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Registered number: 03037336









BENROSS MARKETING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
BENROSS MARKETING LIMITED
 
 
COMPANY INFORMATION


Directors
DV Juneja 
A Juneja 




Registered number
03037336



Registered office
22 Goodlass Road

Liverpool

Merseyside

L24 9HJ




Independent auditors
Harris & Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
BENROSS MARKETING LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 30

 
BENROSS MARKETING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Business review

2024
2023
      £'000
      £'000
Turnover

29,691

31,651
 
Gross Profit

7,662

7,319
 
Operating profit

1,053

924
 
Profit before taxation

662

728
 

The board is pleased with the financial performance for the year ended 31st January 2024 considering the impact that macroeconomic factors and the global shipping crisis have had on the business. 
Working capital management remained a key focus for the business during the year under review. The opening stock value, of £10.1m, was an unprecedented high, caused by the global shipping crisis in 2022. The aim throughout the year was to bring the stockholding down by adopting a more effective purchasing strategy and liquidising the stock held. It wasn’t an easy task as customers were in the same situation so were also overstocked. Despite this, it was achieved, much to the satisfaction of the board who are pleased to report closing stock of £7.4m.
Turnover decreased by £2m to £29.7m (2023: £31.7m). £0.5m of the decrease related to customers based in Europe. This was expected as European trade has reduced year on year as post BREXIT duties make it difficult to compete on price with European competitors. The remaining £1.5m of the decrease related to UK sales. As discussed above, many customers were overstocked so bought cautiously which negatively impacted the turnover. 
Despite the lower turnover, gross profit was £0.3m higher than in the previous year at £7.6m (2023: £7.3m) and gross profit margin increased to 26% (2023: 23%). This was the result of the global shipping crisis abating and sea freight prices lowering.
Operating profit increased by 31% to £1.2m (2032: £0.9m). Total operating expenses remained consistent with prior year despite both distribution and administrative expenses increasing. Some of the largest cost increases were seen in outward carriage, staff travel and exhibitions. Staff travel costs were expected to rise as travel to the Far East was once again permitted. The buying team was encouraged to travel to source new products and to further strengthen relationships with existing suppliers by meeting with them in person. Similarly, the increase to exhibition spend was expected as the business invested in attending several trade fairs in the UK, Europe and the USA. Outward carriage costs increased considerably as a direct result of the B2C division growing because distributing individual items is more costly than palletised distribution to B2B customers. The additional operational costs were offset by the growth seen in other operating income which is the overall gain achieved on foreign currency exchanges. The strengthening of the sterling against the US dollar greatly increased exchange gains within the year.  
The business generated EBITDA of £1.4m (2023: £1.1m) an increase of 27%. Considering turnover fell by 6% this is a fantastic result.
Interest payable rose by over 100% to almost £0.4m. The business uses a range of short-term financing facilities, all of which became more expensive as interest rates soared.
The statement of financial position has continued to grow and strengthen with shareholders’ funds now at £14.2m (£2023: £13.9m). The board is very pleased with this given the difficult macroeconomic factors impacting the business.
 

Page 1

 
BENROSS MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Principal risks and uncertainties
 
The risks outlined below are the principal risks faced by the Company in achieving its objectives; the  list  is  not exhaustive nor does it reflect any order of priority:
Internal
- Poor working capital management
- Poor investment decisions
- Ineffective operations
External
- Macroeconomic factors
- Supply chain continuation
- Credit risk
The responsibility for risk management and the internal control environment  resides  with the board of directors. Risks and the strategies to mitigate them are reviewed at all board meetings then communicated to all relevant stakeholders. The senior management team implements and maintains the control systems adopted by the board.


This report was approved by the board and signed on its behalf.



DV Juneja
Director

Date: 17 October 2024
Page 2

 
BENROSS MARKETING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 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 of the profit or loss of the Company for that period.

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


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

make judgments 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company continued to be the research and design, sourcing, importing and distributing of homewares, electrical appliances, camping and seasonal products.

Results

The profit for the year, after taxation, amounted to £647,381 (2023 - £524,721).

Directors

The directors who served during the year were:

DV Juneja 
A Juneja 

Page 3

 
BENROSS MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Future developments

