REGISTERED NUMBER: 06470391 (England and Wales) |
BENTS HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: 06470391 (England and Wales) |
BENTS HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 |
BENTS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
BANKERS: | Barclays Bank PLC |
6 Market Place |
Wigan |
Lancashire |
WN1 1QS |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
Fair Review of the Business |
Following a year of sales and margin decline in 2023, 2024 was a year of recovery with the business focussed on driving profitable sales. |
Overall sales were steady at £24.8m (2023: £24.7m) and we were pleased to see sales growth in the majority of product categories across the business. The only notable exception was Garden Furniture which reported a significant decline - not surprising when there has been so much promotional activity in the market given the huge overstocks across the industry. The catering side of the business continued to perform incredibly well with another year of double digit growth. This is an area we will continue to invest into in 2024. |
A key focus for the business this year was margin recovery after seeing significant decline in 2023 due, in the main, to clearance activity in Garden Furniture. This focus paid off and margin increased by +2.4% in the year |
As a result of the above factors, Gross Profit grew by £0.7m in the year however this was offset by a higher cost base (energy and labour costs in particular) resulting in the Profit before Tax figure dropping to £0.08m (2023: £0.17m). |
The statement of financial position remains healthy with net assets of £24.3 million and cash reserves of £5.9 million. |
Matters of Strategic Importance |
The core business strategy is to develop the attractiveness of the site as a leisure destination by investing in the infrastructure and by attracting additional tenants to the site to increase footfall. |
Principal Risks and Uncertainties |
The principal risk and uncertainty facing the business is inflationary pressure and the resulting impact on customer behaviour and spending habits. |
Key Performance Indicators |
The board monitors progress on overall strategy and the individual strategic elements by reference to four key performance indicators. |
Performance during the year together with historical trend data is set out in the table below: |
2024 | 2023 |
Decline/Growth in sales | 0.5% | -2.6% | Year on year sales expressed as a percentage. |
Gross profit margin | 49.3% | 46.9% | Gross profit expressed as a percentage of sales. |
Average basket size | £19.25 | £23.77 | Average spend per customer calculated as total net takings divided by the number of baskets during the year. This dropped by £4.52 in the year due to the lower proportion of garden furniture sales |
Footfall conversion | 49.2% | 49.6% | The total number of baskets during the year expressed as a percentage of the total number of visitors to the site. The conversion rate was broadly similar year on year. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
SECTION 172(1) STATEMENT |
i. Introduction |
Throughout the financial year ending 31 January 2024 the Board has had regard, in its decision making, to broader stakeholder interests in all the areas identified under section 172 of the Companies Act 2006 and listed under Sections 2 and 3 below. |
ii. Stakeholders |
Our stakeholders are our shareholders, employees, customers, suppliers, local communities, the environment and others. |
Throughout the period under review the Board's decision-making process has been driven by sustainability and our long-term business plan, values and aims. |
In the year ending 31 January 2024 the directors engaged with stakeholders in the following ways: |
Shareholders |
The Board regularly reports to the shareholders on the business financial performance and evaluates risk as part of its ongoing decision making process. |
Colleagues |
The company has nearly 61 colleagues who have worked for us for over 10 years. |
The wellness of our colleague's is of paramount importance to us, and we have a variety of wellbeing initiatives for our colleagues to access - from our EAP offering, 12 trained mental health first aiders, financial wellbeing activity including access to 1-2-1 financial advice to on-site health checks for our colleagues, plus lots more. We recently were awarded runner up with the High Sheriffs award for our approach to business health and wellbeing. |
We continue to engage our colleagues feedback through colleague surveys and forums, and this year we have signed up to the Great Places to work to provide us with a global benchmark on our colleague engagement levels and gain more detail insights from our colleagues to continue in our strive to be an exceptional place to work for everyone. Communication has increased using more videos and online ways to engage our teams. |
Training and development remain high on the agenda with continued learning as a day-to-day occurrence, our leadership development opportunities and our apprenticeship schemes. |
