Company registration number 06783589 (England and Wales)
BENNETT JONES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BENNETT JONES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BENNETT JONES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,662
16,311
Investments
4
100
100
41,762
16,411
Current assets
Debtors
5
2,192,353
10,324,051
Cash at bank and in hand
903,322
445,418
3,095,675
10,769,469
Creditors: amounts falling due within one year
6
(788,542)
(8,821,315)
Net current assets
2,307,133
1,948,154
Total assets less current liabilities
2,348,895
1,964,565
Provisions for liabilities
(5,996)
(4,078)
Net assets
2,342,899
1,960,487
Capital and reserves
Called up share capital
7
533,333
533,333
Profit and loss reserves
1,809,566
1,427,154
Total equity
2,342,899
1,960,487

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BENNETT JONES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Mr G J Mullarkey
Mr M P Smith
Director
Director
Mr A M Hayes
Director
Company registration number 06783589 (England and Wales)
BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Bennett Jones Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18-22 Lloyd Street, Manchester, M2 5WA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements are prepared on a going concern basis. Following the sale of the bulk of the IVA book, this book and subsequent new business continues to be serviced by the company in return for an ongoing servicing fee. The directors have prepared a going concern assessment covering a period of at least 12 months from the date of signing these accounts. This assessment has taken into account the cashflow position over the period and have concluded that sufficient cash will be generated from operations to meet ongoing costs and liabilities as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown gross.

Turnover represents amounts recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and are subsequently measured at cost less depreciation and any impairment losses.

BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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

Land and buildings Leasehold
No depreciation has been charged on the leasehold property improvements as the asset has not yet been brought into use.
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line

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.

1.5
Fixed asset investments

Investments are measured at transaction price excluding transaction costs. Transaction costs are expensed to profit or loss as incurred. Any changes in fair value would be recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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.

BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

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, 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.

1.9
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.

1.10
Taxation

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

BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.11
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.

1.12
Retirement benefits

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

 

 

 

 

1.13
Leases

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.

2
Employees

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

2024
2023
Number
Number
Total
54
55
BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
-
0
56,665
56,665
Additions
17,388
22,364
39,752
Disposals
-
0
(24,698)
(24,698)
At 31 December 2024
17,388
54,331
71,719
Depreciation and impairment
At 1 January 2024
-
0
40,354
40,354
Depreciation charged in the year
-
0
13,665
13,665
Eliminated in respect of disposals
-
0
(23,962)
(23,962)
At 31 December 2024
-
0
30,057
30,057
Carrying amount
At 31 December 2024
17,388
24,274
41,662
At 31 December 2023
-
0
16,311
16,311
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2024 & 31 December 2024
100
Carrying amount
At 31 December 2024
100
At 31 December 2023
100
BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
686,762
1,994
Other debtors
1,505,591
10,322,057
2,192,353
10,324,051
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
346,633
256,099
Amounts owed to group undertakings
-
0
7,758,205
Taxation and social security
247,878
559,876
Other creditors
194,031
247,135
788,542
8,821,315
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Preference Shares of £1 each
400,000
400,000
400,000
400,000
Ordinary Shares of 1p each
1,000,000
1,000,000
10,000
10,000
A Ordinary Shares of 1p each
6,166,668
6,166,668
61,666
61,666
B Ordinary Shares of 1p each
6,166,668
6,166,668
61,667
61,667
13,733,336
13,733,336
533,333
533,333
8
Operating lease commitments
Lessee

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

2024
2023
£
£
489,637
90,502
9
Directors' transactions

During the year, total advance of £337,567 were made to directors, of which £332,538 were repaid in the year, leaving amounts owed by the directors at the year end of £5,209.

BENNETT JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Directors' transactions
(Continued)
- 9 -

The directors' loans are unsecured, interest free and are repayable on demand.

 

The directors' loan accounts have been repaid post year end.

10
Parent company

The ultimate controlling party is Mr G Mullarkey by virtue of his controlling interest in the business.

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