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Registration number: 13498859

Bert & Montgomery Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 October 2023

 

Bert & Montgomery Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 32

 

Bert & Montgomery Limited

Company Information

Director

Ms Rebecca Collins

Registered office

Cooling Castle Barn Main Road
Cooling
Rochester
Kent
ME3 8DT

Auditors

Pure Audit Limited
Chartered Certified Accountants and Statutory Auditors
76 Canterbury Innovation Centre
University Road
Canterbury
Kent
CT2 7FG

 

Bert & Montgomery Limited

Strategic Report for the Year Ended 30 October 2023

The director presents her strategic report for the year ended 30 October 2023.

Principal activity

The principal activity of the group is the provision of wedding and event venues and ancillary services

Fair review of the business

Our accounts for the group demonstrate profitability and a strong position as a going concern. We have achieved commendable financial results, showcasing our ability to navigate through challenges and capitalise on opportunities. However, we are cognizant of the potential impact of inflationary pressures in the medium term. While we have successfully managed costs thus far, we remain vigilant in our efforts to mitigate any adverse effects that may arise from inflation.

In addition to inflation concerns, we recognise the importance of sustaining customer confidence. Our continued success hinges on maintaining strong relationships with our existing customer base and attracting new clients. To this end, we are committed to implementing robust marketing strategies and identifying opportunities for growth. By leveraging our strengths and addressing customer needs, we aim to enhance our market presence and foster long-term loyalty.

Going forward, our focus will remain on marketing initiatives and generating new business. We understand the significance of staying agile in a dynamic market environment and proactively adapting to changing customer preferences. By investing in innovative marketing campaigns, optimizing our digital presence, and delivering exceptional customer experiences, we are confident in our ability to overcome challenges and drive sustained growth. We will closely monitor market trends, consumer behaviors, and competitive landscapes to identify new avenues for expansion and capitalize on emerging opportunities.

In conclusion, while we celebrate our profitable performance and the resilience of our business as a going concern, we acknowledge the potential impact of inflationary pressures and the importance of maintaining customer confidence. By prioritizing marketing efforts and consistently generating new business, we are well-positioned to mitigate risks, pursue growth opportunities, and secure a prosperous future for our organization in the ever-evolving UK market.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

4,120,723

4,952,435

Profit before tax

£

577,198

1,152,879

Staff numbers

82

91

The company monitors staff numbers to adapt for seasonal or other business requirements

Principal risks and uncertainties

 

Bert & Montgomery Limited

Strategic Report for the Year Ended 30 October 2023

The group's financial instruments comprise bank balances and trade creditors, the main purpose being to finance the company's trading operations.

The group has a payment policy which ensures that sales income is received according to a set timescale before the event is due to take place. Deposits are also taken on booking and these are refundable on a discretionary basis should the event be cancelled.

Cashflow management is reviewed regularly to ensure that the group have sufficient balances to meet trade creditors, payroll costs and tax liabilities as they fall due.

Approved and authorised by the director on 25 July 2024
 

.........................................
Ms Rebecca Collins
Director

 

Bert & Montgomery Limited

Director's Report for the Year Ended 30 October 2023

The director presents her report and the for the year ended 30 October 2023.

Director of the group

The director who held office during the year was as follows:

Ms Rebecca Collins

Disclosure of information to the auditor

The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditor is unaware.

Approved and authorised by the director on 25 July 2024
 

.........................................
Ms Rebecca Collins
Director

 

Bert & Montgomery Limited

Statement of Director's Responsibilities

The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bert & Montgomery Limited

Independent Auditor's Report to the Members of Bert & Montgomery Limited

Opinion

We have audited the financial statements of Bert & Montgomery Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent company's affairs as at 30 October 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Bert & Montgomery Limited

Independent Auditor's Report to the Members of Bert & Montgomery Limited

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

 

Bert & Montgomery Limited

Independent Auditor's Report to the Members of Bert & Montgomery Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management, concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 

 

Bert & Montgomery Limited

Independent Auditor's Report to the Members of Bert & Montgomery Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management, concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
R M Asif Rafique (Senior Statutory Auditor)
For and on behalf of Pure Audit Limited, Statutory Auditor

76 Canterbury Innovation Centre
University Road
Canterbury
Kent
CT2 7FG

25 July 2024

 

Bert & Montgomery Limited

Consolidated Profit and Loss Account for the Year Ended 30 October 2023

Note

2023
£

2022
£

Turnover

3

4,120,723

4,952,435

Cost of sales

 

(1,646,530)

(2,004,970)

Gross profit

 

2,474,193

2,947,465

Administrative expenses

 

(1,891,086)

(1,918,348)

Other operating income

4

-

189,499

Operating profit

6

583,107

1,218,616

Other interest receivable and similar income

7

22,927

642

Interest payable and similar expenses

8

(28,836)

(66,380)

   

(5,909)

(65,738)

Profit before tax

 

577,198

1,152,878

Tax on profit

12

(159,709)

(171,184)

Profit for the financial year

 

417,489

981,694

Profit/(loss) attributable to:

 

Owners of the company

 

417,489

981,694

The group has no recognised gains or losses for the year other than the results above.

