Bennie Holdings Limited Group accounts (Group and Company)

Bennie Holdings Limited Group accounts (Group and Company)

BENNIE HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06479256
BENNIE HOLDINGS LIMITED
FINANCIAL STATEMENTS
30 September 2022
BENNIE HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2022
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11 to 12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17 to 32
BENNIE HOLDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mrs E Ayres
Mrs P O Toseland
Mr M J Ayres
REGISTERED OFFICE
The Old Piggeries
Cranford Road
Burton Latimer
Kettering
Northamptonshire
NN15 5TB
AUDITOR
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
BANKERS
HSBC Bank Plc
15 High Street
Market Harborough
Leicestershire
LE16 7NN
BENNIE HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 SEPTEMBER 2022
Principal activities Bennie Holdings and its subsidiary companies are principally engaged in the construction, equipment and footwear sectors through the sale, service and hire, of equipment and plant, the sale and distribution of specialist topsoils and aggregates, earthmoving and soil stabilisation contracting and the manufacture of orthopaedic & bespoke footwear. The principal activity of the company is that of a holding company.
Business Review The business has had a successful year with all fully operational Group businesses performing well and delivering a healthy profit, the contracting business delivered a reduced loss based on the restructuring undertaken to stabilise this business. As a result the consolidated performance year on year has seen the group achieve net comprehensive income of above £1.5m. Our Group strategy focuses on continuing to diversify our business spread with a coordinated plan. Both Bennie Equipment and Boughton Loam's trading exceeded their budgeted profit positions and continue to trade strong in the current financial year, we focus on supporting their growth and expansion as being core to the groups long term future. Our Group business strategy continues to see us execute a balanced portfolio approach, increasing the breadth of our business portfolio through investing in in expansion of operating companies and as well as targeted growth in our product and service lines to combat dependency on any single company and to rebalance seasonal trading performance. Our newest company Bennie Plant has had a profitable first year of trading as well as signing a CAT dealership with Finning UK & Ireland. Our plan continues to deliver above expectations and the board are extremely pleased with the progress made so far. The Group will continue to focus on both organic growth of of existing revenue streams through continued expansion of customer base and geography across our offerings. Barton Contracting remains operational but has been significantly scaled back to address the legacy risk this presented as part of the Group's business portfolio. At current levels of trading and revised approach to risk around contracting, the board continues to support transform the business into a more agile and balanced business as part of its long-term turnaround plan. The continued agile nature of our Group head office business means we have been able to support and respond to the changes in the businesses structure and strategy in a coordinated fashion. Our new systems and tools are delivering for the platform to deliver, profitability and business performance going forward in our key business areas. Our Group balance sheet and continued growth in margins in some of our business units continue to be demonstrated and mean we will continue accelerating our growth plans in these areas to diversify our Group portfolio. The business is on track to deliver its budgeted trade position for 2022/23 despite some economic uncertainty
Principal risks and uncertainties The main risks arising from the Group's activities are linked to wider economic factors. Interest rates, national living wage, fuel prices and utilities are all areas of financial risk the Group continues to manage. The Board reviews risk quarterly against a risk register and agrees policies for managing each of these risks:
The company has three financial key performance indicators. Turnover mix is a KPI that pushes the Group to diversify its sales across a broad range of customers & markets. Operating profit is a KPI that ensures the Group generates acceptable underlying profits. The Debt ratio and debt-service coverage ratio are the Groups liquidity KPI's that aid decision making.
This report was approved by the board of directors on 26 July 2023 and signed on behalf of the board by:
Mr M J Ayres
Director
Registered office:
The Old Piggeries
Cranford Road
Burton Latimer
Kettering
Northamptonshire
NN15 5TB
BENNIE HOLDINGS LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 SEPTEMBER 2022
The directors present their report and the financial statements of the group for the year ended 30 September 2022 .
DIRECTORS
The directors who served the company during the year were as follows:
Mrs E Ayres
Mrs P O Toseland
Mr M J Ayres
DIVIDENDS
The directors do not recommend the payment of a dividend.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 26 July 2023 and signed on behalf of the board by:
Mr M J Ayres
Director
Registered office:
The Old Piggeries
Cranford Road
Burton Latimer
Kettering
Northamptonshire
NN15 5TB
BENNIE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNIE HOLDINGS LIMITED
YEAR ENDED 30 SEPTEMBER 2022
OPINION
We have audited the financial statements of Bennie Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
The directors have undertaken a review of the group and its undertakings 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 30 September 2023 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.