Suppliers, Customers and Others |
Our suppliers include local businesses whom we have traded with for many years. |
We seek long term relationships with all our suppliers and aim to be timely in making payment. |
We use multiple methods to engage with our customers including our 'Be Inspired' privilege scheme, regular emails, various social media channels and our three magazines. |
Via the Tillington Group of Garden Centres we seek to achieve economies of scale in our purchasing which is reflected in the prices we charge our customers. |
We are active members of our trade associations - the Garden Centre Association and the Horticultural Trades Association which promote our industry in general. |
iii. Impact of Our Operations on the Community and Environment |
The Company continues to support local charities and each year nominates a Charity of the Year which benefits from several major fund raising events. |
As part of our support to the local community the company has donated a significant parcel of land for use as allotments by local residents. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
We support local suppliers (especially for food) and contractors, wherever possible, in order to minimise transport miles and emissions. |
The business has now invested almost £0.5m in sustainable solar energy which supplies more than 40% of total electricity usage. There was also significant investment in an LED roll-out project during the course of the year further reducing electricity consumption. |
STREAMLINED ENERGY AND CARBON REPORTING |
During the year ended 31 January 2024, the group reported the following in respect of energy use: |
2024 | 2023 |
UK energy use (kWh) | 2,269,400 | 2,233,967 |
Associated greenhouse gas emissions (Tonnes of CO²) | 514.27 | 474.32 |
Intensity ratio (Tonnes of CO² emissions per employee) | 1.52 | 1.28 |
Associated greenhouse gas (GHG) emissions have been calculated using the following rates: |
0.20kg of CO² per kWh of electricity consumption. |
0.20kg of CO² per kWh of Gas consumption. |
2.76kg of CO² per Litre of Gas oil consumption. |
2.51kg of CO² per Litre of fuel consumption. |
The above GHG emission rates have been derived from a 2023 UK government report on carbon emissions. |
Intensity ratio has been calculated using the average number of colleagues across the group for the year ended 31 January 2024. |
The company has implemented a number of measures with the aim of reducing emissions. These include: |
- | During the year the group made further investments in solar energy technology, and has now Invested more than £500,000, which supplied 27% of the total electricity usage of the group. Moving forward with the investments made during the year we expected this saving to become circa 40% of total usage. |
- | During the year the group invested £30,000 in a LED lighting project further improving efficiency |
- | Providing colleagues and management with the option to work from home, where possible, to reduce travel emissions. |
- | Establishing a Sustainability Committee who meet regularly with the aim of identifying opportunities to reduce emissions. |
Future Trading |
The group has substantial cash reserves and the directors are confident that the business is in a strong position to trade through the current risks and uncertainties associated with inflationary pressures and the cost of living squeeze. |
ON BEHALF OF THE BOARD: |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activities of the group in the year under review were of a retail garden centre, property investment and letting. The principal activity of the company in the year under review was that of a holding company to its subsidiaries. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £640,000. |
RESEARCH AND DEVELOPMENT |
A trading subsidiary undertakes research and development relating to horticulture. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
DISABLED PERSONS |
The group's policy is to give equal consideration to all applicants for employment including disabled people. Career development and training are available to all employees and those who become disabled are afforded every assistance to enable them to continue in their career including retraining where necessary. |
EMPLOYEE INVOLVEMENT |
The board continually strives to improve and enhance standards of customer care and service throughout the group. |
Directors and senior management regularly monitor and discuss with employees matters of current interest and concern. |
The group is committed to treating both its employees and its customers with dignity and respect, and to value the differences people bring to the business. |
DISCLOSURE IN THE STRATEGIC REPORT |
Identification of the information for which the group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTS HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Bents Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTS HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on pages five and six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- | We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud. |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2002, Food Safety Act 1990 and General Data Protection Regulations (GDPR). |
