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REGISTERED NUMBER: 06821399 (England and Wales)










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: C W Rodger
N Wensley





REGISTERED OFFICE: Bancroft House
10 Bancroft Road
Reigate
Surrey
RH2 7RP





REGISTERED NUMBER: 06821399 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
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 50,622 42,702
Tangible assets 5 161,561 33,986
212,183 76,688

CURRENT ASSETS
Stocks 4,321,890 1,822,353
Debtors 6 1,860,245 2,136,567
Cash at bank and in hand 39,833 44,283
6,221,968 4,003,203
CREDITORS
Amounts falling due within one year 7 (5,179,772 ) (2,854,846 )
NET CURRENT ASSETS 1,042,196 1,148,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,254,379

1,225,045

CREDITORS
Amounts falling due after more than one year 8 (119,174 ) (34,840 )

PROVISIONS FOR LIABILITIES 10 (30,697 ) (5,836 )
NET ASSETS 1,104,508 1,184,369

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 11 1,104,408 1,184,269
1,104,508 1,184,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 12 October 2023 and were signed on its behalf by:





C W Rodger - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost 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 28 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Website software Totals
£    £    £   
COST
At 1 February 2022 29,080 18,000 47,080
Additions 10,080 - 10,080
At 31 January 2023 39,160 18,000 57,160
AMORTISATION
At 1 February 2022 4,378 - 4,378
Amortisation for year 2,160 - 2,160
At 31 January 2023 6,538 - 6,538
NET BOOK VALUE
At 31 January 2023 32,622 18,000 50,622
At 31 January 2022 24,702 18,000 42,702

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 24,304 94,775 119,079
Additions 77,417 78,200 155,617
Disposals (15,525 ) (31,593 ) (47,118 )
At 31 January 2023 86,196 141,382 227,578
DEPRECIATION
At 1 February 2022 16,458 68,635 85,093
Charge for year 4,707 14,705 19,412
Eliminated on disposal (11,591 ) (26,897 ) (38,488 )
At 31 January 2023 9,574 56,443 66,017
NET BOOK VALUE
At 31 January 2023 76,622 84,939 161,561
At 31 January 2022 7,846 26,140 33,986

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,516,369 1,604,192
Amounts owed by associates 187,155 208,652
Other debtors 13,343 9,119
Prepayments and accrued income 79,743 47,151
Accrued income 63,635 267,453
1,860,245 2,136,567

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 3,345,694 1,989,003
Trade creditors 447,868 121,858
Corporation tax Payable 49,793 169,684
Social security and other tax 24,768 16,163
VAT 648,861 382,518
Pension liability 6,629 2,974
Derivative financial
instruments 449,909 -
Accruals and deferred income 206,250 172,646
5,179,772 2,854,846

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 94,224 -
HSBC Bounceback loan
2 to 5 years 24,950 34,840
119,174 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 130,452 69,952
Between one and five years 387,289 179,929
In more than five years 402,840 29,276
920,581 279,157

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 5,836
Provided during year 24,861
Balance at 31 January 2023 30,697

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.