Company registration number 03991751 (England and Wales)
DAVE BENNETT DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
DAVE BENNETT DISTRIBUTION LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
DAVE BENNETT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,979,877
1,694,585
Current assets
Debtors
4
1,635,190
1,278,791
Cash at bank and in hand
149,003
3,660
1,784,193
1,282,451
Creditors: amounts falling due within one year
5
(1,531,603)
(1,016,940)
Net current assets
252,590
265,511
Total assets less current liabilities
2,232,467
1,960,096
Creditors: amounts falling due after more than one year
6
(630,526)
(626,507)
Provisions for liabilities
(285,656)
(227,847)
Net assets
1,316,285
1,105,742
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,316,185
1,105,642
Total equity
1,316,285
1,105,742
DAVE BENNETT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 17 March 2023
D Bennett
Director
Company Registration No. 03991751
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Dave Bennett Distribution Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Abbey Works, Whiteway Road, Queenborough, Kent, ME11 5PP.
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. 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Freehold land and buildings
50 years straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
6 years straight line
Office equipment
25% straight line
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
.
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.4
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 statement of financial position 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.
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
income statement
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.
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
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
income statement
, 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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leasing and hire purchase
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
1.9
The company discounts its trade debts. The accounting policy is to include the trade debtors discounted with recourse under trade debtors due within one year and to record the returnable element of the proceeds under the creditors due within one year. Discount fees are charged to the profit and loss account when payable. Bad debts are bourne by the company and charged to the profit and loss account when reasonable foreseeable.
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
28
28
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 July 2021
669,552
704,505
52,006
1,777,603
61,713
3,265,379
Additions
156,726
56,100
474,259
7,579
694,664
Disposals
(2,225)
(2,225)
At 30 June 2022
826,278
758,380
52,006
2,251,862
69,292
3,957,818
Depreciation and impairment
At 1 July 2021
74,767
451,457
50,007
968,456
26,107
1,570,794
Depreciation charged in the year
13,391
102,913
776
279,211
10,856
407,147
At 30 June 2022
88,158
554,370
50,783
1,247,667
36,963
1,977,941
Carrying amount
At 30 June 2022
738,120
204,010
1,223
1,004,195
32,329
1,979,877
At 30 June 2021
594,785
253,048
1,999
809,147
35,606
1,694,585
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,139,389
1,009,901
Corporation tax recoverable
24,786
4,182
Amounts owed by group undertakings
78,957
97,030
Other debtors
304,460
150,334
Prepayments and accrued income
87,598
17,344
1,635,190
1,278,791
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
47,289
297,136
Obligations under finance leases and hire purchases
311,443
198,614
Trade creditors
315,014
230,521
Corporation tax
30,374
25,467
Other taxation and social security
169,397
180,819
Other creditors
549,442
2,581
Accruals and deferred income
108,644
81,802
1,531,603
1,016,940
Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
282,931
332,101
Obligations under finance leases and hire purchases
347,595
294,406
630,526
626,507
Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed.
Barclays Bank Plc hold a legal charge over the freehold property in respect of all monies due or to become due from the company.
The Coronavirus Business Interruption Loan is repayable in instalments over 5 years from October 2021.
The loan is guaranteed by the government and carries an interest rate of 2.5% p.a.
The bank loans and overdrafts are secured by personal guarantee on the Director.
DAVE BENNETT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
7
Directors' transactions
During the year, the following transactions took place with the director:
Advances to the director of £181,586 (2021 - £30,962)
Repayments to the company of £71,500 (2021 - £Nil)
As at 3
0 June
2022 £159,880 (2021 - £49,794) was due from the director
.
All advances are interest free and repayable on demand.
8
Parent company
At the year end the
ultimate controlling party was Dave Bennett Group Limited which owns 100% of issued share capital.