- | We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- | Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BENTS HOLDINGS LIMITED |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- | Identifying and testing journal entries, in particular those that were significant and unusual. |
- | Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- | Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the calculation of depreciation and the valuation of stock. |
- | Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation. |
- | Testing key revenue lines, in particular cut-off, for evidence of management bias. |
- | Testing controls surrounding cash sales to ensure the risk of cash misappropriation is minimised. |
- | Testing controls surrounding the authorisation of purchase invoices. |
- | Performing a physical verification of key assets, including inventories. |
- | Obtaining third-party confirmation of material bank and loan balances. |
- | Documenting and verifying all significant related party and consolidated balances and transactions. |
- | Testing all material consolidation adjustments. |
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 Report of the Auditors. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 | 24,871,714 | 24,734,886 |
Cost of sales | (12,590,202 | ) | (13,128,237 | ) |
GROSS PROFIT | 12,281,512 | 11,606,649 |
Administrative expenses | (11,762,284 | ) | (10,810,052 | ) |
519,228 | 796,597 |
Other operating income | 742,966 | 709,524 |
OPERATING PROFIT | 5 | 1,262,194 | 1,506,121 |
Interest receivable and similar income | 106,086 | 21,152 |
1,368,280 | 1,527,273 |
Interest payable and similar expenses | 6 | (747,983 | ) | (654,569 | ) |
PROFIT BEFORE TAXATION | 620,297 | 872,704 |
Tax on profit | 7 | (198,855 | ) | (686,260 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 421,442 | 186,444 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 421,442 | 186,444 |
OTHER COMPREHENSIVE INCOME |
Cash flow hedge gains | 37,039 | 324,202 |
Income tax relating to other comprehensive income |
(9,260 |
) |
(59,376 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
27,779 |
264,826 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
449,221 |
451,270 |
Total comprehensive income attributable to: |
Owners of the parent | 449,221 | 451,270 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 177,412 | 227,504 |
Property, plant and equipment | 11 | 34,596,365 | 34,583,629 |
Investments | 12 | - | - |
Investment property | 13 | 569,392 | 300,000 |
35,343,169 | 35,111,133 |
CURRENT ASSETS |
Inventories | 14 | 2,095,680 | 2,382,899 |
Debtors | 15 | 347,513 | 707,684 |
Cash at bank | 5,855,044 | 6,174,883 |
8,298,237 | 9,265,466 |
CREDITORS |
Amounts falling due within one year | 16 | (5,544,398 | ) | (10,502,996 | ) |
NET CURRENT ASSETS/(LIABILITIES) | 2,753,839 | (1,237,530 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
38,097,008 |
33,873,603 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(11,100,000 |
) |
(6,743,882 |
) |
PROVISIONS FOR LIABILITIES | 21 | (2,739,406 | ) | (2,681,340 | ) |
NET ASSETS | 24,257,602 | 24,448,381 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 500,000 | 500,000 |
Revaluation reserve | 23 | 6,825,805 | 7,076,880 |
Hedging reserve | 23 | - | (27,779 | ) |
Other reserves | 23 | 5,645,293 | 5,645,293 |
Retained earnings | 23 | 11,286,504 | 11,253,987 |
SHAREHOLDERS' FUNDS | 24,257,602 | 24,448,381 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by: |
M Bent - Director |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
Investment property | 13 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 640,000 | 1,240,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 February 2022 | 500,000 | 11,684,097 | 7,300,326 |
Changes in equity |
Dividends | - | (840,000 | ) | - |
Total comprehensive income | - | 186,444 | - |
Transfer | - | 223,446 | (223,446 | ) |
Balance at 31 January 2023 | 500,000 | 11,253,987 | 7,076,880 |
Changes in equity |
Dividends | - | (640,000 | ) | - |
Total comprehensive income | - | 421,442 | - |
Transfer | - | 251,075 | (251,075 | ) |
Balance at 31 January 2024 | 500,000 | 11,286,504 | 6,825,805 |
Hedging | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 February 2022 | (292,605 | ) | 5,645,293 | 24,837,111 |
Changes in equity |
Dividends | - | - | (840,000 | ) |
Total comprehensive income | 264,826 | - | 451,270 |
Balance at 31 January 2023 | (27,779 | ) | 5,645,293 | 24,448,381 |
Changes in equity |
Dividends | - | - | (640,000 | ) |
Total comprehensive income | 27,779 | - | 449,221 |
Balance at 31 January 2024 | - | 5,645,293 | 24,257,602 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,137,067 | 1,425,032 |
Interest paid | (747,983 | ) | (654,569 | ) |
Tax paid | 10,317 | (320,540 | ) |
