Company registration number 00797872 (England and Wales)
BENFORD AUTOMATIC COMPANY LIMITED
Unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
BENFORD AUTOMATIC COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
BENFORD AUTOMATIC COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
288,024
218,840
Investments
5
213,479
213,479
501,503
432,319
Current assets
Trade and other receivables
6
149,839
148,795
Cash and cash equivalents
41,857
42,370
191,696
191,165
Current liabilities
7
(90,520)
(66,563)
Net current assets
101,176
124,602
Total assets less current liabilities
602,679
556,921
Non-current liabilities
8
(39,949)
(44,992)
Provisions for liabilities
(55,255)
(31,640)
Net assets
507,475
480,289
Equity
Called up share capital
10
1,380
1,380
Share premium account
181,620
181,620
Retained earnings
324,475
297,289
Total equity
507,475
480,289

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BENFORD AUTOMATIC COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 November 2024
Mr C R Benford
Director
Company Registration No. 00797872
BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Benford Automatic Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Villier Street, Uxbridge, Middlesex, UB8 2PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents the value of the work performed within the year, including a right to consideration obtained in advance of rendering an invoice and excluding amounts invoiced in advance for work performed.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% per annum on a straight line basis
Plant and machinery
20% per annum on a straight line basis
Equipment, fixtures and fittings
15% per annum on a straight line basis
Motor vehicles
25% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities 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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Property, plant and equipment
Freehold buildings
Plant and machinery
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
71,503
475,012
37,622
164,651
748,788
Additions
-
0
74,285
-
0
76,036
150,321
Disposals
-
0
-
0
-
0
(39,351)
(39,351)
At 31 March 2024
71,503
549,297
37,622
201,336
859,758
Depreciation and impairment
At 1 April 2023
47,007
377,455
34,810
70,676
529,948
Depreciation charged in the year
1,430
40,802
803
38,102
81,137
Eliminated in respect of disposals
-
0
-
0
-
0
(39,351)
(39,351)
At 31 March 2024
48,437
418,257
35,613
69,427
571,734
Carrying amount
At 31 March 2024
23,066
131,040
2,009
131,909
288,024
At 31 March 2023
24,496
97,557
2,812
93,975
218,840
BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Investments
213,479
213,479
Movements in non-current investments
Capital contribution to joint venture partnership
£
Cost or valuation
At 1 April 2023 & 31 March 2024
213,479
Carrying amount
At 31 March 2024
213,479
At 31 March 2023
213,479
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
12,034
9,807
Amounts due from joint venture partnership
134,334
134,836
Other receivables
3,471
4,152
149,839
148,795
7
Current liabilities
2024
2023
£
£
Bank loans
10,830
10,000
Trade payables
13,768
12,060
Taxation and social security
7,795
6,366
Other payables
58,127
38,137
90,520
66,563
BENFORD AUTOMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 8 -
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
12,613
22,563
Other payables
27,336
22,429
39,949
44,992
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
55,255
31,640
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,380
1,380
1,380
1,380
11
Directors' transactions

The company has entered into a joint venture partnership with the company's shareholder and director to provide livery and related services. The company has in previous years made capital contributions totalling £213,479; this balance remains due and is detailed in the fixed asset investments note. During the year the company was responsible for a share of the losses from the partnership of £502 (2023: profit share of £787) and this has been recognised in the income statement. As at 31 March 2024 the company was owed £134,334 (2023: £134,836) in respect of undrawn partnership profit.

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