Benchmark Designs Limited - Period Ending 2018-03-31

Registration number: 06527908

Benchmark Designs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Benchmark Designs Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Benchmark Designs Limited

(Registration number: 06527908)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	136,849	138,942
Current assets
Stocks	5	-	325,328
Debtors	6	475,453	980,646
Cash at bank and in hand		438,509	62,674
		913,962	1,368,648
Creditors: Amounts falling due within one year	7	(581,982)	(944,137)
Net current assets		331,980	424,511
Total assets less current liabilities		468,829	563,453
Creditors: Amounts falling due after more than one year	7	(96,119)	(101,660)
Net assets		372,710	461,793
Capital and reserves
Called up share capital		100	100
Profit and loss account		372,610	461,693
Total equity		372,710	461,793

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Benchmark Designs Limited

(Registration number: 06527908)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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

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

Approved and authorised by the director on 22 November 2018
 

.........................................

Mr S Jefferies
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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:
Unit 67
Shrivenham Hundred Business Park
Majors Road
Swindon
Wiltshire
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position 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

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.

Page 3

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

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

Stocks

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

Trade creditors

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

Leases

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

Dividends

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

Defined contribution pension obligation

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

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

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

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

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2017 - 21).

Page 4

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2017	133,963	29,870	163,833
Additions	-	2,956	2,956
At 31 March 2018	133,963	32,826	166,789
Depreciation
At 1 April 2017	4,020	20,871	24,891
Charge for the year	1,340	3,709	5,049
At 31 March 2018	5,360	24,580	29,940
Carrying amount
At 31 March 2018	128,603	8,246	136,849
At 31 March 2017	129,943	8,999	138,942

5

Stocks

	2018 £	2017 £
Work in progress	-	325,328

6

Debtors

	2018 £	2017 £
Trade debtors	439,750	922,589
Prepayments	28,504	23,492
Other debtors	7,199	34,565
	475,453	980,646

Page 5

Benchmark Designs Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Loans and borrowings	10,091	10,091
Trade creditors	450,347	823,256
Taxation and social security	68,283	75,887
Other creditors	53,261	34,903
	581,982	944,137

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings		71,289	76,570
Deferred income		24,830	25,090
		96,119	101,660

Page 6