Company registration number NI625492 (Northern Ireland)
BOB & BERTS COLERAINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
BOB & BERTS COLERAINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BOB & BERTS COLERAINE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
188,779
217,872
Current assets
Stocks
12,354
12,540
Debtors
4
739,590
553,259
Cash at bank and in hand
44,086
106,738
796,030
672,537
Creditors: amounts falling due within one year
5
(117,167)
(126,640)
Net current assets
678,863
545,897
Total assets less current liabilities
867,642
763,769
Creditors: amounts falling due after more than one year
6
-
0
(791)
Provisions for liabilities
(44,255)
(50,977)
Net assets
823,387
712,001
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
823,287
711,901
Total equity
823,387
712,001

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr D Ferguson
Director
Company registration number NI625492 (Northern Ireland)
BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Bob & Berts Coleraine Limited is a private company limited by shares incorporated in Northern Ireland. The registered office address is 15 Duke Street, Ballymena, Co Antrim, BT43 6BL and principal place of business 30 The Diamond, Coleraine, BT52 1DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has the support of its parent company, which is supported by its shareholders and bank. Thetrue directors have prepared cash flow forecasts, which indicate that the company has adequate resources to continue in existence for the foreseeable future. As such, the directors have applied the going concern basis when preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
6.67% straight line
Plant and equipment
10% straight line
Fixtures and fittings
20% - 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies (Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies (Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies (Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
27
30
BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
66,464
179,797
124,323
370,584
Additions
-
0
752
8,251
9,003
At 30 June 2023
66,464
180,549
132,574
379,587
Depreciation and impairment
At 1 July 2022
38,464
41,363
72,885
152,712
Depreciation charged in the year
4,431
18,038
15,627
38,096
At 30 June 2023
42,895
59,401
88,512
190,808
Carrying amount
At 30 June 2023
23,569
121,148
44,062
188,779
At 30 June 2022
28,000
138,434
51,438
217,872
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
722,792
534,020
Other debtors
16,798
19,239
739,590
553,259
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
63,604
61,865
Amounts owed to group undertakings
1,420
2,128
Taxation and social security
28,624
27,834
Other creditors
23,519
34,813
117,167
126,640

Included within other creditors are obligations under finance leases totalling £791 which are secured upon the assets acquired.

BOB & BERTS COLERAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
791
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Nigel Moore FCA
Statutory Auditor:
GMcG BELFAST
9
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee in relation to the bank borrowings of Bob & Berts Group Limited, the parent company. The total exposure at the balance sheet date was £1,526,800.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
39,502
61,987
11
Related party transactions

The directors have taken advantage of the exemption of disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

 

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

12
Parent company

The results of the company have been included in the consolidated financial statements of Bob & Berts Group Limited, copies of which are available from its registered office at 15 Duke Street, Ballymena, BT43 6BL.

2023-06-302022-07-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr C McCleanMr D FergusonMs Claire PalmerMr John David McLaughlinNI6254922022-07-012023-06-30NI6254922023-06-30NI6254922022-06-30NI625492core:LeaseholdImprovements2023-06-30NI625492core:PlantMachinery2023-06-30NI625492core:FurnitureFittings2023-06-30NI625492core:LeaseholdImprovements2022-06-30NI625492core:PlantMachinery2022-06-30NI625492core:FurnitureFittings2022-06-30NI625492core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30NI625492core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-30NI625492core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-30NI625492core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-30NI625492core:CurrentFinancialInstruments2023-06-30NI625492core:CurrentFinancialInstruments2022-06-30NI625492core:ShareCapital2023-06-30NI625492core:ShareCapital2022-06-30NI625492core:RetainedEarningsAccumulatedLosses2023-06-30NI625492core:RetainedEarningsAccumulatedLosses2022-06-30NI625492bus:Director22022-07-012023-06-30NI625492core:LeaseholdImprovements2022-07-012023-06-30NI625492core:PlantMachinery2022-07-012023-06-30NI625492core:FurnitureFittings2022-07-012023-06-30NI6254922021-07-012022-06-30NI625492core:LeaseholdImprovements2022-06-30NI625492core:PlantMachinery2022-06-30NI625492core:FurnitureFittings2022-06-30NI6254922022-06-30NI625492core:WithinOneYear2023-06-30NI625492core:WithinOneYear2022-06-30NI625492core:Non-currentFinancialInstruments2023-06-30NI625492core:Non-currentFinancialInstruments2022-06-30NI625492bus:PrivateLimitedCompanyLtd2022-07-012023-06-30NI625492bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30NI625492bus:FRS1022022-07-012023-06-30NI625492bus:Audited2022-07-012023-06-30NI625492bus:Director12022-07-012023-06-30NI625492bus:Director32022-07-012023-06-30NI625492bus:Director42022-07-012023-06-30NI625492bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP