James Bennett Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00140423 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JAMES BENNETT,LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Bennett

C B Bennett

K Bennett

A Creed

S E Bennett

SECRETARY:

C B Bennett

REGISTERED OFFICE:

Industrial Unit 5A

Hawley Road

Hinckley

Leicestershire

LE10 0PR

REGISTERED NUMBER:

00140423 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

367,353

397,704

Investments

6

7,000

Investment property

7

475,000

849,353

879,704

CURRENT ASSETS

Stocks

227,250

75,942

Debtors

8

1,338,988

1,339,604

Cash at bank and in hand

50,052

238,438

1,616,290

1,653,984

CREDITORS

Amounts falling due within one year

9

(295,510

)

(316,130

)

NET CURRENT ASSETS

1,320,780

1,337,854

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,170,133

2,217,558

CREDITORS

Amounts falling due after more than one
year

10

-

(8,229

)

PROVISIONS FOR LIABILITIES

(154,566

)

(156,357

)

NET ASSETS

2,015,567

2,052,972

CAPITAL AND RESERVES

Called up share capital

72,000

Other reserves

440,909

Retained earnings

1,502,658

1,540,063

SHAREHOLDERS' FUNDS

2,015,567

2,052,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

C B Bennett - Director

1.	STATUTORY INFORMATION

James Bennett,Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Industrial Unit 5A, Hawley Road, Hinckley, Leicestershire, LE10 0PR and the registered number is 00140423.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentational currency of the financial statements is Pound Sterling (£) and the figures are rounded to the nearest £1.

Turnover

Turnover is derived from the production of textile products and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% straight line

Motor vehicles

-

20% straight line

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised within other reserves on the balance sheet.

Stocks

Stocks are stated at the lower of cost and 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.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other 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.

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

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

16,680

Disposals

(16,680

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

16,680

Eliminated on disposal

(16,680

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

COST

At 1 January 2024

350,680

107,264

206,156

-

664,100

Additions

-

833

Disposals

-

(61,250

)

-

(61,250

)

At 31 December 2024

350,680

107,264

144,906

833

603,683

DEPRECIATION

At 1 January 2024

63,123

64,189

139,084

-

266,396

Charge for year

7,014

9,019

13,401

-

29,434

Eliminated on disposal

-

(59,500

)

-

(59,500

)

At 31 December 2024

70,137

73,208

92,985

-

236,330

NET BOOK VALUE

At 31 December 2024

280,543

34,056

51,921

833

367,353

At 31 December 2023

287,557

43,075

67,072

-

397,704

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

7,000

NET BOOK VALUE

At 31 December 2024

7,000

At 31 December 2023

7,000

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

475,000

NET BOOK VALUE

At 31 December 2024

475,000

At 31 December 2023

475,000

The investment property has been valued by the directors at an open market value.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2022

175,000

Cost

300,000

475,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

1,326

924

Amounts owed by associates

1,313,591

1,316,016

Other debtors

2,190

3,298

Directors' current accounts

6,269

5,507

Prepayments

15,612

13,859

1,338,988

1,339,604

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts (see note 11)

6,900

7,321

Trade creditors

74,281

120,884

Amounts owed to group undertakings

92,227

94,290

Tax

44,838

49,921

Social security and other taxes

9,011

9,488

VAT

45,220

20,551

Other creditors

4,725

4,318

Accrued expenses

18,308

9,357

295,510

316,130

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Hire purchase contracts (see note 11)

-

8,229

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

6,900

7,321

Between one and five years

-

8,229

6,900

15,550

Non-cancellable

operating leases

2024

2023

£

Within one year

6,087

-

Between one and five years

2,029

-

8,116

-

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

S E Bennett

Balance outstanding at start of year

918

484

Amounts advanced

971

434

Amounts repaid

(918

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

971

918

C B Bennett

Balance outstanding at start of year

918

484

Amounts advanced

1,414

434

Amounts repaid

(918

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

1,414

918

A Bennett

Balance outstanding at start of year

917

484

Amounts advanced

972

433

Amounts repaid

(917

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

972

917

A Creed

Balance outstanding at start of year

1,377

727

Amounts advanced

1,456

650

Amounts repaid

(1,377

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

1,456

1,377

K Bennett

Balance outstanding at start of year

1,377

727

Amounts advanced

1,456

650

Amounts repaid

(1,377

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

1,456

1,377

13.	ULTIMATE CONTROLLING PARTY

The controlling party is James Bennett (Holdings) Ltd.

James Bennett (Holdings) Ltd, company number 02965821, owns 100% of the issued share capital of James Bennett,Limited.