REGISTERED NUMBER: 01806190 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BERNHARD & CO. LIMITED |
REGISTERED NUMBER: 01806190 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BERNHARD & CO. LIMITED |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
BERNHARD & CO. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
In the year under review, Bernhard & Co Limited has unwaveringly maintained its global leadership in sports turf technologies, reinforcing our commitment to delivering world-class grinding machines and turf care solutions to esteemed golf courses and sports facilities worldwide. Despite facing unprecedented challenges, including global supply chain shortages, inflation, increased shipping costs, and workforce shortages, our strategic focus remains unyielded. We continue to empower our customers to achieve exceptional cutting precision with simplicity, efficiency, and accuracy. |
Global Reach Amidst Challenges |
Our products' global footprint stands as a testament to their unmatched quality and effectiveness. Even amidst stronger demand and sales, and the challenges of global supply chain disruptions, we have maintained delivery times of our products and services. With 75% of the top 100 golf courses in the USA utilising our technology, we have successfully navigated the complexities of the current global situation to make a significant impact on enhancing the standards of golf courses and sports facilities worldwide. |
Sustainability and Conservation Amidst Inflation |
In the face of inflation and higher shipping costs, our commitment to sustainability and conservation has not wavered. We continue to support and develop research and education programs, promoting environmentally friendly and sustainable practices within the industry. This commitment ensures the longevity and preservation of sports facilities globally, even in these challenging economic times. |
Innovation and Workforce |
Despite workforce shortages, innovation remains at the core of our strategy. Our dedicated team has worked tirelessly to ensure the continuous development and enhancement of our product portfolio. We stay at the forefront of technology, meeting the evolving needs of our customers and ensuring that we provide comprehensive solutions, including advisory and installation services for surface air movement and moisture control solutions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties are as follows: |
1. | Fluctuations in foreign exchange rates, which the company enters into forward exchange contracts to manage the risk. |
2. | Supply chain and workforce shortages, which have had the effect of increasing lead times of production and supply to customers. |
3. | Inflation leading to higher costs and more pressure on gross profit margins. |
KEY PERFORMANCE INDICATORS ("KPI") |
The board monitor the progress of the company by the following Key Performance indicators: |
Turnover, the revenue generated by the company in the period. The company aims to continually increase its revenue by using its reputation for quality to meet existing customer demands and grow its customer base. |
Gross profit margin. This has remained relatively static in recent years, but the company intends to increase this through a combination of higher turnover and more efficiencies within the direct costs of sale. |
Lead times, which is the period of time between a sales order being received and the goods being delivered to the customer. The intention is to double production output, thereby cutting despatch lead times by half. This will be done through increasing the size and efficiency of the production team as well as increasing proactivity in sourcing components. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
FUTURE DEVELOPMENTS |
Looking to the future, Bernhard & Co Limited is poised to continue prioritising customer satisfaction, innovation, and sustainability. We are committed to navigating the ongoing global challenges, further expanding our global presence, and enhancing our product offerings. Our unwavering commitment to excellence and innovation will guide our endeavours, ensuring we continue to deliver unmatched value to our customers and stakeholders alike. |
In conclusion, we express our sincere gratitude to our dedicated team, loyal customers, and stakeholders for their unwavering support and confidence in Bernhard & Co Limited. Despite the challenges faced, together, we look forward to a year of resilience, growth, success, and mutual prosperity. |
ON BEHALF OF THE BOARD: |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
