Registration number:
Bentham Limited
for the Year Ended 31 December 2016
Registered Auditors
Church House
Church Street
Yeovil
Somerset
BA20 1HB
Bentham Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Bentham Limited
Company Information
Directors |
Mr I T H Gray Mr P R Sinnett-Thomas Mr M J Shobbrook Mrs J Vine |
Registered office |
|
Auditors |
|
Page 1 |
Bentham Limited
Strategic Report for the Year Ended 31 December 2016
The directors present their strategic report for the year ended 31 December 2016.
Principal activity
The principal activity of the group is mail order business supplies.
Fair review of the business
Trading in the business categories where the group is active continued to be extremely competitive, resulting in a decrease in turnover. Gross margins remain healthy at 23%, with an increase in operating margin of £38k. Marketing spend has been further reduced, owing to decreasing returns on expensive advertising in the National press. Changes in consumer habits have made this an increasingly difficult expense to recover. Administrative salaries have also fallen substantially. A result of the group's stringent credit control procedures was that bad debts were once again negligible. Debtors have decreased from £872k to £626k. A key objective of the group is to maintain liquidity. Group cash reserves have become even stronger, increased from £1.27m to £1.3m. The directors consider the results to be highly satisfactory given the difficult trading conditions. The group continues to be very profitable through efforts made to maintain turnover and rigorously control costs.
The group's key financial and other performance indicators during the year were as follows:
Unit |
2016 |
2015 |
|
Turnover |
£ |
13,975,494 |
15,939,317 |
Gross margin |
£ |
3,233,000 |
4,012,100 |
Operating profit |
£ |
1,572,407 |
1,533,887 |
Cash at bank |
£ |
1,300,124 |
1,277,825 |
Debtors |
£ |
626,746 |
872,330 |
Turnover
Turnover fell by 12.3% from 2015 to 2016. This was again due to a reduction in low margin brands and the competitive market in which the group operates, in particular in the public sector where schools and public bodies have continued to move over to service contracts. The private consumer brand has decreased due to the trend away from printing and towards using paperless technology.
Gross margin
Gross margins have decreased marginally, although the current levels are considered an excellent result given the current trading conditions. The group continues to focus on higher margin products, whilst addressing any obsolete stock issues.
Cash at bank and debtors
The group prides itself in not needing banking facilities. This is achieved by strong credit control and rigorous monitoring of cash flow. We are pleased to report that group cash at bank has remained comfortably over £1m, increasing over £22k. Debtors have fallen by over 28%.
Principal risks and uncertainties
Economic environment
The office consumables industry is intensely competitive and actions of competitors, including manufacturers of products we sell, can negatively affect our business. Competition has been primarily on price, product availability, speed of delivery and credit availability. Generally pricing is aggressive in the industry and we expect pricing pressures to continue.
Staff retention
The success of our business is dependant, to a large extent, on the efforts and abilities of key members of staff, particularly the senior members. The policy of the group is to provide senior members of staff with benefits which are competitive to other leading companies, as well as to provide them with fulfilment opportunities for their future careers. This has been demonstrated by the progression of senior managers to becoming the current owners, and the results prove this strategy to be successful.
Page 2 |
Bentham Limited
Strategic Report for the Year Ended 31 December 2016 (continued)
Financial instruments
Objectives and policies
Financial
The group's principal financial instruments comprise bank balances, cash and short term deposits, as well as trade creditors and debtors. The main purpose of these financial instruments is to manage the group's funding and liquidity requirements.
Price risk, credit risk, liquidity risk and cash flow risk
The principal financial risks to which the group is exposed are those of price, liquidity, foreign currency and credit. Each of these is managed in accordance with board approved policies, as set out below.
Price risk
Changes in the industry and the economic environment can adversely affect demand for the products we sell. Net sales can be dependant on demand for specific product categories. The increase in computer hardware products means items need to be sold quickly in order to avoid their reducing in value as technology advances rapidly.
Liquidity risk
In respect of bank balances, liquidity risk is managed by closely monitoring movements and maintaining positive balances on accounts. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both credit and time limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Currency risk
The UK’s impending exit from the EU may lead to price increases on purchases by the group. As this pressure should apply to the whole industry, there will most likely be a general increase in prices so margins shouldn’t be greatly affected. The group’s high gross margins also mean there is scope to absorb some of the increase if needed. Uncertainty over Sterling has caused exchange rates to move in the wrong direction, although imports in US Dollars are becoming an increasingly small proportion of purchases, so this cost has been absorbed in the course of usual trading.
Credit risk
The group's exposure to credit risk is managed by using payment with order, only offering credit to schools and other companies with strong ratings. The group uses credit checks to verify the credit risk of each company on an individual basis.
Approved by the Board on
Mr P R Sinnett-Thomas
Director
Page 3 |
Bentham Limited
Directors' Report for the Year Ended 31 December 2016
The directors present their report and the for the year ended 31 December 2016.
Directors of the group
The directors who held office during the year were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the Board on
Mr P R Sinnett-Thomas
Director
Page 4 |
Bentham Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. They 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.
Page 5 |
Bentham Limited
Independent Auditor's Report to the Members of Bentham Limited
We have audited the financial statements of Bentham Limited for the year ended 31 December 2016, set out on pages 8 to 29. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 2006. Our 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.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors to the financial statements.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• |
give a true and fair view of the state of the group's and the company's affairs as at 31 December 2016 and of the group's 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. |
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our 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 and the Directors' Report.
Page 6 |
Bentham Limited
Independent Auditor's Report to the Members of Bentham Limited (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the company 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. |
For and on behalf of
Church House
Church Street
Somerset
BA20 1HB
Page 7 |
Bentham Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2016
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
994 |
647 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The group has no recognised gains or losses for the year other than the results above.
Page 8 |
Bentham Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2016
2016 |
2015 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Page 9 |
Bentham Limited
(Registration number: 04026676)
Consolidated Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
Mr P R Sinnett-Thomas
Director
Page 10 |
Bentham Limited
(Registration number: 04026676)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £1,295,213 (2015 - profit of £1,149,017).
Approved and authorised by the
Mr P R Sinnett-Thomas
Director
Page 11 |
Bentham Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2016
Equity attributable to the parent company
Share capital |
Profit and loss account |
Total |
Total equity |
|
At 1 January 2016 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
Total equity |
|
At 1 January 2015 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
( |
At 31 December 2015 |
|
|
|
|
Page 12 |
Bentham Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2016 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2015 |
|
|
|
Page 13 |
Bentham Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
- |
|
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease in trade debtors |
|
|
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,300,124 |
1,277,825 |
Page 14 |
Bentham Limited
Statement of Cash Flows for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
- |
( |
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease in trade debtors |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,280,509 |
1,260,004 |
Page 15 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in Englancd and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2016.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Page 16 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Over the period of the lease |
Equipment, fixtures and fittings |
15% per annum, straight line basis |
Computer equipment |
33% per annum, straight line basis |
Plant and machinery |
20% per annum, straight line basis |
Page 17 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% per annum, straight line basis |
Intellectual property |
20% per annum, straight line basis |
Inventories
Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its estimated selling price; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
2016 |
2015 |
|
Sale of goods |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2016 |
2015 |
|
Gain (loss) on disposal of property, plant and equipment |
- |
( |
Page 18 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Operating profit |
Arrived at after charging/(crediting)
2016 |
2015 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense - property |
|
|
Operating lease expense - other |
23,000 |
26,000 |
Loss on disposal of property, plant and equipment |
- |
|
Other interest receivable and similar income |
2016 |
2015 |
|
Interest income on bank deposits |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2016 |
2015 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2016 |
2015 |
|
Administration and support |
|
|
Sales |
|
|
Distribution |
|
|
|
|
Page 19 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Directors' remuneration |
The directors' remuneration for the year was as follows:
2016 |
2015 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
395,204 |
347,898 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2016 |
2015 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2016 |
2015 |
|
Audit of these financial statements |
12,027 |
12,000 |
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
6,000 |
6,000 |
|
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Page 20 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Taxation |
Tax charged/(credited) in the income statement
2016 |
2015 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
275,754 |
263,897 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2015 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2016 |
2015 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
Total tax charge |
|
|
Page 21 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
10 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
2016 |
Liability |
Accelerated capital allowances |
|
2015 |
Liability |
Accelerated capital allowances |
|
Company
Deferred tax assets and liabilities
2016 |
Liability |
Accelerated capital allowances |
|
2015 |
Liability |
Accelerated capital allowances |
|
Page 22 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Intangible assets |
Group
Goodwill |
Intellectual property |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Amortisation |
|||
At 1 January 2016 |
|
|
|
Amortisation charge |
- |
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
- |
|
|
At 31 December 2015 |
- |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Company
Goodwill |
Intellectual property |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Amortisation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
- |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 23 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2016 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Depreciation |
||||
At 1 January 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Carrying amount |
||||
At 31 December 2016 |
- |
|
|
|
At 31 December 2015 |
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2015 - £372) in respect of short leasehold land and buildings.
Page 24 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
12 |
Tangible assets (continued) |
Company
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2016 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Depreciation |
||||
At 1 January 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Carrying amount |
||||
At 31 December 2016 |
- |
|
|
|
At 31 December 2015 |
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2015 - £372) in respect of short leasehold land and buildings.
Investments |
Company
2016 |
2015 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2016 |
|
Carrying amount |
|
At 31 December 2016 |
|
At 31 December 2015 |
|
Page 25 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
13 |
Investments (continued) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2016 |
2015 |
|||
Subsidiary undertakings |
||||
|
Jersey |
Ordinary shares |
|
|
|
England and Wales |
Ordinary shares |
|
|
The principal activity of IJT Direct Limited is |
The principal activity of IJT Direct Limited is |
Stocks |
Group |
Company |
|||
2016 |
2015 |
2016 |
2015 |
|
Other inventories |
|
|
|
|
Debtors |
Group |
Company |
|||
2016 |
2015 |
2016 |
2015 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
- |
- |
|
- |
Prepayments |
|
|
|
|
Total current trade and other debtors |
|
|
|
|
Page 26 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Cash and cash equivalents |
Group |
Company |
|||
2016 |
2015 |
2016 |
2015 |
|
Cash on hand |
|
|
|
|
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
Creditors |
Group |
Company |
|||
2016 |
2015 |
2016 |
2015 |
|
Due within one year |
||||
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
129,469 |
123,910 |
129,469 |
123,910 |
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to
£
Contributions totalling
£
Page 27 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Share capital |
Allotted, called up and fully paid shares
2016 |
2015 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2016 |
2015 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
2016 |
2015 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Page 28 |
Bentham Limited
Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)
Dividends |
2016 |
2015 |
|
£ |
£ |
|
Interim dividend of £
|
973,500 |
1,060,490 |
The directors are proposing a final dividend of £Nil (2015 - £Nil) per share totalling £Nil (2015 - £Nil). This dividend has not been accrued in the Balance Sheet.
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from
Polham Lane
Somerton
Somerset
TA11 6SP
Page 29 |