 

Bert & Montgomery Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 October 2023

2023
£

2022
£

Profit for the year

417,489

981,694

Total comprehensive income for the year

417,489

981,694

Total comprehensive income attributable to:

Owners of the company

417,489

981,694

 

Bert & Montgomery Limited

(Registration number: 13498859)
Consolidated Balance Sheet as at 30 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

197,715

223,206

Tangible assets

14

5,118,653

5,517,731

 

5,316,368

5,740,937

Current assets

 

Stocks

16

19,845

19,587

Debtors

17

109,226

406,473

Cash at bank and in hand

 

2,146,752

1,930,963

 

2,275,823

2,357,023

Creditors: Amounts falling due within one year

19

(2,161,147)

(2,905,846)

Net current assets/(liabilities)

 

114,676

(548,823)

Total assets less current liabilities

 

5,431,044

5,192,114

Provisions for liabilities

(107,465)

(169,148)

Net assets

 

5,323,579

5,022,966

Capital and reserves

 

Called up share capital

21

1,273

1,273

Share premium reserve

4,164,414

4,164,414

Retained earnings

1,157,892

857,279

Equity attributable to owners of the company

 

5,323,579

5,022,966

Shareholders' funds

 

5,323,579

5,022,966

Approved and authorised by the director on 25 July 2024
 

.........................................
Ms Rebecca Collins
Director

 

Bert & Montgomery Limited

(Registration number: 13498859)
Balance Sheet as at 30 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

15

1,273

1,273

Current assets

 

Cash at bank and in hand

 

275

138

Creditors: Amounts falling due within one year

19

(4,500)

(2,500)

Net current liabilities

 

(4,225)

(2,362)

Net liabilities

 

(2,952)

(1,089)

Capital and reserves

 

Called up share capital

21

1,273

1,273

Retained earnings

(4,225)

(2,362)

Shareholders' deficit

 

(2,952)

(1,089)

The company made a profit after tax for the financial year of £115,013 (2022 - profit of £122,053).

Approved and authorised by the director on 25 July 2024
 

.........................................
Ms Rebecca Collins
Director

 

Bert & Montgomery Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 October 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 31 October 2022

1,273

4,164,414

857,279

5,022,966

5,022,966

Profit for the year

-

-

417,489

417,489

417,489

Dividends

-

-

(116,876)

(116,876)

(116,876)

At 30 October 2023

1,273

4,164,414

1,157,892

5,323,579

5,323,579

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 7 July 2021

-

-

1

1

1

Profit for the year

-

-

981,694

981,694

981,694

Dividends

-

-

(124,416)

(124,416)

(124,416)

New share capital subscribed

1,273

4,164,414

-

4,165,687

4,165,687

At 30 October 2022

1,273

4,164,414

857,279

5,022,966

5,022,966

 

Bert & Montgomery Limited

Statement of Changes in Equity for the Year Ended 30 October 2023

Share capital
£

Retained earnings
£

Total
£

At 31 October 2022

1,273

(2,362)

(1,089)

Profit for the year

-

115,013

115,013

Dividends

-

(116,876)

(116,876)

At 30 October 2023

1,273

(4,225)

(2,952)

Share capital
£

Retained earnings
£

Total
£

At 7 July 2021

-

1

1

Profit for the year

-

122,053

122,053

Dividends

-

(124,416)

(124,416)

New share capital subscribed

1,273

-

1,273

At 30 October 2022

1,273

(2,362)

(1,089)

 

Bert & Montgomery Limited

Consolidated Statement of Cash Flows for the Year Ended 30 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

417,489

981,694

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

253,758

318,014

Loss/(profit) on disposal of tangible assets

5

139,100

(827)

Finance income

7

(22,927)

(642)

Finance costs

8

28,836

66,380

Income tax expense

12

159,709

171,184

 

975,965

1,535,803

Working capital adjustments

 

(Increase)/decrease in stocks

16

(258)

517

Decrease in trade debtors

17

297,247

4,955,251

Decrease in trade creditors

19

(22,301)

(5,251,701)

Cash generated from operations

 

1,250,653

1,239,870

Income taxes (paid)/received

12

(11,150)

1

Net cash flow from operating activities

 