AUDITORS |
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BERNHARD & CO. LIMITED |
Opinion |
We have audited the financial statements of Bernhard & Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BERNHARD & CO. LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BERNHARD & CO. LIMITED |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and other relevant parties. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 11,005,187 | 10,350,234 |
Cost of sales | 6,782,798 | 6,388,003 |
GROSS PROFIT | 4,222,389 | 3,962,231 |
Distribution costs | 1,474,373 | 1,224,079 |
Administrative expenses | 2,114,732 | 1,512,135 |
3,589,105 | 2,736,214 |
633,284 | 1,226,017 |
Other operating income | 17,541 | 47,355 |
OPERATING PROFIT | 4 | 650,825 | 1,273,372 |
Interest payable and similar expenses | 5 | 84,243 | 58,123 |
Other finance costs | 21 | 14,000 | 14,000 |
98,243 | 72,123 |
PROFIT BEFORE TAXATION | 552,582 | 1,201,249 |
Tax on profit | 6 | (14,633 | ) | 311,783 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 567,215 | 889,466 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 567,215 | 889,466 |
OTHER COMPREHENSIVE INCOME |
Actuarial gain/loss on pension liability | 130,000 | 204,000 |
Movement on deferred tax relating to |
pension asset/liability | 12,250 | 43,750 |
Excess depreciation on freehold property | (3,930 | ) | 392,981 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
138,320 |
640,731 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
705,535 |
1,530,197 |
Total comprehensive income attributable to: |
Owners of the parent | 705,535 | 1,530,197 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 675,094 | 660,750 |
Tangible assets | 9 | 3,266,871 | 3,283,384 |
Investments | 10 | - | - |
Investment property | 11 | 770,000 | 770,000 |
4,711,965 | 4,714,134 |
CURRENT ASSETS |
Stocks | 12 | 3,044,271 | 2,266,788 |
Debtors | 13 | 2,077,358 | 1,547,902 |
Cash at bank and in hand | 2,098 | 397,757 |
5,123,727 | 4,212,447 |
CREDITORS |
Amounts falling due within one year | 14 | 2,477,472 | 1,925,846 |
NET CURRENT ASSETS | 2,646,255 | 2,286,601 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,358,220 |
7,000,735 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(969,899 |
) |
(994,291 |
) |
PROVISIONS FOR LIABILITIES | 19 | (286,115 | ) | (403,773 | ) |
PENSION LIABILITY | 22 | (220,000 | ) | (426,000 | ) |
NET ASSETS | 5,882,206 | 5,176,671 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Revaluation reserve | 21 | 921,977 | 934,054 |
Retained earnings | 21 | 4,960,129 | 4,242,517 |
SHAREHOLDERS' FUNDS | 5,882,206 | 5,176,671 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by: |
S G Bernhard - Director |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
PENSION LIABILITY | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 602,990 | 817,163 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 | 100 | 3,097,154 | 454,220 | 3,551,474 |
Changes in equity |
Total comprehensive income | - | 1,145,363 | 479,834 | 1,625,197 |
Balance at 30 June 2022 | 100 | 4,242,517 | 934,054 | 5,176,671 |
Changes in equity |
Total comprehensive income | - | 717,612 | (12,077 | ) | 705,535 |
Balance at 30 June 2023 | 100 | 4,960,129 | 921,977 | 5,882,206 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 30 June 2023 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (578,964 | ) | 1,042,292 |
Interest paid | (84,243 | ) | (58,123 | ) |
Tax paid | (82,681 | ) | (73,689 | ) |
Taxation refund | - | 58,126 |
Net cash from operating activities | (745,888 | ) | 968,606 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (196,734 | ) | (244,411 | ) |
Purchase of tangible fixed assets | (84,260 | ) | (20,486 | ) |
Sale of tangible fixed assets | - | (1 | ) |
Net cash from investing activities | (280,994 | ) | (264,898 | ) |
Cash flows from financing activities |
Loan repayments in year | (25,025 | ) | (232,174 | ) |
Capital repayments in year | - | (20,611 | ) |
Amount introduced by directors | 682 | 167,538 |
Net cash from financing activities | (24,343 | ) | (85,247 | ) |
(Decrease)/increase in cash and cash equivalents | (1,051,225 | ) | 618,461 |
Cash and cash equivalents at beginning of year |
2 |
397,757 |
(220,704 |
) |
Cash and cash equivalents at end of year |
2 |
(653,468 |
) |
397,757 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 552,582 | 1,201,249 |
Depreciation charges | 279,231 | 240,592 |
Loss on disposal of fixed assets | - | 46,302 |
Gain on revaluation of fixed assets | - | (130,200 | ) |
FRS102 Pension contributions | (90,000 | ) | (242,000 | ) |
