MIRA INFORM REPORT

 

 

Report No. :

311560

Report Date :

13.03.2015

 

IDENTIFICATION DETAILS

 

Name :

CHARLES BENTLEY & SON LIMITED

 

 

Formerly known As :

F.A.B. HANDLES LIMITED

 

 

Registered Office :

1 Monarch Way Loughborough Leicestershire LE11 5TP

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.01.1979

 

 

Legal Form :

Private limited with Share Capita

 

 

Line of Business :

  • Wholesale of household goods (other than musical instruments) n.e.c.
  • Dealing in brushware and other related products.

 

 

No. of Employee :

122

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

UNITED KINGDOM ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA


Company Summary

 

Registered Address

1 MONARCH WAY
LOUGHBOROUGH LEICESTERSHIRE LE11 5TP

Trading Address

Central House 1 Monarch Way Loughborough Leicestershire LE11 5TP

Website Address

http://www.bentleybrushware.co.uk

 

 

Telephone Number

01509232757

Fax Number

 

TPS

No

FPS

No

Incorporation Date

16/01/1979

 

 

Previous Name

F.A.B. HANDLES LIMITED

Type

Private limited with Share Capital

FTSE Index

--

Date of Change

15/09/2005

Filing Date of Accounts

24/12/2014

Currency

GBP

Share Capital

£2

SIC07

46499

Charity Number

--

 

 

SIC07 Description

WHOLESALE OF HOUSEHOLD GOODS (OTHER THAN MUSICAL INSTRUMENTS) N.E.C.

Principal Activity

Dealing in brushware and other related products.

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/03/2014

£23,563,639

£1,221,659

£5,041,366

122

31/03/2013

£22,182,945

£1,036,093

£4,238,400

120

31/03/2012

£21,619,504

£870,517

£3,453,140

121

 

 

Mortgage Summary

 

Total Mortgage              3

Outstanding                  3

Satisfied                       0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                   9

Total Value of Documented Trade                      £16,562

 

 

Commentary

 

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company has made late payments on a very high percentage of invoices.

This company's bank loans and overdrafts (less cash) account for a high percentage of short term liabilities.

 

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

3

 

 

Current Directors

 

Name

Charles William Bentley

Date of Birth

01/10/1953

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

31/12/1990

Address

1 Monarch Way, Loughborough, Leicestershire, LE11 5TP

 

Name

Shirley Jayne Bentley

Date of Birth

02/12/1957

Officers Title

Ms

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

29/11/2007

Address

1 Monarch Way, Loughborough, Leicestershire, LE11 5TP

 

 


Current Company Secretary

 

Name

Shirley Jayne Bentley

Date of Birth

02/12/1957

Officers Title

Ms

Nationality

British

Present Appointments

2

Function

Company Secretary

Appointment Date

24/11/2004

Address

1 Monarch Way, Loughborough, Leicestershire, LE11 5TP

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

SHIRLEY JAYNE BENTLEY

GBP

2

ORDINARY

0.5

CHARLES WILLIAM BENTLEY

GBP

2

ORDINARY

0.5

 

Unable to report percentage holdings as filed Shareholder listing is not full.

 

 

Profit & Loss

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£23,563,639

6.2%

£22,182,945

2.6%

£21,619,504

7.4%

£20,132,110

5%

£19,165,603

Export

£1,247,282

-94.2%

£21,673,392

999.9%

£1,115,763

-

-

-

-

Cost of Sales

£15,484,244

4.9%

£14,760,840

2.1%

£14,460,361

6.1%

£13,630,154

-

-

Gross Profit

£8,079,395

8.9%

£7,422,105

3.7%

£7,159,143

10.1%

£6,501,956

-

-

Wages & Salaries

£2,664,227

9.1%

£2,441,156

2.5%

£2,380,736

7.1%

£2,221,993

-12.1%

£2,527,053

Directors Emoluments

£19,945

-

£19,945

-

£19,945

-3.8%

£20,739

-86.2%

£150,000

Operating Profit

£1,409,509

14.3%

£1,232,757

17.2%

£1,051,649

21.6%

£864,534

-43.4%

£1,527,702

Depreciation

£196,067

-6%

£208,570

18.3%

£176,360

-2.4%

£180,692

-4%

£188,250

Audit Fees

£12,295

-5.4%

£13,000

-13.3%

£15,000

-

£15,000

-26.8%

£20,500

Interest Payments

£187,850

-4.5%

£196,664

8.6%

£181,132

4%

£174,133

-4.6%

£182,482

Pre Tax Profit

£1,221,659

17.9%

£1,036,093

19%

£870,517

26.1%

£690,401

-46.5%

£1,290,625

Taxation

-£318,693

-27.1%

-£250,833

-7.9%

-£232,432

13.1%

-£267,482

41.6%

-£458,117

Profit After Tax

£902,966

15%

£785,260

23.1%

£638,085

50.9%

£422,919

-49.2%

£832,508

Dividends Payable

£100,000

-

-

-

-

-

-

-100%

£300,000

Retained Profit

£802,966

2.3%

£785,260

23.1%

£638,085

50.9%

£422,919

-20.6%

£532,508

 

 

Balance Sheet

 

.

