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REGISTERED NUMBER: 07156180 (England and Wales)

































Unaudited Financial Statements

For The Year Ended

31 March 2024

for

BENNETT SMITH LTD

BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


BENNETT SMITH LTD

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Mrs K M Bennett
Mr J A Camilleri
Mr A J Altman





REGISTERED OFFICE: Garth Bach
Nant Y Garth
Y Felinheli
Gwynedd
LL56 4QF





REGISTERED NUMBER: 07156180 (England and Wales)





ACCOUNTANTS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants
8 Eastway
Sale
Cheshire
M33 4DX

BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,478 22,185

CURRENT ASSETS
Work in progress 117,150 121,148
Debtors 132,728 128,898
Cash at bank 27,351 51,608
277,229 301,654
CREDITORS
Amounts falling due within one year 178,938 176,809
NET CURRENT ASSETS 98,291 124,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

119,769

147,030

CREDITORS
Amounts falling due after more than one year (38,509 ) (54,942 )

PROVISIONS FOR LIABILITIES (2,449 ) (3,527 )
NET ASSETS 78,811 88,561

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 78,711 88,461
SHAREHOLDERS' FUNDS 78,811 88,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 SMITH LTD (REGISTERED NUMBER: 07156180)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





Mr J A Camilleri - Director


BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Bennett Smith Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Fees received
Revenue for services represents the fair value of services provided during the year on work carried out for clients. Fair value represents the amount expected to be recoverable from clients and is based on the time spent, expertise and skills provided and expenses incurred. Fee income is stated net of Value Added Tax.

Amounts in respect of legal services which are not yet billed are recognised as work in progress. Amounts are recognised in work in progress when they fail to meet the revenue recognition criteria in FRS 102, Section 23.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

The company carries tangible fixed assets in the balance sheet under the cost model in Section 17 of FRS 102. Carrying amounts of fixed assets in the company's balance sheet are shown net of depreciation charges and, where applicable, provisions for impairment. Residual values (the estimated amount that the entity would currently obtain from disposal of an asset, if the asset were already at the age and in the condition expected at the end of it's useful life) of fixed assets are calculated on prices prevailing at the balance sheet date.

Profits and losses on disposal of fixed assets are recognised in profit and loss.

Work in progress
Work in progress is valued at the lower of cost and estimated fee income.

Cost is calculated based on the charge-out rates of the staff and an estimate of other costs likely to be incurred in completing the transaction. Work in progress represents amounts which cannot be billed due to failing to meet the revenue recognition criteria in FRS 102.

BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach.

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.

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.

Leasing
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which the economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 50,743
Additions 5,000
Disposals (2,850 )
At 31 March 2024 52,893
DEPRECIATION
At 1 April 2023 28,558
Charge for year 5,012
Eliminated on disposal (2,155 )
At 31 March 2024 31,415
NET BOOK VALUE
At 31 March 2024 21,478
At 31 March 2023 22,185

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals
£   
COST
Additions 5,000
At 31 March 2024 5,000
DEPRECIATION
Charge for year 104
At 31 March 2024 104
NET BOOK VALUE
At 31 March 2024 4,896

BENNETT SMITH LTD (REGISTERED NUMBER: 07156180)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 2,782 5,676
Between one and five years 4,599 2,559
7,381 8,235

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 9,900 3,528
Between one and five years 35,475 2,253
45,375 5,781

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the start of the year, the director was indebted to the company in the sum of £47,930, during the year the company made advances to the director in the sum of £76,631 (2023: £67,388) and received credits from the director in the sum of £80,206 (2023: £67,407). At 31st March 2024, the director was indebted to the company in the sum of £44,355 (2023: £47,930). These advances were interest free and repayable on demand. No amounts were written off or waived.