Finance costs | 98,243 | 72,123 |
840,056 | 1,188,066 |
Increase in stocks | (777,483 | ) | (36,719 | ) |
(Increase)/decrease in trade and other debtors | (529,454 | ) | 414,520 |
Decrease in trade and other creditors | (112,083 | ) | (523,575 | ) |
Cash generated from operations | (578,964 | ) | 1,042,292 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 2,098 | 397,757 |
Bank overdrafts | (655,566 | ) | - |
(653,468 | ) | 397,757 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 397,757 | 3,338 |
Bank overdrafts | - | (224,042 | ) |
397,757 | (220,704 | ) |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 397,757 | (395,659 | ) | 2,098 |
Bank overdrafts | - | (655,566 | ) | (655,566 | ) |
397,757 | (1,051,225 | ) | (653,468 | ) |
Debt |
Debts falling due within 1 year | (41,165 | ) | 633 | (40,532 | ) |
Debts falling due after 1 year | (994,291 | ) | 24,392 | (969,899 | ) |
(1,035,456 | ) | 25,025 | (1,010,431 | ) |
Total | (637,699 | ) | (1,026,200 | ) | (1,663,899 | ) |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Bernhard & Co. Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group profit and loss account includes the trading results of the company together with the trading results of the subsidiary company. All inter group transactions have been eliminated. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Other assets | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
General research expenditure is written off in the year in which it is incurred. |
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. It is amortised over seven years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
For defined contribution schemes the amount charged in the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
For Schemes regarded as defined benefit schemes, the amounts charged in the profit and loss account are the contributions payable in respect of the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
The Schemes regarded as defined benefit schemes are funded, with the assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained annually. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,919,422 | 1,658,509 |
Social security costs | 135,796 | 95,227 |
Other pension costs | 126,401 | 33,040 |
2,181,619 | 1,786,776 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Employees |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 260,493 | 129,869 |
Directors' pension contributions to money purchase schemes | 65,167 | 43,908 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director for the year ended 30 June 2023 is as follows: |
2023 |
£ |
Emoluments etc | 137,575 |
Pension contributions to money purchase schemes | 42,281 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 100,773 | 88,845 |
Loss on disposal of fixed assets | - | 46,302 |
Development costs amortisation | 182,390 | 151,749 |
Auditors' remuneration | 38,000 | 34,500 |
Foreign exchange differences | 182,402 | (21,259 | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 84,243 | 58,123 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 136,015 | 82,681 |
Under/(Over) provision in |
prior year | - | (60,532 | ) |
Total current tax | 136,015 | 22,149 |
Deferred tax | (150,648 | ) | 289,634 |
Tax on profit | (14,633 | ) | 311,783 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 552,582 | 1,201,249 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
138,146 |
228,237 |
Effects of: |
Expenses not deductible for tax purposes | 2,700 | 1,690 |
Depreciation in excess of capital allowances | 44,858 | 38,521 |
Gain on revaluation of investment property | - | (24,738 | ) |
Loss on disposal of assets | - | 8,797 |
Pension creditor timing differences | 2,785 | (16,982 | ) |
Pension contributions paid cash | (22,500 | ) | (45,980 | ) |
Research and development | - | (106,864 | ) |
Effect of marginal rate of tax | (29,972 | ) | - |
Tax refunds | - | (60,532 | ) |
Deferred tax movement | (150,650 | ) | 289,634 |
Total tax (credit)/charge | (14,633 | ) | 311,783 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Actuarial gain/loss on pension liability | 130,000 | - | 130,000 |
Movement on deferred tax relating to |
pension asset/liability | 12,250 | - | 12,250 |
Excess depreciation on freehold property | (3,930 | ) | - | (3,930 | ) |
138,320 | - | 138,320 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Actuarial gain/loss on pension liability | 204,000 | - | 204,000 |
Movement on deferred tax relating to |
pension asset/liability | 43,750 | - | 43,750 |
Revaluation gain/loss | 392,981 | - | 392,981 |
