Peter Bennie Limited Filleted accounts for Companies House (small and micro)

PETER BENNIE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01210683

PETER BENNIE LIMITED

FILLETED FINANCIAL STATEMENTS

30 September 2022

PETER BENNIE LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2022

	2022		2021
Note	£	£	£

FIXED ASSETS

Tangible assets	5		3,031,134	1,022,986

CURRENT ASSETS

Stocks		9,110	10,871
Debtors	7	2,066,861	1,815,504
Cash at bank and in hand		82,944	132,448
		------------	------------
		2,158,915	1,958,823

CREDITORS: amounts falling due within one year	8	7,087,976		7,019,518
		------------		------------
NET CURRENT LIABILITIES			4,929,061	5,060,695
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 1,897,927)	( 4,037,709)

CREDITORS: amounts falling due after more than one year	9		38,923	152,685

PROVISIONS	13,453	33,916
	------------	------------
NET LIABILITIES	( 1,950,303)	( 4,224,310)
	------------	------------

CAPITAL AND RESERVES

Called up share capital fully paid	4,100,100	4,100,100
Revaluation reserve	2,185,025	–
Profit and loss account	( 8,235,428)	( 8,324,410)
	------------	------------
SHAREHOLDERS DEFICIT	( 1,950,303)	( 4,224,310)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

PETER BENNIE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2022

These financial statements were approved by the board of directors and authorised for issue on 14 July 2023 , and are signed on behalf of the board by:

Mr M J Ayres

Director

Company registration number: 01210683

PETER BENNIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Piggeries, Cranford Road, Burton Latimer, Kettering, Northamptonshire, NN15 5TB.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has net current liabilities of £4,929,061 (2021 - £5,060,695) and net liabilities of £1,950,303 (2021 - £4,224,310). The directors have undertaken a review of the business to establish that the going concern basis continues to be correct. The directors have prepared detailed profit and loss, balance sheet and cashflow forecasts to 14 July 2024 for all businesses in the group as banking facilities are provided on a group basis. The group is forecast to generate operating cashflows which are sufficient to meet its trading and financing obligations within its banking facilities for the foreseeable future. Therefore the ultimate parent undertaking Bennie Holdings Limited has pledged group support to this company. Accordingly, the directors consider it appropriate to have prepared these accounts on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	3 to 5 years straight line
Quarries	-	2 - 10 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Defined benefit scheme The group operates a defined benefit pension scheme for the benefit pension scheme for the benefit of its employees. It is not possible to separately identify the company's share of the underlying assets and liabilities of this scheme. Consequently, contributions made by the company have been treated as contributions to a defined contribution scheme. Further details and disclosures of this group defined benefit scheme are given in note 12 of the financial statements.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 11 (2021: 10 ).

5. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Quarries	Total
	£	£	£	£
Cost or valuation
At 1 October 2021	447,975	1,142,219	604,355	2,194,549
Additions	–	–	76,735	76,735
Disposals	–	( 331,417)	–	( 331,417)
Revaluations	2,185,025	–	–	2,185,025
	------------	------------	---------	------------
At 30 September 2022	2,633,000	810,802	681,090	4,124,892
	------------	------------	---------	------------
Depreciation
At 1 October 2021	–	732,996	438,567	1,171,563
Charge for the year	–	90,451	85,362	175,813
Disposals	–	( 253,618)	–	( 253,618)
	------------	------------	---------	------------
At 30 September 2022	–	569,829	523,929	1,093,758
	------------	------------	---------	------------
Carrying amount
At 30 September 2022	2,633,000	240,973	157,161	3,031,134
	------------	------------	---------	------------
At 30 September 2021	447,975	409,223	165,788	1,022,986
	------------	------------	---------	------------

Included in freehold property is freehold land of £2,633,000 (2021: £447,975) which is not depreciated.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30 September 2022
Aggregate cost	447,975
Aggregate depreciation	–
	------------
Carrying value	447,975
	------------

At 30 September 2021
Aggregate cost	447,975
Aggregate depreciation	–
	---------
Carrying value	447,975
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 30 September 2022	230,800
	---------
At 30 September 2021	311,600
	---------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 October 2021 and 30 September 2022	14,700
	--------
Impairment
At 1 October 2021 and 30 September 2022	14,700
	--------

Carrying amount
At 30 September 2022	–
	--------
At 30 September 2021	–
	--------

7. DEBTORS

	2022	2021
	£	£
Trade debtors	294,368	108,320
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,685,996	1,626,791
Other debtors	86,497	80,393
	------------	------------
	2,066,861	1,815,504
	------------	------------

8. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	218,957	87,645
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,608,254	6,572,447
Corporation tax	605	605
Social security and other taxes	62,616	209,298
Other creditors	197,544	149,523
	------------	------------
	7,087,976	7,019,518
	------------	------------

Cash at bank is secured by a fixed and floating charge over all the company's assets and cross guarantee given by group undertakings.

Included within other creditors are amounts totalling £104,326 (2021 - £87,674) relating to hire purchase agreements which are secured by either the company, or by a cross guarantee provided by the immediate parent company, The Bennie Group Limited.

9. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	38,923	152,685
	--------	---------

Included within other creditors are amounts totalling £38,923 (2021 - £152,685) relating to hire purchase agreements which are secured by either the company or by a cross guarantee provided by the immediate parent company, The Bennie Group Limited.

10. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 5,229 (2021: £ 4,616 ).

Defined benefit pension scheme The group operates a multi-employer defined benefit pension scheme of which some of the company's employees are members. The scheme is closed to new entrants. Accrual of pension benefits and linkage to future salary ceased on 31 March 2009. The company's employees form only part of the multi-employer scheme operated by the parent undertaking. The allocation of the share of the underlying assets and liabilities in the scheme relating to individual subsidiaries would be extremely complex and not possible to complete on a consistent and reasonable basis. As a result, the company had accounted for the scheme as a defined pension contribution scheme in accordance with the provisions of Financial Reporting Standard 102, section 28. The last full valuation was carried out at 30 September 2022 by a qualified actuary. The financial assumptions are future pension increases of 3.00% (2021: 3.00%); inflation 2.00% (2021: 2.00%); and discount rate 5.04% (2021: 2.49%). On the basis of these assumptions, the plan's financial statements to 30 September 2022 show a surplus of £1,319,000 (2021: surplus of £67,000). The assets of the scheme are administered by trustees in an independent fund. Further details and disclosures on this group defined benefit pension scheme are given in the consolidated financial statements of the company's ultimate parent undertaking, Bennie Holdings Limited. Payments to the group defined pension scheme in the period totalled £nil (2021: £nil).

11. CAPITAL COMMITMENTS

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2022	2021
	£	£
Tangible assets	–	241,000
	----	---------

12. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	86,971	104,161
Later than 1 year and not later than 5 years	21,743	195,685
	---------	---------
	108,714	299,846
	---------	---------

13. CONTINGENCIES

There is an unlimited multilateral guarantee with other group undertakings in respect of group borrowings which are secured by a fixed and floating charge over all assets of the company. The amounts subject to this guarantee at 30 September 2022 was £nil (2021: £nil).

14. SUMMARY AUDIT OPINION

The auditor's report for the year dated 14 July 2023 was unqualified .

The senior statutory auditor was David Kelland , for and on behalf of Meadows & Co Limited .

15. RELATED PARTY TRANSACTIONS

Advantage has been taken of the exemption conferred by FRS 102 1a to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.

16. CONTROLLING PARTY

The directors consider that the parent undertaking of this company and its controlling party by virtue of its 100% ownership of the share capital of this company is The Bennie Group Limited . The ultimate parent undertaking of this company is Bennie Holdings Limited. The ultimate controlling party of the company is Mrs E Ayres . The largest and smallest group of undertakings for which group accounts have been prepared are those of Bennie Holdings Limited . Consolidated financial statements are available from its Registered Office - The Old Piggeries, Cranford Road, Burton Latimer, Kettering, Northamptonshire, NN15 5TB.