Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-310truetruetruefalsefalse2024-01-01Wholesale trade of motor vehicle parts & accessories367311false 01030722 2024-01-01 2024-12-31 01030722 2023-01-01 2023-12-31 01030722 2024-12-31 01030722 2023-12-31 01030722 2023-01-01 01030722 1 2024-01-01 2024-12-31 01030722 1 2023-01-01 2023-12-31 01030722 d:Director1 2024-01-01 2024-12-31 01030722 d:Director2 2024-01-01 2024-12-31 01030722 d:Director3 2024-01-01 2024-12-31 01030722 d:RegisteredOffice 2024-01-01 2024-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2024-12-31 01030722 e:Buildings e:LongLeaseholdAssets 2023-12-31 01030722 e:LandBuildings 2024-12-31 01030722 e:LandBuildings 2023-12-31 01030722 e:PlantMachinery 2024-01-01 2024-12-31 01030722 e:PlantMachinery 2024-12-31 01030722 e:PlantMachinery 2023-12-31 01030722 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01030722 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01030722 e:MotorVehicles 2024-01-01 2024-12-31 01030722 e:MotorVehicles 2024-12-31 01030722 e:MotorVehicles 2023-12-31 01030722 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01030722 e:FurnitureFittings 2024-01-01 2024-12-31 01030722 e:FurnitureFittings 2024-12-31 01030722 e:FurnitureFittings 2023-12-31 01030722 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01030722 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01030722 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01030722 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01030722 e:CurrentFinancialInstruments 2024-12-31 01030722 e:CurrentFinancialInstruments 2023-12-31 01030722 e:CurrentFinancialInstruments 1 2024-12-31 01030722 e:CurrentFinancialInstruments 1 2023-12-31 01030722 e:Non-currentFinancialInstruments 2024-12-31 01030722 e:Non-currentFinancialInstruments 2023-12-31 01030722 e:Non-currentFinancialInstruments 1 2024-12-31 01030722 e:Non-currentFinancialInstruments 1 2023-12-31 01030722 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01030722 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01030722 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 01030722 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 01030722 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 01030722 e:UKTax 2024-01-01 2024-12-31 01030722 e:UKTax 2023-01-01 2023-12-31 01030722 e:ShareCapital 2024-12-31 01030722 e:ShareCapital 2023-12-31 01030722 e:ShareCapital 2023-01-01 01030722 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2024-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2023-12-31 01030722 e:RetainedEarningsAccumulatedLosses 2023-01-01 01030722 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01030722 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01030722 d:OrdinaryShareClass1 2024-01-01 2024-12-31 01030722 d:OrdinaryShareClass1 2024-12-31 01030722 d:OrdinaryShareClass1 2023-12-31 01030722 d:PreferenceShareClass1 2024-01-01 2024-12-31 01030722 d:PreferenceShareClass1 2024-12-31 01030722 d:PreferenceShareClass1 2023-12-31 01030722 d:PreferenceShareClass2 2024-01-01 2024-12-31 01030722 d:PreferenceShareClass2 2024-12-31 01030722 d:PreferenceShareClass2 2023-12-31 01030722 d:FRS102 2024-01-01 2024-12-31 01030722 d:Audited 2024-01-01 2024-12-31 01030722 d:FullAccounts 2024-01-01 2024-12-31 01030722 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01030722 e:WithinOneYear 2024-12-31 01030722 e:WithinOneYear 2023-12-31 01030722 e:BetweenOneFiveYears 2024-12-31 01030722 e:BetweenOneFiveYears 2023-12-31 01030722 e:MoreThanFiveYears 2024-12-31 01030722 e:MoreThanFiveYears 2023-12-31 01030722 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 01030722 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 01030722 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 01030722 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 01030722 2 2024-01-01 2024-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-12-31 01030722 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 01030722 e:LeasedAssetsHeldAsLessee 2024-12-31 01030722 e:LeasedAssetsHeldAsLessee 2023-12-31 01030722 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01030722









L. BENNETT & SON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
L. BENNETT & SON LIMITED
 
 
COMPANY INFORMATION


Directors
J L Bennett 
M A Bennett 
S A King 




Registered number
01030722



Registered office
3 Prime Point
Bessemer Road

Welwyn Garden City

AL7 1HU




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
L. BENNETT & SON LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 32

 
L. BENNETT & SON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The company sells motor accessories and parts to the general public and other traders.

Business review
 
The directors are pleased with the current year’s trading results
The company was able to successfully launch several new branches and the directors continue to search for new locations to facilitate further expansion.

