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Registered number: 00345632









J. BENNETT (BILLINGSGATE) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
COMPANY INFORMATION


Directors
R Parish 
J C Larter 




Company secretary
J C Larter



Registered number
00345632



Registered office
Office 10
Billingsgate Market

Trafalgar Way

Poplar

London

E14 5ST




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA





 
J. BENNETT (BILLINGSGATE) LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23


 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The directors are pleased with the Company's performance for the year. Although turnover has declined, we have managed to improve despite challenging market conditions. The Company remains in a strong financial position and is well-prepared for future challenges.
During the year majority ownership of the business was transferred to the employees through a disposal to an employee ownership trust with the intention of securing the long-term success of the business.  

Principal risks and uncertainties
 
The Company is subject to the same general risks and uncertainties as any other business, for example, the impact of natural disasters, changes in general economic conditions including currency and interest rate fluctuations and the impact of competition.
We do not consider there to be any principal risks and uncertainties that are specific to us.

Financial key performance indicators
 
To measure the performance of the Company in the year we look at the turnover, gross profit and profit before tax. These are key indicators of how our business has performed.
                                           
2024                    2023
Turnover                          £35,705,469         £38,028,129
Gross Profit                     £3,759,886           £3,876,336
Profit Before Tax              £769,565              £1,441,585 


This report was approved by the board on 30 September 2025 and signed on its behalf.



J C Larter
Director

Page 1

 
J. BENNETT (BILLINGSGATE) 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.

Directors' responsibilities statement

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 judgments 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 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.

Principal activity

The principal activity of the Company continues to be fish wholesalers, selling salmon, exotic and wet fish primarily to the UK market.

Results and dividends

The profit for the year, after taxation, amounted to £426,356 (2023 - £1,098,363).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

R Parish 
J C Larter 

Future developments

The directors do not believe that the business will change significantly in the foreseeable future.

Page 2

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

After the year end the Company entered into a number of contracts and received payment of £1,425,450 in respect of these.  

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 

This report was approved by the board on 30 September 2025 and signed on its behalf.
 





J C Larter
Director

Page 3

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. BENNETT (BILLINGSGATE) LIMITED
 

Opinion


We have audited the financial statements of J. Bennett (Billingsgate) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 4

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. BENNETT (BILLINGSGATE) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual 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 2, 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 5

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. BENNETT (BILLINGSGATE) LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non - compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions; and
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
 
Page 6

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. BENNETT (BILLINGSGATE) LIMITED (CONTINUED)




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 Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew May (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA

30 September 2025
Page 7

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
35,705,469
38,028,129

Cost of sales
  
(31,945,583)
(34,151,763)

Gross profit
  
3,759,886
3,876,366

Distribution costs
  
(231,588)
(246,766)

Administrative expenses
  
(2,757,029)
(2,177,622)

Operating profit
 5 
771,269
1,451,978

Interest receivable and similar income
 8 
1,300
876

Interest payable and similar charges
 9 
(3,004)
(11,269)

Profit before tax
  
769,565
1,441,585

Tax on profit
 11 
(343,209)
(343,222)

Profit for the financial year
  
426,356
1,098,363

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

The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
J. BENNETT (BILLINGSGATE) LIMITED
REGISTERED NUMBER: 00345632

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
31,227
25,285

Current assets
  

Stocks
  
109,705
84,523

Debtors
 14 
4,920,219
5,261,260

Cash at bank and in hand
  
4,843,481
5,156,334

  
9,873,405
10,502,117

Creditors: amounts falling due within one year
 15 
(3,550,594)
(3,972,368)

Net current assets
  
 
 
6,322,811
 
 
6,529,749

Total assets less current liabilities
  
6,354,038
6,555,034

Provisions for liabilities
  

Deferred tax
 16 
(5,469)
(3,821)

Net assets
  
6,348,569
6,551,213


Capital and reserves
  

Called up share capital 
 17 
200,000
200,000

Profit and loss account
 18 
6,148,569
6,351,213

  
6,348,569
6,551,213


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.




J C Larter
Director

The notes on pages 11 to 23 form part of these financial statements.


Page 9

 
J. BENNETT (BILLINGSGATE) 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 2023
200,000
6,030,232
6,230,232


Comprehensive income for the year

Profit for the year
-
1,098,363
1,098,363


Contributions by and distributions to owners

Dividends: Equity capital
-
(777,382)
(777,382)



At 1 January 2024
200,000
6,351,213
6,551,213


Comprehensive income for the year

Profit for the year
-
426,356
426,356


Contributions by and distributions to owners

Dividends: Equity capital
-
(629,000)
(629,000)


At 31 December 2024
200,000
6,148,569
6,348,569


The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

J.Bennett (Billingsgate) Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Office 10, Billingsgate Market, Trafalgar Way, Poplar, London, E14 5ST.

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 judgment 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of J. Bennett (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors are not aware of any circumstances likely to arise which may cause the going concern basis to be inappropriate.

