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Registration number: 05910658

Ben Singer Machinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ben Singer Machinery Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ben Singer Machinery Limited

(Registration number: 05910658)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,047

13,212

Current assets

 

Stocks

6

105,100

35,000

Debtors

7

127,677

94,581

Cash at bank and in hand

 

266,453

334,911

 

499,230

464,492

Creditors: Amounts falling due within one year

8

(66,526)

(30,647)

Net current assets

 

432,704

433,845

Total assets less current liabilities

 

442,751

447,057

Provisions for liabilities

(1,909)

(3,303)

Net assets

 

440,842

443,754

Capital and reserves

 

Called up share capital

100

100

Retained earnings

440,742

443,654

Shareholders' funds

 

440,842

443,754

 

Ben Singer Machinery Limited

(Registration number: 05910658)
Balance Sheet as at 31 March 2024

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

Directors' responsibilities:

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

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

Mr B Singer
Director

   
     
 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woolley Grange Farm
Woolley Green
Bradford On Avon
Wiltshire
BA15 1TY

These financial statements were authorised for issue by the Board on 3 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

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

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Amortisation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,508

15,219

28,000

48,727

Additions

141

-

-

141

At 31 March 2024

5,649

15,219

28,000

48,868

Depreciation

At 1 April 2023

5,090

12,761

17,664

35,515

Charge for the year

107

615

2,584

3,306

At 31 March 2024

5,197

13,376

20,248

38,821

Carrying amount

At 31 March 2024

452

1,843

7,752

10,047

At 31 March 2023

418

2,458

10,336

13,212

6

Stocks

2024
£

2023
£

Other inventories

105,100

35,000

 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

60,033

35,569

Amounts owed by related parties

9

63,596

51,701

Other debtors

 

4,048

7,000

Gross amount due from customers for contract work

 

-

311

 

127,677

94,581

8

Creditors

Due within one year

2024
£

2023
£

Trade creditors

53,376

420

Social security and other taxes

9,150

26,727

Accruals

4,000

3,500

66,526

30,647

 

Ben Singer Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Other related parties
£

At start of period

51,976

1,500

Advanced

42,960

40,000

Repaid

(71,340)

(1,500)

At end of period

23,596

40,000

2023

Key management
£

Other related parties
£

At start of period

-

31,690

Advanced

59,611

1,500

Repaid

(7,635)

(31,690)

At end of period

51,976

1,500

Terms of loans to related parties

Loans to key management are interest free and repayable on demand.
 Loans to other related parties are interest free and repayable on demand.