PG Bennett Limited 4745217 false 2016-06-01 2017-05-31 2017-05-31 The principal activity of the company is that of building contractors Digita Accounts Production Advanced 6.20.8420.0 Software true true 4745217 2016-06-01 2017-05-31 4745217 2017-05-31 4745217 core:RetainedEarningsAccumulatedLosses 2017-05-31 4745217 core:ShareCapital 2017-05-31 4745217 core:CurrentFinancialInstruments 2017-05-31 4745217 core:CurrentFinancialInstruments core:WithinOneYear 2017-05-31 4745217 core:MotorVehicles 2017-05-31 4745217 core:OtherPropertyPlantEquipment 2017-05-31 4745217 bus:SmallEntities 2016-06-01 2017-05-31 4745217 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 4745217 bus:FullAccounts 2016-06-01 2017-05-31 4745217 bus:RegisteredOffice 2016-06-01 2017-05-31 4745217 bus:CompanySecretary1 2016-06-01 2017-05-31 4745217 bus:Director1 2016-06-01 2017-05-31 4745217 bus:OrdinaryShareClass1 2016-06-01 2017-05-31 4745217 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 4745217 core:MotorVehicles 2016-06-01 2017-05-31 4745217 core:OtherPropertyPlantEquipment 2016-06-01 2017-05-31 4745217 core:ToolsEquipment 2016-06-01 2017-05-31 4745217 core:KeyManagementPersonnel 2016-06-01 2017-05-31 4745217 countries:AllCountries 2016-06-01 2017-05-31 4745217 2016-05-31 4745217 core:MotorVehicles 2016-05-31 4745217 core:OtherPropertyPlantEquipment 2016-05-31 4745217 2015-06-01 2016-05-31 4745217 2016-05-31 4745217 core:RetainedEarningsAccumulatedLosses 2016-05-31 4745217 core:ShareCapital 2016-05-31 4745217 core:CurrentFinancialInstruments 2016-05-31 4745217 core:CurrentFinancialInstruments core:WithinOneYear 2016-05-31 4745217 core:MotorVehicles 2016-05-31 4745217 core:OtherPropertyPlantEquipment 2016-05-31 4745217 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-05-31 4745217 bus:OrdinaryShareClass1 2015-06-01 2016-05-31 4745217 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2015-06-01 2016-05-31 4745217 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2015-05-31 iso4217:GBP xbrli:pure

Registration number: 4745217

PG Bennett Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2017

 

PG Bennett Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Filleted Financial Statements

3 to 7

 

PG Bennett Limited

Company Information

Director

P G Bennett

Company secretary

V G Bennett

Registered office

44 Upton Lane
Upton
Chester
CH2 1EE

Accountants

Shaw Austin Limited
Chartered Accountants
45 City Road
Chester
Cheshire
CH1 3AE

 

PG Bennett Limited

(Registration number: 4745217)
Filleted Balance Sheet as at 31 May 2017

Note

2017
 £

2016
 £

Fixed assets

 

Tangible assets

4

13,330

2,678

Current assets

 

Stocks

5

1,500

650

Debtors

6

10,963

21,415

Cash at bank and in hand

 

29,854

8,548

 

42,317

30,613

Creditors: Amounts falling due within one year

7

(50,709)

(33,211)

Net current liabilities

 

(8,392)

(2,598)

Net assets

 

4,938

80

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

4,937

79

Total equity

 

4,938

80

For the financial year ending 31 May 2017 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 financial statements 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 financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 December 2017


P G Bennett
Director

 
 

PG Bennett Limited

Notes to the Filleted Financial Statements for the Year Ended 31 May 2017

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:
44 Upton Lane
Upton
Chester
CH2 1EE
United Kingdom

These financial statements were authorised for issue by the director on 15 December 2017.

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.

The presentational currency is £ Sterling and all amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of materials 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 and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

PG Bennett Limited

Notes to the Filleted Financial Statements for the Year Ended 31 May 2017

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

Equipment

25% on net book value

Motor vehicles

25% on net book value

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

PG Bennett Limited

Notes to the Filleted Financial Statements for the Year Ended 31 May 2017

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 5).

 

PG Bennett Limited

Notes to the Filleted Financial Statements for the Year Ended 31 May 2017

4

Tangible assets

Motor vehicles
 £

Equipment
£

Total
£

Cost or valuation

At 1 June 2016

11,200

6,601

17,801

Additions

14,539

617

15,156

Disposals

-

(770)

(770)

At 31 May 2017

25,739

6,448

32,187

Depreciation

At 1 June 2016

9,678

5,445

15,123

Charge for the year

4,015

428

4,443

Eliminated on disposal

-

(709)

(709)

At 31 May 2017

13,693

5,164

18,857

Carrying amount

At 31 May 2017

12,046

1,284

13,330

At 31 May 2016

1,522

1,156

2,678

5

Stocks

2017
£

2016
£

Other inventories

1,500

650

6

Debtors

2017
£

2016
£

Trade debtors

9,295

20,040

Other debtors

1,668

1,375

Total current trade and other debtors

10,963

21,415

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

10,909

14,255

Amounts due to related parties

9

27,605

9,170

Taxation and social security

 

3,170

2,352

Corporation tax liability

 

4,973

4,021

Other creditors

 

4,052

3,413

 

50,709

33,211

 

PG Bennett Limited

Notes to the Filleted Financial Statements for the Year Ended 31 May 2017

8

Dividends

Interim dividends paid

 

2017
£

2016
£

Interim dividend of £25,900 (2016 - £16,700) per each ordinary share

25,900

16,700

     

9

Related party transactions

Loans from related parties

2016

Director
£

At start of period

8,441

Advanced

729

At end of period

9,170

Terms of loans from related parties

The director made an interest free loan available to the company throughout the previous period, repayable on demand.
 

10

Transition to FRS 102

These financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in a review of accounting policies to those previously used, with no financial effect.


Options

Monitor

  • Receive an alert email on changes to financial status
  • Early indications of liquidity problems
  • Warns when company reporting is overdue
  • Free service, no spam emails
Monitor Now

Please Help Us!

Was this document useful to you? Please Like our page. The more Likes we get, the more documents we can supply you free. Thanks.