Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falsefalseArchitectural activities8382truefalse 02710265 2023-06-01 2024-05-31 02710265 2022-06-01 2023-05-31 02710265 2024-05-31 02710265 2023-05-31 02710265 2022-06-01 02710265 1 2022-06-01 2023-05-31 02710265 2 2022-06-01 2023-05-31 02710265 3 2023-06-01 2024-05-31 02710265 3 2022-06-01 2023-05-31 02710265 5 2023-06-01 2024-05-31 02710265 5 2022-06-01 2023-05-31 02710265 d:Director1 2023-06-01 2024-05-31 02710265 d:Director2 2023-06-01 2024-05-31 02710265 d:Director3 2023-06-01 2024-05-31 02710265 d:Director4 2023-06-01 2024-05-31 02710265 d:RegisteredOffice 2023-06-01 2024-05-31 02710265 e:Buildings e:LongLeaseholdAssets 2023-06-01 2024-05-31 02710265 e:Buildings e:LongLeaseholdAssets 2024-05-31 02710265 e:Buildings e:LongLeaseholdAssets 2023-05-31 02710265 e:PlantMachinery 2023-06-01 2024-05-31 02710265 e:PlantMachinery 2024-05-31 02710265 e:PlantMachinery 2023-05-31 02710265 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02710265 e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02710265 e:CurrentFinancialInstruments 2024-05-31 02710265 e:CurrentFinancialInstruments 2023-05-31 02710265 e:Non-currentFinancialInstruments 2024-05-31 02710265 e:Non-currentFinancialInstruments 2023-05-31 02710265 e:CurrentFinancialInstruments e:WithinOneYear 2024-05-31 02710265 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 02710265 e:Non-currentFinancialInstruments e:AfterOneYear 2024-05-31 02710265 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 02710265 e:ReportableOperatingSegment1 2023-06-01 2024-05-31 02710265 e:ReportableOperatingSegment1 2022-06-01 2023-05-31 02710265 f:UnitedKingdom 2023-06-01 2024-05-31 02710265 f:UnitedKingdom 2022-06-01 2023-05-31 02710265 f:RestWorldOutsideUK 2023-06-01 2024-05-31 02710265 f:RestWorldOutsideUK 2022-06-01 2023-05-31 02710265 e:UKTax 2023-06-01 2024-05-31 02710265 e:UKTax 2022-06-01 2023-05-31 02710265 e:ShareCapital 2023-06-01 2024-05-31 02710265 e:ShareCapital 2024-05-31 02710265 e:ShareCapital 2022-06-01 2023-05-31 02710265 e:ShareCapital 2023-05-31 02710265 e:ShareCapital 2022-06-01 02710265 e:SharePremium 2023-06-01 2024-05-31 02710265 e:SharePremium 2024-05-31 02710265 e:SharePremium 2022-06-01 2023-05-31 02710265 e:SharePremium 2023-05-31 02710265 e:SharePremium 2022-06-01 02710265 e:SharePremium 1 2022-06-01 2023-05-31 02710265 e:SharePremium 2 2022-06-01 2023-05-31 02710265 e:CapitalRedemptionReserve 2023-06-01 2024-05-31 02710265 e:CapitalRedemptionReserve 2024-05-31 02710265 e:CapitalRedemptionReserve 2022-06-01 2023-05-31 02710265 e:CapitalRedemptionReserve 2023-05-31 02710265 e:CapitalRedemptionReserve 2022-06-01 02710265 e:CapitalRedemptionReserve 2 2022-06-01 2023-05-31 02710265 e:RevaluationReserve 1 2022-06-01 2023-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2024-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2023-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2022-06-01 02710265 e:RetainedEarningsAccumulatedLosses 1 2022-06-01 2023-05-31 02710265 e:RetainedEarningsAccumulatedLosses 2 2022-06-01 2023-05-31 02710265 e:OtherDeferredTax 2024-05-31 02710265 e:OtherDeferredTax 2023-05-31 02710265 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-01 2024-05-31 02710265 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-05-31 02710265 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-31 02710265 d:OrdinaryShareClass1 2023-06-01 2024-05-31 02710265 d:OrdinaryShareClass1 2024-05-31 02710265 d:OrdinaryShareClass1 2023-05-31 02710265 d:FRS102 2023-06-01 2024-05-31 02710265 d:Audited 2023-06-01 2024-05-31 02710265 d:FullAccounts 2023-06-01 2024-05-31 02710265 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02710265 e:WithinOneYear 2024-05-31 02710265 e:WithinOneYear 2023-05-31 02710265 e:BetweenOneFiveYears 2024-05-31 02710265 e:BetweenOneFiveYears 2023-05-31 02710265 e:MoreThanFiveYears 2024-05-31 02710265 e:MoreThanFiveYears 2023-05-31 02710265 2 2023-06-01 2024-05-31 02710265 g:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 02710265