1,239,503

1,239,871

Cash flows from investing activities

 

Interest received

22,927

642

Acquisitions of tangible assets

(34,478)

(125,023)

Proceeds from sale of tangible assets

 

66,189

827

Net cash flows from investing activities

 

54,638

(123,554)

Cash flows from financing activities

 

Interest paid

8

(28,836)

(66,380)

Repayment of bank borrowing

 

(925,000)

(1,650,000)

Dividends paid

(116,876)

(124,416)

Net cash flows from financing activities

 

(1,070,712)

(1,840,796)

Net increase/(decrease) in cash and cash equivalents

 

223,429

(724,479)

Cash and cash equivalents at 31 October

 

1,923,323

2,647,802

Cash and cash equivalents at 30 October

 

2,146,752

1,923,323

 

Bert & Montgomery Limited

Statement of Cash Flows for the Year Ended 30 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

115,013

122,053

Adjustments to cash flows from non-cash items

 

Finance income

(117,376)

(124,416)

 

(2,363)

(2,363)

Working capital adjustments

 

Increase in trade creditors

19

2,000

2,501

Net cash flow from operating activities

 

(363)

138

Cash flows from investing activities

 

Acquisition of subsidiaries

15

-

(1,273)

Dividend income

117,376

124,416

Net cash flows from investing activities

 

117,376

123,143

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

-

1,273

Dividends paid

(116,876)

(124,416)

Net cash flows from financing activities

 

(116,876)

(123,143)

Net increase in cash and cash equivalents

 

137

138

Cash and cash equivalents at 31 October

 

138

-

Cash and cash equivalents at 30 October

 

275

138

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cooling Castle Barn Main Road
Cooling
Rochester
Kent
ME3 8DT
UK

These financial statements were authorised for issue by the director on 25 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 October 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £115,013 (2022 - profit of £122,053).

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

Key sources of estimation uncertainty

Tangible Fixed Assets

The company has recognised tangible fixed assets.These assets are stated at their cost less provision for depreciation
and impairment. The company’s accounting policy sets out the approach to calculating depreciation for immaterial
assets acquired. For material assets such as land and buildings the company determines at acquisition reliable
estimates for the useful life of the asset, its residual value and related disposal costs. These estimates are based upon
such factors as the expected use of the acquired asset and market conditions. At
subsequent reporting dates the directors consider whether there are any factors such as changes in
market conditions that indicate a need to reconsider the estimates used. Where there are indicators that
the carrying value of tangible assets may be impaired the company undertakes tests to determine the
recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell
and of their value in use.

Deferred tax

Provision has been made in the financial statements for deferred tax at 31 October (note 18). This provision is based
upon estimates of future taxable profits, the anticipated reversal of timing differences and the tax rates that will be in
force at that time.

Lease commitments

The company has entered into a range of lease commitments in respect of property, plant and equipment. The
classification of these leases as either financial or operating leases requires the directors to consider whether the
terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the
ownership of the underlying assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

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

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 group operates and generates taxable income.

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Tenant's improvements to property

2% straight line or over lease term

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

2,970,944

3,673,037

Rendering of services

1,149,779

1,279,398

4,120,723

4,952,435

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

2023
£

2022
£

Government grants

-

189,499

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

(Loss)/gain on disposal of Tangible assets

(139,100)

827

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

228,266

286,307

Amortisation expense

25,492

31,707

Operating lease expense - other

1,026

2,480

Loss/(profit) on disposal of property, plant and equipment

139,100

(827)

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

22,927

642

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

28,780

64,900

Interest expense on other finance liabilities

56

1,480

28,836

66,380

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

2023
£

2022
£

Wages and salaries

1,436,277

1,599,429

Social security costs

118,207

126,201

Other short-term employee benefits

14,007

15,687

Pension costs, defined contribution scheme

97,635

130,299

Other employee expense

556

5,178

1,666,682

1,876,794

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

82

91

82

91

10

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,400

23,428

Contributions paid to money purchase schemes

78,337

110,000

92,737

133,428

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

9,500

7,500


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

2023
£

2022
£

Current taxation

UK corporation tax

221,393

73,209

Deferred taxation

Arising from origination and reversal of timing differences

(32,758)

97,975

Arising from changes in tax rates and laws

(28,926)

-

Total deferred taxation

(61,684)

97,975

Tax expense in the income statement

159,709

171,184

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

577,198

1,152,878

Corporation tax at standard rate

144,300

219,047

Decrease from effect of different UK tax rates on some earnings

(24,583)

-

Effect of revenues exempt from taxation

-

(23,639)

Effect of expense not deductible in determining taxable profit (tax loss)

