Company Registration No. NI028786 (Northern Ireland)
BENTLEY INSTRUMENT COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BENTLEY INSTRUMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
BENTLEY INSTRUMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
8,821
30,995
8,822
30,996
Current assets
Stocks
6
12,936
18,428
Debtors
7
339,399
386,754
Cash at bank and in hand
45,515
89,752
397,850
494,934
Creditors: amounts falling due within one year
8
(110,990)
(148,137)
Net current assets
286,860
346,797
Total assets less current liabilities
295,682
377,793
Creditors: amounts falling due after more than one year
9
-
(8,381)
Net assets
295,682
369,412
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
13
295,680
369,410
Total equity
295,682
369,412
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 December 2020 and are signed on its behalf by:
O Conger
Director
Company Registration No. NI028786
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Bentley Instrument Company Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
6b Upper Water Street, Newry, Co.Down, Northern Ireland, BT34 1DJ.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
true
In making their assessment the
directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The company meets its day to day working capital requirements from its cash reserves. The situation arising post year end in the UK and globally in respect of Covid-19 and the measures taken by the UK Government to contain the virus have impacted the global economy but also presented opportunities. The group of which this company forms a part has looked to diversify its operations during this period and has successfully achieved a growth in its sales levels and profitability as a result. With no indication that at the current time the trading position will change, both the group's and company's forecasts and projections show that they will be able to operate within those facilities.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
In respect of long term contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contract for ongoing services is recognised by reference to stage of completion.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
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 equipment
10% on cost
Computers
20-25% straight line
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
The cost of manufactured finished goods and work in progress includes direct labour costs, other direct labour costs and related productions overheads (based on standard operating capacity).
Provision is made for any foreseeable losses where appropriate in work in progress. No element of profit is included in the valuation of work in progress
.
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Cost is determined on a weighted average basis that approximates to a first-in, first out (FIFO) method. The company applies the standard cost method for the recognition and subsequent measurement of raw materials.
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.
1.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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.
1.12
Employee benefits
The company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and contributions actually paid a
r
e shown in either accruals or prepayments on the Balance Sheet.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
The company has taken advantage of the exemption in respect of lease incentives on leases in existence as at the date of transition to FRS 102 (1 January 2015) and continues to credit such lease incentives to the income
statement over the period to the first review date on which the rent is adjusted to market rate.
1.14
Foreign exchange
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimate.
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.
Stock provisioning
When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
4
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2019 and 31 December 2019
1
Amortisation and impairment
At 1 January 2019 and 31 December 2019
-
Carrying amount
At 31 December 2019
1
At 31 December 2018
1
5
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2019
42,484
23,449
51,042
116,975
Disposals
-
-
(31,170)
(31,170)
At 31 December 2019
42,484
23,449
19,872
85,805
Depreciation and impairment
At 1 January 2019
38,420
23,055
24,505
85,980
Depreciation charged in the year
846
394
13,790
15,030
Eliminated in respect of disposals
-
-
(24,026)
(24,026)
At 31 December 2019
39,266
23,449
14,269
76,984
Carrying amount
At 31 December 2019
3,218
-
5,603
8,821
At 31 December 2018
4,064
394
26,537
30,995
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
5
Tangible fixed assets
(Continued)
- 8 -
Fixed assets included in the above, which are held under hire purchase contracts have a net book value of
£8,309
(201
8
: £
29,243
) and depreciation charge of £
6,647
(201
8
: £
14,440
).
6
Stocks
2019
2018
£
£
Stocks
12,936
18,428
Included within stock is a stock provision of £
25,885
(201
8
: £
17,267
)
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
195,802
56,138
Corporation tax recoverable
2,729
2,729
Amounts owed by group undertakings
136,634
320,961
Other debtors
2,595
6,311
337,760
386,139
Deferred tax asset
1,639
615
339,399
386,754
Included within trade debtors is a bad debt provision of £
546
(201
8
: £
1,708
)
8
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
10
9,031
19,999
Trade creditors
27,362
30,147
Amounts owed to group undertakings
-
53,557
Taxation and social security
3,290
3,822
Other creditors
1,216
441
Accruals and deferred income
70,091
40,171
110,990
148,137
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
-
8,381
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
10
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
9,031
19,999
In two to five years
-
8,381
9,031
28,380
The hire purchase contract
s
relate to motor vehicle
s
for use in the business, and is secured against the asset to which it relates.
11
Deferred taxation
The following related to the deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2019
2018
Balances:
£
£
Accelerated capital allowances
1,504
540
Other timing differences
135
75
1,639
615
2019
Movements in the year:
£
Asset at 1 January 2019
(615)
Credit to profit or loss
(1,024)
Asset at 31 December 2019
(1,639)
12
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
13
Profit and loss reserves
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
13
Profit and loss reserves
(Continued)
- 10 -
2019
2018
£
£
At the beginning of the year
369,410
442,887
Loss for the year
(73,730)
(20,144)
Dividends declared and paid in the year
-
(53,333)
At the end of the year
295,680
369,410
BENTLEY INSTRUMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James Edward Dobson BSc(Hons) FCA.
The auditor was Azets Audit Services.
15
Events after the reporting date
As per note 1.2 the directors have considered the impact of COVID-19 on the operations of the company and wider group of which the company forms a part, and the groups ability to continue as a going concern. The directors consider that the entity has adequate resources to continue in operational existence for the foreseeable future. Further the directors consider this a non-adjusting post balance sheet event due to the pandemic and related restrictions not being known as at 31 December 2019.
16
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
17
Ultimate controlling party
In the opinion of the directors, the company's immediate parent company is The British Rototherm Company Limited, a company registered in England & Wales, by virtue of its 100% shareholding
in Bentley Instrument Company Limited.
The directors regard Rototherm Group Limited, a company registered in England and Wales as the ultimate parent company. Rototherm Group Limited has a 100% interest in the equity capital of The British Rototherm Company Limited.
The directors considered the ultimate controlling party to be Melius Holdings Limited by virtue of its shareholding in Rototherm Group Limited.
2019-12-31
2019-01-01
false
23 December 2020
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
O Conger
J T Conger
O Conger
O Conger
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