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Company registration number: 12265962
W J Bennett & Son Limited
Financial statements
31 October 2024
W J Bennett & Son Limited
Abridged statement of financial position
31st October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 9 2,120,653 2,057,400
__________ __________
2,120,653 2,057,400
Current assets
Stocks 10 42,100 15,900
Debtors 11 565,257 419,740
Cash at bank and in hand 86,327 23,789
__________ __________
693,684 459,429
Creditors: amounts falling due
within one year 13 ( 1,013,155) ( 649,440)
__________ __________
Net current liabilities ( 319,471) ( 190,011)
__________ __________
Total assets less current liabilities 1,801,182 1,867,389
Creditors: amounts falling due
after more than one year 14 ( 1,663,704) ( 1,787,956)
__________ __________
Net assets 137,478 79,433
__________ __________
Capital and reserves
Called up share capital 2 2
Profit and loss account 137,476 79,431
__________ __________
Shareholders funds 137,478 79,433
__________ __________
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Abbeygale Bennett
Director
Company registration number: 12265962
W J Bennett & Son Limited
Notes to the financial statements
Year ended 31st October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Royston House, Alton Road, Odiham, Hook, RG29 1PH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Motor vehicles - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 336,392 172,844
Impairment of trade debtors 1,700 -
Foreign exchange differences ( 6,630) -
__________ __________
6. Staff costs
The average number of persons employed by the company during the year amounted to 13 (2023: 10).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 649,017 306,460
Social security costs 65,354 13,486
Other pension costs 13,628 7,098
__________ __________
727,999 327,044
__________ __________
7. Interest payable and similar expenses
2024 2023
£ £
Bank loans and overdrafts 511 751
Other loans made to the company:
Finance leases and hire purchase contracts 124,014 42,925
Factoring loans - 13,923
Other interest payable and similar expenses 6,274 8,683
__________ __________
130,799 66,282
__________ __________
8. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 336,392 172,844
__________ __________
9. Tangible assets
£
Cost
At 1st November 2023 2,345,504
Additions 450,016
Disposals ( 73,000)
__________
At 31st October 2024 2,722,520
__________
Depreciation
At 1st November 2023 288,104
Charge for the year 336,393
Disposals ( 22,630)
__________
At 31st October 2024 601,867
__________
Carrying amount
At 31st October 2024 2,120,653
__________
At 31st October 2023 2,057,400
__________
10. Stocks
2024 2023
£ £
Stock for resale 42,100 15,900
__________ __________
11. Debtors
2024 2023
£ £
Trade debtors 558,777 341,891
Other debtors 6,480 77,849
__________ __________
565,257 419,740
__________ __________
12. Cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 86,327 23,789
__________ __________
13. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 288,189 98,672
Social security and other taxes 140,577 14,501
Other creditors 584,389 536,267
__________ __________
1,013,155 649,440
__________ __________
14. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 835,255 1,007,681
Other creditors 1,648,504 1,763,156
__________ __________
2,483,759 2,770,837
__________ __________
15. Cash generated from operations
£ £
Cash flows from operating activities
Profit for the financial year 58,045 42,581
Adjustments for:
Depreciation of tangible assets 336,392 172,844
Interest payable and similar expenses 130,799 66,282
Changes in:
Stocks ( 26,200) ( 15,900)
Trade and other receivables ( 145,517) ( 198,026)
Trade and other payables 312,157 758,184
__________ __________
Cash generated from operations 665,676 825,965
__________ __________