Principal risks and uncertainties
 
The principal risks associated with the company's trade are anticipation of consumer demands throughout the
year and the related levels of stocks to hold, availability of adequate finance, the state of the general economy
and business confidence.
The directors acknowledge the importance of maintaining close relationships with key customers in order to be able to identify the early signs of potential financial difficulties. Sales and stock trends are constantly reviewed to enable early action to be taken in the event of sales declining and stock orders deteriorating.
Treasury Operations And Financial Instruments
The company's principal financial instruments include bank accounts, bank loans and other financing facilities to
raise finance for the company's operations. In addition, the company has various other financial assets and
liabilities such as trade debtors and trade creditors arising directly from operations.
Liquidity Risk
The company manages its cash requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operational needs of the business.
Credit Risk
Borrowings are made through the banks and companies which must fulfil credit rating criteria approved by the
board. The company uses a debt factoring facility for managing its cashflow.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are
reviewed on a regular basis and provision is made for doubtful debts when necessary.
Price Risk
Expenditure incurred by the company is authorised prior to it being made by the management in order to ensure
that goods and services are not obtained at a higher price than necessary
Page 1

 
L. BENNETT & SON LIMITED
 

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

Financial key performance indicators
 
The company's key performance indicators are turnover, gross profit, gross profit percentage, stock levels and
funding availabilities.

Directors' statement of compliance with duty to promote the success of the Company
 
In accordance with section 172 of the Companies Act 2006, the Directors confirm that they have acted in a way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to (among other matters):
a. Long-Term Consequences of Decisions
The Board considers the long-term implications of all significant business decisions. During the year, we made strategic investments in improved computer software and environmental improvements aimed  at securing the company’s resilience and relevance in the market over the coming years.
b. Employee Interests
The company recognises employees as key to its success. We actively engage with employees through regular team meetings, anonymous surveys, and internal communications to ensure their voices are heard. Initiatives implemented during the year include wellbeing programs, training budgets and flexible working policies. 
c. Business Relationships with Suppliers and Customers
We believe strong relationships with our suppliers and customers underpin our long-term success. The company maintains open lines of communication with key partners and has implemented feedback mechanisms to monitor service levels and satisfaction. Ethical sourcing policies and fair payment terms are also in place.
d. Community and Environment
Environmental sustainability and community involvement are integral to our operations. This year, we reduced our carbon footprint by insert specific initiatives, e.g. transitioning to renewable energy sources, reducing travel and increasing recycling We also supported local community projects such as educational initiatives, local sponsorships, or volunteering schemes


This report was approved by the board on 9 July 2025 and signed on its behalf.



J L Bennett
Director
Page 2

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £4,594,972 (2023 - £4,834,489).

During the year, an interim dividend of £2,000,000 (2023: £nil) was paid. The directors do not recommend the payment of a final dividend. 

Directors

The directors who served during the year were:

J L Bennett 
M A Bennett 
S A King 

Future developments

The Directors remain confident in the company’s strategic direction and ability to navigate future challenges. Focus areas for the coming year include digital transformation, geographic expansion and ESG integration 

Engagement with employees, suppliers, and customers

The Directors place high importance on engaging with all key stakeholders:
 • Employees: We have embedded a culture of transparency and inclusion. Communication channels such   as internal newsletters, performance reviews, and wellbeing check-ins are regularly used to foster    engagement. We also launched professional development plans or health & wellbeing benefits during the   year.
 • Customers: Customer satisfaction is tracked via surveys and direct feedback. Customer service     enhancements and tailored product offerings reflect our commitment to meeting evolving expectations.
 • Suppliers: Strategic supplier relationships are managed through consistent communication and     partnership reviews. We uphold a policy of responsible sourcing and fair dealing in all contracts

Policy in Relation to Disabled Employees

The company is committed to providing equal opportunities for all employees, including those with disabilities. Our policy is to:
 • Ensure recruitment processes are accessible and free from discrimination.
 • Make reasonable adjustments to accommodate the needs of disabled employees.
 • Promote training and development opportunities equally.
 • Maintain an inclusive workplace culture that supports the wellbeing of all staff.
Where an employee becomes disabled during employment, the company takes all reasonable steps to ensure continued employment, including retraining or adjusting the role where appropriate.

