REGISTERED NUMBER: 00367257 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

Bennett Safetywear Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D C Bennett LL.B.,LL.M.

Mr G Griffin M.A.A.T.

Mr A Reid

Mr M R W Gibson

SECRETARY:

Mr D C Bennett LL.B.,LL.M.

REGISTERED OFFICE:

7-11 Mersey Road

Crosby

Liverpool

Merseyside

L23 3AF

REGISTERED NUMBER:

00367257 (England and Wales)

ACCOUNTANTS:

SB&P

Chartered Accountants

Oriel House

2/8 Oriel Road

Bootle

Merseyside

L20 7EP

BANKERS:

National Westminster Bank plc

1 Liverpool Road

Crosby

Liverpool

Merseyside

L23 2TD

FIXED ASSETS

Tangible assets

4

521,455

519,596

Investments

5

-

-

521,455

519,596

CURRENT ASSETS

Stocks

562,442

593,976

Debtors

6

270,996

248,467

Cash at bank and in hand

229,297

387,510

1,062,735

1,229,953

CREDITORS

Amounts falling due within one year

7

167,473

325,624

NET CURRENT ASSETS

895,262

904,329

TOTAL ASSETS LESS CURRENT LIABILITIES

1,416,717

1,423,925

PROVISIONS FOR LIABILITIES

4,263

5,154

NET ASSETS

1,412,454

1,418,771

CAPITAL AND RESERVES

Called up share capital

9

1,849

1,849

Share premium

101,361

101,361

Revaluation reserve

10

355,526

355,526

Capital redemption reserve

119

119

Retained earnings

953,599

959,916

SHAREHOLDERS' FUNDS

1,412,454

1,418,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2025 and were signed on its behalf by:

Mr M R W Gibson - Director

Mr A Reid - Director

1.	STATUTORY INFORMATION

Bennett Safetywear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover represents the value of goods sold during the period, net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Tangible fixed assets

No depreciation has been provided on freehold property, as it is the company's policy to continually review their values and maintain them out of expenditure charged to revenue, to a standard which ensures that the estimated residual value exceeds net book values.

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

Plant and machinery

- 20% on cost

Fixtures and fittings

- 20% on cost

Motor vehicles

- 20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates pension schemes for the benefit of its employees. The funds of the schemes are administered by trustees and are separate from the company. The company operated a defined benefit scheme which was closed to new members on 31st March 2008 when the scheme became "paid up".

The company also 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.

Leasing

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 April 2024

441,715

64,198

702,129

Additions

-

-

-

Disposals

-

-

-

At 31 March 2025

441,715

64,198

702,129

DEPRECIATION

At 1 April 2024

-

30,912

701,675

Charge for year

-

-

119

Eliminated on disposal

-

-

-

At 31 March 2025

-

30,912

701,794

NET BOOK VALUE

At 31 March 2025

441,715

33,286

335

At 31 March 2024

441,715

33,286

454

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

127,939

51,291

1,387,272

Additions

2,025

34,998

37,023

Disposals

-

(39,800

)

(39,800

)

At 31 March 2025

129,964

46,489

1,384,495

DEPRECIATION

At 1 April 2024

117,826

17,263

867,676

Charge for year

3,193

6,806

10,118

Eliminated on disposal

-

(14,754

)

(14,754

)

At 31 March 2025

121,019

9,315

863,040

NET BOOK VALUE

At 31 March 2025

8,945

37,174

521,455

At 31 March 2024

10,113

34,028

519,596

Included in cost or valuation of land and buildings is freehold land of £ 50,000 (2024 - £ 50,000 ) which is not depreciated.

The revaluation of the property matched its estimated residual value meaning that depreciation on this property would be inappropriate.

Cost or valuation at 31 March 2025 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2016

113,812

-

-

Valuation in 2023

201,715

-

-

Cost

126,188

64,198

702,129

441,715

64,198

702,129

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Valuation in 2016

-

-

113,812

Valuation in 2023

-

-

201,715

Cost

129,964

46,489

1,068,968

129,964

46,489

1,384,495

5.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Vaughan Tapscott Gloves Ltd

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1

100.00

H.G.Bennett & Co. (Gloves) Ltd

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1

100.00

Garner Bennett & Co. Ltd

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

216,828

234,504

Other debtors

54,168

13,963

270,996

248,467

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

-

25,000

Trade creditors

10,598

101,740

Amounts owed to group undertakings

7,612

7,612

Taxation and social security

117,081

169,241

Other creditors

32,182

22,031

167,473

325,624

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

-

25,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

184,922

Ordinary

1p

1,849

1,849

10.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

355,526

11.	RELATED PARTY DISCLOSURES

The ultimate parent company is Bennett Safetywear Holdings Limited.

The directors MRW Gibson and A Reid are directors and shareholders of Bennett Safetywear Holdings Limited, a company registered in England and Wales that owns 100% of the share capital of Bennett Safetywear limited.

There is a cross guarantee between Bennett Safetywear Limited and Bennett Safetywear Holdings Limited dated 29 July 2022.

12.	PENSION SCHEME COMMITMENTS

The company operates a defined benefit scheme in the UK.

On the 31st March 2008 the scheme was closed to new members and the scheme became "paid up." This meant that the future pension rights of the members became fixed, based on their respective salary at the 31st March 2008, allowing for inflation increases up to the date the member exercises their pension rights.

A full actuarial valuation was carried out on the 31st March 2024 by Mercer indicating a surplus in the scheme of £1,056,000. This has been updated by the directors to reflect conditions at the balance sheet date using assumptions regarding the discount rate, inflation rate and mortality rate. Advice from an actuary has not been obtained in respect of the position since 31 March 2024.

Value of scheme assets and liabilities

31.3.25

31.3.24

£

£

Fair value of assets

2,400,000

2,627,000

Present value of scheme liabilities

(1,344,000

)

(1,570,000

)

Net pension scheme asset

1,056,000

1,057,000

The directors consider that in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 the pension scheme asset should be restricted to the scheme's future pension cost and therefore no asset is recognised in the accounts.

The company also operates a defined contribution scheme and contributions are charged to the profit and loss account as they accrue. The charge for the year was £45,267 (2024: £40,040).