As with previous years, the focus of the business will be to drive profitable growth in the UK, Europe and the USA.
During the year under review, a distribution partner in the USA was secured. Trading relationships with several leading American retailers are expected to commence in Q3 and Q4 of the coming year. 
To gain a foothold in Europe, more exhibitions will be attended such as the Ambiente trade fair in Frankfurt. A dedicated Black+Decker branded stand will showcase the product offering to new potential customers and markets. With an exclusive licence agreement of such a widely recognised brand, chances of success are expected to be high.
To add to this, a European sales representative will be recruited within the next six months. They will provide specific market insights and have pre-existing relationships with would-be customers within Europe. This is a brand-new role like the brand manager role which was created and filled within year-end January 2024. Reducing headcount in areas where there was spare capacity has enabled the business to create new roles that should create growth.
Within the UK, although shipping rates have come down in recent months, the ongoing conflicts in Ukraine and the Middle East may mean that shipping rates increase in due course. This is a significant concern for the business so will be considered before placing purchase orders for stock and when negotiating sales orders with customers, particularly those that have protracted lead-times between listings being agreed and physically taking receipt of products. 
Further investment is planned to continue growing the B2C division of the business. Both the efficiency and accuracy of the picking process will be greatly improved by the introduction of new bespoke hardware. Also, a new ecommerce software partner will be secured who will facilitate more seamless digital connections to all online channels. More revenue streams will be created by the launch of two further B2C own brand websites and through social commerce such as TikTok. To expand e-commerce turnover from Europe, the European distribution centre will be relocated to the Netherlands. The new depot will be able to handle considerably more orders than the current site. 
In the coming year the business will seek to lower costs where possible to continue increasing profit without altering sales prices. Focus will initially be placed on distribution expenses as these have risen significantly during the year under review. The board is also keen to reduce the amount of interest that is paid to short-term finance providers. With interest rates being as high as they are, borrowing will be reduced by shortening the cash conversion cycle as much as possible.
The board is confident that the planned strategies for growth coupled with cost reduction will lead to continued success in the coming year and beyond. 
 

Page 4

 
BENROSS MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

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'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's auditors are aware of that information.

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have  taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





DV Juneja
Director

Date: 17 October 2024
Page 5

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING LIMITED
 

Opinion


We have audited the financial statements of Benross Marketing Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the 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 Company's affairs as at 31 January 2024 and of its 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 Company 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 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 6

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING 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 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 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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 7

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING LIMITED (CONTINUED)


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 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial
statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of
material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent
limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may
not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the
  industry in which it operates. We determined that the following laws and regulations were most significant: 
  FRS102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks
  by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.
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.


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.
Page 8

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING LIMITED (CONTINUED)


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.





Jamie Taylor (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
101 New Cavendish Street
1st Floor South
London
W1W 6XH

17 October 2024
Page 9

 
BENROSS MARKETING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
29,690,776
31,651,086

Cost of sales
  
(22,028,332)
(24,331,973)

Gross profit
  
7,662,444
7,319,113

Distribution costs
  
(1,830,966)
(1,656,023)

Administrative expenses
  
(5,205,306)
(4,897,929)

Other operating income
 5 
580,362
155,438

Operating profit
  
1,206,534
920,599

Interest payable and similar expenses
 9 
(391,059)
(193,020)

Profit before tax
  
815,475
727,579

Tax on profit
 10 
(168,094)
(202,858)

Profit for the financial year
  
647,381
524,721

Other comprehensive income for the year
  

Total comprehensive income for the year
  
647,381
524,721

The notes on pages 16 to 30 form part of these financial statements.
Page 10

 
BENROSS MARKETING LIMITED
REGISTERED NUMBER: 03037336

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
347,985
455,922

  
347,985
455,922

Current assets
  

Stocks
 14 
7,414,048
10,125,857

Debtors
 15 
12,704,581
13,938,617

Cash at bank and in hand
 16 
756,821
26,660

  
20,875,450
24,091,134

Creditors: amounts falling due within one year
 17 
(6,942,264)
(10,558,772)

Net current assets
  
 
 
13,933,186
 
 
13,532,362

Total assets less current liabilities
  
14,281,171
13,988,284

Provisions for liabilities
  

Deferred tax
 18 
(86,986)
(113,980)

Other provisions
 19 
(13,500)
-

  
 
 
(100,486)
 
 
(113,980)

Net assets
  
14,180,685
13,874,304


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
14,179,685
13,873,304

  
14,180,685
13,874,304


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.




DV Juneja
Director

The notes on pages 16 to 30 form part of these financial statements.
Page 11

 
BENROSS MARKETING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
1,000
13,588,583
13,589,583



Profit for the year
-
524,721
524,721

Dividends: Equity capital
-
(240,000)
(240,000)



At 1 February 2023
1,000
13,873,304
13,874,304



Profit for the year
-
647,381
647,381

Dividends: Equity capital
-
(341,000)
(341,000)


At 31 January 2024
1,000
14,179,685
14,180,685


The notes on pages 16 to 30 form part of these financial statements.
Page 12

 
BENROSS MARKETING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
647,381
524,721

Adjustments for:

Depreciation of tangible assets
278,805
239,624

Loss on disposal of tangible assets
1,011
(869)

Interest paid
391,059
(193,020)

Taxation charge
155,759
202,858

Decrease/(increase) in stocks
2,711,808
(1,149,411)

