Mark Benfield Limited - Period Ending 2018-03-31

Mark Benfield Limited - Period Ending 2018-03-31


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Registration number: 07850713

Mark Benfield Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

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Chartered Accountants

 

Mark Benfield Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Mark Benfield Limited

Company Information

Directors

Mrs A Benfield

Mr M Benfield

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mark Benfield Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mark Benfield Limited for the year ended 31 March 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Mark Benfield Limited, as a body, in accordance with the terms of our engagement letter dated 6 May 2016. Our work has been undertaken solely to prepare for your approval the accounts of Mark Benfield Limited and state those matters that we have agreed to state to the Board of Directors of Mark Benfield Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mark Benfield Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mark Benfield Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mark Benfield Limited. You consider that Mark Benfield Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mark Benfield Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

3 December 2018

 

Mark Benfield Limited

(Registration number: 07850713)
Balance Sheet as at 31 March 2018

Note

2018
 

2017
 

   

£

£

£

£

Current assets

   

 

Stocks

5

 

400

 

350

Debtors

6

 

3,669

 

6,348

Cash at bank and in hand

   

9,451

 

4,942

   

13,520

 

11,640

Creditors: Amounts falling due within one year

7

 

(7,221)

 

(7,957)

Net assets

   

6,299

 

3,683

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

6,199

 

3,583

 

Total equity

   

6,299

 

3,683

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.

Directors' 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 directors acknowledge their 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 for issue by the Board on 25 November 2018 and signed on its behalf by:
 


Mrs A Benfield
Director

   
 

Mark Benfield 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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

The principal place of business is:
Merton
New Road
Donhead St. Andrew
SHAFTESBURY
Dorset
SP7 9EG

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.

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.

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

Motor vehicles

25% straight line basis

 

Mark Benfield Limited

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

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 amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Mark Benfield Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Mark Benfield Limited

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

10,884

10,884

At 31 March 2018

10,884

10,884

Depreciation

At 1 April 2017

10,884

10,884

At 31 March 2018

10,884

10,884

Carrying amount

At 31 March 2018

-

-

5

Stocks

2018
£

2017
£

Other inventories

400

350

6

Debtors

2018
£

2017
£

Trade debtors

2,345

1,723

Other debtors

1,324

4,625

 

3,669

6,348

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

-

1,099

Trade creditors

 

2,623

2,393

Taxation and social security

 

731

299

Other creditors

 

3,867

4,166

 

7,221

7,957

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Mark Benfield Limited

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

9

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

-

1,099

10

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £87.00 (2017 - £87.10) per ordinary share

 

8,700

 

8,710

11

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Advances to directors
£

Other payments made to company by director
£

At 31 March 2018
£

Overdrawn directors' accounts

4,154

23,372

(26,655)

871

         
       

 

2017

At 1 April 2016
£

Advances to directors
£

Other payments made to company by director
£

At 31 March 2017
£

Overdrawn directors' accounts

4,075

26,245

(26,166)

4,154