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Registration number: 10470709

The Bertie Arms Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Bertie Arms Ltd

(Registration number: 10470709)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

572,607

581,586

Current assets

 

Stocks

5

16,290

8,120

Debtors

6

1,070

1,069

Cash at bank and in hand

 

37,866

23,770

 

55,226

32,959

Creditors: Amounts falling due within one year

7

(178,858)

(185,647)

Net current liabilities

 

(123,632)

(152,688)

Total assets less current liabilities

 

448,975

428,898

Creditors: Amounts falling due after more than one year

7

(421,480)

(439,954)

Net assets/(liabilities)

 

27,495

(11,056)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

27,395

(11,156)

Shareholders' funds/(deficit)

 

27,495

(11,056)

 

The Bertie Arms Ltd

(Registration number: 10470709)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 26 October 2023 and signed on its behalf by:
 

.........................................

J A Genever

Director

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/O Jackson & Grimes
22 St Georges Street
Stamford
Lincolnshire
PE9 2BU

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Property improvements

10% straight line

Plant and machinery

20% reducing balance

Fixtures and fittings

20% / 33% reducing balance

Office equipment

33% reducing balance

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 9).

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Property improvements
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

504,326

35,956

66,559

36,839

643,680

Additions

-

3,530

-

150

3,680

At 31 March 2023

504,326

39,486

66,559

36,989

647,360

Depreciation

At 1 April 2022

-

15,240

26,389

20,465

62,094

Charge for the year

-

5,335

4,017

3,307

12,659

At 31 March 2023

-

20,575

30,406

23,772

74,753

Carrying amount

At 31 March 2023

504,326

18,911

36,153

13,217

572,607

At 31 March 2022

504,326

20,716

40,170

16,374

581,586

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Other inventories

16,290

8,120

6

Debtors

Current

2023
£

2022
£

Prepayments

527

526

Other debtors

543

543

 

1,070

1,069

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

97,171

138,819

Trade creditors

 

16,938

15,391

Taxation and social security

 

14,858

16,227

Other creditors

 

49,891

15,210

 

178,858

185,647

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

421,480

439,954

2023
£

2022
£

Due after more than five years

After more than five years by instalments

142,240

150,714

After more than five years not by instalments

225,573

225,573

367,813

376,287

 

The Bertie Arms Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

195,907

214,381

Other borrowings

225,573

225,573

421,480

439,954

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,000

18,000

Bank overdrafts

-

819

Other borrowings

79,171

120,000

97,171

138,819

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The mortgage loan is secured on the property.

Other loans after five years

The other loan is unsecured.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £2,409). The leases and hire contracts are secured on the assets contracted for.