Bentleys_Holdings_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Bentleys Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Balgray Works, Balgray Place, Dundee, DD3 8SH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. The COVID-19 pandemic and ensuing economic shutdown has had a significant impact on the subsidiary company's operations and as a result it entered a 4 month period of hibernation as lockdown measures were implemented. In response to the COVID-19 pandemic, the director's have taken appropriate steps to control costs and utilise government schemes where appropriate.true

Based on these assessments and having regard to the resources available to the entity, along with a projected cash position for the period up to December 2021 that shows a positive position, the director's have concluded that there is no material uncertainty impacting the subsidiary company and that they can continue to adopt the going concern bases in preparing the annual report and accounts. As the holding company of this subsidiary then, the same conclusion was deemed appropriate for this company.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee Ownership Trust

Where the company makes payments to the Trust where no future economic benefits will flow to the company following payment and where the company does not have control to the right or other access to the future economic benefit it is expected to receive, the payments will be expensed in the Profit and loss account.

Where the company distributes its equity instruments to the Trust and in the opinion of the directors de-facto control over the Trust does not exist then the assets and liabilities of the Trust are not recorded on the Balance sheet of the company.

The directors are of the opinion that de-facto control of the Trust does not exist and therefore have excluded the assets and liabilities of the Trust from these financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

Profit and loss reserves include all current and prior years retained profit and losses.

During the year £140,810 was paid to the Employee Ownership Trust (2019 - £140,810) from Bentleys Holdings Limited.

The company also received dividends from Bentleys Shopfitting Limited of £140,810 (2019 - £140,810).

Bentleys Holdings Limited is owned by The Bentleys Employee-Ownership Trust.