,732

Creditors: amounts falling due within one year
 8 
(2,437,882)
(1,893,941)

Net current liabilities
  
 
 
(2,179,534)
 
 
(1,611,209)

Total assets less current liabilities
  
1,086,406
1,657,629

Creditors: amounts falling due after more than one year
 9 
(1,058,750)
(1,443,750)

Provisions for liabilities
  

Deferred tax
  
(1,782)
(2,320)

  
 
 
(1,782)
 
 
(2,320)

Net assets
  
25,874
211,559


Capital and reserves
  

Called up share capital 
  
6
6

Profit and loss account
  
25,868
211,553

  
25,874
211,559


Page 1

 
BENBECULA GROUP LTD
REGISTERED NUMBER: 10441848
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




................................................
J Russell
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Benbecula Group Ltd (company number: 10441848) is a private company limited by shares and incorporated in England and Wales. Its registered office is Benbecula Office, Wincomblee Road, Newcastle upon Tyne,  Tyne and Wear, NE6 3QS.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The company has cash resources and is supported by the shareholders. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.4

Revenue recognition

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:
Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Reducing balance or straight-line basis at   rates of 20% to 25% per annum
Plant and machinery
-
Reducing balance or straight-line basis at   rates of 20% to 25% per annum

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 4

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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 5

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include 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.

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.

Page 6

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
91,608
83,840

91,608
83,840


The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
18,449
13,704
32,153


Additions
-
200
200



At 31 December 2023

18,449
13,904
32,353



Depreciation


At 1 January 2023
10,809
9,088
19,897


Charge for the year on owned assets
1,910
1,188
3,098



At 31 December 2023

12,719
10,276
22,995



Net book value



At 31 December 2023
5,730
3,628
9,358



At 31 December 2022
7,640
4,616
12,256

Page 7

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,256,582



At 31 December 2023
3,256,582






Net book value



At 31 December 2023
3,256,582



At 31 December 2022
3,256,582


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Lift-Rite Holdings Limited
Holding company
Ordinary
100%
Lift-Rite Engineering Services Limited (indirect holding via Lift-Rite Holdings Ltd)
Supply of lifting equipment and services
Ordinary
100%
Tyne Gangway (Structures) Limited  (indirect holding via Lift-Rite Holdings Ltd)
Manufacture of marine access systems
Ordinary
100%
Tyne Gangway Limited  (indirect holding via Lift-Rite Holdings Ltd)
Dormant
Ordinary
100%
TyneTec Engineering Limited
Engineering design services
Ordinary
100%

The registered office of all subsidiaries is: Benbecula Office, Wincomblee Road, Newcastle upon Tyne, NE6 3QS.

Page 8

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Lift-Rite Holdings Limited
676,599
-

Lift-Rite Engineering Services Limited (indirect holding via Lift-Rite Holdings Ltd)
677,160
43,464

Tyne Gangway (Structures) Limited  (indirect holding via Lift-Rite Holdings Ltd)
850,599
116,368

Tyne Gangway Limited  (indirect holding via Lift-Rite Holdings Ltd)
100
-

TyneTec Engineering Limited
189,466
-


6.


Debtors

2023
2022
£
£


Trade debtors
-
2,160

Amounts owed by group undertakings
189,086
195,972

Prepayments and accrued income
65,848
73,955

254,934
272,087



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,414
10,645

3,414
10,645


Page 9

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
1,216,250
831,250

Trade creditors
13,440
27,857

Amounts owed to group undertakings
731,455
723,303

Other taxation and social security
12,254
10,050

Accruals and deferred income
464,483
301,481

2,437,882
1,893,941



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,058,750
1,443,750

1,058,750
1,443,750


Interest is charged on £300,000 of the loan payable to Mr JP Reece at 7% above base rate. Interest is charged on the balance of the director's loans at 3% above base rate.


10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,414
10,645




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. 

Page 10

 
BENBECULA GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Directors loan

The director’s loans are as follows:


2023
2022
£
£

Mr A MacDonald
100,000
100,000
Mr JP Reece
2,175,000
2,175,000
2,275,000
2,275,000

The amount outstanding is repayable as follows:

2023
2022
        £
        £
Within one year

1,216,250

831,250
 
Later than one year and not later than five years

1,058,750

1,443,750
 
Later than five years

-

-
 

2,275,000

2,275,000
 

Interest is charged on £300,000 of the loan payable to Mr JP Reece at 7% above base rate. Interest is charged on the balance of the director's loans at 3% above base rate.


12.


Controlling party

Benbecula Group Ltd is controlled by Mr JP Reece and Mrs SE Reece.

Page 11