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Tangible Assets

£3,270,454

-4.2%

£3,414,461

-1.6%

£3,470,522

2.2%

£3,396,342

-2.8%

£3,495,173

Intangible Assets

0

-

0

-

0

-

0

-100%

£45,468

Total Fixed Assets

£3,270,454

-4.2%

£3,414,461

-1.6%

£3,470,522

2.2%

£3,396,342

-4.1%

£3,540,641

Stock

£4,003,828

15.2%

£3,474,042

-11.1%

£3,905,860

36.6%

£2,860,216

20.1%

£2,381,416

Trade Debtors

£4,992,288

35.8%

£3,675,593

-2.8%

£3,781,066

-2.4%

£3,872,947

-0.1%

£3,877,850

Cash

£5,814

-17.8%

£7,070

-92.1%

£89,444

999.9%

£2,661

-28.2%

£3,706

Other Debtors

£1,134,226

-19.7%

£1,413,362

8.6%

£1,301,030

-0.4%

£1,306,696

-28.9%

£1,836,987

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£10,136,156

18.3%

£8,570,067

-5.6%

£9,077,400

12.9%

£8,042,520

-0.7%

£8,099,959

Trade Creditors

£1,544,657

58.3%

£975,951

-36.7%

£1,542,171

46.2%

£1,055,146

-13.3%

£1,217,140

Bank Loans & Overdrafts

£2,496,980

16%

£2,151,749

-40.4%

£3,611,409

12.1%

£3,222,128

10%

£2,929,277

Other Short Term Finance

£177,812

-37.2%

£283,244

-37.4%

£452,432

-20.4%

£568,467

-28%

£789,524

Miscellaneous Current Liabilities

£1,548,254

8%

£1,433,270

-13.4%

£1,655,464

4.3%

£1,587,749

0.1%

£1,586,391

Total Current Liabilities

£5,767,703

19.1%

£4,844,214

-33.3%

£7,261,476

12.9%

£6,433,490

-1.4%

£6,522,332

Bank Loans & Overdrafts and LTL

£5,094,521

0.8%

£5,053,663

-7.2%

£5,444,715

0.6%

£5,412,445

-4.3%

£5,655,409

Other Long Term Finance

£3,672

-88.4%

£31,538

8.2%

£29,160

157.7%

£11,314

-91.2%

£127,903

Total Long Term Liabilities

£2,597,541

-10.5%

£2,901,914

58.3%

£1,833,306

-16.3%

£2,190,317

-19.7%

£2,726,132

 

 

Capital & Reserves

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Called Up Share Capital

£2

-

£2

-

£2

-

£2

-

£2

P & L Account Reserve

£5,041,364

18.9%

£4,238,398

22.7%

£3,453,138

22.7%

£2,815,053

17.7%

£2,392,134

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£5,041,366

18.9%

£4,238,400

22.7%

£3,453,140

22.7%

£2,815,055

17.7%

£2,392,136

 

 

Other Financial Items

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Net Worth

£5,041,366

18.9%

£4,238,400

22.7%

£3,453,140

22.7%

£2,815,055

20%

£2,346,668

Working Capital

£4,368,453

17.2%

£3,725,853

105.2%

£1,815,924

12.9%

£1,609,030

2%

£1,577,627

Total Assets

£13,406,610

11.9%

£11,984,528

-4.5%

£12,547,922

9.7%

£11,438,862

-1.7%

£11,640,600

Total Liabilities

£8,365,244

8%

£7,746,128

-14.8%

£9,094,782

5.5%

£8,623,807

-6.8%

£9,248,464

Net Assets

£5,041,366

18.9%

£4,238,400

22.7%

£3,453,140

22.7%

£2,815,055

17.7%

£2,392,136

 

 

Cash Flow

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Net Cashflow from Operations

£689,044

-20.5%

£866,751

8.5%

£798,710

-6.3%

£852,768

-50.2%

£1,712,579

Net Cashflow before Financing

-£54,893

-115.7%

£349,455

72.2%

£202,959

9.3%

£185,636

-80.2%

£938,778

Net Cashflow from Financing

-£285,946

-151.9%

£551,269

314.3%

-£257,284

46.1%

-£477,142

-1.4%

-£470,463

Increase in Cash

-£340,839

-137.8%

£900,724

999.9%

-£54,325

81.4%

-£291,506

-162.2%

£468,315

 

