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Registered number: 10441848
BENBECULA GROUP LTD
(FORMERLY BENBECULA SUBSEA SERVICES LTD)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2018
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
REGISTERED NUMBER: 10441848
BALANCE SHEET
AS AT 30 APRIL 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
REGISTERED NUMBER: 10441848
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 January 2019.
The notes on pages 3 to 8 form part of these financial statements.
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
Benbecula Group Ltd (company number: 10441848) is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 2, Stephenson Street, Howdon Quays, Wallsend, Tyne and Wear NE28 6UE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Turnover is measured at the fair value of the consideration receivable for services rendered to subsidiary companies for management services, net of discounts and Value Added Tax.
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
2.Accounting policies (continued)
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2017 - 0).
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Investments in subsidiary companies
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
4.Fixed asset investments (continued)
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The following were subsidiary undertakings of the Company:
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Acquired on 6 October 2017
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Lift-Rite Holdings Limited
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Lift-Rite Engineering Services Limited
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Supply of lifting equipment and services
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Tyne Gangway (Structures) Limited
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Manufacture of marine access systems
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Loadtec Engineered Systems Limited
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Supply of fluid handling equipment
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In Control Projects Limited
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Supply of engineered products
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In Control Service Limited
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The aggregate of the share capital and reserves as at 30 April 2018 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Lift-Rite Holdings Limited
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Lift-Rite Engineering Services Limited
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Tyne Gangway (Structures) Limited
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Loadtec Engineered Systems Limited
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In Control Projects Limited
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In Control Service Limited
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Borrowings – deferred consideration
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Borrowings – deferred consideration
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The deferred consideration is interest free and is wholly repayable within five years. The carrying value of the deferred consideration represents the fair value of the amounts payable, discounted at a rate of 4%.
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BENBECULA GROUP LTD (FORMERLY BENBECULA SUBSEA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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The director’s loan was advanced by Mr JP Reece. The amount outstanding is repayable as follows:
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Later than one year and not later than five years
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Interest is charged on the director’s loan at 3% above base rate.
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Benbecula Group Ltd is jointly controlled by Mr A MacDonald, Mrs ASF MacDonald, Mr JP Reece and Mrs SE Reece.
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