LEON BENNETT LTD

Company Registration Number:
12484490 (England and Wales)

Unaudited abridged accounts for the year ended 29 February 2024

Period of accounts

Start date: 01 March 2023

End date: 29 February 2024

LEON BENNETT LTD

Contents of the Financial Statements

for the Period Ended 29 February 2024

Balance sheet
Notes

LEON BENNETT LTD

Balance sheet

As at 29 February 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 19,000 9,400
Tangible assets: 4 4,097,664 1,880,342
Total fixed assets: 4,116,664 1,889,742
Current assets
Stocks: 283,453 253,221
Debtors: 5 309,862 249,852
Cash at bank and in hand: 391,854 181,595
Total current assets: 985,169 684,668
Creditors: amounts falling due within one year: 6 (81,907) (67,497)
Net current assets (liabilities): 903,262 617,171
Total assets less current liabilities: 5,019,926 2,506,913
Creditors: amounts falling due after more than one year: 7 (14,602) (20,059)
Total net assets (liabilities): 5,005,324 2,486,854
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 5,005,323 2,486,853
Shareholders funds: 5,005,324 2,486,854

The notes form part of these financial statements

LEON BENNETT LTD

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 25 June 2024
and signed on behalf of the board by:

Name: Glen Wood
Status: Director

The notes form part of these financial statements

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises revenues, measured at the fair value of consideration receivable and excluding VAT and discounts, in respect of goods and services supplied during the year. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. Turnover from provision of services is recognised by reference to the stage of completion of the contract, where it can be reliably estimated. If the outcome of a contract cannot be estimated reliably, turnover is only recognised to the extent of recoverable expenses.

Tangible fixed assets and depreciation policy

Tangible fixed assets, other than freehold property, are stated at cost less accumulated depreciation and any accumulated impairment losses. Freehold buildings may be stated at revaluation where this can be measured reliably, otherwise at cost, and less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight-line basis, to allocate the cost less estimated residual value of tangible fixed assets, other than freehold land which is not depreciated, over their expected useful lives at the following rates: Freehold buildings are depreciated at an annual rate of 5 percent Equipment and tools are depreciated at an annual rate of 10 percent Fixtures and fittings are depreciated at an annual rate of 15 percent Motor vehicles are depreciated at an annual rate of 20 percent The residual value of assets is reviewed annually, and if there is indication of significant impairment to an asset, its carrying amount is reduced to the estimated recoverable amount. An impairment loss, recognised as the difference in these two amounts, is charged to profit or loss for the year.

Intangible fixed assets and amortisation policy

Intangible fixed assets, including goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on a straight-line basis, to allocate the cost less estimated residual value of intangibles over the following expected useful lives: Goodwill is amortised over 10 years

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes directly attributable labour and other costs of production. Appropriate provision is made for obsolete or slow-moving items.

Other accounting policies

Leases Leases are classified as finance leases where the terms of the lease give rights approximating to ownership. Assets held under finance leases or hire purchase contracts are treated as if they had been purchased outright, included in tangible fixed assets, and depreciated and assessed for impairment losses. Lease payments are apportioned between capital and finance charges so as to achieve a constant rate of interest over the term of the lease on the balance capital outstanding. The capital element reduces the amount payable to the creditor and the finance charges are deducted in measuring profit or loss. Leases that are not classified as finance leases are treated as operating leases. Rentals payable under operating leases are charged to profit and loss on a straight-line basis over the term of the lease. The aggregate benefit of any lease incentives are recognised in profit and loss over the lease term on a straight-line basis. Deferred taxation The tax expense for the year comprises undiscounted current and deferred tax, where appropriate. Deferred tax, using the tax rates enacted or substantively enacted by the reporting date, is recognised in respect of all timing differences in comparing when transactions are recognised in the financial statements and when they are recognised for tax purposes. Tax is recognised in profit and loss, unless attributable to other comprehensive income. Foreign exchange Foreign currency transactions are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction, or at an average rate where this approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the appropriate closing rate at that date. Foreign exchange gains and losses are presented in other income within profit and loss. Pension costs The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from the company in independently administered funds. Pension payments are recognised as an expense in profit and loss in the period in which they fall due. Short-term employee benefits A liability for all material employee pay and benefits is recognised in profit and loss, including accrued employee holiday pay entitlements at the year end that are paid in the following year.

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

2. Employees

2024 2023
Average number of employees during the period 26 15

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Intangible Assets

Total
Cost £
At 01 March 2023 66,000
Additions 18,000
At 29 February 2024 84,000
Amortisation
At 01 March 2023 56,600
Charge for year 8,400
At 29 February 2024 65,000
Net book value
At 29 February 2024 19,000
At 28 February 2023 9,400

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Tangible Assets

Total
Cost £
At 01 March 2023 2,577,876
Additions 2,776,710
At 29 February 2024 5,354,586
Depreciation
At 01 March 2023 697,534
Charge for year 559,388
At 29 February 2024 1,256,922
Net book value
At 29 February 2024 4,097,664
At 28 February 2023 1,880,342

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

5. Debtors

2024 2023
££
Debtors due after more than one year: 14,602 20,059

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

6. Creditors: amounts falling due within one year note

Trade creditors

LEON BENNETT LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

7. Creditors: amounts falling due after more than one year note

Other Creditors