Net cash from operating activities | 1,399,401 | 449,923 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (12,250 | ) | (242,389 | ) |
Purchase of property plant and equipment | (697,296 | ) | (386,891 | ) |
Purchase of investment property | (269,392 | ) | - |
Sale of property plant and equipment | 21,575 | 18,500 |
Interest received | 106,086 | 21,152 |
Net cash from investing activities | (851,277 | ) | (589,628 | ) |
Cash flows from financing activities |
New loans in year | 10,500,000 | - |
Loan repayments in year | (11,468,792 | ) | (1,079,902 | ) |
Amounts introduced by directors | 455,001 | 859,924 |
Amounts withdrawn by directors | (354,172 | ) | (538,821 | ) |
Equity dividends paid | - | (240,000 | ) |
Net cash from financing activities | (867,963 | ) | (998,799 | ) |
Decrease in cash and cash equivalents | (319,839 | ) | (1,138,504 | ) |
Cash and cash equivalents at beginning of year |
2 |
6,174,883 |
7,313,387 |
Cash and cash equivalents at end of year | 2 | 5,855,044 | 6,174,883 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 620,297 | 872,704 |
Depreciation charges | 730,574 | 676,720 |
Profit on disposal of fixed assets | (5,249 | ) | (6,273 | ) |
Finance costs | 747,983 | 654,569 |
Finance income | (106,086 | ) | (21,152 | ) |
1,987,519 | 2,176,568 |
Decrease in inventories | 287,219 | 242,908 |
Decrease in trade and other debtors | 53,230 | 19,445 |
Decrease in trade and other creditors | (190,901 | ) | (1,013,889 | ) |
Cash generated from operations | 2,137,067 | 1,425,032 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 5,855,044 | 6,174,883 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 6,174,883 | 7,313,387 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 6,174,883 | (319,839 | ) | 5,855,044 |
6,174,883 | (319,839 | ) | 5,855,044 |
Debt |
Debts falling due within 1 year | (5,761,950 | ) | 5,361,950 | (400,000 | ) |
Debts falling due after 1 year | (6,706,843 | ) | (4,393,157 | ) | (11,100,000 | ) |
(12,468,793 | ) | 968,793 | (11,500,000 | ) |
Total | (6,293,910 | ) | 648,954 | (5,644,956 | ) |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Bents Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06470391 and the registered office is Bents Garden Centre, Warrington Road, Leigh End, Glazebury, Warrington, WA3 5NT. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the fair review of the business on page 2. |
The group has considerable financial resources available with net assets of £24,257,602 (2023: £24,448,381) including cash at bank and in hand of £5,855,044. The directors believe that this strong financial position, together with the group's well known and established trading name, ensures that the group is in the best possible position to manage its business risks successfully. |
The UK is currently experiencing a cost of living crisis which presents various risks for the retail sector. Forecasts for the next 12 months have been prepared and show a positive cash position. The directors believe that the company can manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements. |
Basis of consolidation |
The consolidated financial statements incorporate those of Bents Holdings Limited, Bents Garden Centre Limited and Bents Property Limited. |
In 2009 Bents Garden Centre Limited was acquired via a share for share exchange which was accounted for under the terms of Companies Act 2006, s612 (merger relief), thus creating a merger reserve of £5,645,293. Bents Property Limited was acquired on incorporation. |
The results of the subsidiaries have been incorporated from the date that control passes. All financial statements are made up to 31 January 2024. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Estimating the fair value of the investment property, given a lack of comparable market data. |
Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge. |
Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required. |
Estimating an appropriate absorption rate to allocate to the valuation of the own grown products, based on historical experience. |
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee. |
Revenue |
Revenue represents the amount receivable arising from the supply of goods to customers, excluding value added tax. Revenue is recognised at point of sale to the customer. |
Rents receivable are recognised on property rentals on a straight line basis over the period of the lease. Amounts received in advance are deferred and recognised as they fall due. |
Other operating income |
Other operating income represents concessions income, the amount receivable by the company is an agreed percentage of total revenue for the period. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Website costs are being amortised evenly over their estimated useful life of four years. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Freehold land is not depreciated. |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. |
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss. |
Fixed asset investments |
