Ernest Bennett & Co (Darlington) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00822990 (England and Wales)

Financial Statements

for the Year Ended 30 September 2018

for

Ernest Bennett & Company (Darlington)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S T Maxey

I K Maxey

R W Maxey

D R Maxey

C J Godfrey

M S Bennett

REGISTERED OFFICE:

Unit 1

Caxton Way

Dinnington

Sheffield

S25 3QE

REGISTERED NUMBER:

00822990 (England and Wales)

SENIOR STATUTORY AUDITOR:

Antony Luckett BCom FCA DChA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

1,458,545

1,479,834

CURRENT ASSETS

Stocks

5

366,914

260,702

Debtors

6

574,987

557,844

Cash at bank and in hand

1,012,428

1,128,357

1,954,329

1,946,903

CREDITORS

Amounts falling due within one year

7

657,269

551,136

NET CURRENT ASSETS

1,297,060

1,395,767

TOTAL ASSETS LESS CURRENT LIABILITIES

2,755,605

2,875,601

PROVISIONS FOR LIABILITIES

10

131,357

131,357

NET ASSETS

2,624,248

2,744,244

CAPITAL AND RESERVES

Called up share capital

11

150

150

Retained earnings

2,624,098

2,744,094

SHAREHOLDERS' FUNDS

2,624,248

2,744,244

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 January 2019 and were signed on its behalf by:

S T Maxey - Director

1.	STATUTORY INFORMATION

Ernest Bennett & Company (Darlington) 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income recognition

Income is recognised when goods have been delivered to/collected by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on cost and 10% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance

for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2017 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2017

812,895

2,535,511

62,047

191,004

3,601,457

Additions

-

118,016

2,379

45,939

166,334

Disposals

-

(2,150

)

-

-

(2,150

)

At 30 September 2018

812,895

2,651,377

64,426

236,943

3,765,641

DEPRECIATION

At 1 October 2017

176,707

1,834,036

38,761

72,119

2,121,623

Charge for year

14,057

134,359

8,116

30,457

186,989

Eliminated on disposal

-

(1,516

)

-

-

(1,516

)

At 30 September 2018

190,764

1,966,879

46,877

102,576

2,307,096

NET BOOK VALUE

At 30 September 2018

622,131

684,498

17,549

134,367

1,458,545

At 30 September 2017

636,188

701,475

23,286

118,885

1,479,834

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2017

49,100

Transfer to ownership

(49,100

)

At 30 September 2018

-

DEPRECIATION

At 1 October 2017

13,655

Charge for year

9,206

Transfer to ownership

(22,861

)

At 30 September 2018

-

NET BOOK VALUE

At 30 September 2018

-

At 30 September 2017

35,445

5.

STOCKS

2018

2017

£

£

Finished goods

366,914

260,702

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

536,618

521,190

Other debtors

603

688

Prepayments and accrued income

37,766

35,966

574,987

557,844

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

-

1,751

Trade creditors

297,418

214,569

Corporation tax

99,165

85,779

Taxation and social security

121,517

119,785

Other creditors

45

-

Directors' current accounts

-

91

Accruals and deferred income

139,124

129,161

657,269

551,136

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

-

1,751

Non-cancellable operating

leases

2018

2017

£

£

Within one year

6,781

11,562

Between one and five years

1,349

3,953

8,130

15,515

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

-

1,751

Hire purchase contracts are secured on the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

131,357

131,357

Deferred

tax

£

Balance at 1 October 2017

131,357

Balance at 30 September 2018

131,357

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10

A Ordinary

£1

10

10

10

B Ordinary

£1

10

10

10

C Ordinary

£1

10

10

10

D Ordinary

£1

10

10

10

E Ordinary

£1

10

10

10

F Ordinary

£1

10

10

56

G Ordinary

£1

56

56

34

H Ordinary

£1

34

34

150

150

The 'A', 'B', 'C', 'D', 'E', 'F', 'G' and 'H' shares shall constitute different classes of shares for the purposes of the

Companies Act 2006 but shall, save as otherwise provided for, confer upon the holders thereof the same rights

and rank pari passu in all respects except that the directors shall be entitled to pay such different dividend of the

'A', 'B', 'C', 'D', 'E', 'F', 'G' and 'H' shares as they shall from time to time decide.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Luckett BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

13.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

30,513

36,545

14.	RELATED PARTY DISCLOSURES

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 which are under normal market conditions.

2018

2017

£

£

Amounts due to director

-

91

No interest has been charged.