Page 3

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The following table gives our gross emissions and intensity ratios:
                      Energy Consumption KWH CO2 Emissons (Tons of CO2) TCO2 Per £1m Turnover
       2024         2024    2024
   
Scope 1   4,862,702         2,103.9                39.92
Scope 2   1,195,618             91.9                       1.74
   
Total    6,058,320         2,195.8      41.67

Scope one is the fuel consumption figures used to power our vehicles. The figures for fuel consumption have been calculated from our supply invoices and reports.
Gallons of fuel were converting into KWH and using the EPA greenhouse gas equivalent calculator website with converted to tons of CO2.
We obtained the figures for Scope 2 of this report from our gas and electricity supplier Green Energy plc for energy use in 2024.
Figure provided in MWH have been converted to KWH using the EPA greenhouse gas equivalent Calculator website. The total consumption in KWH figure includes electricity and gas. The CO2 missions given relates to the use of green gas only. Our electricity is 100% renewable and zero emissions rated. 

To reduce our energy consumption we changed the supplier for Gas and Electric so all our gas used is certified as 100% green backed by RGGO’s (renewable gas guarantee of origin) and so is our electricity backed by REGO’ S (renewable electricity guarantee of origin) making us as energy efficient as we could be.
During the year, we took older vans out of service and these were replaced by more, efficient vehicles that are all Euro 6 compliant. All our vehicles are tracked and we are therefore able to monitor use and encourage better driving techniques and improve fuel efficiency. We are currently looking at the using electric bikes.
We have replaced all fluorescent fittings in our branches with more efficient LED units. All new branches comply with current building regulations to keep emissions to a minimum.   We have replaced the roof’s at a number of our sites and have significantly improved the insulation of the branches.
We are removing plug in heaters from all branches and replacing with energy efficient hard wired blow heaters.   We are installing Passive Infrared Sensors on most light fittings in areas not in constant use, so the lighting is movement activated.  This has led to significant energy saving for areas of the branch which are not in constant use.



Page 4

 
L. BENNETT & SON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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.

Post balance sheet events

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

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 July 2025 and signed on its behalf.
 





J L Bennett
Director
Page 5

 
L. BENNETT & SON LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Page 6

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED
 

Opinion


We have audited the financial statements of L. Bennett & Son Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 December 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.


Page 7

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED (CONTINUED)


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.


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 6, 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 8

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON 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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that:
- Had a direct effect on the determination of material amounts and disclosures in the financial statements.
These include the UK Companies Act and tax legislation etc; and
- Do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate.
We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the audit engagement team include:
- Identifying and testing journal entries, in particular any unusual journal entries posted and journal entries with no descriptions
- Assessing the extent of compliance with the relevant laws and regulations
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
- Challenging assumptions and judgements made by management in significant accounting estimates and;
- Carrying out a review of large and unusual bank 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.


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.
Page 9

 
L. BENNETT & SON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. BENNETT & SON LIMITED (CONTINUED)


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.





Thomas Rogers (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

9 July 2025
Page 10

 
L. BENNETT & SON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
52,710,190
44,394,749

Cost of sales
  
(23,541,682)
(20,615,056)

Gross profit
  
29,168,508
23,779,693

Administrative expenses
  
(22,992,662)
(17,396,914)

Other operating income
 5 
99,323
88,926

Operating profit
 6 
6,275,169
6,471,705

Interest receivable and similar income
 10 
15,331
26,860

Interest payable and similar expenses
 11 
(156,473)
(147,570)

Profit before tax
  
6,134,027
6,350,995

Tax on profit
 12 
(1,539,055)
(1,516,506)

Profit for the financial year
  
4,594,972
4,834,489

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 15 to 32 form part of these financial statements.
Page 11

 
L. BENNETT & SON LIMITED
REGISTERED NUMBER: 01030722

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,636,354
3,843,275

  
5,636,354
3,843,275

Current assets
  

Stocks
 15 
11,093,325
8,118,984

Debtors: amounts falling due within one year
 16 
14,946,162
15,099,810

Cash at bank and in hand
 17 
214,945
21,820

  
26,254,432
23,240,614

Creditors: amounts falling due within one year
 18 
(9,570,980)
(8,230,495)

Net current assets
  
 
 
16,683,452
 
 
15,010,119

Total assets less current liabilities
  
22,319,806
18,853,394

Creditors: amounts falling due after more than one year
 19 
(2,767,182)
(2,160,016)

Provisions for liabilities
  

Deferred tax
 22 
(983,112)
(718,838)

  
 
 
(983,112)
 
 
(718,838)

Net assets
  
18,569,512
15,974,540


Capital and reserves
  

Called up share capital 
 23 
2,367
2,367

Profit and loss account
 24 
18,567,145
15,972,173

  
18,569,512
15,974,540


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2025.




