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Registrar

Registration number: 05241245

John Benson Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

John Benson Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 10

 

John Benson Limited

Company Information

Directors

W A Smith

J N N Benson

Company secretary

W A Smith

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Holmes and Hills LLP
Trinity Street
Halstead
Essex
CO9 1JE

Bankers

Coutts & Co.
440 Strand
London
WC2R 0QS

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

John Benson Limited

(Registration number: 05241245)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

148,804

155,734

Investment property

6

2,245,000

2,196,843

 

2,393,804

2,352,577

Current assets

 

Stocks

7

85,489

32,339

Debtors

8

854,377

918,893

Cash at bank and in hand

 

1,281,935

917,666

 

2,221,801

1,868,898

Creditors: Amounts falling due within one year

9

(308,199)

(279,232)

Net current assets

 

1,913,602

1,589,666

Total assets less current liabilities

 

4,307,406

3,942,243

Creditors: Amounts falling due after more than one year

9

(133,882)

(150,627)

Provisions for liabilities

(170,328)

(94,991)

Net assets

 

4,003,196

3,696,625

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

276,689

276,689

Retained earnings

3,726,407

3,419,836

Shareholders' funds

 

4,003,196

3,696,625

For the financial year 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 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 29 January 2025 and signed on its behalf by:
 

J N N Benson
Director

 

John Benson Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

100

276,689

3,419,836

3,696,625

Profit for the year

-

-

354,571

354,571

Dividends

-

-

(48,000)

(48,000)

At 30 April 2024

100

276,689

3,726,407

4,003,196


 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

100

-

2,491,391

2,491,491

Profit for the year

-

-

996,445

996,445

Other comprehensive income

-

276,689

-

276,689

Total comprehensive income

-

276,689

996,445

1,273,134

Dividends

-

-

(68,000)

(68,000)

At 30 April 2023

100

276,689

3,419,836

3,696,625


 

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: 1 Bocking End, Braintree, Essex, CM7 9AE.

These financial statements were authorised for issue by the Board on 29 January 2025.

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.

Revenue recognition

Turnover represents the value, excluding value added tax, of driving school services supplied to customers, property rental income and vehicle sales during the period.

Tax

Current Tax is recognised in the profit and loss account, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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 amortised over its useful life of 10 years.

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

Amortised evenly over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Stocks

Stocks are stated at the lower of cost and estimated selling price after making due allowance for obsolete and slow moving items.

Trade 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

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 paid.

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

200,000

200,000

At 30 April 2024

200,000

200,000

Amortisation

At 1 May 2023

200,000

200,000

At 30 April 2024

200,000

200,000

Carrying amount

At 30 April 2024

-

-

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2023

142,600

20,710

4,400

51,195

218,905

At 30 April 2024

142,600

20,710

4,400

51,195

218,905

Depreciation

At 1 May 2023

2,816

19,165

3,633

37,557

63,171

Charge for the year

2,852

477

192

3,409

6,930

At 30 April 2024

5,668

19,642

3,825

40,966

70,101

Carrying amount

At 30 April 2024

136,932

1,068

575

10,229

148,804

At 30 April 2023

139,784

1,545

767

13,638

155,734

Included within the net book value of land and buildings above is £136,932 (2023 - £139,783) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 May

2,196,843

Fair value adjustments

48,157

At 30 April

2,245,000

There has been no valuation of investment property carried out by an independent valuer.

It is considered by the directors that the value of £2,245,000 is not materially different from the market value.

7

Stocks

2024
£

2023
£

Other inventories

85,489

32,339

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

728

45

Directors loan

13

34,963

14,869

Other debtors

 

817,941

895,464

Prepayments and accrued income

 

745

8,515

   

854,377

918,893

Less non-current portion

 

(125,020)

(130,935)

 

729,357

787,958

Details of non-current trade and other debtors

£125,020 (2023 - £130,935) of Other debtors is classified as non current.

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

17,440

17,662

Other creditors

 

16,670

22,489

Taxation and social security

 

24,151

20,224

Corporation tax

 

129,679

79,935

Accruals and deferred income

 

120,259

138,922

 

308,199

279,232

Creditors include bank loans which are secured of £17,440 ((2023 - £17,662).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

133,882

150,627


 

Creditors include bank loans which are secured of £133,882 ((2023 - £150,627).

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

276,689

276,689

12

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,440

17,662

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

133,882

150,627


 

Security has been provided to Coutts & Co in relation to the bank borrowings within the loans in note 9 by the way of fixed charges over some of the investment properties.

 

John Benson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

13

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

J N N Benson

14,869

97,835

(77,741)

34,963

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

J N N Benson

85,639

34,230

(105,000)

14,869