REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Bennett Safetywear Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Bennett Safetywear Limited |
Bennett Safetywear Limited (Registered number: 00367257) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bennett Safetywear Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Oriel House |
2/8 Oriel Road |
Bootle |
Merseyside |
L20 7EP |
BANKERS: |
1 Liverpool Road |
Crosby |
Liverpool |
Merseyside |
L23 2TD |
Bennett Safetywear Limited (Registered number: 00367257) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Revaluation reserve | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bennett Safetywear Limited (Registered number: 00367257) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Bennett Safetywear Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of goods sold during the period, net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer. |
Goodwill |
Goodwill is capitalised and amortised in equal instalments over three years, being the directors' estimate of useful life. |
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. |
Tangible fixed assets |
No depreciation has been provided on freehold property, as it is the company's policy to continually review their values and maintain them out of expenditure charged to revenue, to a standard which ensures that the estimated residual value exceeds net book values. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 10% on cost and 5% on cost |
Plant and machinery | - 20% on cost |
Fixtures and fittings | - 20% on cost |
Motor vehicles | - 20% on reducing balance |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date. |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates pension schemes for the benefit of its employees. The funds of the schemes are administered by trustees and are separate from the company. The company operated a defined benefit scheme which was closed to new members on 31st March 2008 when the scheme became "paid up". |
The company also operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. |
Leasing |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 50,000 (2023 - £ 50,000 ) which is not depreciated. |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
The property revaluation took place and as at 7 April 2022 it was valued at £475,000. This valuation was performed by Hitchcock Wright & Partners. |
The valuation was made by Nick Harrop BSc MRICS and his valuation was carried out in accordance with the current edition of the R.I.C.S. Valuation Professional Standards on the basis of Market Value. |
The revaluation of the property matched its estimated residual value meaning that depreciation on this property would be inappropriate. |
Cost or valuation at 31 March 2024 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2016 | 113,812 | - | - |
Valuation in 2023 | 201,715 | - | - |
Cost | 126,188 | 64,198 | 702,129 |
441,715 | 64,198 | 702,129 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2016 | - | - | 113,812 |
Valuation in 2023 | - | - | 201,715 |
Cost | 127,939 | 51,291 | 1,071,745 |
127,939 | 51,291 | 1,387,272 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | 1p | 1,849 | 1,849 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
The ultimate parent company is Bennett Safetywear Holdings Limited. |
The directors MRW Gibson and A Reid are directors and shareholders of Bennett Safetywear Holdings Limited, a company registered in England and Wales that owns 100% of the share capital of Bennett Safetywear limited. |
There is a cross guarantee between Bennett Safetywear Limited and Bennett Safetywear Holdings Limited dated 29 July 2022. |
Bennett Safetywear Limited (Registered number: 00367257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | PENSION SCHEME COMMITMENTS |
The company operates a defined benefit scheme in the UK. |
On the 31st March 2008 the scheme was closed to new members and the scheme became "paid up." This meant that the future pension rights of the members became fixed, based on their respective salary at the 31st March 2008, allowing for inflation increases up to the date the member exercises their pension rights. |
A full actuarial valuation was carried out on the 31st March 2021 by Mercer indicating a surplus in the scheme of £1,057,000. This has been updated by the directors to reflect conditions at the balance sheet date using assumptions regarding the discount rate, inflation rate and mortality rate. Advice from an actuary has not been obtained in respect of the position since 31 March 2021. |
Value of scheme assets and liabilities |
31.3.24 | 31.3.23 |
£ | £ |
Fair value of assets | 2,627,000 | 2,627,000 |
Present value of scheme liabilities | (1,570,000 | ) | (1,570,000 | ) |
Net pension scheme asset | 1,057,000 | 1,057,000 |
The directors consider that in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 the pension scheme asset should be restricted to the scheme's future pension cost and therefore no asset is recognised in the accounts. |
The company also operates a defined contribution scheme and contributions are charged to the profit and loss account as they accrue. The charge for the year was £40,040 (2023: £37,642). |