Decrease in debtors
866,474
840,430

Decrease/(increase) in amounts owed by associates
329,417
(13,528)

(Decrease)/increase in creditors
(2,546,222)
806,840

Increase in provisions
13,500
-

Corporation tax (paid)
(276,813)
(371,424)

Finance costs
-
193,020

Movement in deferred taxes
(26,995)
-

Net cash generated from operating activities

2,545,184
1,079,241


Cash flows from investing activities

Purchase of tangible fixed assets
(171,878)
(129,042)

Sale of tangible fixed assets
-
869

Net cash from investing activities

(171,878)
(128,173)

Cash flows from financing activities

New secured loans
-
223,475

Dividends paid
(341,000)
(240,000)

Interest paid
(391,059)
-

Associated company lending
-
(1,201,547)

Short term stock financing
-
(606,868)

Net cash used in financing activities
(732,059)
(1,824,940)

Net increase/(decrease) in cash and cash equivalents
1,641,247
(873,872)

Cash and cash equivalents at beginning of year
(5,410,710)
(4,536,838)

Cash and cash equivalents at the end of year
(3,769,463)
(5,410,710)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
756,821
26,660
Page 13

 
BENROSS MARKETING LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£


Import and invoice finance
(4,526,284)
(5,437,370)

(3,769,463)
(5,410,710)


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
BENROSS MARKETING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

26,660

740,100

766,760

Import and invoice finance

(5,437,370)

901,147

(4,536,223)

Debt due within 1 year

(200,547)

200,547

-


(5,611,257)
1,841,794
(3,769,463)

The notes on pages 16 to 30 form part of these financial statements.
Page 15

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Benross Marketing Limited is a company limited by shares and incorporated and domiciled in England & Wales (registered number: 03037336).  The registered office is located at Benross House, 22 Goodlass Road, Liverpool, L24 9HJ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In determining whether the Company's accounts can be prepared on a going concern basis, the directors considered the Company's business activities together with factors likely to affect its future development, performance and its financial position including cash flows, liquidity position and borrowing facilities and the principal risks and uncertainties relating to its activities.
The Company is expected to generate independent positive cash flows for the foreseeable future.  Monthly forecasts have been prepared for the business going forward for the short-medium term.  These forecasts after sensitivities assume that the profitability of the Company grows in accordance with the detailed business plan which has been approved by the board.
The forecasts for the Company indicate ongoing compliance with all covenants attached to associated bank debt.
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 16

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software Development Costs
Software and associated costs are capitalised as intangible assets where it is not an integral part of the related hardware at purchase cost and amortised in the profit & loss account to administrative expenses  on a straight  line basis over its useful economic life which is generally 3 to 5 years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets. Development expenditures that do not meet our criteria are expensed as incurred.
Costs incurred developing the company's own brands are expensed as incurred.  Separately  acquired trademarks are shown at historical cost. Trademarks have a finite useful life and are carried at cost less accumulated amortisation.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
Software development costs 3-5 years

Page 18

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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
-
10%
on cost
Plant and machinery
-
25%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

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.

 
2.10

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.11

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.

 
2.12

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 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 Company's cash management.

Page 19

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 20

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 21

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.16

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Inventory provisions
Estimations have been made in respect of the carrying value of aged inventories.  Where NRV is estimated to be below cost an adjustment to the carrying value is provided for.  As at 31 January 2024 the inventory provision was £908,189 (2023: £909,933).


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.

2024
2023
£
£

United Kingdom
28,367,446
29,881,992

Europe
1,193,964
1,655,818

Rest of World
129,366
113,276

29,690,776
31,651,086



5.


Other operating income

2024
2023
£
£

Exchange rate Gains/Losses
580,362
155,438

580,362
155,438


Page 22

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
15,000

7.


Employees

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


2024
2023
£
£

Wages and salaries
1,998,814
1,989,087

Social security costs
175,962
168,999

Cost of defined contribution scheme
81,620
83,796

2,256,396
2,241,882


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


        2024
        2023
            No.
            No.







Management
4
4



Administrative
22
21



Distribution
20
27



Sales
15
12

61
64


8.


Directors' remuneration

2024
2023
£
£

Directors' remuneration
31,630
31,727

31,630
31,727


Page 23

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
391,059
193,020

391,059
193,020


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
181,589
192,878

Adjustments in respect of previous periods
13,500
-


195,089
192,878


Total current tax
195,089
192,878

Deferred tax


Changes to tax rates
(26,995)
9,980

Total deferred tax
(26,995)
9,980


Taxation on profit on ordinary activities
168,094
202,858
Page 24

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25% on profits post 1 April 2023, with profits for the two months of the financial year prior to this date taxed at 19%.