47,534

411

Effect of tax losses

-

(30,990)

Deferred tax (credit)/expense from unrecognised tax loss or credit

(61,683)

97,975

Tax increase from effect of capital allowances and depreciation

53,551

50,693

Tax increase from effect of unrelieved tax losses carried forward

590

745

Tax decrease arising from group relief

-

(143,058)

Total tax charge

159,709

171,184

13

Intangible assets

Group

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

Goodwill
 £

Total
£

Cost or valuation

At 31 October 2022

254,913

254,913

At 30 October 2023

254,913

254,913

Amortisation

At 31 October 2022

31,707

31,707

Amortisation charge

25,491

25,491

At 30 October 2023

57,198

57,198

Carrying amount

At 30 October 2023

197,715

197,715

At 30 October 2022

223,206

223,206

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 October 2022

5,166,422

993,573

113,158

472,768

6,745,921

Additions

-

6,560

-

27,918

34,478

Disposals

(92,946)

(309,468)

-

-

(402,414)

At 30 October 2023

5,073,476

690,665

113,158

500,686

6,377,985

Depreciation

At 31 October 2022

345,095

537,118

18,870

327,107

1,228,190

Charge for the year

87,824

87,749

23,572

29,122

228,267

Eliminated on disposal

(30,044)

(167,081)

-

-

(197,125)

At 30 October 2023

402,875

457,786

42,442

356,229

1,259,332

Carrying amount

At 30 October 2023

4,670,601

232,879

70,716

144,457

5,118,653

At 30 October 2022

4,821,327

456,455

94,288

145,661

5,517,731

Included within the net book value of land and buildings above is £4,607,099 (2022 - £4,687,273) in respect of freehold land and buildings and £63,502 (2022 - £134,054) in respect of short leasehold land and buildings.
 

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

15

Investments

Group

Details of undertakings

For the year ending 30 October 2023 the subsidiary The Vines of Rochester Limited was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Company

2023
£

2022
£

Investments in subsidiaries

1,273

1,273

Subsidiaries

£

Cost or valuation

At 31 October 2022

1,273

Provision

Carrying amount

At 30 October 2023

1,273

At 30 October 2022

1,273

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other inventories

19,845

19,587

-

-

Group

17

Debtors

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

65,894

60,423

-

-

Amounts owed by related parties

24

-

298,661

-

-

Other debtors

 

20,513

25,991

-

-

Prepayments

 

22,819

21,398

-

-

   

109,226

406,473

-

-

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

745,238

1,279,452

275

138

Short-term deposits

1,400,000

644,892

-

-

Other cash and cash equivalents

1,514

6,619

-

-

2,146,752

1,930,963

275

138

Bank overdrafts

-

(7,640)

-

-

Cash and cash equivalents in statement of cash flows

2,146,752

1,923,323

275

138

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

22

-

932,640

-

-

Trade creditors

 

75,338

99,143

-

-

Amounts due to related parties

24

107,864

-

-

-

Social security and other taxes

 

179,722

129,126

-

-

Other payables

 

80,777

136,034

2,500

500

Accruals

 

23,719

19,362

2,000

2,000

Income tax liability

12

221,085

10,843

-

-

Gross amount due to customers for contract work

 

1,472,642

1,578,698

-

-

 

2,161,147

2,905,846

4,500

2,500

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £97,635 (2022 - £130,299).

Contributions totalling £Nil (2022 - £Nil) were payable to the scheme at the end of the year and are inlcuded in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,172

1,172

1,172

1,172

Ordinary B of £1 each

101

101

101

101

 

1,273

1,273

1,273

1,273

22

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

925,000

-

-

Bank overdrafts

-

7,640

-

-

-

932,640

-

-

Group

Bank borrowings

Bank Loan is denominated in sterling with a nominal interest rate of 3.25% pa over Bank of England base rate%, and the final instalment is due on 31 March 2023. The carrying amount at year end is £Nil (2022 - £925,000).

Secured via a first legal mortgage over the freehold property known as Cooling Castle Barns, Cooling, Rochester, Kent, ME3 8DT
The loan was being repaid in quarterly instalments of £25,000 each. The loan was fully repaid on 31.03.2023

 

Bert & Montgomery Limited

Notes to the Financial Statements for the Year Ended 30 October 2023

23

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £68.26 (2022 - £89.59) per each Ordinary

 

80,000

 

105,000

Interim dividend of £365.10 (2022 - £192.24) per each Ordinary B

 

36,876

 

19,416

   

116,876

 

124,416

24

Related party transactions

Company

Summary of transactions with other related parties

A loan to E Adams, an employee of the group was made in 2015. The loan is being repaid monthly. At the year
end E Adams owed £16,980