Accordingly, the directors consider it appropriate to have prepared the group's accounts on the going concern basis.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Kelland
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
26 July 2023
BENNIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 SEPTEMBER 2022
2022
2021
Note
£
£
TURNOVER
4
18,322,384
18,348,204
Cost of sales
13,616,550
18,292,927
-------------
-------------
GROSS PROFIT
4,705,834
55,277
Administrative expenses
4,019,291
2,677,302
Other operating income
5
–
102,646
------------
------------
OPERATING PROFIT/(LOSS)
6
686,543
( 2,519,379)
Other interest receivable and similar income
10
70
7
Interest payable and similar expenses
11
304,932
260,315
------------
------------
PROFIT/(LOSS) BEFORE TAXATION
381,681
( 2,779,687)
Tax on profit/(loss)
12
144,611
238,757
---------
------------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
237,070
( 3,018,444)
---------
------------
Revaluation of tangible assets
2,401,794
–
Remeasurement of the net defined benefit plan
1,251,000
975,000
Tax relating to components of other comprehensive income
( 313,000)
( 190,000)
------------
---------
OTHER COMPREHENSIVE INCOME FOR THE YEAR
3,339,794
785,000
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
3,576,864
( 2,233,444)
------------
------------
All the activities of the group are from continuing operations.
BENNIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 2022
2022
2021
Note
£
£
FIXED ASSETS
Tangible assets
13
15,891,269
10,975,944
Investments
14
5,000
5,000
-------------
-------------
15,896,269
10,980,944
CURRENT ASSETS
Stocks
15
1,305,858
928,268
Debtors
16
6,486,324
4,951,095
Cash at bank and in hand
881,591
484,599
------------
------------
8,673,773
6,363,962
CREDITORS: amounts falling due within one year
18
7,819,734
7,363,860
------------
------------
NET CURRENT ASSETS/(LIABILITIES)
854,039
( 999,898)
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
16,750,308
9,981,046
CREDITORS: amounts falling due after more than one year
19
7,943,998
3,957,211
PROVISIONS
21
886,270
428,659
-------------
------------
NET ASSETS EXCLUDING DEFINED BENEFIT PENSION PLAN ASSET
7,920,040
5,595,176
Defined benefit pension plan liability
23
1,319,000
67,000
------------
------------
NET ASSETS INCLUDING DEFINED BENEFIT PENSION PLAN ASSET
9,239,040
5,662,176
------------
------------
CAPITAL AND RESERVES
Called up share capital
25
21,000
21,000
Revaluation reserve
26
3,839,909
1,438,115
Capital redemption reserve
26
12,000
12,000
Other reserves, including the fair value reserve
26
4,305,000
4,305,000
Profit and loss account
26
1,061,131
( 113,939)
------------
------------
SHAREHOLDERS FUNDS
9,239,040
5,662,176
------------
------------
BENNIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2022
These financial statements were approved by the board of directors and authorised for issue on 26 July 2023 , and are signed on behalf of the board by:
Mr M J Ayres
Director
Company registration number: 06479256
BENNIE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
30 September 2022
2022
2021
Note
£
£
FIXED ASSETS
Investments
14
5,957,533
5,957,533
CURRENT ASSETS
Debtors
16
16,933
16,933
CREDITORS: amounts falling due within one year
18
1,489,148
1,489,148
------------
------------
NET CURRENT LIABILITIES
1,472,215
1,472,215
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,485,318
4,485,318
------------
------------
CAPITAL AND RESERVES
Called up share capital
25
21,000
21,000
Capital redemption reserve
26
12,000
12,000
Other reserves, including the fair value reserve
26
4,305,000
4,305,000
Profit and loss account
26
147,318
147,318
------------
------------
SHAREHOLDERS FUNDS
4,485,318
4,485,318
------------
------------
The profit for the financial year of the parent company was £Nil (2021: £Nil).
