Company Registration No. 03306174 (England and Wales)
Berkeley Castle Enterprises Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Berkeley Castle Enterprises Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Berkeley Castle Enterprises Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
76,170
92,385
Current assets
Stocks
16,769
27,839
Debtors
4
11,638
2,933
Cash at bank and in hand
292,181
108,569
320,588
139,341
Creditors: amounts falling due within one year
5
(303,754)
(132,858)
Net current assets
16,834
6,483
Total assets less current liabilities
93,004
98,868
Creditors: amounts falling due after more than one year
6
(22,000)
(13,750)
Provisions for liabilities
(11,660)
(13,345)
Net assets
59,344
71,773
Capital and reserves
Called up share capital
10,489
10,489
Share premium account
9,562
9,562
Profit and loss reserves
39,293
51,722
Total equity
59,344
71,773
Berkeley Castle Enterprises Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 9 October 2023 and are signed on its behalf by:
Michelle Boliver
Director
Company Registration No. 03306174
Berkeley Castle Enterprises Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
Berkeley Castle Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Berkeley Castle, Berkeley, Gloucestershire, GL13 9BQ.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Berkeley Castle Enterprises Limited is a wholly owned subsidiary of Berkeley Castle Charitable Trust and the results of Berkeley Castle Enterprises Limited are included in the consolidated financial statements of Berkeley Castle Charitable Trust which are available from The Estate Office, Berkeley Castle, Berkeley, Gloucestershire, GL13 9BQ.
1.2
Turnover
Turnover represents amounts receivable for admission fees, hire charges and sales to customers net of VAT and trade discounts.
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.
Revenue is recognised at the fair value of the consideration received from venue hire and other fees relating to the provision of events, and is shown net of VAT and other sales related taxes.
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.
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
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:
Leasehold improvements
15 years
Buildings, furniture, fixtures and fittings
15% & 25% straight line basis
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
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.5
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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
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.
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 statement of financial position 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, 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.
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.
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 income statement 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.
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 7
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 8
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
12
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
104,675
137,889
242,564
Additions
1,529
1,529
Disposals
(2,340)
(42,148)
(44,488)
Transfers
(273)
(1,000)
(1,273)
At 31 March 2023
102,062
96,270
198,332
Depreciation and impairment
At 1 April 2022
49,140
101,039
150,179
Depreciation charged in the year
6,753
8,198
14,951
Eliminated in respect of disposals
(1,048)
(40,648)
(41,696)
Transfers
(274)
(998)
(1,272)
At 31 March 2023
54,571
67,591
122,162
Carrying amount
At 31 March 2023
47,491
28,679
76,170
At 31 March 2022
55,535
36,850
92,385
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 9
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,744
2,100
Other debtors
4,894
833
11,638
2,933
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,238
9,184
Amounts owed to group undertakings
209,885
21,984
Taxation and social security
10,314
6,501
Other creditors
72,317
95,189
303,754
132,858
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
22,000
13,750
Berkeley Castle Enterprises Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 10
7
Related party transactions
At the year end the company owed £200,259 (2022: £10,065 ) to Berkeley Castle Charitable Trust, the ultimate parent. During the year, the company paid £nil (2022: £nil) as a gift aid donation to Berkeley Castle Charitable Trust and was charged £51,360 (2022: £36,293) for use of the castle.
At the year end the company owed £9,626 (2022: £11,919) to Berkeley Settlement, an entity with common control.
8
Parent company
The company is controlled by the trustees of Berkeley Castle Charitable Trust, who own the entire issued share capital.
2023-03-312022-04-01false09 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityCharles BerkeleyMichelle Boliver033061742022-04-012023-03-31033061742023-03-31033061742022-03-3103306174core:LandBuildings2023-03-3103306174core:OtherPropertyPlantEquipment2023-03-3103306174core:LandBuildings2022-03-3103306174core:OtherPropertyPlantEquipment2022-03-3103306174core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103306174core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103306174core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103306174core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3103306174core:CurrentFinancialInstruments2023-03-3103306174core:CurrentFinancialInstruments2022-03-3103306174core:ShareCapital2023-03-3103306174core:ShareCapital2022-03-3103306174core:SharePremium2023-03-3103306174core:SharePremium2022-03-3103306174core:RetainedEarningsAccumulatedLosses2023-03-3103306174core:RetainedEarningsAccumulatedLosses2022-03-3103306174bus:Director22022-04-012023-03-3103306174core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3103306174core:PlantMachinery2022-04-012023-03-31033061742021-04-012022-03-3103306174core:LandBuildings2022-03-3103306174core:OtherPropertyPlantEquipment2022-03-31033061742022-03-3103306174core:LandBuildings2022-04-012023-03-3103306174core:OtherPropertyPlantEquipment2022-04-012023-03-3103306174core:WithinOneYear2023-03-3103306174core:WithinOneYear2022-03-3103306174core:Non-currentFinancialInstruments2023-03-3103306174core:Non-currentFinancialInstruments2022-03-3103306174bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103306174bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103306174bus:FRS1022022-04-012023-03-3103306174bus:AuditExemptWithAccountantsReport2022-04-012023-03-3103306174bus:Director12022-04-012023-03-3103306174bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP