Company registration number 00210739 (England and Wales)
BEN BENNETT JR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
BEN BENNETT JR LIMITED
COMPANY INFORMATION
Directors
Ms J Bennett
Mrs N Bennett
Mr D Barks
Secretary
Mr I Wingfield
Company number
00210739
Registered office
Danecourt
Lisle Road
Rotherham
S60 2RL
Auditor
BHP LLP
Albert Works
Sidney Street
Sheffield
S1 4RG
Bankers
HSBC
35 College Street
Rotherham
South Yorkshire
S65 1AF
BEN BENNETT JR LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
BEN BENNETT JR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 December 2024.

Review of the business

We aim to present a balanced and comprehensive review of the developments and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our medium sized business and is written in the context of the risks and uncertainties we face.

 

The Company is split into three main divisions plus the smaller UK Blade division:

 

Development and performance

Movements in turnovers of the various activities of the Company were as follows:

 

 

Capital expenditure returned to normal levels in 2024 from the relative high of 2023.  All investment was funded by free cash flow and the company continues to be debt free.

 

Operating profit increase to £1,276,870 in 2024 up from £1,014,018 in 2023 (+26%).  Profit before taxation was up £461,026 in the year, due to increased interest income primarily on the intercompany loan and improved performance from our investment portfolio.

 

The outlook for 2025 remains unchanged for our steel related businesses and demand remains consistent for our limestone related products.

Key performance indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, movements in operating profit and net profits after tax.

On behalf of the board

Ms J Bennett
Director
20 May 2025
BEN BENNETT JR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 2 -
The directors present their report and financial statements for the year ended 30 December 2024.
Principal activities
The principal activity of the company continued to be that of quarrying of limestone, the manufacture of cold rolled and hardened and tempered steel strip and the manufacture of small hacksaws.
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms J Bennett
Mrs N Bennett
Mr D Barks
Mr B Bennett
(Resigned 9 May 2025)
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.

BEN BENNETT JR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 3 -

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

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Ms J Bennett
Director
20 May 2025
BEN BENNETT JR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEN BENNETT JR LIMITED
- 4 -
Opinion

We have audited the financial statements of Ben Bennett Jr Limited (the 'company') for the year ended 30 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

BEN BENNETT JR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEN BENNETT JR LIMITED (CONTINUED)
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

BEN BENNETT JR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEN BENNETT JR LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Daniel Varley (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
22 May 2025
BEN BENNETT JR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,461,392
12,440,678
Cost of sales
(7,390,757)
(8,012,370)
Gross profit
5,070,635
4,428,308
Administrative expenses
(3,819,451)
(3,434,590)
Other operating income
25,686
20,300
Operating profit
4
1,276,870
1,014,018
Interest receivable and similar income
7
239,780
173,113
Amounts written off investments
8
222,122
90,615
Profit before taxation
1,738,772
1,277,746
Tax on profit
9
(427,654)
(423,401)
Profit for the financial year
1,311,118
854,345

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BEN BENNETT JR LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2024
30 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
62,417
69,417
Other intangible assets
10
435,181
461,825
Total intangible assets
497,598
531,242
Tangible assets
11
6,688,071
6,243,815
Investments
12
2,706,984
2,676,453
9,892,653
9,451,510
Current assets
Stocks
14
357,325
515,383
Debtors
15
3,599,905
3,540,683
Cash at bank and in hand
3,414,003
2,421,133
7,371,233
6,477,199
Creditors: amounts falling due within one year
16
(1,680,259)
(1,733,200)
Net current assets
5,690,974
4,743,999
Total assets less current liabilities
15,583,627
14,195,509
Provisions for liabilities
Deferred tax liability
17
1,874,000
1,797,000
(1,874,000)
(1,797,000)
Net assets
13,709,627
12,398,509
Capital and reserves
Called up share capital
19
18,990
18,990
Capital redemption reserve
6,010
6,010
Profit and loss reserves
13,684,627
12,373,509
Total equity
13,709,627
12,398,509