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


BENNETTS ASSOCIATES LIMITED






































img6303.png                        

 


BENNETTS ASSOCIATES LIMITED
 


 
COMPANY INFORMATION


Directors
S M Erridge 
P Fisher 
J D Lipscombe 
J Nelmes 




Registered number
02710265



Registered office
1 Rawstorne Place

London

EC1V 7NL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


BENNETTS ASSOCIATES LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 25


 


BENNETTS ASSOCIATES LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present their strategic report for the year ended 31 May 2024
Principle Activity 
The principal activity of the company is the provision of architectural activities.

Business review
 
Our guiding vision is for resource-conscious architecture that is elegant in its simplicity and created with generosity. 
This vision defines not just the buildings we create but the way we operate—as a collaborative, employee-owned, BCorp certified firm committed to excellence, integrity, and sustainability. It guides our behaviour and inspires the spaces we shape for people, communities, and the planet.
These results show that turnover is up on the previous year after a strong performance, with work across the commercial workplace, science, higher education, and cultural sectors, and a continued contribution from work outside the UK in Greece and India.
Staff numbers are stable across the three studios and our commitment to fair pay is reflected in our accreditation as a Real Living Wage employer.

Principal risks and uncertainties
 
The directors remain alert to the risks prevalent in the commercial environment and continue to take steps to minimise or mitigate these risks.
Financial risks
The company manages its cash in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses are made through banks and institutions which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures and trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Financial key performance indicators
 
The company's key financial and other performance indicators during the year were as follows:
Turnover
Turnover has increased by 11.4% to £8,868,642 from £7,960,762 in the previous year.
Gross profit
The company's gross profit margin has imrpoved marginally to 41.18% (2023: 36.83%) and overall gross profit increased by £720,051.
Profit after tax
Profit after tax has increased to £754,123 from £452,251.
Net assets
The net assets have increased to £3,520,669 from £2,766,546 in the previous year.
Cash flow
The company saw a net cash outflow during the year of £417 (2023: inflow of £1,363,713)

Page 1

 


BENNETTS ASSOCIATES LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


This report was approved by the board and signed on its behalf.



S M Erridge
Director

Date: 26 February 2025

Page 2

 


BENNETTS ASSOCIATES LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £754,123 (2023 - £452,251).

No dividends were paid in the year (2023 - £Nil).

Directors

The directors who served during the year were:

S M Erridge 
P Fisher 
J D Lipscombe 
J Nelmes 

Future developments

The practice will continue to work towards the targets identified in the Business Plan and it is intended that the core architectural activity of the company will continue to develop in the UK, Europe and the rest of the world.  Further benefits for staff and the practice will accrue with the greater engagement and participation which has resulted from employee ownership.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


BENNETTS ASSOCIATES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMenzies LLPMenzies LLP were appointed as auditor to the company in the accordance with section 485 of the Companies Act 2006 and they are deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S M Erridge
Director

Date: 26 February 2025

Page 4

 


BENNETTS ASSOCIATES LIMITED
 

img2913.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETTS ASSOCIATES LIMITED

Opinion


We have audited the financial statements of Bennetts Associates Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


BENNETTS ASSOCIATES LIMITED


img60fc.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETTS ASSOCIATES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


