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COMPANY REGISTRATION NUMBER: 00717293
H.E AND B.S Benson Limited
Filleted Unaudited Financial Statements
31 December 2024
H.E AND B.S Benson Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
22,595
23,613
Current assets
Stocks
7
210,460
232,996
Debtors
8
137,607
112,836
Cash at bank and in hand
273,054
257,530
---------
---------
621,121
603,362
Creditors: amounts falling due within one year
9
54,539
42,033
---------
---------
Net current assets
566,582
561,329
---------
---------
Total assets less current liabilities
589,177
584,942
Provisions
10
3,501
3,669
---------
---------
Net assets
585,676
581,273
---------
---------
Capital and reserves
Called up share capital
12
26
26
Capital redemption reserve
5,975
5,975
Profit and loss account
579,675
575,272
---------
---------
Shareholders funds
585,676
581,273
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 31 December 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 .
H.E AND B.S Benson Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
DJG Price
Director
Company registration number: 00717293
H.E AND B.S Benson Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Laureate Industrial Estate, Exning Road, Newmarket, Suffolk, CB8 0AR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover from the sale of goods is recognised when the significant risks and rewards are transferred to the buyer and it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration receivable excluding discounts, value added tax and other sales taxes.
Income tax
The tax expense for the year comprises current and deferred tax. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date, to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Freehold property
-
5% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% straight line
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. the impairment loss is recognised immediately in profit and loss.
Defined contribution plans
The company pays fixed pension contributions to a separate pension plan for employees. Contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet.
Dividends
Interim dividends are recognised when paid. Final dividends are recognised when approved by shareholders at a general meeting.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 19 ).
5. Tax on profit/(loss)
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense/(income)
6,916
( 776)
Deferred tax:
Origination and reversal of timing differences
( 168)
( 174)
-------
----
Tax on profit/(loss)
6,748
( 950)
-------
----
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
35,631
( 5,077)
--------
-------
Profit/(loss) on ordinary activities by rate of tax
8,908
( 1,193)
Effect of expenses not deductible for tax purposes
25
80
Effect of capital allowances and depreciation
( 20)
Effect of different UK tax rates on some earnings
(2,185)
183
--------
-------
Tax on profit/(loss)
6,748
( 950)
--------
-------
Factors that may affect future tax expense
In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 25% rate is used to measure taxes in 2024 (and in 2023 the 23.5% rate used reflects 9 months of the new rate and 3 months of the previous rate of 19% to the extent the related timing differences were expected to reverse after 1st April 2023).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
22,189
171,826
44,345
238,360
Additions
1,699
1,397
3,096
Disposals
( 12,464)
( 1,657)
( 14,121)
--------
---------
--------
---------
At 31 December 2024
22,189
161,061
44,085
227,335
--------
---------
--------
---------
Depreciation
At 1 January 2024
15,189
158,768
40,790
214,747
Charge for the year
2,886
1,228
4,114
Disposals
( 12,464)
( 1,657)
( 14,121)
--------
---------
--------
---------
At 31 December 2024
15,189
149,190
40,361
204,740
--------
---------
--------
---------
Carrying amount
At 31 December 2024
7,000
11,871
3,724
22,595
--------
---------
--------
---------
At 31 December 2023
7,000
13,058
3,555
23,613
--------
---------
--------
---------
7. Stocks
2024
2023
£
£
Raw materials and consumables
54,179
51,971
Work in progress
115,656
119,884
Finished goods and goods for resale
40,625
61,141
---------
---------
210,460
232,996
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
114,282
90,161
Other debtors
23,325
22,675
---------
---------
137,607
112,836
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,066
24,365
Corporation tax
6,916
Social security and other taxes
9,517
9,544
Other creditors
14,040
8,124
--------
--------
54,539
42,033
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2024
3,669
Charge against provision
( 168)
-------
At 31 December 2024
3,501
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
3,501
3,669
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,501
3,669
-------
-------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.50 each
51
26
51
26
----
----
----
----
13. Controlling party
The ultimate controlling party is Mr D J G Price .