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Ms J Bennett
Director
Company registration number 00210739 (England and Wales)
BEN BENNETT JR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
18,990
6,010
11,519,164
11,544,164
Year ended 30 December 2023:
Profit and total comprehensive income
-
-
854,345
854,345
Balance at 30 December 2023
18,990
6,010
12,373,509
12,398,509
Year ended 30 December 2024:
Profit and total comprehensive income
-
-
1,311,118
1,311,118
Balance at 30 December 2024
18,990
6,010
13,684,627
13,709,627
BEN BENNETT JR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,244,295
1,202,464
Income taxes paid
(101,424)
(68,358)
Net cash inflow from operating activities
2,142,871
1,134,106
Investing activities
Purchase of intangible assets
-
0
(70,000)
Purchase of tangible fixed assets
(1,793,922)
(2,417,557)
Proceeds from disposal of tangible fixed assets
212,550
477,800
Net movement on investments
191,591
(75,156)
Interest received
189,169
79,386
Dividends received
44,701
43,367
Other income received from investments
5,910
50,360
Net cash used in investing activities
(1,150,001)
(1,911,800)
Net increase/(decrease) in cash and cash equivalents
992,870
(777,694)
Cash and cash equivalents at beginning of year
2,421,133
3,198,827
Cash and cash equivalents at end of year
3,414,003
2,421,133
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Ben Bennett Jr Limited is a private company limited by shares incorporated in England and Wales. The registered office is Danecourt, Lisle Road, Rotherham, S60 2RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Mineral Rights
5% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% reducing balance
Plant and machinery
10% to 30% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and wherever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of assets

The Directors have used their knowledge of the business to estimate the useful economic life of the assets held by the business.

 

The requirements in FRS 102 refer to disclosures for each ‘class’ of tangible assets. A class is a grouping of assets of a similar nature and use in a company’s operations. The accounting policies for these judgements can be seen in the accounting policies note.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Limestone quarrying
10,017,952
9,822,841
Cold rolled steel strip
1,925,509
2,411,453
Blade manufacture
111,561
162,241
Animal bedding
406,370
44,143
12,461,392
12,440,678
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,413,282
12,373,993
Exports
48,110
66,685
12,461,392
12,440,678
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
189,169
79,386
Dividends received
44,701
43,367
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,100
17,250
Depreciation of owned tangible fixed assets
1,145,716
1,074,904
Profit on disposal of tangible fixed assets
(8,600)
(147,361)
Amortisation of intangible assets
33,644
27,227
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Limestone quarrying
41
42
Cold rolled steel strip
10
10
Blade manufacture
4
3
Head office
9
9
Total
64
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,092,818
2,915,780
Social security costs
334,364
296,954
Pension costs
151,679
126,920
3,578,861
3,339,654
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
587,835
657,311
Company pension contributions to defined contribution schemes
35,035
32,758
622,870
690,069

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
358,067
451,387
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
104,514
79,386
Other interest income
84,655
-
0
Total interest revenue
189,169
79,386
Other income from investments
Dividends received
44,701
43,367
233,870
122,753
Income from fixed asset investments
Income from other fixed asset investments
5,910
50,360
Total income
239,780
173,113
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
104,514
79,386
Dividends from financial assets measured at fair value through profit or loss
44,701
43,367
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 19 -
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
222,122
90,615
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
350,654
101,443
Adjustments in respect of prior periods
-
0
(42)
Total current tax
350,654
101,401
Deferred tax
Origination and reversal of timing differences
77,000
322,000
Total tax charge
427,654
423,401

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,738,772
1,277,746
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
434,693
300,526
Tax effect of expenses that are not deductible in determining taxable profit
1,565
5,938
Tax effect of income not taxable in determining taxable profit
(58,713)
(21,309)
Adjustments in respect of prior years
-
0
(42)
Permanent capital allowances in excess of depreciation
(706)
6,987
Other permanent differences
(13,792)
-
0
Exempt dividends
(7,506)
(10,198)
Remeasurement of deferred tax for changes in rates
-
0
18,983
Chargable gains
71,928
120,416
Movement in deferred tax not regognised
185
2,100
Taxation charge for the year
427,654
423,401
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 20 -
10
Intangible fixed assets
Goodwill
Mineral Rights
Total
£
£
£
Cost
At 31 December 2023 and 30 December 2024
198,270
532,876
731,146
Amortisation and impairment
At 31 December 2023
128,853
71,051
199,904
Amortisation charged for the year
7,000
26,644
33,644
At 30 December 2024
135,853
97,695
233,548
Carrying amount
At 30 December 2024
62,417
435,181
497,598
At 30 December 2023
69,417
461,825
531,242

 

11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Total
£
£
£
Cost
At 31 December 2023
1,478,229
12,377,495
13,855,724
Additions
432,456
1,361,466
1,793,922
Disposals
-
0
(688,308)
(688,308)
At 30 December 2024
1,910,685
13,050,653
14,961,338
Depreciation and impairment
At 31 December 2023
272,861
7,339,048
7,611,909
Depreciation charged in the year
2,473
1,143,243
1,145,716
Eliminated in respect of disposals
-
0
(484,358)
(484,358)
At 30 December 2024
275,334
7,997,933
8,273,267
Carrying amount
At 30 December 2024
1,635,351
5,052,720
6,688,071
At 30 December 2023
1,205,368
5,038,447
6,243,815

The net book value of land and buildings includes £122 of leasehold land.