Bonus share issue | 95,000 | - | 95,000 |
735,731 | - | 735,731 |
The main rate of corporation tax increased from 19% to 25% from 1 April 2023. |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1 July 2022 | (214,470 | ) | 1,079,998 | 865,528 |
Additions | - | 196,734 | 196,734 |
At 30 June 2023 | (214,470 | ) | 1,276,732 | 1,062,262 |
AMORTISATION |
At 1 July 2022 | (214,470 | ) | 419,248 | 204,778 |
Amortisation for year | - | 182,390 | 182,390 |
At 30 June 2023 | (214,470 | ) | 601,638 | 387,168 |
NET BOOK VALUE |
At 30 June 2023 | - | 675,094 | 675,094 |
At 30 June 2022 | - | 660,750 | 660,750 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | INTANGIBLE FIXED ASSETS - continued |
Company |
Development |
costs |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2022 | 3,201,581 | 237,109 | 418,546 |
Additions | - | - | 74,320 |
At 30 June 2023 | 3,201,581 | 237,109 | 492,866 |
DEPRECIATION |
At 1 July 2022 | 371,419 | 236,682 | 376,343 |
Charge for year | 42,083 | 255 | 36,857 |
At 30 June 2023 | 413,502 | 236,937 | 413,200 |
NET BOOK VALUE |
At 30 June 2023 | 2,788,079 | 172 | 79,666 |
At 30 June 2022 | 2,830,162 | 427 | 42,203 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Other |
vehicles | assets | Totals |
£ | £ | £ |
COST |
At 1 July 2022 | 97,784 | 559,016 | 4,514,036 |
Additions | 9,940 | - | 84,260 |
At 30 June 2023 | 107,724 | 559,016 | 4,598,296 |
DEPRECIATION |
At 1 July 2022 | 97,136 | 149,072 | 1,230,652 |
Charge for year | 2,944 | 18,634 | 100,773 |
At 30 June 2023 | 100,080 | 167,706 | 1,331,425 |
NET BOOK VALUE |
At 30 June 2023 | 7,644 | 391,310 | 3,266,871 |
At 30 June 2022 | 648 | 409,944 | 3,283,384 |
Company |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Other |
vehicles | assets | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The assets of the company have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. |
Cost or valuation at 30 June 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 392,980 | - | - |
Cost | 1,572,542 | 29,885 | 390,109 |
1,965,522 | 29,885 | 390,109 |
Motor | Other |
vehicles | assets | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 392,980 |
Cost | 102,374 | 559,016 | 2,653,926 |
102,374 | 559,016 | 3,046,906 |
On 14 March 2022, land and buildings were revalued by Bidwells, on behalf of HSBC UK Bank plc. Bidwells are independent valuers not connected with the company and conducted the valuation on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. |
The directors do not believe there has been a material change to the valuation of the property since this date. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Atterton and Ellis Limited |
Registered office: England and Wales |
Nature of business: Property rentals |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 | 770,000 |
NET BOOK VALUE |
At 30 June 2023 | 770,000 |
At 30 June 2022 | 770,000 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2019 | 281,572 |
Valuation in 2022 | 130,200 |
Cost | 358,228 |
770,000 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
11. | INVESTMENT PROPERTY - continued |
Group |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 358,228 | 358,228 |
Investment property was valued on an open market basis on 9 March 2022 by Bidwells, on behalf of HSBC UK Bank plc . |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 3,044,271 | 2,266,788 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,861,112 | 1,288,371 |
Amounts owed by group undertakings | - | - |
Other debtors | 2,302 | 56,486 |
VAT | 112,498 | 53,452 |
Prepayments | 101,446 | 149,593 |
2,077,358 | 1,547,902 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 696,098 | 41,165 |
Trade creditors | 1,222,038 | 983,997 |
Tax | 144,832 | 91,498 |
Social security and other taxes | 39,549 | 35,722 |
Wages control | 11,822 | 684 | 11,822 | 684 |
Other creditors | 82,280 | 246,169 |
Directors' current accounts | 3,460 | 2,778 | 3,460 | 2,778 |
Accruals and deferred income | 277,393 | 523,833 |
2,477,472 | 1,925,846 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 969,899 | 994,291 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 655,566 | - |
Bank loans | 40,532 | 41,165 |
696,098 | 41,165 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 181,080 | 188,454 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 788,819 | 805,837 | 788,819 | 805,837 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Company |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
The bank overdrafts and loans are secured by fixed and floating charges over all present and future property and assets of the company. |