These financial statements were approved by the board of directors and authorised for issue on 26 July 2023 , and are signed on behalf of the board by:
Mr M J Ayres
Director
Company registration number: 06479256
BENNIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2022
Called up share capital
Revaluation reserve
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
Note
£
£
£
£
£
£
AT 1 OCTOBER 2020
21,000
1,438,115
12,000
4,305,000
2,119,505
7,895,620
Loss for the year
( 3,018,444)
( 3,018,444)
Other comprehensive income for the year:
Remeasurement of the net defined benefit plan
23
–
–
–
–
975,000
975,000
Tax relating to components of other comprehensive income
12
–
–
–
–
( 190,000)
( 190,000)
--------
------------
--------
------------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
–
–
( 2,233,444)
( 2,233,444)
AT 30 SEPTEMBER 2021
21,000
1,438,115
12,000
4,305,000
( 113,939)
5,662,176
Profit for the year
237,070
237,070
Other comprehensive income for the year:
Revaluation of tangible assets
13
–
2,401,794
–
–
–
2,401,794
Remeasurement of the net defined benefit plan
23
–
–
–
–
1,251,000
1,251,000
Tax relating to components of other comprehensive income
12
–
–
–
–
( 313,000)
( 313,000)
--------
------------
--------
------------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
2,401,794
–
–
1,175,070
3,576,864
--------
------------
--------
------------
------------
------------
AT 30 SEPTEMBER 2022
21,000
3,839,909
12,000
4,305,000
1,061,131
9,239,040
--------
------------
--------
------------
------------
------------
BENNIE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2022
Called up share capital
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
AT 1 OCTOBER 2020
21,000
12,000
4,305,000
147,318
4,485,318
Profit for the year
–
–
AT 30 SEPTEMBER 2021
21,000
12,000
4,305,000
147,318
4,485,318
Profit for the year
–
–
--------
--------
------------
---------
------------
AT 30 SEPTEMBER 2022
21,000
12,000
4,305,000
147,318
4,485,318
--------
--------
------------
---------
------------
BENNIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 SEPTEMBER 2022
2022
2021
Note
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the financial year
237,070
( 3,018,444)
Adjustments for:
Depreciation of tangible assets
1,816,900
1,062,197
Government grant income
–
( 102,646)
Other interest receivable and similar income
( 70)
( 7)
Interest payable and similar expenses
304,932
240,315
Gains on disposal of tangible assets
( 312,882)
( 141,006)
Defined benefit pension plan employer contributions
–
( 165,000)
Tax on profit
144,611
238,757
Changes in:
Stocks
( 377,590)
( 464,847)
Trade and other debtors
( 1,535,229)
( 558,336)
Trade and other creditors
( 954,942)
3,400,684
------------
------------
Cash generated from operations
( 677,200)
491,667
Interest received
70
7
Tax (paid)/received
( 200)
2,031
---------
---------
Net cash (used in)/from operating activities
( 677,330)
493,705
---------
---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 672,719)
( 314,493)
Proceeds from sale of tangible assets
895,362
1,052,464
HP interest paid
(225,796)
(177,496)
---------
------------
Net cash (used in)/from investing activities
( 3,153)
560,475
---------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
2,483,742
60,000
Repayments of borrowings
–
( 164,203)
Government grant income
–
102,646
Payments of finance lease liabilities
( 1,330,821)
( 1,362,932)
Interest paid
( 80,136)
( 62,819)
------------
------------
Net cash from/(used in) financing activities
1,072,785
( 1,427,308)
------------
------------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
392,302
( 373,128)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
484,599
857,727
---------
---------
CASH AND CASH EQUIVALENTS AT END OF YEAR
17
876,901
484,599
---------
---------
BENNIE HOLDINGS 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 United Kingdom. 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 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 directors have undertaken a review of the group 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 31 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. The directors therefore consider it appropriate to prepare the group's accounts on the going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. In accordance with the transitional exemption available under FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 April 2014. Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Useful lives of property, plant and equipment Depreciation is provided so as to write down the assets to their residual values over their estimated useful exercise of management judgement. Useful lives are regularly reviewed and should be management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly. The carrying amount of property, plant and equipment by each class is included in note 14. Long term contracts The group uses the percentage-of-completion method in accounting for its construction contracts. Use of the percentage-of-completion method requires the group to estimate the construction performed to date as a proportion of the total construction to be performed. The estimation of the revenue and profit recognition by reference to the stage of completion can involve considerable judgement around future margins. This includes the valuation of construction contract claims, incentive payments and variations in the contract work. The group reviews these estimates and assumptions as each contract progresses. The the extent that the amounts receivable on the contracts are different to the amounts recorded such differences will impact revenue and cost of sales in the period in which such determination is made.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
50 years straight line
Plant and machinery
-
3 to 5 years straight line
Fixtures, fittings and equipment
-
3 to 5 years straight line
Motor vehicles
-
4 years straight line
Quarries
-
2 to 10 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined benefit plans
The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur. Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. TURNOVER
Turnover arises from:
2022
2021
£
£
Earth moving and sale of top soil
3,753,664
8,068,264
Fork lift and plant hire
7,731,770
4,197,217
Surgical shoes
983,680
926,928
Quarrying, stone and tipping
5,853,270
5,155,795
-------------
-------------
18,322,384
18,348,204
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2022
2021
£
£
Government grant income
–
102,646
----
---------
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2022
2021
£
£
Depreciation of tangible assets
1,816,900
1,505,160
Impairment of intangible assets recognised in:
Administrative expenses
–
24,243
Reversal of impairment of intangible assets recognised in:
Cost of sales
–
(264,515)
Administrative expenses
–
(202,690)
Gains on disposal of tangible assets
( 312,882)
( 141,006)
------------
------------
7. AUDITOR'S REMUNERATION
2022
2021
£
£
Fees payable for the audit of the financial statements
50,000
37,096
--------
--------
8. STAFF COSTS
The average number of persons employed by the group during the year, including the directors, amounted to:
2022
2021
No.
