Benchmark Designs Limited - Period Ending 2022-03-31

Benchmark Designs Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Benchmark Designs Limited

(Registration number: 06527908)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	141,338	144,550
Current assets
Debtors	6	1,033,652	526,862
Cash at bank and in hand		245,003	311,570
		1,278,655	838,432
Creditors: Amounts falling due within one year	7	(816,894)	(567,491)
Net current assets		461,761	270,941
Total assets less current liabilities		603,099	415,491
Creditors: Amounts falling due after more than one year	7	(101,167)	(117,518)
Net assets		501,932	297,973
Capital and reserves
Called up share capital		100	100
Retained earnings		501,832	297,873
Shareholders' funds		501,932	297,973

Benchmark Designs Limited

(Registration number: 06527908)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 November 2022
 

......................................... Mr S Jefferies Director

Benchmark Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
67 Shrivenham Hundred Business Park Majors Road
Watchfield
Swindon
Oxfordshire
SN6 8TY

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 company’s activities. Turnover from providing interior refurmishment is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are furlough payments accounted on accruals basis.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Benchmark Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Asset class	Depreciation method and rate
Buildings	100 years
Furniture and fittings	4 years
Computer equipment	3 years
Motor vehicles	5 years
Plant and machinery	4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Benchmark Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3	Other operating income

	2022		2021
	£		£
Government grants	37,924		190,739
Rental income	-		-
Miscellaneous other income	-		-
	37,924		190,739

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2021 - 13).

Benchmark Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £
Cost or valuation
At 1 April 2021	133,963	42,157	-	11,230
Additions	-	6,220	2,011	-
At 31 March 2022	133,963	48,377	2,011	11,230
Depreciation
At 1 April 2021	9,381	31,922	-	1,497
Charge for the year	1,340	7,521	336	2,246
At 31 March 2022	10,721	39,443	336	3,743
Carrying amount
At 31 March 2022	123,242	8,934	1,675	7,487
At 31 March 2021	124,582	10,235	-	9,733

	Total £
Cost or valuation
At 1 April 2021	187,350
Additions	8,231
At 31 March 2022	195,581
Depreciation
At 1 April 2021	42,800
Charge for the year	11,443
At 31 March 2022	54,243
Carrying amount
At 31 March 2022	141,338
At 31 March 2021	144,550

Benchmark Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Debtors

Current	2022 £	2021 £
Trade debtors	671,136	501,445
Prepayments	1,778	9,617
Other debtors	360,738	15,800
	1,033,652	526,862

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Loans and borrowings	18,591	20,091
Trade creditors	605,769	469,828
Taxation and social security	162,458	47,185
Other creditors	30,076	30,387
	816,894	567,491

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings		77,377	93,468
Deferred income		23,790	24,050
		101,167	117,518