2024
2023
£
£


Profit on ordinary activities before tax
815,475
727,579


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25/19% (2023 - 19%)
154,940
138,240

Effects of:


Capital allowances for year in excess of depreciation
2,851
19,451

Short-term timing difference leading to an increase (decrease) in taxation
(26,995)
9,980

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
2,303

Other differences leading to an increase (decrease) in the tax charge
23,798
32,884

Provision for R&D claim to be repaid
13,500
-

Total tax charge for the year
168,094
202,858


Factors that may affect future tax charges

As from 1 April 2023 - the Corporation tax main rate was increased to 25% applying to profits over
£250,000. The current years Corporation tax has any profits pre 1 April 2023 taxed at 19%.


11.


Dividends

2024
2023
£
£


Dividends paid
341,000
240,000

341,000
240,000

Page 25

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Intangible assets




Computer software

£



Cost


At 1 February 2023
93,345



At 31 January 2024

93,345



Amortisation


At 1 February 2023
93,345



At 31 January 2024

93,345



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 26

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2023
40,070
364,116
214,839
444,643
89,104
1,152,772


Additions
15,360
25,449
124,476
2,535
4,058
171,878


Disposals
-
(83)
-
(422)
(506)
(1,011)



At 31 January 2024

55,430
389,482
339,315
446,756
92,656
1,323,639



Depreciation


At 1 February 2023
10,448
243,198
99,112
302,288
41,803
696,849


Charge for the year on owned assets
-
78,821
65,250
109,186
21,413
274,670


Charge for the year on financed assets
4,135
-
-
-
-
4,135



At 31 January 2024

14,583
322,019
164,362
411,474
63,216
975,654



Net book value



At 31 January 2024
40,847
67,463
174,953
35,282
29,440
347,985



At 31 January 2023
29,621
120,918
115,727
142,355
47,301
455,922


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
7,414,048
10,125,857

7,414,048
10,125,857


Stock recognised in cost of sales during the year as an expense was £18,748,727 (2023: £19,850,454).
The total carrying amount of stock is pledged as security for the group's bank loans.


15.


Debtors

2024
2023
Page 27

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.Debtors (continued)

£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
5,781,109
5,786,338

5,781,109
5,786,338

Due within one year

Trade debtors
5,315,047
6,382,690

Amounts owed by joint ventures and associated undertakings
1,182,714
1,545,047

Other debtors
181,191
23,152

Prepayments and accrued income
244,520
201,390

12,704,581
13,938,617



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
756,821
26,660

Import and invoice finance
(4,526,284)
(5,437,370)

(3,769,463)
(5,410,710)



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Import and invoice finance
4,526,284
5,437,370

Trade creditors
615,603
1,906,639

Corporation tax
202,039
361,239

Other taxation and social security
217,610
1,009,173

Other creditors
116,161
508,163

Accruals and deferred income
1,264,567
1,336,188

6,942,264
10,558,772


Page 28

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Deferred taxation




2024


£






At beginning of year
(113,981)


Charged to profit or loss
26,995



At end of year
(86,986)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(86,986)
(113,981)

(86,986)
(113,981)


19.


Provisions




Other provision 1

£





Charged to profit or loss
13,500



At 31 January 2024
13,500


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250 (2023 - 250) Ordinary A shares of £1.00 each
250
250
250 (2023 - 250) Ordinary B shares of £1.00 each
250
250
100 (2023 - 100) Ordinary C shares of £1.00 each
100
100
100 (2023 - 100) Ordinary D shares of £1.00 each
100
100
100 (2023 - 100) Ordinary E shares of £1.00 each
100
100
100 (2023 - 100) Ordinary F shares of £1.00 each
100
100
100 (2023 - 100) Ordinary G shares of £1.00 each
100
100

1,000

1,000

Page 29

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.Share capital (continued)

The share rights of the ordinary A to G shares shall rank pari passu in all respects but shall constitute separate classes of shares.
In any financial year as regards to the available profits of the Company that the board determine to distribute, the board may make payments to one or more classes of shares to the exclusion of the other classes of shares.
There were no shares alloted in the year ended 31 January 2024.



21.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Related party transactions

There were several transactions and loans between related parties within the year. The following table sums up total balances relevant for each category.
These amounts below can be seen within intercompany balances, Sales and expenses within the financial statements. 


2024
2023
£
£



Purchases from associates
6,177,360
6,928,688

Sales to associates
1,209,131
1,026,412

Loans provided to associates in year
756,581
1,215,075

Loans repaid by associates
-
-

Trade creditors amounts due to associates
-
(596,553)

Loans due from associates
6,963,820
7,331,385

Trade debtors due from associates
948,865
395,868

Dividends paid to directors
341,000
240,000

Rent charged by associates
689,243
535,000

Key management personnel compensation
31,630
31,727

 
Page 30