J L Bennett
Director

The notes on pages 15 to 32 form part of these financial statements.
Page 12

 
L. BENNETT & SON LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
2,367
15,972,173
15,974,540


Comprehensive income for the year

Profit for the year
-
4,594,972
4,594,972


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


At 31 December 2024
2,367
18,567,145
18,569,512



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
2,367
11,137,684
11,140,051


Comprehensive income for the year

Profit for the year
-
4,834,489
4,834,489


At 31 December 2023
2,367
15,972,173
15,974,540


The notes on pages 15 to 32 form part of these financial statements.
Page 13

 
L. BENNETT & SON LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

21,820

193,125

214,945

Bank overdrafts

(7,226)

7,226

-

Debt due after 1 year

(1,673,545)

161,804

(1,511,741)

Debt due within 1 year

(156,024)

(5,780)

(161,804)

Finance leases

(627,425)

(1,014,569)

(1,641,994)


(2,442,400)
(658,194)
(3,100,594)

The notes on pages 15 to 32 form part of these financial statements.
Page 14

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

L Bennett & Son Limited is a private company, limited by shares and incorporated in England & Wales,
United Kingdom, with a registration number 01030722. The address of the registered office is 3 Prime
Point, Bessemer Road, Welwyn Garden City, Herts, AL7 1HU.
The nature of the companys operations and principal activities are the sale of motor accessories and parts to the general public and other traders.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of L Bennett & Son Holdings as at 31st December 2024 and these financial statements may be obtained from Companies House.

 
2.3

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:

A sale is recognised on delivery of goods to customers.

Page 15

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed
assets. Assets acquired by finance leases are depreciated over the shorter of the lease term and
their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance
leases are those where substantially all of the benefits and risks of ownership are assumed by the
company. Obligations under such agreements are included in creditors net of the finance charge
allocated to future periods. The finance element of the rental payment is charged to profit and loss
so as to produce constant periodic rate of charge on the net obligation oustanding in each period.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.10

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 following basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Nil
Plant and machinery
-
33%
Reducing Balance
Motor vehicles
-
20%
Straight Line
Fixtures and fittings
-
15%
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.

Page 17

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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 or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 
 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.

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. 
Page 18

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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.

Basic 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.

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.

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 19

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements,
estimates and assumptions are based on the best and most reliable evidence available at the time when
the decisions are made, and are based on historical experience and other factors that are considered to
be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
assumptions, the actual results and outcomes may differ.
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, if the revision affects only that
period, or in the period of the revision and future periods, if the revision affects both current and future
periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts
recognised in the financial statements.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
99,323
88,926

99,323
88,926


Page 20

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
958,187
529,507

Auditors' remuneration
34,500
32,500

Defined contribution pension costs
688,907
421,221

Other operating lease rentals
1,720,700
1,350,360


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
34,500
32,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
12,313,753
9,789,401

Social security costs
1,101,986
803,988

Cost of defined contribution scheme
688,907
421,221

14,104,646
11,014,610


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


        2024
        2023
            No.
            No.







Administration
47
41



Selling
320
270

367
311


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
75,220
114,620

Company contributions to defined contribution pension schemes
189,977
91,200

265,197
205,820


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
15,331
26,860

15,331
26,860

Page 22

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
116,687
126,297

Finance leases and hire purchase contracts
39,739
20,404

Other interest payable
47
869

156,473
147,570


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,274,781
1,251,544


1,274,781
1,251,544


Total current tax
1,274,781
1,251,544

Deferred tax


Origination and reversal of timing differences
264,274
264,962

Total deferred tax
264,274
264,962


Tax on profit
1,539,055
1,516,506
Page 23

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
6,134,027
6,350,995


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
1,533,507
1,492,484

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(17,748)
7,392

Capital allowances for year in excess of depreciation
25,702
1,300

Other timing differences leading to an increase (decrease) in taxation
(2,406)
15,330

Total tax charge for the year
1,539,055
1,516,506

Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Ordinary Dividends
2,000,000
-

2,000,000
-

Page 24

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
637,898
257,811
2,205,869
2,994,489
6,096,067


Additions
-
68,225
1,475,378
1,278,349
2,821,952


Disposals
-
(30,014)
(240,523)
-
(270,537)



At 31 December 2024

637,898
296,022
3,440,724
4,272,838
8,647,482



Depreciation


At 1 January 2024
-
168,119
631,164
1,453,509
2,252,792


Charge for the year on owned assets
-
45,502
407,825
343,425
796,752


Charge for the year on financed assets
-
-
161,435
-
161,435


Disposals
-
(30,014)
(169,837)
-
(199,851)



At 31 December 2024

-
183,607
1,030,587
1,796,934
3,011,128



Net book value



At 31 December 2024
637,898
112,415
2,410,137
2,475,904
5,636,354



At 31 December 2023
637,898
89,692
1,574,705
1,540,980
3,843,275




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
637,898
637,898

637,898
637,898


Page 25

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
1,407,920
651,258

1,407,920
651,258


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
11,093,325
8,118,984

11,093,325
8,118,984



16.