No.
Direct labour, sales and administration
132
115
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
4,295,302
3,850,006
Social security costs
379,872
373,808
Other pension costs
68,325
67,641
------------
------------
4,743,499
4,291,455
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2022
2021
£
£
Remuneration
397,860
411,718
Company contributions to defined contribution pension plans
4,284
5,247
---------
---------
402,144
416,965
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2022
2021
No.
No.
Defined contribution plans
2
1
----
----
Remuneration of the highest paid director in respect of qualifying services:
2022
2021
£
£
Aggregate remuneration
100,000
101,667
---------
---------
10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2022
2021
£
£
Interest on cash and cash equivalents
70
7
----
----
11. INTEREST PAYABLE AND SIMILAR EXPENSES
2022
2021
£
£
Interest on banks loans and overdrafts
80,136
62,819
Interest on obligations under finance leases and hire purchase contracts
225,796
177,496
Net finance costs in respect of defined benefit pension plans
( 1,000)
20,000
---------
---------
304,932
260,315
---------
---------
12. TAX ON PROFIT
Major components of tax income
2022
2021
£
£
Current tax:
UK current tax income
79,270
–
Group relief
( 79,270)
–
R&D tax credit
–
( 2,021)
--------
-------
Total current tax
–
( 2,021)
--------
-------
Deferred tax:
Origination and reversal of timing differences
144,611
240,778
---------
---------
Tax on profit
144,611
238,757
---------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 313,000 (2021: £ 190,000 ).
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 38 % (2021: 19 %).
2022
2021
£
£
Profit/(loss) on ordinary activities before taxation
381,681
( 2,779,687)
---------
------------
Profit/(loss) on ordinary activities by rate of tax
88,056
( 528,140)
Effect of expenses not deductible for tax purposes
9,534
( 5,634)
Effect of capital allowances and depreciation
33,489
43,679
Utilisation of tax losses
12,567
3,271
Unused tax losses
( 45,171)
( 264,872)
Other adjustments
46,136
995,453
Deferred tax
–
( 5,000)
---------
------------
Tax on profit
144,611
238,757
---------
------------
13. TANGIBLE ASSETS
Group
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Quarries
Total
£
£
£
£
£
£
Cost
At 1 Oct 2021
4,758,446
12,809,875
771,437
1,331,137
604,355
20,275,250
Additions
97,925
3,705,349
90,967
941,935
76,735
4,912,911
Disposals
–
( 425,046)
( 42,748)
( 490,141)
–
( 957,935)
Revaluations
2,320,025
81,769
–
–
–
2,401,794
------------
-------------
---------
------------
---------
-------------
At 30 Sep 2022
7,176,396
16,171,947
819,656
1,782,931
681,090
26,632,020
------------
-------------
---------
------------
---------
-------------
Depreciation
At 1 Oct 2021
172,633
7,338,466
572,343
777,297
438,567
9,299,306
Charge for the year
33,475
1,397,091
90,297
210,675
85,362
1,816,900
Disposals
–
62,487
( 19,364)
( 418,578)
–
( 375,455)
------------
-------------
---------
------------
---------
-------------
At 30 Sep 2022
206,108
8,798,044
643,276
569,394
523,929
10,740,751
------------
-------------
---------
------------
---------
-------------
Carrying amount
At 30 Sep 2022
6,970,288
7,373,903
176,380
1,213,537
157,161
15,891,269
------------
-------------
---------
------------
---------
-------------
At 30 Sep 2021
4,585,813
5,471,409
199,094
553,840
165,788
10,975,944
------------
-------------
---------
------------
---------
-------------
The company has no tangible assets.