In the separate accounts of the company, interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from the activities. |
Investment property |
Investment property, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
Gains or losses from changes in fair value of investment property are included in profit or loss for the period in which they arise. |
Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventory to their present location and condition. |
Net realisable value is estimated selling price less costs to complete and sell. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling prices 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. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Derivatives |
The company enters into interest rate swap contracts in order to manage its exposure to interest rate risk. |
Derivatives are initially measured at fair value at the date a derivative contract is entered into and are subsequently measured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. |
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as financial liability. |
Hedge accounting |
To qualify for hedge accounting, the company documents the hedged item, the hedging instrument and the hedging relationship between them, and the causes of the hedge ineffectiveness (such as different maturities, nominal amounts or variable rates, and counterparty credit risk). |
The company elects to adopt hedge accounting for interest rate swaps where: |
- | the interest rate swap is a qualifying hedging instrument with an external party that hedges interest rate risk on a loan, part of the nominal amount of a loan, or a group of loans managed together that share the same risk and that qualify as a hedged item, |
- | the hedging relationship between the interest rate swap and the interest rate risk on the loan is consistent with the risk management objectives for undertaking hedges (i.e. to manage the risk that fixed interest rates become unfavourable in comparison to current market rates or the variability in cash flows arising from variable interest rates); and |
- | the change in the fair value of the interest rate swap is expected to move inversely to the change in the fair value of the interest rate risk on the loan. |
Cash flow hedge - hedge of variable interest rate risk |
Where an interest rate swap that converts variable rate debt into fixed rate debt qualifies for hedge accounting, it is accounted for as a cash flow hedge. The cumulative change in the fair value of the interest rate swap is recognised in other comprehensive income up to the amount of the cumulative fair value movement on the variable rate debt that is attributable to the variable interest rate risk. Any excess fair value gains or losses on the interest rate swap not recognised in other comprehensive income are recognised in profit or loss. The gains and losses recognised in other comprehensive income are recorded as a separate component of equity (the cash flow hedge reserve). |
Net cash settlements on the interest rate swap are recognised in profit or loss in the periods when the net cash settlements accrue. The cash flow hedge reserve is reclassified to profit or loss when the variable rate interest is recognised in profit or loss. |
Hedge accounting is discontinued when a floating to fixed rate swap expires, is sold, terminated or exercised, or when the conditions for hedge accounting are no longer met or the company documents its election to discontinue hedge accounting. Any fair value gains or losses accumulated in the cash flow hedge reserve are reclassified to profit or loss, either when the variable interest rate expense is recognised in profit or loss, or immediately on discontinuation of hedge accounting if future variable interest rate cash flows are no longer expected to occur. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the group. |
All turnover has been generated within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,300,878 | 6,143,867 |
Social security costs | 443,746 | 448,346 |
Other pension costs | 183,416 | 209,151 |
6,928,040 | 6,801,364 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 53 | 54 |
Sales | 335 | 317 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 230,600 | 363,238 |
Directors' pension contributions | 13,300 | 6,000 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 190,000 | 216,500 |
The number of directors for whom retirement benefits are accruing under defined contribution schemes is 1 (2023: 1). |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 81,828 | 30,442 |
Depreciation - Owned assets | 668,232 | 661,835 |
Profit on disposal of fixed assets | 5,249 | 6,273 |
Auditors' remuneration | 23,400 | 17,388 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 747,983 | 654,569 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 150,049 | 126,564 |
Overprovision in prior year | - | (50,410 | ) |
Total current tax | 150,049 | 76,154 |
Deferred tax: |
Deferred tax | 48,806 | 610,191 |
Effect of change in tax rate |
in prior year | - | (85 | ) |
Total deferred tax | 48,806 | 610,106 |
