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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: S G Bernhard
S R Nixon
M R Bloomfield
J J Bernhard
I U Hassan
A Crosnier





REGISTERED OFFICE: 11 Homefield Road
Haverhill
CB9 8QP





REGISTERED NUMBER: 01806190 (England and Wales)





AUDITORS: Prime
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:





S G Bernhard - Director


31 January 2024

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.

S G Bernhard
S R Nixon
M R Bloomfield

Other changes in directors holding office are as follows:

J J Bernhard - appointed 1 November 2022
I U Hassan - appointed 15 June 2023
A Crosnier - appointed 15 June 2023

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:





S G Bernhard - Director


31 January 2024

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

7 February 2024

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 567,215 889,466
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 8 675,094 660,750
Tangible assets 9 2,359,138 2,353,222
Investments 10 360,921 360,921
Investment property 11 - -
3,395,153 3,374,893

CURRENT ASSETS
Stocks 12 3,044,271 2,266,788
Debtors 13 2,095,371 1,565,412
Cash at bank and in hand 2,098 397,553
5,141,740 4,229,753
CREDITORS
Amounts falling due within one year 14 2,488,076 1,925,128
NET CURRENT ASSETS 2,653,664 2,304,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,048,817

5,679,518

CREDITORS
Amounts falling due after more than one
year

15

(969,899

)

(994,291

)

PROVISIONS FOR LIABILITIES 19 (168,520 ) (310,139 )

PENSION LIABILITY 22 (220,000 ) (426,000 )
NET ASSETS 4,690,398 3,949,088

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 389,051 392,981
Retained earnings 21 4,301,247 3,556,007
SHAREHOLDERS' FUNDS 4,690,398 3,949,088

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 31 January 2024 and were signed on its behalf by:




S G Bernhard - Director


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 100 2,491,094 - 2,491,194

Changes in equity
Total comprehensive income - 1,064,913 392,981 1,457,894
Balance at 30 June 2022 100 3,556,007 392,981 3,949,088

Changes in equity
Total comprehensive income - 745,240 (3,930 ) 741,310
Balance at 30 June 2023 100 4,301,247 389,051 4,690,398

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

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.

Development costs are being amortised evenly over their estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost, 2% on cost and 1% on cost
Plant and machinery - 33.33% on cost and at varying rates on cost
Fixtures and fittings - 33.33% on cost and at varying rates on cost
Motor vehicles - 25% on reducing balance and 25% on cost
Other assets - Straight line over 30 years

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 51 47

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 1,079,998
Additions 196,734
At 30 June 2023 1,276,732
AMORTISATION
At 1 July 2022 419,248
Amortisation for year 182,390
At 30 June 2023 601,638
NET BOOK VALUE
At 30 June 2023 675,094
At 30 June 2022 660,750

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 1,965,522 29,885 315,788
Additions - - 74,321
At 30 June 2023 1,965,522 29,885 390,109
DEPRECIATION
At 1 July 2022 65,522 29,458 273,585
Charge for year 19,654 255 36,858
At 30 June 2023 85,176 29,713 310,443
NET BOOK VALUE
At 30 June 2023 1,880,346 172 79,666
At 30 June 2022 1,900,000 427 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

Company

Motor Other
vehicles assets Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 92,434 559,016 2,962,645
Additions 9,940 - 84,261
At 30 June 2023 102,374 559,016 3,046,906
DEPRECIATION
At 1 July 2022 91,786 149,072 609,423
Charge for year 2,944 18,634 78,345
At 30 June 2023 94,730 167,706 687,768
NET BOOK VALUE
At 30 June 2023 7,644 391,310 2,359,138
At 30 June 2022 648 409,944 2,353,222

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 360,921
NET BOOK VALUE
At 30 June 2023 360,921
At 30 June 2022 360,921

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 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 1,861,112 1,288,371
Amounts owed by group undertakings - - 18,013 17,510
Other debtors 2,302 56,486 2,302 56,486
VAT 112,498 53,452 112,498 53,452
Prepayments 101,446 149,593 101,446 149,593
2,077,358 1,547,902 2,095,371 1,565,412

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 696,098 41,165 709,354 41,165
Trade creditors 1,222,038 983,997 1,222,039 983,997
Tax 144,832 91,498 142,179 90,780
Social security and other taxes 39,549 35,722 39,549 35,722
Wages control 11,822 684 11,822 684
Other creditors 82,280 246,169 82,280 246,169
Directors' current accounts 3,460 2,778 3,460 2,778
Accruals and deferred income 277,393 523,833 277,393 523,833
2,477,472 1,925,846 2,488,076 1,925,128

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) 969,899 994,291 969,899 994,291

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 - 668,822 -
Bank loans 40,532 41,165 40,532 41,165
696,098 41,165 709,354 41,165
Amounts falling due between two and five years:
Bank loans - 2-5 years 181,080 188,454 181,080 188,454
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 15,067 28,690
Between one and five years 2,572 16,402
17,639 45,092

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 668,822 -
Bank loans 1,010,431 1,035,456
1,679,253 1,035,456

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 241,079 114,660
Credit to Income Statement during year (186,859 ) (360 )
Balance at 30 June 2023 54,220 114,300

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: £    £   
100 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 3,556,007 392,981 3,948,988
Profit for the year 602,990 602,990
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 4,301,247 389,051 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.