  
2.4

Revenue

Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is considered to be on despatch of the goods. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 11

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.5

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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The depreciation policies are as follows:
  Plant and machinery  - 10% straight line
  Fixtures and equipment  - 15-25% straight line
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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.7

Stocks

Cost includes the purchase price, including duties, transport and handling directly attributable to bringing consumables to their present location and condition. Stock is recognised as an expense in the period in which the related revenue is recognised.

  
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.10

Creditors

Short term creditors are measured at the transaction price. 

Page 12

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.11

Foreign currency translation

Functional and presentational currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.12

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. 

 
2.13

Interest income

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

 
2.14

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 13

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

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.


 
2.16

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 14

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
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. 

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.

Page 15

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgments in applying accounting policies
The Company does not consider there to be any critical judgments in applying accounting policies.
Accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
(i) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors.


4.


Turnover

The whole of the turnover is attributable to the wholesale of fish.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
35,546,817
37,718,420

Rest of Europe
158,652
309,709

35,705,469
38,028,129



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
13,800
12,094

Fees payable to the Company's auditor for the audit of the Company's annual accounts
19,500
19,000

Other operating lease rentals
45,474
45,495

Page 16

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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

2024
2023
£
£
Wages and salaries

1,257,119

1,225,233
 
Social security costs

145,267

144,988
 
Costs of defined contribution scheme

40,870

201,177
 
1,443,256

1,571,398
 

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

2024
2023
No
No
Production

27

27
 
Administration

6

5
 
33

32
 


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
124,622
65,660

Company contributions to defined contribution pension schemes
-
154,000

124,622
219,660


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Interest receivable and similar income

2024
2023
£
£


Other interest
1,300
876

Page 17

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other interest
3,004
11,269


10.


Dividends

2024
2023
£
£


Dividends declared and paid
629,000
777,382

Post year end and prior to the approval of the accounts, dividends of  £Nil (2023 - £364,000) were declared.


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
341,561
344,766


Total current tax
341,561
344,766

Deferred tax


Origination and reversal of timing differences
1,648
(1,544)

Total deferred tax
1,648
(1,544)


Tax on profit
343,209
343,222
Page 18

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
769,565
1,441,585


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
192,391
360,396

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
150,818
4,512

Differences due to change in tax rates
-
(21,686)

Total tax charge for the year
343,209
343,222


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2024
2023
£
£


Contributions to an Employee Ownership Trust
552,130
-

Page 19

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
44,803
94,070
138,873


Additions
-
19,742
19,742



At 31 December 2024

44,803
113,812
158,615



Depreciation


At 1 January 2024
26,157
87,431
113,588


Charge for the year on owned assets
4,800
9,000
13,800



At 31 December 2024

30,957
96,431
127,388



Net book value



At 31 December 2024
13,846
17,381
31,227



At 31 December 2023
18,646
6,639
25,285


14.


Debtors

2024
2023
£
£



Trade debtors
3,422,144
3,214,223

Amounts owed by group undertakings
1,368,544
1,930,062

Other debtors
58,835
48,243

Prepayments and accrued income
70,696
68,732

4,920,219
5,261,260


Page 20

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,007,431
3,493,904

Amounts owed to group undertakings
132,037
132,037

Corporation tax
203,542
180,249

Other taxation and social security
66,179
56,018

Other creditors
63,633
55,820

Accruals and deferred income
77,772
54,340

3,550,594
3,972,368



16.


Deferred taxation




2024
2023


£

£






At beginning of year
3,821
5,365


Charged to profit or loss
1,648
(1,544)



At end of year
5,469
3,821

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,469
3,821


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000

There are no restrictions on the distribution of dividends and the repayment of capital.


Page 21

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses of the Company since incorporation less dividends paid.


19.


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 charge represents the amounts payable by the Company to the funds in respect of the year and amounted to £40,870 (2023 - £201,117). At the year end there were contributions outstanding of £9,527 (2023 - £6,658).


20.


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
1,067
1,067


21.


Related party transactions

The Company is exempt from disclosing related party transactions with group companies that are wholly owned within the Group.
During the year the Company made sales to other related companies of £Nil 
(2023 - £730,915) and was owed £Nil (2023 - £70,856) at the year end. 
During the year the Company made a contribution of £552,130 
(2023 - £Nil) to an Employee Ownership Trust in which the Company's controlling party is the trustee.


22.


Post balance sheet events

After the year end the Company entered into a number of contracts and received payment of £1,425,450 in respect of these.  

Page 22

 
J. BENNETT (BILLINGSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Parent entity and controlling party

The Company's parent company is Jayben Limited. The Company's ultimate parent undertaking is J.Bennett (Holdings) Limited, a company incorporated in England and Wales. Its registered office is Office 10, Billingsgate Market, Trafalgar Way, Poplar, London, E14 5ST. 
The Company's ultimate controlling party is J Bennett Employees' Trustee Limited as Trustee of the J Bennett Employees' Share Trust.
The consolidated accounts of J.Bennett (Holdings) Limited can be obtained from Companies House.

 
Page 23