Debtors

2024
2023
£
£


Trade debtors
6,287,146
5,887,531

Amounts owed by group undertakings
7,831,623
8,503,514

Other debtors
143,011
326,681

Prepayments and accrued income
684,382
382,084

14,946,162
15,099,810



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
214,945
21,820

Less: bank overdrafts
-
(7,226)

214,945
14,594


Page 26

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
7,226

Bank loans
161,804
156,024

Trade creditors
3,895,029
3,095,455

Corporation tax
603,638
394,098

Other taxation and social security
1,200,138
944,206

Obligations under finance lease and hire purchase contracts
386,553
140,955

Proceeds of factored debts
1,798,356
2,969,341

Other creditors
1,282,279
284,477

Accruals and deferred income
243,183
238,713

9,570,980
8,230,495


Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

The proceeds of factored debts liability is owing in respect of a debtor financing arrangement and is
secured on the trade debts of the company.
The bank facilities are secured by a debenture and a cross guarantee with its parent company, and a
legal charge in favour of the bank.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,151,741
1,313,545

Net obligations under finance leases and hire purchase contracts
1,255,441
486,471

Share capital treated as debt
360,000
360,000

2,767,182
2,160,016


Page 27

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
161,804
156,024


161,804
156,024

Amounts falling due 1-2 years

Bank loans
167,723
161,804


167,723
161,804

Amounts falling due 2-5 years

Bank loans
984,017
1,151,741


984,017
1,151,741


1,313,544
1,469,569



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
386,553
140,955

Between 1-5 years
1,255,441
486,471

1,641,994
627,426
Page 28

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation




2024


£






At beginning of year
(718,838)


Charged to the profit or loss
(264,274)



At end of year
(983,112)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(983,112)
(718,838)

(983,112)
(718,838)


The net reversal of deferred tax assets and liabilities expected to reverse in the next year is £437,143 (2023: £172,869). This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation.
Page 29

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



2,367 (2023 - 2,367) Ordinary shares of £1.00 each
2,367
2,367

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



306,000 (2023 - 306,000) "A" Redeemable preference shares shares of £1.00 each
306,000
306,000
54,000 (2023 - 54,000) "B" Redeemable preference shares shares of £1.00 each
54,000
54,000

360,000

360,000


The redeemable preference shares which are classified as a liability are redeemable at the option of the
company. No premium is payable on redemption.


24.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £608,907 (2023:
£421,221). Contributions totalling £47,366 (2023: £34,991) were payable to the fund at the balance sheet
date and are included in creditors.

Page 30

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Commitments under operating leases

At 31 December 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
1,477,385
758,757

Later than 1 year and not later than 5 years
3,564,599
1,311,180

Later than 5 years
2,976,214
119,974

8,018,198
2,189,911


27.Transaction with directors

At the year end, £16,017 was due to the directors of the company (2023: £145,129 due from the directors). Interest of £10,639 (2023: £9,431) has been charged on the loan.
The Company has entered into a guarantee on behalf of one of the directors in respect of a hire purchase agreement. The guarantee lasts for the length of the agreement of which 5 years remain outstanding at the Company’s year end. At the year end, the capital amount outstanding amounted to £104,513 (2023 - £Nil) and is included in the Company’s hire purchase liability at the year end. The amount of the guarantee is decreasing as the payments are made. No amounts are included in the profit and loss account under this guarantee during the year (2023 - £Nil).


28.


Related party transactions

The company is a subsidiary of L Bennett & Son Holdings Limited, and the holding company exerts
significant influence over this entity.
During the year transactions with the following related parties outside of the group occurred:
Other related parties
The company rents properties from these entities for which rents of £266,913 (2023: £221,308) were charged for the year.
At the year-end the following amounts were due from / (to) related parties.


2024
2023
£
£

Key management personnel
(16,017)
145,129
Entities with significant influence
7,831,623
8,503,514
Other related parties
(167,204)
(191,258)
7,648,402
8,457,385

Page 31

 
L. BENNETT & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

29.


Controlling party

The ultimate parent company is L Bennett & Son Holdings Limited, a company incorporated in England.
The ultimate controlling party is the Bennett family.
 
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