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REGISTERED NUMBER: 00140423 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JAMES BENNETT,LIMITED

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JAMES BENNETT,LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: A Bennett
C B Bennett
K Bennett
A Creed
S E Bennett





SECRETARY: C B Bennett





REGISTERED OFFICE: Industrial Unit 5A
Hawley Road
Hinckley
Leicestershire
LE10 0PR





REGISTERED NUMBER: 00140423 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 397,704 345,266
Investments 6 7,000 7,000
Investment property 7 475,000 475,000
879,704 827,266

CURRENT ASSETS
Stocks 75,942 58,468
Debtors 8 1,339,604 1,505,203
Cash at bank and in hand 238,438 117,700
1,653,984 1,681,371
CREDITORS
Amounts falling due within one year 9 (316,130 ) (357,135 )
NET CURRENT ASSETS 1,337,854 1,324,236
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,217,558

2,151,502

CREDITORS
Amounts falling due after more than one
year

10

(8,229

)

-

PROVISIONS FOR LIABILITIES (156,357 ) (141,637 )
NET ASSETS 2,052,972 2,009,865

CAPITAL AND RESERVES
Called up share capital 72,000 72,000
Other reserves 440,909 440,909
Retained earnings 1,540,063 1,496,956
SHAREHOLDERS' FUNDS 2,052,972 2,009,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

BALANCE SHEET - continued
31 December 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





C B Bennett - Director


JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

James Bennett,Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Industrial Unit 5A, Hawley Road, Hinckley, Leicestershire, LE10 0PR and the registered number is 00140423.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over the estimated useful life of the intangible asset.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold land & buildings - 2% straight line
Plant and machinery - 10% straight line
Motor vehicles - 20% straight line

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

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

Stocks
Stocks are stated at the lower of cost and 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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 31 ) .

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 16,680
AMORTISATION
At 1 January 2023
and 31 December 2023 16,680
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Long
leasehold
land & Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 350,680 115,502 162,556 628,738
Additions - - 69,000 69,000
Disposals - (8,238 ) (25,400 ) (33,638 )
At 31 December 2023 350,680 107,264 206,156 664,100
DEPRECIATION
At 1 January 2023 56,109 64,807 162,556 283,472
Charge for year 7,014 7,620 1,928 16,562
Eliminated on disposal - (8,238 ) (25,400 ) (33,638 )
At 31 December 2023 63,123 64,189 139,084 266,396
NET BOOK VALUE
At 31 December 2023 287,557 43,075 67,072 397,704
At 31 December 2022 294,571 50,695 - 345,266

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 7,000
NET BOOK VALUE
At 31 December 2023 7,000
At 31 December 2022 7,000

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 475,000
NET BOOK VALUE
At 31 December 2023 475,000
At 31 December 2022 475,000

The investment property has been valued by the directors at an open market value.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2022 175,000
Cost 300,000
475,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 924 24,029
Amounts owed by associates 1,316,016 1,462,496
Other debtors 3,298 2,437
Directors' current accounts 5,507 2,906
Prepayments 13,859 13,335
1,339,604 1,505,203

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,321 -
Trade creditors 120,884 51,621
Amounts owed to group undertakings 94,290 94,291
Tax 49,921 116,536
Social security and other taxes 9,488 9,260
VAT 20,551 71,871
Other creditors 4,318 4,025
Accrued expenses 9,357 9,531
316,130 357,135

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 8,229 -

JAMES BENNETT,LIMITED (REGISTERED NUMBER: 00140423)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S E Bennett
Balance outstanding at start of year 484 7,411
Amounts advanced 434 484
Amounts repaid - (7,411 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 918 484

C B Bennett
Balance outstanding at start of year 484 6,882
Amounts advanced 434 484
Amounts repaid - (6,882 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 918 484

A Bennett
Balance outstanding at start of year 484 6,881
Amounts advanced 433 484
Amounts repaid - (6,881 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 917 484

A Creed
Balance outstanding at start of year 727 10,258
Amounts advanced 650 727
Amounts repaid - (10,258 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,377 727

K Bennett
Balance outstanding at start of year 727 10,387
Amounts advanced 650 727
Amounts repaid - (10,387 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,377 727