BENJAMIN MOORE UK LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09573012 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2020 TO 31 DECEMBER 2020

FOR

BENJAMIN MOORE UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C I Shaw

D Calkins

T Griep

S O'Neill

REGISTERED OFFICE:

804 Oxford Avenue

Slough

England

SL1 4LN

REGISTERED NUMBER:

09573012 (England and Wales)

SENIOR STATUTORY AUDITOR:

Rachel Davis BA FCA

AUDITORS:

Just Audit Limited

Chartered Accountants & Statutory Auditor

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

FIXED ASSETS

Tangible assets

4

200,139

219,024

CURRENT ASSETS

Stocks

356,716

413,998

Debtors

5

180,531

115,523

Cash at bank and in hand

404,212

227,560

941,459

757,081

CREDITORS

Amounts falling due within one year

6

812,297

811,454

NET CURRENT ASSETS/(LIABILITIES)

129,162

(54,373

)

TOTAL ASSETS LESS CURRENT LIABILITIES

329,301

164,651

PROVISIONS FOR LIABILITIES

9,041

13,584

NET ASSETS

320,260

151,067

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

320,160

150,967

SHAREHOLDERS' FUNDS

320,260

151,067

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2021 and were signed on its behalf by:

C I Shaw - Director

T Griep - Director

1.	STATUTORY INFORMATION

BENJAMIN MOORE UK LIMITED is a private company, limited by shares, registered in England and Wales. The company's registered number is 09573012 and the registered office address is 804 Oxford Avenue, Slough, England, SL1 4LN.

The presentation currency of the financial statements is the Pound Sterling (£).

Length of period

The end of the company's reporting period was changed to 31 December 2020, resulting in the financial statements covering a period shorter than one year. This was done in order to align the company's year end with that of its new parent company. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

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 due to the fact that the company has the continued support of the group. Despite the COVID-19 pandemic the group have continued to trade well. The directors have been given assurance that this support will continue for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch or retail sale of the goods).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - Straight line over term of lease

Plant and machinery - Straight line over 7 years

Fixtures and fittings - Straight line over term of lease or 3 years as appropriate

Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any recognised impairment loss.

Government grants

Government grants are recognised on the accruals basis, relating to the periods in which the entity recognises the cost for which the grant is intended to compensate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 period was 13 (2020 - 12 ) .

4.

TANGIBLE FIXED ASSETS (AS RESTATED)

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2020

91,371

250,919

342,290

Additions

-

13,682

13,682

At 31 December 2020

91,371

264,601

355,972

DEPRECIATION

At 1 May 2020

29,246

94,020

123,266

Charge for period

9,038

23,529

32,567

At 31 December 2020

38,284

117,549

155,833

NET BOOK VALUE

At 31 December 2020

53,087

147,052

200,139

At 30 April 2020

62,125

156,899

219,024

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

30/4/20

as restated

£

£

Trade debtors

81,810

60,708

Other debtors

98,721

54,815

180,531

115,523

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

30/4/20

as restated

£

£

Trade creditors

51,585

660,047

Amounts owed to group undertakings

617,362

-

Taxation and social security

110,807

43,011

Other creditors

32,543

108,396

812,297

811,454

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/20

30/4/20

as restated

£

£

Within one year

180,458

142,225

Between one and five years

252,542

138,505

433,000

280,730

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/20

30/4/20

value:

as restated

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was qualified.

Basis for qualified opinion

With respect to opening stock having a carrying amount of £413,998 (at 30 April 2020 - as restated) the audit evidence available to us was limited because the corresponding figures were unaudited and we were unable to obtain sufficient appropriate audit evidence regarding the stock quantity and valuation at that date using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary for the year ended 30 April 2020 or for the period ended 31 December 2020 or whether there was any consequential effect on cost of sales for either period.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

Other matter

The comparative figures were not audited.

Rachel Davis BA FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited

10.	ULTIMATE CONTROLLING PARTY

11.	PRIOR YEAR ADJUSTMENTS

Previously, the company depreciation policy for plant and machinery, and fixtures and fittings was 33% on cost. However, the directors have estimated that the realistic useful economic life of a number of classes of assets is actually longer, and that various assets have been depreciated too quickly. As a result, they have recognised a prior year adjustment to restate the accumulated depreciation as at 1 May 2019, reducing it by £45,476 with a corresponding increase in retained earnings. The depreciation charge for the year ended 30 April 2020 has also been reduced by £39,929.

The directors have also changed the point at which stock and purchases are recognised. Previously, stock in transit, and stock that had just arrived in the UK was not recognised in the financial statements. However, the risks and rewards of ownership transfer to the company when the goods are shipped from the supplier, therefore the stock and liability is now being recognised at this point. Consequently, the closing stock valuation as at 30 April 2020 has been increased by £226,583, with a corresponding increase in purchases and trade creditors. This adjustment has no impact on profit, or retained earnings for the year ended 30 April 2020 or for the period ended 31 December 2020.