Tax on profit | 198,855 | 686,260 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 620,297 | 872,704 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
155,074 |
165,814 |
Effects of: |
Expenses not deductible for tax purposes | 1,598 | 61,057 |
Capital allowances in excess of depreciation | - | (27,090 | ) |
Depreciation in excess of capital allowances | 48,239 | - |
Adjustments to tax charge in respect of previous periods | - | (50,496 | ) |
Effects of change in tax rate | (6,056 | ) | 536,975 |
Total tax charge | 198,855 | 686,260 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Cash flow hedge gains | 37,039 | (9,260 | ) | 27,779 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Cash flow hedge gains | 324,202 | (59,376 | ) | 264,826 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares shares of £1 each |
Interim | 400,000 | 240,000 |
Ordinary B shares shares of £1 each |
Interim | 240,000 | 600,000 |
640,000 | 840,000 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Website |
costs |
£ |
COST |
At 1 February 2023 | 242,389 |
Additions | 12,250 |
At 31 January 2024 | 254,639 |
AMORTISATION |
At 1 February 2023 | 14,885 |
Amortisation for year | 62,342 |
At 31 January 2024 | 77,227 |
NET BOOK VALUE |
At 31 January 2024 | 177,412 |
At 31 January 2023 | 227,504 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2023 | 34,844,004 | 1,065,929 | 3,334,865 |
Additions | 64,171 | 380,321 | 125,041 |
Disposals | - | - | - |
At 31 January 2024 | 34,908,175 | 1,446,250 | 3,459,906 |
DEPRECIATION |
At 1 February 2023 | 1,733,186 | 629,465 | 2,555,856 |
Charge for year | 314,409 | 82,564 | 169,522 |
Eliminated on disposal | - | - | - |
At 31 January 2024 | 2,047,595 | 712,029 | 2,725,378 |
NET BOOK VALUE |
At 31 January 2024 | 32,860,580 | 734,221 | 734,528 |
At 31 January 2023 | 33,110,818 | 436,464 | 779,009 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 271,908 | 1,633,561 | 41,150,267 |
Additions | 64,685 | 63,078 | 697,296 |
Disposals | (104,280 | ) | - | (104,280 | ) |
At 31 January 2024 | 232,313 | 1,696,639 | 41,743,283 |
DEPRECIATION |
At 1 February 2023 | 175,937 | 1,472,194 | 6,566,638 |
Charge for year | 25,829 | 75,910 | 668,234 |
Eliminated on disposal | (87,954 | ) | - | (87,954 | ) |
At 31 January 2024 | 113,812 | 1,548,104 | 7,146,918 |
NET BOOK VALUE |
At 31 January 2024 | 118,501 | 148,535 | 34,596,365 |
At 31 January 2023 | 95,971 | 161,367 | 34,583,629 |
Included within the valuation of freehold property is land of £5,300,000 (2023: £5,300,000). |
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows: |
2024 | 2023 |
£ | £ |
Cost | 24,742,418 | 24,408,855 |
Accumulated depreciation | (1,664,610 | ) | (1,601,276 | ) |
Carrying value | 23,077,808 | 22,807,579 |
Freehold property was valued on an open market basis on 27 September 2023 by Barclays Plc. The directors are of the opinion that this represents the fair value at the statement of financial position date. |
12. | FIXED ASSET INVESTMENTS |
Company |
Country of registration or incorporation |
Principal activity |
Shares held class |
Shares held % |
Subsidiary undertakings |
Bents Garden Centre Limited | England & Wales | Retail garden centre | Ordinary | 100 |
Bents Property Limited |
England & Wales |
Property investment and letting |
Ordinary |
100 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 | 300,000 |
Additions | 269,392 |
At 31 January 2024 | 569,392 |
NET BOOK VALUE |
At 31 January 2024 | 569,392 |
At 31 January 2023 | 300,000 |
Freehold property was valued on an open market basis on 27 September 2023 by CBRE Limited. The directors are of the opinion that this represents the fair value at the statement of financial position date. |
14. | INVENTORIES |
Group |
2024 | 2023 |
£ | £ |
Inventories | 2,095,680 | 2,382,899 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Other debtors | 105,191 | 267,096 |
S455 tax | 29,015 | - |
Directors' current accounts | - | 306,941 |
Prepayments and accrued income | 213,307 | 133,647 |
347,513 | 707,684 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 400,000 | 5,761,950 |
Trade creditors | 2,684,476 | 2,759,212 |
Amounts owed to group undertakings | - | - |
Corporation tax | 277,669 | 126,564 |
Social security and other taxes | 1,169,100 | 1,148,793 |
Other creditors | 763,327 | 589,392 |
Directors' current accounts | 133,888 | - | - | - |
Accruals and deferred income | 115,938 | 117,085 |
5,544,398 | 10,502,996 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) | 11,100,000 | 6,706,843 |
Derivative financial |
instruments | - | 37,039 |
11,100,000 | 6,743,882 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 400,000 | 5,761,950 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 601,923 | 628,615 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 10,498,077 | 1,285,845 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,792,383 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 34,757 | 27,462 |
Between one and five years | 46,900 | 2,567 |
In more than five years | 171 | - |