Included within bank loans is a total of £29,923 (2022: £39,690) relating to a Coronavirus Bounce Back Loan, this is a loan secured by the Government and not against the company. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 171,815 | 334,713 | 54,220 | 241,079 |
Other provisions | 114,300 | 69,060 | 114,300 | 69,060 |
Aggregate amounts | 286,115 | 403,773 | 168,520 | 310,139 |
Group |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 July 2022 | 334,713 | 114,660 |
Credit to Income Statement during year | (162,898 | ) | (360 | ) |
Balance at 30 June 2023 | 171,815 | 114,300 |
Company |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 July 2022 |
Credit to Income Statement during year | ( |
) | ( |
) |
Balance at 30 June 2023 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
21. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 4,242,517 | 934,054 | 5,176,571 |
Profit for the year | 567,215 | 567,215 |
Transfer between reserves | 8,147 | (8,147 | ) | - |
Revaluations | - | (3,930 | ) | (3,930 | ) |
Deferred tax on pension | 12,250 | - | 12,250 |
Gain/loss on pension | 130,000 | - | 130,000 |
At 30 June 2023 | 4,960,129 | 921,977 | 5,882,106 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 3,948,988 |
Profit for the year |
Revaluations | - | (3,930 | ) | (3,930 | ) |
Deferred tax on pension | 12,250 | - | 12,250 |
Gain/loss on pension | 130,000 | - | 130,000 |
At 30 June 2023 | 4,690,298 |
The group's reserves are as follows: |
The retained earnings reserve represent the cumulative profits or losses net of movements on pension scheme valuation and the associated deferred tax movement. |
The revaluation reserve relates to the change in market value of the freehold and investment property within the group. |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
22. | EMPLOYEE BENEFIT OBLIGATIONS |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Present value of funded obligations | (1,045,000 | ) | (1,235,000 | ) |
Fair value of plan assets | 825,000 | 809,000 |
(220,000 | ) | (426,000 | ) |
Present value of unfunded obligations | - | - |
Deficit | (220,000 | ) | (426,000 | ) |
Net liability | (220,000 | ) | (426,000 | ) |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost | - | - |
Net interest from net defined benefit asset/liability |
14,000 |
14,000 |
Past service cost | - | - |
14,000 | 14,000 |
Actual return on plan assets | 31,000 | 16,000 |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation | 1,235,000 | 1,635,000 |
Interest cost | 45,000 | 30,000 |
Benefits paid | (56,000 | ) | (51,000 | ) |
Actuarial (gains)/losses from changes in financial assumptions |
(179,000 |
) |
(379,000 |
) |
1,045,000 | 1,235,000 |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
22. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets | 809,000 | 777,000 |
Contributions by employer | 90,000 | 242,000 |
Expected return | 31,000 | 16,000 |
Benefits paid | (56,000 | ) | (51,000 | ) |
Return on plan assets (excluding interest income) |
(49,000 |
) |
(175,000 |
) |
825,000 | 809,000 |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial (gains)/losses from changes in financial assumptions |
179,000 |
379,000 |
Return on plan assets (excluding interest income) |
(49,000 |
) |
(175,000 |
) |
130,000 | 204,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
Equities | 63% | 57% |
Property | 3% | 4% |
Bonds | 21% | 23% |
Hedge Fund | 6% | 10% |
Cash | 7% | 6% |
100% | 100% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate | 5.10% | 3.75% |
Future pension increases | 3.00% | 3.00% |
Retail price inflation | 3.35% | 3.35% |
Consumer price inflation | 2.90% | 2.90% |
BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
23. | OTHER FINANCIAL COMMITMENTS |
At 30 June 2023, the company had entered into a contract to sell foreign currency at future dates. The amount committed as at 30 June 2023 was $1,625,000 (2022: $1,450,000). |
24. | RELATED PARTY DISCLOSURES |
Other related parties are entities outside the group of which the directors have control. |
Other related parties |
2023 | 2022 |
£ | £ |
Purchases | 104,173 | 76 |
Amount due from related parties | 48,772 | - |
Amount due to related parties | 108,663 | 246,260 |
25. | POST BALANCE SHEET EVENTS |
On 13 September 2023, the share capital of Bernhard & Co limited was transferred to a newly incorporated holding company, Bernhard & Co Holding Limited. There has been no change to the ultimate controlling party. |
On 16 January 2024, Bernhard & Co Limited disposed of its shares in Atterton and Ellis Limited. |