BENNETTS ASSOCIATES LIMITED


img3726.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETTS ASSOCIATES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
General Data Protection Regulations;
UK tax legislation;
UK health and saftey legislation; and
UK employment legislation.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries tomanagement, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issuesin this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisationfor fraud and identified the greatest potential for fraud in the following areas:

The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests;
The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions; or
Posting of unusual journals and complex transactions.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 7

 


BENNETTS ASSOCIATES LIMITED


img266b.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETTS ASSOCIATES LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ralph Mitchison (FCA) (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

27 February 2025
Page 8

 


BENNETTS ASSOCIATES LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,868,642
7,960,762

Cost of sales
  
(5,216,384)
(5,028,555)

Gross profit
  
3,652,258
2,932,207

Administrative expenses
  
(3,035,879)
(2,677,257)

Operating profit
 5 
616,379
254,950

Interest receivable and similar income
 9 
104,013
37,290

Profit before tax
  
720,392
292,240

Tax on profit
 10 
33,731
160,011

Profit for the financial year
  
754,123
452,251

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


BENNETTS ASSOCIATES LIMITED
REGISTERED NUMBER:02710265



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
438,952
165,102

  
438,952
165,102

Current assets
  

Debtors: amounts falling due within one year
 12 
1,340,912
1,992,791

Cash at bank and in hand
 13 
3,601,034
3,601,451

  
4,941,946
5,594,242

Creditors: amounts falling due within one year
 14 
(1,646,333)
(2,112,608)

Net current assets
  
 
 
3,295,613
 
 
3,481,634

Total assets less current liabilities
  
3,734,565
3,646,736

Creditors: amounts falling due after more than one year
  
(137,212)
(674,044)

Provisions for liabilities
  

Deferred tax
 16 
(76,684)
-

Provisions
 17 
-
(206,146)

  
 
 
(76,684)
 
 
(206,146)

Net assets
  
3,520,669
2,766,546


Capital and reserves
  

Called up share capital 
 18 
23,077
23,077

Share premium account
  
178,812
178,812

Capital redemption reserve
  
2,566
2,566

Profit and loss account
  
3,316,214
2,562,091

  
3,520,669
2,766,546


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S M Erridge
Director

Date: 26 February 2025

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 


BENNETTS ASSOCIATES LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2022
23,079
178,812
2,564
2,109,840
2,314,295


Comprehensive income for the year

Profit for the year
-
-
-
452,251
452,251

Other share capital movements
-
-
2
-
2
Total comprehensive income for the year
-
-
2
452,251
452,253

Other share capital movements
(2)
-
-
-
(2)



At 1 June 2023
23,077
178,812
2,566
2,562,091
2,766,546


Comprehensive income for the year

Profit for the year
-
-
-
754,123
754,123
Total comprehensive income for the year
-
-
-
754,123
754,123


At 31 May 2024
23,077
178,812
2,566
3,316,214
3,520,669


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 


BENNETTS ASSOCIATES LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
754,123
452,251

Adjustments for:

Depreciation of tangible assets
135,909
79,092

Loss on disposal of tangible assets
845
-

Interest received
(103,522)
(37,290)

Taxation charge
(33,731)
(160,011)

Decrease in debtors
727,834
658,589

(Decrease)/increase in creditors
(968,647)
148,145

(Decrease)/increase in provisions
(206,146)
75,479

Corporation tax received
-
210,582

Net cash generated from operating activities

306,665
1,426,837


Cash flows from investing activities

Purchase of tangible fixed assets
(410,604)
(100,414)

Interest received
103,522
37,290

Net cash from investing activities

(307,082)
(63,124)


Net (decrease)/increase in cash and cash equivalents
(417)
1,363,713

Cash and cash equivalents at beginning of year
3,601,451
2,237,738

Cash and cash equivalents at the end of year
3,601,034
3,601,451


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,601,034
3,601,451

3,601,034
3,601,451


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


BENNETTS ASSOCIATES LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024




At 1 June 2023
Cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

3,601,451

(417)

