Benton Design Limited 06028160 false 2023-01-01 2024-04-30 2024-04-30 The principal activity of the company is renting and leasing of machinery and equipment Digita Accounts Production Advanced 6.30.9574.0 false true false 06028160 2023-01-01 2024-04-30 06028160 2024-04-30 06028160 bus:OrdinaryShareClass1 2024-04-30 06028160 bus:PreferenceShareClass1 2024-04-30 06028160 core:RetainedEarningsAccumulatedLosses 2024-04-30 06028160 core:ShareCapital 2024-04-30 06028160 core:CurrentFinancialInstruments 2024-04-30 06028160 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 06028160 core:AdditionsToInvestments 2024-04-30 06028160 core:CostValuation 2024-04-30 06028160 core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 06028160 core:FurnitureFittingsToolsEquipment 2024-04-30 06028160 core:OtherPropertyPlantEquipment 2024-04-30 06028160 core:AllSubsidiaries 2024-04-30 06028160 bus:SmallEntities 2023-01-01 2024-04-30 06028160 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-04-30 06028160 bus:FilletedAccounts 2023-01-01 2024-04-30 06028160 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-04-30 06028160 bus:RegisteredOffice 2023-01-01 2024-04-30 06028160 bus:CompanySecretaryDirector1 2023-01-01 2024-04-30 06028160 bus:Director1 2023-01-01 2024-04-30 06028160 bus:Director3 2023-01-01 2024-04-30 06028160 bus:OrdinaryShareClass1 2023-01-01 2024-04-30 06028160 bus:PreferenceShareClass1 2023-01-01 2024-04-30 06028160 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-04-30 06028160 core:FurnitureFittingsToolsEquipment 2023-01-01 2024-04-30 06028160 core:OfficeEquipment 2023-01-01 2024-04-30 06028160 core:OtherPropertyPlantEquipment 2023-01-01 2024-04-30 06028160 core:AllSubsidiaries 2023-01-01 2024-04-30 06028160 core:Subsidiary1 2023-01-01 2024-04-30 06028160 core:Subsidiary1 countries:AllCountries 2023-01-01 2024-04-30 06028160 1 2023-01-01 2024-04-30 06028160 countries:EnglandWales 2023-01-01 2024-04-30 06028160 2022-12-31 06028160 core:CostValuation 2022-12-31 06028160 core:FurnitureFittingsToolsEquipment 2022-12-31 06028160 core:OtherPropertyPlantEquipment 2022-12-31 06028160 core:AllSubsidiaries 2022-12-31 06028160 2022-01-01 2022-12-31 06028160 2022-12-31 06028160 bus:OrdinaryShareClass1 2022-12-31 06028160 bus:PreferenceShareClass1 2022-12-31 06028160 core:RetainedEarningsAccumulatedLosses 2022-12-31 06028160 core:ShareCapital 2022-12-31 06028160 core:CurrentFinancialInstruments 2022-12-31 06028160 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06028160 core:FurnitureFittingsToolsEquipment 2022-12-31 06028160 core:OtherPropertyPlantEquipment 2022-12-31 06028160 core:AllSubsidiaries 2022-12-31 06028160 core:AllSubsidiaries 2022-01-01 2022-12-31 06028160 core:Subsidiary1 2022-01-01 2022-12-31 06028160 2021-12-31 06028160 core:AllSubsidiaries 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06028160

Benton Design Limited

Unaudited Financial Statements

for the Period from 1 January 2023 to 30 April 2024

 

Benton Design Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Benton Design Limited

Company Information

Directors

Mr SC Benton

Mr RA Benton

Mr J Benton

Company secretary

Mr RA Benton

Registered office

Unit 10
Suprema Industrial Estate
Edington
Somerset
TA7 9BF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Benton Design Limited

(Registration number: 06028160)
Balance Sheet as at 30 April 2024

Note

30 April
2024
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

4,721

4,553

Investments

5

1

1

 

4,722

4,554

Current assets

 

Stocks

6

7,883

-

Debtors

7

18,040

61,998

Cash at bank and in hand

 

8,352

50

 

