Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3100false2023-01-01falseNo description of principal activity4647falsetrue 01802762 c:Audited 2023-01-01 2023-12-31 01802762 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01802762 d:Buildings 2023-01-01 2023-12-31 01802762 d:Buildings 2023-12-31 01802762 d:Buildings 2022-12-31 01802762 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 01802762 d:ComputerSoftware 2023-12-31 01802762 d:ComputerSoftware 2022-12-31 01802762 d:CurrentFinancialInstruments 2023-12-31 01802762 d:CurrentFinancialInstruments 2022-12-31 01802762 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01802762 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01802762 d:OtherDeferredTax 2023-12-31 01802762 d:OtherDeferredTax 2022-12-31 01802762 d:RetirementBenefitObligationsDeferredTax 2023-12-31 01802762 d:RetirementBenefitObligationsDeferredTax 2022-12-31 01802762 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01802762 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01802762 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 01802762 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 01802762 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01802762 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01802762 c:Director3 2023-01-01 2023-12-31 01802762 c:FRS102 2023-01-01 2023-12-31 01802762 c:FullAccounts 2023-01-01 2023-12-31 01802762 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01802762 d:FurnitureFittings 2023-01-01 2023-12-31 01802762 d:FurnitureFittings 2023-12-31 01802762 d:FurnitureFittings 2022-12-31 01802762 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01802762 d:MotorVehicles 2023-01-01 2023-12-31 01802762 d:MotorVehicles 2023-12-31 01802762 d:MotorVehicles 2022-12-31 01802762 d:Non-currentFinancialInstruments 2023-12-31 01802762 d:Non-currentFinancialInstruments 2022-12-31 01802762 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01802762 c:OrdinaryShareClass1 2023-12-31 01802762 c:OrdinaryShareClass1 2022-12-31 01802762 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 01802762 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01802762 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01802762 d:PlantMachinery 2023-01-01 2023-12-31 01802762 d:PlantMachinery 2023-12-31 01802762 d:PlantMachinery 2022-12-31 01802762 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01802762 d:RetainedEarningsAccumulatedLosses 2023-12-31 01802762 d:RetainedEarningsAccumulatedLosses 2022-12-31 01802762 d:RevaluationReserve 2023-01-01 2023-12-31 01802762 d:RevaluationReserve 2023-12-31 01802762 d:RevaluationReserve 2022-12-31 01802762 d:ShareCapital 2023-12-31 01802762 d:ShareCapital 2022-12-31 01802762 d:SharePremium 2023-01-01 2023-12-31 01802762 d:SharePremium 2023-12-31 01802762 d:SharePremium 2022-12-31 01802762 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01802762 2023-01-01 2023-12-31 01802762 2 2023-01-01 2023-12-31 01802762 2023-12-31 01802762 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01802762 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01802762 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01802762 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01802762 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 01802762 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 01802762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01802762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 01802762 2022-01-01 2022-12-31 01802762 2022-12-31 01802762 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01802762
















BERAN INSTRUMENTS LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































img5893.png


BERAN INSTRUMENTS LIMITED
REGISTERED NUMBER:01802762

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
69,988
105,114

Tangible assets
 6 
1,651,946
1,714,738

  
1,721,934
1,819,852

Current assets
  

Stocks
 7 
1,002,425
966,872

Debtors: amounts falling due after more than one year
 8 
187,200
187,200

Debtors: amounts falling due within one year
 8 
2,552,507
2,437,369

Cash at bank and in hand
 9 
12,838
26,043

  
3,754,970
3,617,484

Creditors: amounts falling due within one year
 10 
(3,354,852)
(3,441,874)

Net current assets
  
 
 
400,118
 
 
175,610

Total assets less current liabilities
  
2,122,052
1,995,462

Creditors: amounts falling due after more than one year
 11 
(120,400)
(220,400)

Provisions for liabilities
  

Deferred tax
  
(177,531)
(197,773)

Net assets
  
1,824,121
1,577,289


Capital and reserves
  

Called up share capital 
 14 
3,926
3,926

Share premium account
 15 
284,488
284,488

Revaluation reserve
 15 
141,178
141,178

Profit and loss account
 15 
1,394,529
1,147,697

  
1,824,121
1,577,289


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Page 1


BERAN INSTRUMENTS LIMITED
REGISTERED NUMBER:01802762
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



R J Allen ACMA
Director

Date: 12 April 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Beran Instruments Limited, registered number 01802762, is a private company, limited by shares and incorporated in England and Wales. The registered office is Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.
The Company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company relies on its existing bank facilities to meet its day-to-day working capital requirements. Current financial forecasts indicate that the Company expects to be able to comfortably operate within these facilities for the whole of the foreseeable future. The directors are not aware of any circumstances that may adversely affect the renewal of these facilities. 
The directors have also concluded that there are no material uncertainties related to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern.
The directors have reviewed the Company’s current stock holdings, working environment and future trading ability, and as a result, have concluded that the Company’s financial position and trading outlook means the financial statements can be prepared on a going concern basis. 

Page 3


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
Case-by-case basis reflecting the period of benefits
Software
-
20% - 25% straight line

Page 4


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
15% - 20%
Motor vehicles
-
25%
Fixtures and fittings
-
15% - 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

DEVELOPMENT COSTS

Research costs are written off as incurred. Development costs are capitalised within intangible assets, where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project, which the directors review on a project-by-project basis to a maximum of five years.
Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Statement of Income and Retained Earnings.
Where the conditions of Section 18 of FRS 102 are not satisfied, expenditure on development is written off as incurred.