3,601,034

Debt due within 1 year

-

-

-


3,601,451
(417)
3,601,034

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Bennetts Associates Limited is a private company, limited by shares, registered in England & Wales under the Companies Act 2006. The principal activity of the Company is disclosed in the Strategic Report. The registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods described below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the term of the lease.
Plant and machinery
-
33% straight line & 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 17

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation, where applicable, for items relating to revenue recognition, specifically around the degree of completion and the costs to complete on a project and for provisions over the amount recognised and timing.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of architectural services
8,868,642
7,960,762

8,868,642
7,960,762


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,585,381
7,778,535

Rest of the world
283,261
182,227

8,868,642
7,960,762



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
134,412
79,092

Rent - operating leases
460,247
467,928

Loss on disposal of property, plant and equipment
845
-

Page 19

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,750
10,100

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,326,787
3,970,517

Social security costs
461,303
478,068

Cost of defined contribution scheme
503,179
388,335

5,291,269
4,836,920


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Technical staff
67
64



Administrative staff
12
14



Directors
4
4

83
82

During the year gross EOT Qualifying Bonuses of £Nil (2023: £221,805) were voted to staff and included within the costs analysed above.


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
464,251
612,771

Company contributions to defined contribution pension schemes
135,733
130,239

599,984
743,010


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

Page 20

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
104,013
37,290

104,013
37,290


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
127,934
50,571

Adjustments in respect of previous periods
(238,349)
(210,582)


(110,415)
(160,011)


Total current tax
(110,415)
(160,011)

Deferred tax


Origination and reversal of timing differences
76,684
-

Total deferred tax
76,684
-


Tax on profit
(33,731)
(160,011)
Page 21

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
720,392
292,240


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
180,098
73,060

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,986

Capital allowances for year in excess of depreciation
-
(11,841)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(210,582)

Adjustments to tax charge in respect of previous periods
(238,349)
-

Movements in deferred tax not recognised
24,520
-

Other differences leading to an increase (decrease) in the tax charge
-
(12,634)

Total tax charge for the year
(33,731)
(160,011)


Factors that may affect future tax charges

There are no factors that may affect future tax charges

Page 22

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Tangible fixed assets





Leasehold Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 June 2023
140,857
1,055,269
1,196,126


Additions
89,841
320,763
410,604


Disposals
-
(596,625)
(596,625)



At 31 May 2024

230,698
779,407
1,010,105



Depreciation


At 1 June 2023
140,857
890,167
1,031,024


Charge for the year on owned assets
1,497
134,412
135,909


Disposals
-
(595,780)
(595,780)



At 31 May 2024

142,354
428,799
571,153



Net book value



At 31 May 2024
88,344
350,608
438,952



At 31 May 2023
-
165,102
165,102


12.


Debtors

2024
2023
£
£


Trade debtors
750,231
1,462,706

Other debtors
158,443
5,353

Prepayments and accrued income
432,238
524,732

1,340,912
1,992,791



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,601,034
3,601,451

3,601,034
3,601,451


Page 23

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
101,629
115,752

Other taxation and social security
321,008
429,117

Other creditors
42,528
38,868

Corporation tax
-
50,571

Accruals and deferred income
1,181,168
1,478,300

1,646,333
2,112,608



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
137,212
674,044

137,212
674,044



16.


Deferred taxation




2024


£






Charged to profit or loss
(76,684)



At end of year
(76,684)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Timing differences
(76,684)
-

(76,684)
-

Page 24

 


BENNETTS ASSOCIATES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Provisions




Other provision

£





At 1 June 2023
206,146


Utilised in year
(206,146)



At 31 May 2024
-


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



230,769 (2023 - 230,769) Ordinary shares of £0.10 each
23,077
23,077



19.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £503,179 (2023 - £388,335).


20.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
414,540
388,425

Later than 1 year and not later than 5 years
1,350,202
1,242,075

Later than 5 years
661,537
933,333

2,426,279
2,563,833


21.


Controlling party

In the opinion of the board of directors, there is no ultimate controlling party of the company.

 
Page 25