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Registration number: 04515759

Prepared for the registrar

Bensons Fruit Juice Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Bensons Fruit Juice Limited

(Registration number: 04515759)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

29,286

36,375

Current assets

 

Stocks

6

162,265

171,515

Debtors

7

372,213

427,229

Cash at bank and in hand

 

4,124

41,953

 

538,602

640,697

Creditors: Amounts falling due within one year

8

(532,369)

(623,943)

Net current assets

 

6,233

16,754

Total assets less current liabilities

 

35,519

53,129

Creditors: Amounts falling due after more than one year

8

(25,229)

(46,703)

Deferred tax liabilities

 

(1,960)

(3,210)

Net assets

 

8,330

3,216

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

8,230

3,116

Shareholders' funds

 

8,330

3,216

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 


A Benson
Director

 

Bensons Fruit Juice Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Sandyhill Farm
Sherborne
Gloucestershire
GL54 3DS

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

The directors are required to make key judgements about the fair value of stock.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Bensons Fruit Juice Limited

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

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

Short hold lease

In equal instalments over the lease

Plant and machinery

15% on cost

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Bensons Fruit Juice Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bensons Fruit Juice Limited

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

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 10).

 

4

Intangible assets

Goodwill
 £

Cost

At 1 November 2022

3,100

At 31 October 2023

3,100

Amortisation

At 1 November 2022

3,100

At 31 October 2023

3,100

Carrying amount

At 31 October 2023

-

At 31 October 2022

-

 

Bensons Fruit Juice Limited

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

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2022

28,488

178,864

76,934

284,286

Additions

-

-

6,250

6,250

Disposals

-

-

(9,000)

(9,000)

At 31 October 2023

28,488

178,864

74,184

281,536

Depreciation

At 1 November 2022

20,500

174,594

52,817

247,911

Charge for the year

1,423

1,327

4,683

7,433

Eliminated on disposal

-

-

(3,094)

(3,094)

At 31 October 2023

21,923

175,921

54,406

252,250

Carrying amount

At 31 October 2023

6,565

2,943

19,778

29,286

At 31 October 2022

7,988

4,270

24,117

36,375

 

6

Stocks

2023
£

2022
£

Raw materials and consumables

162,265

171,515

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

154,241

245,164

Amounts owed by related parties

11

177,115

141,209

Other debtors

 

39,523

39,523

Prepayments

 

1,334

1,333

   

372,213

427,229

 

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

147,029

163,299

Trade creditors

 

106,174

224,113

Social security and other taxes

 

64,587

61,084

Other payables

 

131,821

47,064

Accruals

 

7,645

39,756

Corporation tax liability

75,113

88,627

 

532,369

623,943

Due after one year

 

Loans and borrowings

9

25,229

46,703

 

Bensons Fruit Juice Limited

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

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,728

12,727

HP and finance lease liabilities

5,400

7,629

Other borrowings

128,901

142,943

147,029

163,299

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

294

Short term timing differences

1,666

1,960

2022

Liability
£

Fixed asset timing differences

2,518

Short term timing differences

692

3,210

 

11

Related party transactions

Transactions with directors

At 31 October 2023, J Benson owed the company £69,903 (2022: £52,360) and A Benson owed the company £107,212 (2022: £88,849) in the form of directors' loan accounts. Interest of £3,897 (2022: £2,769) was charged on the loans during the year. These loans are repayable on demand.

Summary of transactions with other related parties


At 31 October 2023, the company owed £105,808 (2022: £22,064) to Dunkertons Cider Company Limited. The director J Benson is a director in both companies.

The loan is unsecured, interest free and repayable on demand.