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Registration number: 01842159

Alan C Bennett & Sons Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Alan C Bennett & Sons Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

41,187

139,385

Current assets

 

Debtors

6

483,326

208,725

Cash at bank and in hand

 

70,395

61,765

 

553,721

270,490

Creditors: Amounts falling due within one year

7

(624,130)

(282,108)

Net current liabilities

 

(70,409)

(11,618)

Net (liabilities)/assets

 

(29,222)

127,767

Capital and reserves

 

Called up share capital

360

360

Share premium reserve

219,818

219,818

Retained earnings

(249,400)

(92,411)

Shareholders' (deficit)/funds

 

(29,222)

127,767

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................

Mr J B Spencer

Director

Company registration number: 01842159

 

Alan C Bennett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
GPS Marine House
Upnor Road
Lower Upnor
Rochester
Kent
ME2 4UY

The principal activity of the company is that of that provision of freight water transport.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 September 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net liabilities at £1 December 2023 of £29,222. At that date a net amount of £295,018 was due to group undertakings.

The parent undertaking has confirmed that it will continue to support the company and not call for repayments of the amounts due until such time as the company has sufficient working capital.

The directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to going concern basis in preparing its financial statements.

 

Alan C Bennett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of freight services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises turnover from the transportation of freight based upon the tonnage carried on the day the services are provided.

Tax

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

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Alan C Bennett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 7).

5

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 January 2023

529,827

Disposals

(232,755)

At 31 December 2023

297,072

Depreciation

At 1 January 2023

390,442

Charge for the year

29,567

Eliminated on disposal

(164,124)

At 31 December 2023

255,885

Carrying amount

At 31 December 2023

41,187

At 31 December 2022

139,385

6

Debtors

2023
£

2022
£

Trade debtors

 

131,592

199,054

Amounts owed by group undertakings

8

314,319

-

Other debtors

 

37,415

9,671

 

483,326

208,725

 

Alan C Bennett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

 

4,793

71,857

Amounts owed to group undertakings

8

609,337

200,251

Accruals and deferred income

 

10,000

10,000

 

624,130

282,108

8

Related party transactions

Exemption has been taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts fully due with companies that are wholly owned within the group.

9

Parent undertaking

The company is a subsidiary of G.P.S Marine Holdings Limited. The smallest group preparing group accounts including the results of the company is headed by G.P.S Marine Holdings Limited. The registered office of G.P.S Marine Holdings Limited is GPS Marine House, Upnor Road, Lower Upnor, Rochester, Kent ME2 4UY.