Company Registration No. 07620412 (England and Wales)
BENCHMARK MATTING & INSTALLATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
BENCHMARK MATTING & INSTALLATIONS LTD
COMPANY INFORMATION
Directors
Mr S Bevan-Smith
Mr J Ruiz
Secretary
Dr E Bevan-Smith
Company number
07620412
Registered office
The Old Smithy
Longdon
Nr Tewkesbury
Gloucestershire
GL20 6AT
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
6 Broad Street
Worcester
WR1 3LH
BENCHMARK MATTING & INSTALLATIONS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BENCHMARK MATTING & INSTALLATIONS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BENCHMARK MATTING & INSTALLATIONS LTD FOR THE YEAR ENDED 31 MAY 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Benchmark Matting & Installations Ltd for the year ended 31 May 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Benchmark Matting & Installations Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Benchmark Matting & Installations Ltd
and state those matters that we have agreed to state to the Board of Directors of Benchmark Matting & Installations Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Benchmark Matting & Installations Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Benchmark Matting & Installations Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Benchmark Matting & Installations Ltd. You consider that Benchmark Matting & Installations Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Benchmark Matting & Installations Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
28 September 2020
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BENCHMARK MATTING & INSTALLATIONS LTD
BALANCE SHEET
AS AT 31 MAY 2020
31 May 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,533
9,879
Current assets
Stocks
574
568
Debtors
4
27,263
42,444
Cash at bank and in hand
10,884
768
38,721
43,780
Creditors: amounts falling due within one year
5
(34,472)
(41,533)
Net current assets
4,249
2,247
Total assets less current liabilities
11,782
12,126
Provisions for liabilities
7
(1,431)
(1,877)
Net assets
10,351
10,249
Capital and reserves
Called up share capital
8
10,001
10,001
Profit and loss reserves
350
248
Total equity
10,351
10,249
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BENCHMARK MATTING & INSTALLATIONS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2020
31 May 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2020 and are signed on its behalf by:
Mr S Bevan-Smith
Director
Company Registration No. 07620412
BENCHMARK MATTING & INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 4 -
1
Accounting policies
Company information
Benchmark Matting & Installations Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Smithy, Longdon, Nr Tewkesbury, Gloucestershire, GL20 6AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
BENCHMARK MATTING & INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5
(2019 - 5).
BENCHMARK MATTING & INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2019 and 31 May 2020
3,828
4,607
42,075
50,510
Depreciation and impairment
At 1 June 2019
2,572
3,518
34,541
40,631
Depreciation charged in the year
188
274
1,884
2,346
At 31 May 2020
2,760
3,792
36,425
42,977
Carrying amount
At 31 May 2020
1,068
815
5,650
7,533
At 31 May 2019
1,256
1,089
7,534
9,879
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
12,474
22,935
Other debtors
14,789
19,509
27,263
42,444
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
-
16,756
Corporation tax
11,729
13,120
Other taxation and social security
19,525
8,414
Other creditors
3,218
3,243
34,472
41,533
6
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Bank overdrafts
-
16,756
BENCHMARK MATTING & INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 7 -
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
1,431
1,877
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of £1 each
10,000
10,000
1 Ordinary B of £1 each
1
1
10,001
10,001
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan accounts
-
19,509
43,280
(48,000)
14,789
19,509
43,280
(48,000)
14,789
The directors loan accounts were repaid within nine months of the year end.
10
Ultimate controlling party
The ultimate controlling party is Mr S Bevan-Smith.