Registration number:
Benton Design Limited
for the
Period from 1 January 2023 to 30 April 2024
Benton Design Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Benton Design Limited
Company Information
Directors |
Mr SC Benton Mr RA Benton Mr J Benton |
Company secretary |
Mr RA Benton |
Registered office |
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Accountants |
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Benton Design Limited
(Registration number: 06028160)
Balance Sheet as at 30 April 2024
Note |
30 April |
31 December |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' (deficit)/funds |
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Benton Design Limited
(Registration number: 06028160)
Balance Sheet as at 30 April 2024
For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 presentation currency of the financial statements is the Pound Sterling (£). All figures are rounded to the nearest pound.
Group accounts not prepared
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
2 |
Accounting policies (continued) |
Disclosure of long or short period
Going concern
The financial statements have been prepared on a going concern basis.
The directors have considered the position of the company with regard to its obligations to ensure the business can continue in operational existence for the forseeable future, and confirm their approval to adopt the going concern basis for preparing the accounts.
The directors have indicated their intention to continue to financially support the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the leasing of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.
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.
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
2 |
Accounting policies (continued) |
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 |
Fixtures & equipment |
25% reducing balance |
Office Equipment |
25% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors
Trade debtors are amounts due from customers for 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 inventories 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.
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Amounts received under operating leases are credited to the profit and loss account on a straight-line basis over the period of the lease, except where doing so would not result in a true and fair view.
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.
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
2 |
Accounting policies (continued) |
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (excluding directors) during the period, was
Tangible assets |
Office equipment |
Fixtures & equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Acquired through business combinations |
- |
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At 30 April 2024 |
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Depreciation |
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At 1 January 2023 |
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Charge for the period |
- |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
- |
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At 31 December 2022 |
- |
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Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
Investments |
30 April |
31 December |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Revaluation |
( |
Additions |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 31 December 2022 |
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The subsidiary company's trade was hived up to the company on 30 April 2024, resulting in the subsidiary company becoming dormant moving forwards and amounts owed to the company by the subsidiary being forgiven. The investment in the subsidiary has therefore been impaired accordingly.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
5 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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April 2024 |
December 2022 |
Subsidiary undertakings |
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Benton Furniture Limited
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Ordinary |
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United Kingdom |
The principal activity of Benton Furniture Limited is |
Stocks |
30 April |
31 December |
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Other inventories |
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- |
Debtors |
Current |
Note |
30 April |
31 December |
Trade debtors |
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- |
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Amounts owed by related parties |
- |
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Prepayments |
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- |
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Other debtors |
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- |
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Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
Creditors |
Creditors: amounts falling due within one year
30 April |
31 December |
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Due within one year |
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Trade creditors |
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675 |
Taxation and social security |
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13,228 |
Accruals and deferred income |
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1,210 |
Other creditors |
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- |
52,273 |
15,113 |
Share capital |
Allotted, called up and fully paid shares
30 April |
31 December |
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No. |
£ |
No. |
£ |
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3 |
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2 |
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320,000 |
- |
- |
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New shares allotted
During the period 1 |
During the period 320,000 |
Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
9 |
Share capital (continued) |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Redeemable preference shares have the following rights, preferences and restrictions: |
Related party transactions |
Summary of transactions with subsidiaries
A guarantee of £70,000 has been provided to NatWest Bank in respect of Benton Furniture Limited's overdraft. The overdraft balance as at 30 April 2024 was £0 (31 December 2022 - £0).
The trade of the subsidiary company was Hived Up to the company on 30 April 2024.
Loans to related parties
2024 |
Subsidiary |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
- |
- |
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Benton Design Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024
10 |
Related party transactions (continued) |
2022 |
Subsidiary |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties
Fluctuating loans to the wholly owned subsidiary company subsisted during the period under review.
The aformentioned loan to the subsidiary company was forgiven on 30 April 2024 due to the Hive Up of the subsidiary's trade to the company.