Company registration number 07087040 (England and Wales)
BENNETT HAY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
BENNETT HAY LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
6
Directors' responsibilities statement
5
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 22
BENNETT HAY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Bennett
Mr J R C Hay
Company number
07087040
Registered office
One Friar Street
Reading
Berkshire
RG1 1DA
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
BENNETT HAY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present the strategic report for the year ended 31 March 2024.

Fair Review of the Business

The Company continues to provide workplace support services in London and the surrounding area. These services include workplace catering, in house client dining, delivered hospitality, vending, 24/7 mini marts, reception services for landlords and tenants with front of house concierge support and client events.

The Directors are pleased to report that 2023-24 continued to see high client retention levels and substantial new business gained enabling continued recovery from the long-term effect on workspace of the pandemic.

Compared to prior year, turnover for 2023-24 is up 18% to £15.1m, gross trading margin is increased by 30% at £2.6m and operating profit up 100% at £536,553.

The Company has a well-established management team in place and a strong new business pipeline allied to high levels of client contract renewal and retention which has created an ever-increasing firm base, from which to plan and deliver continued business gains and Company growth.

Description of Principal Risks and Uncertainties

The Company operates internal and periodic processes to measure and highlight all risks. These include annual budgeting, new business price review, labour movement and cost, food inflation and sourcing, cash flow and profit.

Financial Risk Management

Financial risk is managed by operating clear budgets and monthly measurement, reviewing management accounts at leadership team meetings. Cash flow forecasts are updated and reviewed weekly, as the Company funds its operations with no debt and only using working capital and cash generated from day-to-day operations.

New business growth is targeted and assessed on a bid/no bid basis including a review of commercial terms and quantified risk. Most of our new business is cost plus management fee, with a reduced risk profile.

Price Risk

Client budgets and the costs of providing a contracted service including the Company’s profits are reviewed and agreed annually with each client. Our cost base primarily of labour and food and beverage is subject to review and increased in line with client budgets. Food inflation, a severe factor post pandemic, is now stable for the most part and the Company engages with principal suppliers quarterly to review performance, measure improvements, and agree pricing.

BENNETT HAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Credit Risk

The Company assesses individual credit risk scores of all potential new business opportunities that proceed beyond a bid/no bid discussion.

One sustained impact of the pandemic is that cash is no longer received into the business at point of sale. This allied to an increase in clients subsidising various ranges of food and beverage offers which hitherto would have been paid for at point of sale, has reduced weekly revenue from card receipts taken to bank as daily/weekly income to less than 10% of Company turnover.

This places increased importance on the 90%+ of revenues raised by monthly invoice. The Company operates a credit control process which manages timely payment of all invoices.

Liquidity Risk

Cash flow forecasts are updated and reviewed weekly and late payments are addressed. The Company has a contingency overdraft facility in place with its Bankers but has never used this facility always trading with working capital.

Analysis based on Key Performance Indicators

The performance of the Company is measured using the following financial and non-financial performance indicators.

BENNETT HAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Additional Information and Explanations

Plans For Future Development

The Company currently holds “Planet Mark” accreditations, and an “Investors in People” Gold accreditation and periodically has been placed in the annual “Best Places to Work in Hospitality” awards.

Throughout the 2023-24 year under review development goals achieved are;

Future development plans for 2024-25 include actions planned under our Champions initiative in the four areas of, Humankind, Planet Positive, Waste Warriors and Food Heroes as follows;

On behalf of the board

Mr J R C Hay
Director
18 September 2024
BENNETT HAY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BENNETT HAY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of workplace support services.
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £525,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Bennett
Mr J R C Hay
Strategic report

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J R C Hay
Director
18 September 2024
BENNETT HAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BENNETT HAY LIMITED
- 7 -
Opinion

We have audited the financial statements of Bennett Hay Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

BENNETT HAY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETT HAY LIMITED
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

BENNETT HAY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETT HAY LIMITED
- 9 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Robert Keen FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
23 September 2024
Office: London
BENNETT HAY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Revenue
3
15,133,827
12,762,242
Cost of sales
(12,459,777)
(10,704,782)
Gross profit
2,674,050
2,057,460
Administrative expenses
(2,137,497)
(1,791,975)
Operating profit
4
536,553
265,485
Finance costs
7
(635)
(500)
Profit before taxation
535,918
264,985
Tax on profit
8
(139,393)
(48,726)
Profit for the financial year
396,525
216,259

The income statement has been prepared on the basis that all operations are continuing operations.