 

The gross book value of land and buildings includes £1,561,785 (2023: £1,167,651) of non-depreciable assets.

BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 21 -
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
6,499
6,499
Listed investments
2,700,485
2,669,954
2,706,984
2,676,453

The company holds 100% of the ordinary share capital of Super Limes Limited, a company incorporated in England and Wales. Super Limes Limited was dormant throughout the year.

 

The aggregate amount of capital and reserves of Super Limes Limited at 31 December 2024 was £9,901 (2023: £9,901).

 

Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 31 December 2023
6,499
2,669,954
2,676,453
Additions
-
30,531
30,531
At 30 December 2024
6,499
2,700,485
2,706,984
Carrying amount
At 30 December 2024
6,499
2,700,485
2,706,984
At 30 December 2023
6,499
2,669,954
2,676,453
13
Subsidiaries

Details of the company's subsidiaries at 30 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Super Limes Limited
England and Wales
Ordinary
100.00
14
Stocks
2024
2023
£
£
Raw materials and consumables
301,442
470,432
Work in progress
31,130
13,016
Finished goods and goods for resale
24,753
31,935
357,325
515,383
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
14
Stocks
(Continued)
- 22 -

The company held consignment stocks at the year end amounting to £72,773 (2023: £69,916) in respect of which the benefits and risks of holding the stock had not passed to the company.

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,155,252
2,430,369
Other debtors
1,338,307
995,990
Prepayments and accrued income
106,346
114,324
3,599,905
3,540,683
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
298,809
266,448
Amounts owed to group undertakings
9,901
9,901
Corporation tax
357,673
108,443
Other taxation and social security
443,413
555,001
Other creditors
37,032
39,590
Accruals and deferred income
533,431
753,817
1,680,259
1,733,200
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,224,000
1,207,000
Retirement benefit obligations
(3,000)
-
Capital gains
653,000
590,000
1,874,000
1,797,000
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
17
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£
Liability at 31 December 2023
1,797,000
Charge to profit or loss
77,000
Liability at 30 December 2024
1,874,000
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,679
126,920

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
3,995
3,995
3,995
3,995
'B' ordinary shares of £1 each
14,995
14,995
14,995
14,995
18,990
18,990
18,990
18,990

Each 'A' shares entitles holders to full voting rights. Each 'A' share carries the right to participate in a dividend distribution. Each 'A' share carries the right to participate in a capital distribution including on a winding up. Shares are not redeemable.

 

The 'B' shares shall rank pari passu in all respects as one class of shares with the 'A' shares.

 

20
Operating lease commitments

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
61,457
84,024
Between two and five years
44,288
105,746
105,745
189,770
BEN BENNETT JR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 24 -
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
435,000
22
Related party transactions

Included within other debtors is an amount of £1,335,882 (2023: £996,174) owed to the company by Ben Bennett Jr Properties Limited. A company of which Jane Bennett is also a director and shareholder.

23
Ultimate controlling party

Following the death of the company's majority shareholder, Mr B Bennett Jr who owned 67% of the share capital. These shares are currently held within his estate which is yet to distributed.

 

24
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,311,118
854,345
Adjustments for:
Taxation charged
427,654
423,401
Investment income
(239,780)
(173,113)
Gain on disposal of tangible fixed assets
(8,600)
(147,361)
Amortisation and impairment of intangible assets
33,644
27,227
Depreciation and impairment of tangible fixed assets
1,145,716
1,074,904
Other gains and losses
(222,122)
(90,615)
Movements in working capital:
Decrease in stocks
158,058
60,018
Increase in debtors
(59,222)
(410,444)
Decrease in creditors
(302,171)
(415,898)
Cash generated from operations
2,244,295
1,202,464
25
Analysis of changes in net funds
31 December 2023
Cash flows
30 December 2024
£
£
£
Cash at bank and in hand
2,421,133
992,870
3,414,003
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