Company registration number 03669161 (England and Wales)
BERMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
25 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
BERMA LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
BERMA LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr C. Bergamini
Company number
03669161
Registered office
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
BERMA LIMITED
BALANCE SHEET
AS AT
25 FEBRUARY 2023
25 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,731
3,242
Investment properties
6
13,127,000
13,127,000
Investments
7
118,159
118,159
13,247,890
13,248,401
Current assets
Debtors
8
363,049
671,640
Cash at bank and in hand
286,204
45,955
649,253
717,595
Creditors: amounts falling due within one year
9
(129,803)
(128,400)
Net current assets
519,450
589,195
Total assets less current liabilities
13,767,340
13,837,596
Creditors: amounts falling due after more than one year
10
(4,928,535)
(4,967,659)
Provisions for liabilities
(1,473,862)
(1,135,163)
Net assets
7,364,943
7,734,774
Capital and reserves
Called up share capital
11
168
168
Share premium account
926,573
926,573
Revaluation reserve
6,421,218
6,759,846
Capital redemption reserve
5
5
Profit and loss reserves
16,979
48,182
Total equity
7,364,943
7,734,774
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
BERMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
25 FEBRUARY 2023
25 February 2023
- 3 -
For the financial year ended 25 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 21 October 2023
Mr C. Bergamini
Director
Company Registration No. 03669161
The notes on pages 4 to 11 form part of these financial statements
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Berma Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Granary, Hones Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB.
1.1
Accounting convention
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss represents amounts invoiced during the year.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Fixtures and fittings
25% reducing balance
Equipment
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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
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.
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
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
Basic financial liabilities, including creditors and bank loans, 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.
1.9
Equity instruments
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.
1.10
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 timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
No deferred tax is provided on timing differences arising from the revaluation of fixed assets unless by the balance sheet date, a binding commitment to sell the asset has been entered into and it is unlikely that any gain will be rolled over.
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no estimates or judgements which could have a material impact on the financial statements.
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,114
Adjustments in respect of prior periods
4
Total current tax
3,114
4
Deferred tax
Origination and reversal of timing differences
71
(93)
Total tax charge/(credit)
3,185
(89)
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
- 9 -
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 26 February 2022
23,704
Additions
399
At 25 February 2023
24,103
Depreciation and impairment
At 26 February 2022
20,462
Depreciation charged in the year
910
At 25 February 2023
21,372
Carrying amount
At 25 February 2023
2,731
At 25 February 2022
3,242
6
Investment property
2023
£
Fair value
At 26 February 2022 and 25 February 2023
13,127,000
Investment property comprises nine properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 25th February 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
7
Fixed asset investments
2023
2022
£
£
Investments
118,159
118,159
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
7
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 26 February 2022 & 25 February 2023
118,159
Carrying amount
At 25 February 2023
118,159
At 25 February 2022
118,159
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
103,535
103,535
Other debtors
227,513
534,104
Prepayments and accrued income
32,001
34,001
363,049
671,640
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
39,124
37,614
Corporation tax
3,052
(63)
Other taxation and social security
225
316
Other creditors
33,501
36,632
Accruals and deferred income
53,901
53,901
129,803
128,400
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
4,928,535
4,967,659
BERMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 FEBRUARY 2023
10
Creditors: amounts falling due after more than one year
(Continued)
- 11 -
The long-term loan is secured by fixed charges over the investment property held by the company.
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
74 Ordinary shares of £1 each
74
74
22 Ordinary A shares of £1 each
22
22
72 Ordinary B - D shares of £1 each
72
72
168
168
During the year, the company re-purchased 3 ordinary B shares for £132,120.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
103,535
103,535
Other related parties
98,888
104,930
13
Directors' transactions
The director maintains a loan account with the company. At the start of the year, the director owed the company £299,622. During the year, additional drawings were taken on the loan totalling £137,677 and repayments were made totalling £399,651. Interest totalling £3,949 was charged on the overdrawn amounts at 2%. At the balance sheet date, the director owed the company £41,597.
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