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and third parties and loans to and from related parties.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.13

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.14

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.16

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 7


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, the directors are 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Amortisation and impairment of development costs
The Company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the rate of amortisation applied to capitalised development costs and any impairment that might have arisen. Management assesses impairments by considering the saleability of the related products in the light of technological developments and projected future market conditions.
Useful economic lives of tangible assets
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
Impairment of stocks
The Company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
Impairment of debtors
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 46 (2022: 47).

Page 8


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


INTANGIBLE ASSETS




Development expenditure
Computer software
Total

£
£
£



COST


At 1 January 2023
781,497
550,107
1,331,604



At 31 December 2023

781,497
550,107
1,331,604



AMORTISATION


At 1 January 2023
781,497
444,993
1,226,490


Charge for the year on owned assets
-
35,126
35,126



At 31 December 2023

781,497
480,119
1,261,616



NET BOOK VALUE



At 31 December 2023
-
69,988
69,988



At 31 December 2022
-
105,114
105,114



Page 9


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


TANGIBLE FIXED ASSETS





Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



COST


At 1 January 2023
1,795,865
659,769
102,322
956,504
3,514,460


Additions
-
6,354
-
43,324
49,678



At 31 December 2023

1,795,865
666,123
102,322
999,828
3,564,138



DEPRECIATION


At 1 January 2023
238,567
607,864
66,830
886,461
1,799,722


Charge for the year on owned assets
32,992
16,316
19,331
43,831
112,470



At 31 December 2023

271,559
624,180
86,161
930,292
1,912,192



NET BOOK VALUE



At 31 December 2023
1,524,306
41,943
16,161
69,536
1,651,946



At 31 December 2022
1,557,298
51,905
35,492
70,043
1,714,738


7.


STOCKS

2023
2022
£
£

Raw materials and consumables
320,396
340,364

Work in progress
416,009
347,062

Finished goods and goods for resale
266,020
279,446

1,002,425
966,872


Page 10


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DEBTORS

2023
2022
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
187,200
187,200


2023
2022
£
£

DUE WITHIN ONE YEAR

Trade debtors
764,756
826,646

Amounts owed by group undertakings
1,367,482
1,158,274

Other debtors
156,774
173,990

Prepayments and accrued income
263,495
278,459

2,552,507
2,437,369



9.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
12,838
26,043

Less: bank overdrafts
(226,951)
(406,167)

(214,113)
(380,124)



10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
226,951
406,167

Bank loans
100,000
59,900

Trade creditors
357,579
592,092

Amounts owed to group undertakings
2,056,678
1,749,140

Other taxation and social security
313,250
80,131

Other creditors
38,556
21,444

Accruals and deferred income
261,838
533,000

3,354,852
3,441,874


Page 11


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
120,400
220,400



12.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
100,000
59,900

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
120,400
100,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
120,400


220,400
280,300


Bank loans and overdrafts due within, and after more than, one year are secured by a debenture over the assets (whether present or future) of Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, by specific legal charges over the freehold properties of Beran Instruments Limited, by a cross-guarantee between Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, and by a keyman life insurance policy in respect of R Allen and D Graham.
Bank loans comprise amounts not yet repaid on term loans of £220,400 (2022: £280,300).

Page 12


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


DEFERRED TAXATION




2023


£






At beginning of year
(197,773)


Charged to profit or loss
20,242



AT END OF YEAR
(177,531)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(263,274)
(273,092)

Tax losses carried forward
43,375
30,917

Short term timing differences
1,141
1,027

Capital losses
41,227
43,375

(177,531)
(197,773)


14.


SHARE CAPITAL

2023
2022
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



3,926 (2022: 3,926) Ordinary shares of £1.00 each
3,926
3,926



15.


RESERVES

Share premium account

The share premium account reflects consideration received for shares issued above their nominal value net of transaction costs.

Revaluation reserve

The revaluation reserve reflects the adjustment made to the carrying of the Company's freehold property on transition to FRS 102 on 1 October 2013 when the Company elected to use a valuation of the freehold property as its deemed cost.

Page 13


BERAN INSTRUMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


CONTINGENT LIABILITIES

The Company is party to a cross-guarantee in favour of Santander UK Plc in respect of all amounts owed by Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited. At the year end, the total amounts outstanding comprised overdrafts of £516,954 (2022: £492,647) and term loans of £1,951,448 (2022: £2,188,592).
The Company is party to a group VAT registration covering Condition Monitoring Technology Group Limited, Beran Instruments Limited and Helitune Limited, and is therefore jointly and severally liable for any amounts due. At the year end, the total amount owed to HMRC was £262,036 (2022: £28,955).


17.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. During the year £73,824 (2022: £56,993) was charged to the Statement of Income and Retained Earnings in respect of the scheme. Contributions of £9,203 (2022: £8,246) remained outstanding at the Statement of Financial Position date.


18.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under Section 33 of FRS 102 and has not reported details of transactions or balances with other wholly-owned group companies. Details of transactions with other related parties are given below.
Transactions with directors and their relatives
During the year, the company maintained a loan account with a director. At the year end, the director owed the company £93,600 (2022: £93,600). The loan bears interest at an annual rate of 3%. The total interest charged on this loan during the year was £2,808 (2022: £2,808).
During the year, the company maintained a loan account with a second director. At the year end, the second director owed the company £93,600 (2021: £93,600). The loan bears interest at an annual rate of 3%. The total interest charged on this loan during the year was £2,808 (2022: £2,808).


19.


CONTROLLING PARTY

The ultimate parent company is Condition Monitoring Technology Group Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales. Condition Monitoring Technology Group Holdings Limited heads the largest and smallest group in which the results of the Company are consolidated. The consolidated financial statements of Condition Monitoring Technology Group Holdings Limited can be obtained from the company's registered office, Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.


20.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 April 2024 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
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