81,828 | 30,029 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 11,500,000 | 12,468,793 |
The bank loans are secured by a fixed and floating charge over the group's investment properties and land adjoining Warrington Road, Glazebury, Leigh, Lancashire. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 781,587 | 732,782 |
Investment property | - | 293,571 |
Interest rate swaps | - | (9,260 | ) |
Revaluations | 1,957,819 | 1,664,247 |
2,739,406 | 2,681,340 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 2,681,340 |
Provided during year | 58,066 |
Balance at 31 January 2024 | 2,739,406 |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 250,000 | 250,000 |
Ordinary B shares | £1 | 250,000 | 250,000 |
500,000 | 500,000 |
The "A" Ordinary Shares and the "B" Ordinary Shares shall be different classes of shares and shall have the following rights: |
As regards Income: |
The profits relating to or arising from the activities of Bents Garden Centre Limited which the company may determine to distribute in respect of any financial period shall be distributed amongst the holders of the "A" Ordinary Shares in proportion to the amounts paid up on the "A" Ordinary Shares and the holders of "B" Ordinary Shares shall not be entitled to any such income. |
The profits relating to or arising from the activities of Bents Property Limited which the company may determine to distribute in respect of any financial period shall be distributed amongst the holders of the "B" Ordinary Shares in proportion to the amounts paid up on the "B" Ordinary Shares and the holders of "A" Ordinary Shares shall not be entitled to any such income. |
As regards Capital: |
On a return of assets on liquidation or other return of capital (including a purchase or redemption by the company of the shares of any class in accordance with the Act), the assets of the company relating to Bents Garden Centre Limited remaining after the payment of the liabilities of Bents Garden Centre Limited (excluding any liability to pay a share premium) shall be distributed amongst the holders of the "A" ordinary shares (as a class) in proportion to the amounts paid up on "A" Ordinary Shares and the holders of the "B" Ordinary Shares shall not be entitled to any such assets or return of capital. |
On a return of assets on liquidation or other return of capital (including a purchase or redemption by the company of the shares of any class in accordance with the Act), the assets of the company relating to Bents Property Limited remaining after the payment of the liabilities of Bents Property Limited (excluding any liability to pay a share premium) shall be distributed amongst the holders of the "B" ordinary shares (as a class) in proportion to the amounts paid up on "B" Ordinary Shares and the holders of the "A" Ordinary Shares shall not be entitled to any such assets or return of capital. |
As regards Voting: |
Subject to any special rights or restrictions as to voting attached to any shares detailed above, the voting rights of "A" Ordinary Shares and "B" Ordinary Shares rank pari passu in all respects. |
BENTS HOLDINGS LIMITED (REGISTERED NUMBER: 06470391) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
23. | RESERVES |
Revaluation reserve |
The cumulative fair value gains and losses in respect of investment properties and associated deferred tax. |
Hedging reserve |
Gains and losses arising on fixed to floating interest rate swaps which have been designated as hedges for hedge accounting purposes and associated deferred tax. |
Profit and loss reserves |
Cumulative profit and loss net of distribution to owners. |
Other reserves |
In 2009 Bents Garden Centre Limited was acquired via a share for share exchange which was accounted for under the terms of Companies Act 2006, s612 (merger relief), thus creating a merger reserve of £5,645,293. Bents Property Limited was acquired on incorporation. |
24. | PENSION COMMITMENTS |
The company operates defined contribution pension schemes. At the year end unpaid pension contributions totalling £13,300 (2023: £27,312) are included within other creditors. |
25. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
At 31 January 2023 the group had provided guarantees to third parties of £30,000 (2023: £30,000). |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within other debtors at the prior year end was an amount owed to the company by M Bent of £68,604 and an amount owed to the company by R Bent of £247,386. These amounts are unsecured, interest free and were repaid during the year. |
27. | RELATED PARTY DISCLOSURES |
Consultancy fees | Rental charges |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Close family members or members of key management personnel |
5,122 |
5,651 |
36,793 |
36,936 |
Amounts due from family members included within other creditors is £317 (2023: £624). |
28. | ULTIMATE CONTROLLING PARTY |
During the year, the company was controlled during the year by R Bent, a director who has beneficial ownership in the majority of the issued share capital. |