BENNETT HAY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
10,330
13,900
Current assets
Inventories
11
46,489
23,178
Trade and other receivables
12
1,471,661
1,325,145
Cash and cash equivalents
710,349
588,260
2,228,499
1,936,583
Current liabilities
13
(2,095,559)
(1,678,838)
Net current assets
132,940
257,745
Net assets
143,270
271,645
Equity
Called up share capital
15
180
80
Retained earnings
143,090
271,565
Total equity
143,270
271,645

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr J R C Hay
Director
Company registration number 07087040 (England and Wales)
BENNETT HAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2022
80
490,306
490,386
Year ended 31 March 2023:
Profit and total comprehensive income
-
216,259
216,259
Dividends
9
-
(435,000)
(435,000)
Balance at 31 March 2023
80
271,565
271,645
Year ended 31 March 2024:
Profit and total comprehensive income
-
396,525
396,525
Issue of share capital
15
100
-
100
Dividends
9
-
(525,000)
(525,000)
Balance at 31 March 2024
180
143,090
143,270
BENNETT HAY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
704,477
872,039
Interest paid
(635)
(500)
Income taxes paid
(48,726)
(102,657)
Net cash inflow from operating activities
655,116
768,882
Investing activities
Purchase of property, plant and equipment
(8,127)
(14,733)
Net cash used in investing activities
(8,127)
(14,733)
Financing activities
Proceeds from issue of shares
100
-
0
Dividends paid
(525,000)
(435,000)
Net cash used in financing activities
(524,900)
(435,000)
Net increase in cash and cash equivalents
122,089
319,149
Cash and cash equivalents at beginning of year
588,260
269,111
Cash and cash equivalents at end of year
710,349
588,260
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Bennett Hay Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Friar Street, Reading, Berkshire, RG1 1DA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised in the period to which they relate.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Workplace support services
15,133,827
12,762,242
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Revenue
(Continued)
- 18 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
15,133,827
12,762,242
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned property, plant and equipment
11,697
10,636
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Catering and reception
219
199
Administration & marketing
21
19
Total
240
218

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,479,235
6,162,441
Social security costs
712,033
610,813
Pension costs
150,522
119,202
8,341,790
6,892,456
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
117,031
77,500
7
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
635
500
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
139,393
48,726

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
535,918
264,985
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
133,980
50,347
Tax effect of expenses that are not deductible in determining taxable profit
4,521
-
0
Permanent capital allowances in excess of depreciation
(2,032)
(3,642)
Depreciation on assets not qualifying for tax allowances
2,924
2,021
Taxation charge for the year
139,393
48,726
9
Dividends
2024
2023
£
£
Interim paid
525,000
435,000
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
10
Property, plant and equipment
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
107,476
70,768
178,244
Additions
641
7,486
8,127
At 31 March 2024
108,117
78,254
186,371
Depreciation and impairment
At 1 April 2023
105,460
58,884
164,344
Depreciation charged in the year
1,333
10,364
11,697
At 31 March 2024
106,793
69,248
176,041
Carrying amount
At 31 March 2024
1,324
9,006
10,330
At 31 March 2023
2,016
11,884
13,900
11
Inventories
2024
2023
£
£
Finished goods and goods for resale
46,489
23,178
12
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,433,066
1,295,860
Unpaid share capital
89
89
Other receivables
19,035
12,675
Prepayments and accrued income
19,471
16,521
1,471,661
1,325,145
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
13
Current liabilities
2024
2023
£
£
Trade payables
900,304
840,228
Corporation tax
139,393
48,726
Other taxation and social security
890,663
722,472
Other payables
81,023
67,412
Accruals and deferred income
84,176
-
0
2,095,559
1,678,838
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,522
119,202

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
A ordinary shares of 1p each
8,000
8,000
80
80
B ordinary shares of 1p each
10,000
-
100
-
18,000
8,000
180
80
BENNETT HAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
16
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
396,525
216,259
Adjustments for:
Taxation charged
139,393
48,726
Finance costs
635
500
Depreciation and impairment of property, plant and equipment
11,697
10,636
Movements in working capital:
(Increase)/decrease in inventories
(23,311)
5,499
(Increase)/decrease in trade and other receivables
(146,516)
92,740
Increase in trade and other payables
326,054
497,679
Cash generated from operations
704,477
872,039
17
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
588,260
122,089
710,349
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