REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
Bern Pet Foods Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
Bern Pet Foods Limited |
Bern Pet Foods Limited (Registered number: 06821399) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bern Pet Foods Limited |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Bern Pet Foods Limited (Registered number: 06821399) |
Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bern Pet Foods Limited (Registered number: 06821399) |
Balance Sheet - continued |
31 January 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Bern Pet Foods Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that of the sale of pet foods. |
2. | ACCOUNTING POLICIES |
ACCOUNTING CONVENTION |
TURNOVER |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
INTANGIBLE ASSETS |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Website 25% Reducing Balance |
Software 25% Reducing Balance |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Land and buildings Leasehold | 25% Reducing Balance |
Fixtures, fittings & equipment | 25% Reducing Balance |
Motor vehicles | 25% Reducing Balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
GOVERNMENT GRANTS |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
STOCKS |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reverse at the balance sheet date. |
FOREIGN EXCHANGE |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
LEASES |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed. |
GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
PENSION |
DEFINED CONTRIBUTION PENSION PLAN |
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
Website | software | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
AMORTISATION |
At 1 February 2022 |
Amortisation for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Prepayments and accrued income |
Accrued income |
The directors consider the carrying value of trade and other receivables approximate to their fair value. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax Payable |
Social security and other tax |
VAT | 648,861 | 382,518 |
Pension liability |
Derivative financial |
instruments | 449,909 | - |
Accruals and deferred income |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
The company has an invoice discounting facility in place. Included in bank loan and overdraft as at 31 January 2023, there was an outstanding liability of £1,122,152 (2022 - £860,355). This facility is secured by a fixed and floating charge on all the assets of the company by way of a debenture. |
Derivative financial instruments- Forward contracts |
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 January 2023, the outstanding contracts all mature within 10 months (2022: None) of the year end. The company is committed to buy CAD$8,800,000 and pay a fixed sterling amount (2022: None). |
The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:CAD. The fair value of the forward-foreign currency contracts is £5,254,986 (2022: Nil). |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
HSBC Bounceback loan |
2 to 5 years | 24,950 | 34,840 |
The directors consider the carrying amounts of long term liabilities approximate to their fair values. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 30,697 | 5,836 |
Bern Pet Foods Limited (Registered number: 06821399) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Provided during year |
Balance at 31 January 2023 |
11. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
12. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £36,133 (2022 - £14,797) |
Contributions totalling £6,629 (2022 - £2,974) were payable to fund at the balance sheet date and are included in other creditors. |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date, included in trade debtors is the amount of £184,900 (2022 - £194,091) and owed by associate company is the amount of £187,155 (2022 - £208,652) due from BSB Products Limited, a company incorporated in UK and is controlled by C W Rodger. |