34,275

62,048

Creditors: Amounts falling due within one year

8

(52,273)

(15,113)

Net current (liabilities)/assets

 

(17,998)

46,935

Net (liabilities)/assets

 

(13,276)

51,489

Capital and reserves

 

Called up share capital

9

320,003

2

Retained earnings

(333,279)

51,487

Shareholders' (deficit)/funds

 

(13,276)

51,489

 

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:

The members have not required the company to obtain an audit of its accounts for the period 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 22 January 2025 and signed on its behalf by:
 

.........................................
Mr J Benton
Director

 

Benton Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 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:
Unit 10
Suprema Industrial Estate
Edington
Somerset
TA7 9BF
United Kingdom

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 - '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

In accordance with Section 399 of the Companies Act 2006, exemption has been taken from preparing group accounts on the grounds that the company qualifies as the parent of a small group.

 

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

The company's year end was extended from 31 December 2023 to 30 April 2024 to coincide with the Hive Up of the subsidiary's trade to the company. As such the accounting period is 16-months in length and the comparative amounts shown are not readily comparable.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instruments is any contact that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the period, was 2 (2022 - 1).

4

Tangible assets

Office equipment
£

Fixtures & equipment
£

Total
£

Cost or valuation

At 1 January 2023

9,039

54,947

63,986

Acquired through business combinations

-

1,686

1,686

At 30 April 2024

9,039

56,633

65,672

Depreciation

At 1 January 2023

9,039

50,394

59,433

Charge for the period

-

1,518

1,518

At 30 April 2024

9,039

51,912

60,951

Carrying amount

At 30 April 2024

-

4,721

4,721

At 31 December 2022

-

4,553

4,553

 

Benton Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

5

Investments

30 April
2024
£

31 December
2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Revaluation

(387,262)

Additions

387,262

At 30 April 2024

1

Carrying amount

At 30 April 2024

1

At 31 December 2022

1


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

     

April 2024

December 2022

Subsidiary undertakings

Benton Furniture Limited

Benton Furniture Limited
Unit 10 Suprema Industrial Estate,
Edington,
Somerset
TA7 9BF

Ordinary

100%

100%

 

United Kingdom

     

The principal activity of Benton Furniture Limited is kitchen & furniture design, manufacture and installation

6

Stocks

30 April
2024
£

31 December
2022
£

Other inventories

7,883

-

7

Debtors

Current

Note

30 April
2024
£

31 December
2022
£

Trade debtors

 

1,918

-

Amounts owed by related parties

10

-

61,998

Prepayments

 

2,061

-

Other debtors

 

14,061

-

   

18,040

61,998

 

Benton Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

30 April
2024
£

31 December
2022
£

Due within one year

Trade creditors

10,336

675

Taxation and social security

165

13,228

Accruals and deferred income

4,034

1,210

Other creditors

37,738

-

52,273

15,113

9

Share capital

Allotted, called up and fully paid shares

30 April
2024

31 December
2022

No.

£

No.

£

Ordinary shares of £1 each

3

3

2

2

Redeemable preference shares of £1 each

320,000

320,000

-

-

320,003

320,003

2

2

New shares allotted

During the period 1 Ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1.

During the period 320,000 Redeemable preference shares having an aggregate nominal value of £320,000 were allotted for an aggregate consideration of £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:
Full voting, full equity, dividend rights, non redeemable

Redeemable preference shares have the following rights, preferences and restrictions:
Non-voting, non-equity, dividends at the option of the company, preferential rights on winding up, redeemable at the option of the company

10

Related party transactions

Summary of transactions with subsidiaries

Benton Furniture Limited (wholly owned subsidiary)

 The assets owned by the company were used by the wholly owned subsidiary company in the course of its trade. During the period under review, the company received £6,304 (December 2022 - £4,727) for hire charges in relation to these fixed assets.
 
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

61,998

61,998

Advanced

379,578

379,578

Repaid

(441,576)

(441,576)

At end of period

-

-

 

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

54,718

54,718

Advanced

39,595

39,595

Repaid

(32,315)

(32,315)

At end of period

61,998

61,998

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.