 

Miscellaneous

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£7,638,907

7%

£7,140,314

35.1%

£5,286,446

5.6%

£5,005,372

-2.2%

£5,118,268

Number of Employees

122

1.7%

120

-0.8%

121

9%

111

-7.5%

120

 

 

Auditors

BAKER TILLY UK AUDIT LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

NATIONAL WESTMINSTER BANK PLC

Bank Branch Code

60-14-10

 

 

Ratios

 

Date Of Accounts

31/03/14

31/03/13

31/03/12

31/03/11

31/03/10

Pre-tax profit margin %

5.18

4.67

4.03

3.43

6.73

Current ratio

1.76

1.77

1.25

1.25

1.24

Sales/Net Working Capital

5.39

5.95

11.91

12.51

12.15

Gearing %

101.10

119.20

157.70

192.30

236.40

Equity in %

37.60

35.40

27.50

24.60

20.60

Creditor Days

23.86

16.01

25.96

19.07

23.11

Debtor Days

77.11

60.31

63.66

70.02

73.64

Liquidity/Acid Test

1.06

1.05

0.71

0.80

0.87

Return On Capital Employed %

15.99

14.51

16.46

13.79

25.21

Return On Total Assets Employed %

9.11

8.64

6.93

6.03

11.08

Current Debt Ratio

1.14

1.14

2.10

2.28

2.72

Total Debt Ratio

1.65

1.82

2.63

3.06

3.86

Stock Turnover Ratio %

16.99

15.66

18.06

14.20

12.42

Return on Net Assets Employed %

24.23

24.44

25.20

24.52

53.95

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

15/02/2015

Annual Returns

13/02/2015

Change in Reg.Office

13/02/2015

Change of Company Postcode

14/01/2015

New Accounts Filed

14/01/2015

New Accounts Filed

13/01/2014

Annual Returns

07/01/2014

New Accounts Filed

07/01/2014

New Accounts Filed

23/02/2013

New Accounts Filed

23/02/2013

New Accounts Filed

25/01/2013

Annual Returns

19/04/2012

Change of Company Postcode

27/03/2012

New Accounts Filed

27/03/2012

New Accounts Filed

01/02/2012

Annual Returns

 

 

Previous Company Names

 

Date

Previous Name

15/09/2005

F.A.B. HANDLES LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

 

Group structure Full

 

No group structure

 

 

Mortgage Details

 

Mortgage Type:

CHATTEL MORTGAGE

Date Charge Created:

05/01/09

Date Charge Registered:

21/01/09

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

CHARLES WILLIAM BENTLEY AND SHIRLEY BENTLEY AS TRUSTEES FOR THE CHARLES BENTLEY SELF-ADMINISTER

Amount Secured:

£190,000.00 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

Details:

SCHELESINGER VPBFK2/E3.TR 5198 1997,COMPACTOR/BALER STATIC REFUSE COMPACTOR, 3 X FORK LIFT TRUCKS (FOR FURTHER DETAILS OF CHATTELS CHARGED PLEASE REFER TO FORM395)

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

14/10/05

Date Charge Registered:

18/10/05

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

NATIONAL WESTMINSTER BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

1 MONARCH WAY BELTON ROAD TRADING ESTATE LOUGHBOROUGH LEICESTERSHIRE BY WAY OF FIXED CHARGE THE BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE PROPERTY AND PLANT MACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS

 

Mortgage Type:

MORTGAGE DEBENTURE

Date Charge Created:

08/11/95

Date Charge Registered:

13/11/95

Date Charge Satisfied:

-

Status:

PARTIAL PROPERTY RELEASE

Person(s) Entitled:

NATIONAL WESTMINSTER BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

 

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

9

£16,562

Company Name

Amount

Statement Date

Hit And Run Fashions Ltd

£3,648

14/10/2011

M T L Management & Solutions Ltd

£3,078

06/10/2011

Specials (North East) Limited

£2,868

19/07/2011

Elasons & Asna Houseware Ltd

£2,500

01/03/2011

Pound Centre + Ltd

£1,644

22/02/2012

W M Granger & Son (Leicester) Limited

£1,605

16/12/2011

Pound Plus Limited

£842

28/08/2014

Trading Experts Ltd

£259

13/06/2011

Tools And Equipment Ltd

£118

10/04/2014

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Raymond Bentley

0

4

Charles William Bentley

2

2

Robert Glyn Bentley

0

3

Average Invoice Value

£1330.54

Invoices available

195

Paid

195

Outstanding

0

 

 

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

32

48

89

17

9

Outstanding

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.57

UK Pound

1

Rs.93.57

Euro

1

Rs.65.95

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 


 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.