Benchmark Designs Limited - Period Ending 2023-03-31

Benchmark Designs Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Benchmark Designs Limited

(Registration number: 06527908)
Balance Sheet as at 31 March 2023

	Note	2023 £	(As restated) 2022 £
Fixed assets
Tangible assets	5	142,384	141,338
Current assets
Stocks		43,762	-
Debtors	6	1,389,558	1,397,785
Cash at bank and in hand		756,749	245,003
		2,190,069	1,642,788
Creditors: Amounts falling due within one year	7	(1,206,556)	(922,605)
Net current assets		983,513	720,183
Total assets less current liabilities		1,125,897	861,521
Creditors: Amounts falling due after more than one year	7	(24,375)	(101,167)
Provisions for liabilities		(29,667)	-
Net assets		1,071,855	760,354
Capital and reserves
Called up share capital		100	100
Retained earnings		1,071,755	760,254
Shareholders' funds		1,071,855	760,354

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 December 2023 and signed on its behalf by:
 

......................................... S Jefferies Company secretary and director

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 December 2023 was Emily Ness FCCA FCA BFP CTA, who signed for and on behalf of UHY Ross Brooke.

Prior period errors

The prior year adjustments have been made:

i) Accrued income of £13,299, relating to work done in the year ended March 2020, but invoiced in January 2023 was recognsied in the year ended 31st March 2020. Additional corporation tax of £2,527 was charged at 19% for the changes made in the year.

ii) Accrued income of £4,041, relating to work done in the year ended March 2021, but invoiced in January 2023 was recognsied in the year ended 31st March 2021. Additional corporation tax of £768 was charged at 19% for the changes made in the year.

iIi) Accrued income of £214,299, relating to work done in the year ended March 2022, but invoiced in January 2023 was recognsied in the year ended 31st March 2022. Additional corporation tax of £40,717 was charged at 19% for the changes made in the year.

iv) Accrued income of £87,400, relating to work done in the year ended March 2022, but invoiced in April 2022 was recognsied in the year ended 31st March 2022. Additional corporation tax of £16,606 was charged at 19% for the changes made in the year.

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.

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are accounted for under an 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:

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.

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

3

Taxation

	2023		2022
	£		£
Corporation tax	118,289		136,116
Deferred tax	29,667		-
	147,956		136,116

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current	2023 £	(As restated) 2022 £
Trade debtors	1,159,106	671,136
Prepayments	83,714	1,778
Other debtors	146,738	724,871
	1,389,558	1,397,785

7

Creditors

Creditors: amounts falling due within one year

	2023 £	(As restated) 2022 £
Due within one year
Loans and borrowings	8,125	18,591
Trade creditors	530,802	605,769
Taxation and social security	440,429	269,075
Other creditors	227,200	29,170
	1,206,556	922,605

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings		24,375	77,377
Deferred income		-	23,790
		24,375	101,167

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8	Related party transactions

Summary of transactions with shareholder

From the date of change in ownership, sales were made to Compass Contract Services (U.K.) Ltd of £1,341,206 and as at the the year end the total amount owed from Compass Contract Services (U.K.) was £1,140,765.

Summary of transactions with other related parties

A director had a loan accounts with the company on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from the director was £83,490 (2022 - £275,833).