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COMPANY REGISTRATION NUMBER: 01184206
Bertopack Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Bertopack Services Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Bertopack Services Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bertopack Services Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bertopack Services Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Bertopack Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bertopack Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bertopack Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Bertopack Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bertopack Services Limited. You consider that Bertopack Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bertopack Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
10 March 2024
Bertopack Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
781
2,201
Investments
6
1,290,000
1,290,000
------------
------------
1,290,781
1,292,201
Current assets
Debtors
7
32,922
40,317
Cash at bank and in hand
391,161
412,218
---------
---------
424,083
452,535
Creditors: amounts falling due within one year
8
246,918
289,211
---------
---------
Net current assets
177,165
163,324
------------
------------
Total assets less current liabilities
1,467,946
1,455,525
Provisions
Taxation including deferred tax
107,238
107,238
------------
------------
Net assets
1,360,708
1,348,287
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
321,713
321,713
Profit and loss account
1,038,895
1,026,474
------------
------------
Shareholders funds
1,360,708
1,348,287
------------
------------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bertopack Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 March 2024 , and are signed on behalf of the board by:
Mr PG Venn
Director
Company registration number: 01184206
Bertopack Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Mayfield Drive, Exmouth, EX8 2HD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements have been rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Comprehensive Income. Properties are valued on an open market valuation on a freehold basis, conducted by the Director of the company.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,277
61,064
12,179
92
74,612
-------
--------
--------
----
--------
Depreciation
At 1 January 2023
358
61,064
10,962
27
72,411
Charge for the year
184
1,217
19
1,420
-------
--------
--------
----
--------
At 31 December 2023
542
61,064
12,179
46
73,831
-------
--------
--------
----
--------
Carrying amount
At 31 December 2023
735
46
781
-------
--------
--------
----
--------
At 31 December 2022
919
1,217
65
2,201
-------
--------
--------
----
--------
6. Investments
Investment property
£
Valuation
At 1 January 2023 and 31 December 2023
1,290,000
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
1,290,000
------------
At 31 December 2022
1,290,000
------------
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Comprehensive Income. Properties are valued on an open market valuation on a freehold basis, conducted by the Director of the company.
7. Debtors
2023
2022
£
£
Trade debtors
4,732
11,781
Amounts owed by group undertakings and undertakings in which the company has a participating interest
28,165
28,165
Other debtors
25
371
--------
--------
32,922
40,317
--------
--------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
28,165
28,165
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,226
3,245
Corporation tax
4,654
3,092
Social security and other taxes
207
393
Other creditors
235,831
282,481
---------
---------
246,918
289,211
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr PG Venn
( 281,331)
( 6,000)
51,500
( 235,831)
---------
-------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr PG Venn
( 306,516)
( 4,000)
29,185
( 281,331)
---------
-------
--------
---------
10. Related party transactions
The directors of the company are also the controlling parties in Sedbury Stores Ltd (Company No. 1099949). Transactions between the companies are carried out on an 'arms length' basis. Any inter-company borrowings are interest free. At 31st December 2023 the company owed Sedbury Stores Limited £28,165 (2022: £28,165). No repayments were made during the period.