Tangible assets held at valuation
In respect of tangible assets held at valuation, 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:
Group
Freehold property
£
At 30 September 2022
Aggregate cost
4,020,229
Aggregate depreciation
(486,270)
------------
Carrying value
3,533,959
------------
At 30 September 2021
Aggregate cost
3,079,841
Aggregate depreciation
(402,952)
------------
Carrying value
2,676,889
------------
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:
Group
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
At 30 September 2022
5,562,170
6,356
1,126,474
6,695,000
------------
-------
------------
------------
At 30 September 2021
3,381,046
110,694
403,404
3,895,144
------------
---------
------------
------------
14. INVESTMENTS
Group
Other investments other than loans
£
Cost
At 1 October 2021 and 30 September 2022
5,000
-------
Impairment
At 1 October 2021 and 30 September 2022
–
-------
Carrying amount
At 1 October 2021 and 30 September 2022
5,000
-------
At 30 September 2021
5,000
-------
Company
Shares in group undertakings
£
Cost
At 1 October 2021 and 30 September 2022
6,440,259
------------
Impairment
At 1 October 2021 and 30 September 2022
482,726
------------
Carrying amount
At 1 October 2021 and 30 September 2022
5,957,533
------------
At 30 September 2021
5,957,533
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
The Bennie Group Limited
Ordinary
100
Ken Hall Limited
Ordinary
100
Midland Forklifts Limited
Ordinary
100
Boughton Loam and Turf Management Limited
Ordinary
100
Barton Contracting Limited
Ordinary
100
Peter Bennie Limited
Ordinary
100
Bennie Plant Limited
Ordinary
100
Boughton Loam Limited **
Ordinary
99
Brackmills Haulage Limited **
Ordinary
99
Turf Management Systems Limited **
Ordinary
99
Turf Management Systems (Midlands) Limited **
Ordinary
99
Burton Plant Limited **
Ordinary
99
Barton Construction (Kettering) Limited **
Ordinary
99
Rutland Recycling Services Limited **
Ordinary
99
15. STOCKS
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
927,546
491,081
–
–
Finished goods and goods for resale
378,312
437,187
–
–
------------
---------
----
----
1,305,858
928,268
–
–
------------
---------
----
----
16. DEBTORS
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade debtors
2,407,443
1,634,954
–
–
Amounts owed by customers on construction contracts
2,122,746
1,339,623
–
–
Other debtors
1,956,135
1,976,518
16,933
16,933
------------
------------
--------
--------
6,486,324
4,951,095
16,933
16,933
------------
------------
--------
--------
17. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
2022
2021
£
£
Cash at bank and in hand
881,591
484,599
Bank overdrafts
( 4,690)
–
---------
---------
876,901
484,599
---------
---------
18. CREDITORS: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
363,762
173,308
–
–
Trade creditors
2,363,203
3,951,309
–
–
Amounts owed to group undertakings
–
–
1,489,148
1,489,148
Corporation tax
421
621
–
–
Social security and other taxes
1,348,589
1,369,456
–
–
Obligations under finance leases and hire purchase contracts
2,237,678
1,153,809
–
–
Director loan accounts
196,693
60,000
–
–
Other creditors
1,309,388
655,357
–
–
------------
------------
------------
------------
7,819,734
7,363,860
1,489,148
1,489,148
------------
------------
------------
------------
19. CREDITORS: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
2,274,321
1,672,111
–
–
Obligations under finance leases and hire purchase contracts
4,110,602
2,285,100
–
–
Director loan accounts
1,559,075
–
–
–
------------
------------
----
----
7,943,998
3,957,211
–
–
------------
------------
----
----
20. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
2,237,678
1,153,809
–
–
Later than 1 year and not later than 5 years
4,110,602
2,285,100
–
–
------------
------------
----
----
6,348,280
3,438,909
–
–
------------
------------
----
----
21. PROVISIONS
Group
Deferred tax (note 22)
Pensions and similar obligations
Total
£
£
£
At 1 October 2021
428,659
–
428,659
Additions
144,611
313,000
457,611
---------
---------
---------
At 30 September 2022
573,270
313,000
886,270
---------
---------
---------
The company does not have any provisions.
22. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Included in provisions (note 21)
573,270
411,659
–
–
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
£
£
£
£
Accelerated capital allowances
573,270
411,659
–
–
---------
---------
----
----
23. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 68,325 (2021: £ 67,641 ).
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independent fund.
Defined benefit plans
The group operates a defined benefit pension scheme. Costs and liabilities of the scheme are based on actuarial valuations. The last full valuation was carried out at 30 September 2020 by a qualified actuary.
The statement of financial position net defined benefit liability is determined as follows:
2022
2021
£
£
Present value of defined benefit obligations
( 17,529,000)
( 23,742,000)
Fair value of plan assets
18,848,000
23,809,000
-------------
-------------
1,319,000
67,000
------------
--------
Changes in the present value of the defined benefit obligations are as follows:
2022
£
At 1 October 2021
23,742,000
Interest expense
251,000
Benefits paid
(1,603,000)
Inclusion on insured annuitants
( 2,229,000)
Remeasurements:
Actuarial gains and losses
( 2,632,000)
-------------
At 30 September 2022
17,529,000
-------------
Changes in the fair value of plan assets are as follows:
2022
£
At 1 October 2021
23,809,000
Interest income
252,000
Benefits paid
( 1,603,000)
Inclusion on insured annuitants
( 2,229,000)
Remeasurements:
Actuarial gains and losses
( 1,381,000)
-------------
At 30 September 2022
18,848,000
-------------
The total costs for the year in relation to defined benefit plans are as follows:
2022
2021
£
£
Recognised in profit or loss:
Net interest income
( 1,000)
20,000
-------
--------
Recognised in other comprehensive income:
Remeasurement of the liability:
Actuarial gains and losses
1,251,000
975,000
------------
---------
The fair value of the major categories of plan assets are as follows:
2022
2021
£
£
Cash and cash equivalents
340,000
143,000
Old Mutual Fund
7,868,000
10,797,000
------------
-------------
8,208,000
10,940,000
------------
-------------
The return on plan assets are as follows:
2022
2021
£
£
Return on assets of benefit plan
( 1,129,000)
924,000
------------
---------
The principal actuarial assumptions as at the statement of financial position date were:
2022
2021
%
%
Discount rate
5.04
2.49
Expected rate of increase in pensions
3.00
3.00
Inflation assumption
2
2
Pension increases during deferment
2.00
2.00
-----
-----
24. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
–
102,646
–
–
----
---------
----
----
25. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary Shares shares of £ 1 each
21,000
21,000
21,000
21,000
--------
--------
--------
--------
26. RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Merger reserve - This reserve arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
27. ANALYSIS OF CHANGES IN NET DEBT
At 1 Oct 2021
Cash flows
At 30 Sep 2022
£
£
£
Cash at bank and in hand
484,599
396,992
881,591
Bank overdrafts
–
(4,690)
(4,690)
Debt due within one year
(1,387,117)
(1,406,326)
(2,793,443)
Debt due after one year
(3,957,211)
(3,986,787)
(7,943,998)
------------
------------
------------
( 4,859,729)
( 5,000,811)
( 9,860,540)
------------
------------
------------
28. CAPITAL COMMITMENTS
Capital expenditure contracted for but not provided for in the financial statements is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Tangible assets
–
241,000
–
–
----
---------
----
----
29. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
136,581
104,161
–
–
Later than 1 year and not later than 5 years
56,115
216,148
–
–
---------
---------
----
----
192,696
320,309
–
–
---------
---------
----
----
BENNIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2022
30. RELATED PARTY TRANSACTIONS
Group
During the year, group companies undertook the following transactions with related parties: Advances were made by Directors of a group company of £1,999,000 (2021: £90,000). During the year, £311,612 (2021:£30,000) had been repaid, leaving a balance of £1,747,388 (2021: £60,000). Post yearend, interest was payable on part of the balance. A company under common control of the group received an interest free loan, which is repayable on demand. At 30 September 2022 the amount total due from the company was £1,282,243 (2021 - £1,281,610). During the previous year, a connected company loaned a group company £375,000. At the yearend the group company owed £346,698 (2021:£350,000) in respect of this loan, on which interest is charged at 6%. Sales were made to the connected company amounting to £51,838. At the yearend, £6,245 was due from the connected company. Purchases were made from the connected company amounting to £1,397. At the yearend, £419 was due to the connected company. All sales and purchase transactions were on normal commercia l terms at arms length. Advantage has been taken of the exemption conferred by FRS 102 to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 263,218 (2021: £ 280,154 ).