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Registered number:
CONSOLIDATED
FOR THE YEAR ENDED 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
COMPANY INFORMATION
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L BENNETT & SON HOLDINGS LIMITED
CONTENTS
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L BENNETT & SON HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The company acts as a holding company for its subsidiary and manages properties.
The subsidiary sells motor accessories and parts to the general public and other traders.
The directors are pleased with the current year’s trading results.
The subsidiary was able to successfully launch several new branches and the directors continue to search for new locations to facilitate further expansion.
The principal risks associated with the group'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 group's operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. Liquidity Risk The group manages its cash requirements in order to minimise interest expense, whilst ensuring the group 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 group 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 group 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.
The group's key performance indicators are turnover, gross profit, gross profit percentage, stock levels and funding availabilities.
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L BENNETT & SON HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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):
Long-Term Consequences of Decisions The Board considers the long-term implications of all significant business decisions. During the year, the company 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. Employee Interests The company recognises employees as key to its success. The company actively engages with employees through regular team meetings, anonymous surveys, and internal communications 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. Business Relationships with Suppliers and Customers The company believe strong relationships with their suppliers and customers underpin their 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. Community and Environment Environmental sustainability and community involvement are integral to the company operations. This year, the company reduced their carbon footprint by insert specific initiatives, e.g. transitioning to renewable energy sources, reducing travel and increasing recycling. The company also supported local 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.
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L BENNETT & SON HOLDINGS 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.
The principal activity of the subsidiary company, L Bennett & Son Limited, continued to be that of the sale of motor accessories and parts to the general public and other traders.
The profit for the year, after taxation, amounted to £4,890,283 (2023 - £5,057,000).
During the year, an interim dividend of £1,550,000 (2023 - £1,000,000) was paid. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The directors continue to actively search for new locations to facilitate expansion and open new branches within the subsidiary. This is whilst investing in existing branches to maintain turnover levels.
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L BENNETT & SON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 relatiobships 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.
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L BENNETT & SON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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L BENNETT & SON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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L BENNETT & SON HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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L BENNETT & SON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED
We have audited the financial statements of L Bennett & Son Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 Group 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.
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 Group's or the parent 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.
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L BENNETT & SON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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L BENNETT & SON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)
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 Group 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
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L BENNETT & SON HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L BENNETT & SON HOLDINGS LIMITED (CONTINUED)
• Challenging assumptions and judgements made by management in its significant accounting estimates; and • Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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L BENNETT & SON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 41 form part of these financial statements.
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L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
REGISTERED NUMBER: 04805311
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 41 form part of these financial statements.
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L BENNETT & SON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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L BENNETT & SON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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L BENNETT & SON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
L Bennett & Son Holdings Limited is a limited company incorporated in the United Kingdom. The address of the registered office is given in the company information page of these financial statements. This company is a holding company and also owns investment property. The nature of the subsidiary’s operations and principal activity is the sale of motor accessories and mechanical parts.
2.Accounting policies
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildingsand in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound sterling. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is provided on the following basis:
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Page 26
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 30
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 32
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 33
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 34
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
Page 35
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The bank facilities are secured by a fixed and floating charge over the assets of the company, a cross guarantee with its subsidiary company, personal guarantees from the directors M A Bennett and J L Bennett for the combined sum of £175,000 (2022: £175,000) and D P S Bennett for freehold property owned personally, and over certain insurance policies in the names of J L Bennett and M A Bennett.
A sales finance agreement with Barclays Bank has been secured by a corporate guarantee executed by J L Bennett and M A Bennett amounting to £50,000.
Page 37
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Profit and loss account
Page 39
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge, represents contributions payable by the group to the fund and amounted to £688,907 (2023: £421,221).
At the year end a balance of £42,366 (2023: £34,991) was still owed to the defined contribution pension scheme.
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 Group 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 Group’s year end. At the year end, the capital amount outstanding amounted to £104,513 (2023 - £Nil) and is included in the Group’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)
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L BENNETT & SON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group is controlled by the
Page 41
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