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REGISTERED NUMBER: 09629244 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

BERM HOLDINGS LIMITED

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


BERM HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: J Beamson
R G Elliott
D T Moist
M J Rogan





REGISTERED OFFICE: 131 Salters Lane
Sedgefield
Stockton on Tees
TS21 3EE





REGISTERED NUMBER: 09629244 (England and Wales)





AUDITORS: Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
During this year work began in earnest on our direct contracts with National Highways for traffic management works on the country's main infrastructure. The effect of these contracts can be seen in this years results.
We have continued to work throughout this year to consolidate our position. Including continued work to refine our management systems and ensuring key personnel are established in key positions.
The outlook for the future is very positive, the National Highways works are progressing as expected and other works are continuing at historical levels.
Turnover has risen with sales of £32 million (2022 £19 million). Gross profit margin has remained consistent at 21.4% (2022 20.9%). We have continued to monitor overhead costs closely whilst investing in our staff and systems to improve our management information and controls.
Profit before tax this year was £2 million compared to £0.1 million in 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of identifying risks with which the company is faced is addressed by the directors and senior management team on an ongoing basis through the setting out of policies, procedures and adequate controls to mitigate against such.
In line with other businesses any further significant increases in interest rates and/or increases in taxation could have a detrimental effect on our figures. We constantly review interest rates and build them into our ongoing modelling for the future.
In addition, fuel prices have an impact on all consumers. Similar to interest rates above, we are constantly monitoring the costs of fuel and regularly review the way that we incorporate this into our job costing.


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

KEY PERFORMANCE INDICATORS
In continuing economically challenging times the business has delivered a set of results for the year in line with expectations.
The summary below shows how the key measures in the business compare against prior years. We remain pleased with the progress of the business as it continues to develop in line with our plans.
Performance is measured with reference to the following KPI's below :

2023 2022 2021
Turnover £32.2m £19.1m £17.9m
Turnover % increase 68% 7.1% 10%
Gross Margin as a % of sales 21.4% 20.9% 22.8%
Net profit as a % of sales 6.3% 0.5% 1.0%

Performance has been in line with our expectations.
The key performance indicators used by the directors and management to monitor and control the performance of the company include monthly management accounts, monthly performance reviews and regular progress meetings to compare actual performance against expected performance

ON BEHALF OF THE BOARD:





R G Elliott - Director


29 July 2024

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 234,360 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J Beamson
R G Elliott
D T Moist
M J Rogan

DONATIONS AND EXPENDITURE
Group donations total £8,585.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


AUDITORS
The auditors, Momentum Taxation & Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R G Elliott - Director


29 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERM HOLDINGS LIMITED


Opinion
We have audited the financial statements of Berm Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 31 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERM HOLDINGS LIMITED


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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERM HOLDINGS LIMITED


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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the more remote that the non-compliances (eg with laws and regulations) are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERM HOLDINGS LIMITED


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.




Peter Cartwright (Senior Statutory Auditor)
for and on behalf of Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

31 July 2024

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 32,229,872 19,133,918

Cost of sales 25,342,446 15,139,931
GROSS PROFIT 6,887,426 3,993,987

Administrative expenses 4,486,720 3,646,994
2,400,706 346,993

Other operating income 1,546 9,942
OPERATING PROFIT 4 2,402,252 356,935

Interest receivable and similar income 3,750 29
2,406,002 356,964

Interest payable and similar expenses 5 387,538 258,641
PROFIT BEFORE TAXATION 2,018,464 98,323

Tax on profit 6 481,837 54,438
PROFIT FOR THE FINANCIAL YEAR 1,536,627 43,885
Profit attributable to:
Owners of the parent 1,536,627 43,885

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,536,627 43,885


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,536,627

43,885

Total comprehensive income attributable to:
Owners of the parent 1,536,627 43,885

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 681,243 854,833
Investments 10 4,716,433 4,716,433
5,397,676 5,571,266

CURRENT ASSETS
Stocks 11 351,397 222,694
Debtors 12 5,578,133 3,566,300
Cash at bank 1,630,330 477,635
7,559,860 4,266,629
CREDITORS
Amounts falling due within one year 13 7,197,682 5,276,263
NET CURRENT ASSETS/(LIABILITIES) 362,178 (1,009,634 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,759,854

4,561,632

CREDITORS
Amounts falling due after more than
one year

14

(732,895

)

(830,764

)

PROVISIONS FOR LIABILITIES 18 (100,307 ) (106,483 )
NET ASSETS 4,926,652 3,624,385

CAPITAL AND RESERVES
Called up share capital 19 136 136
Retained earnings 20 4,926,516 3,624,249
SHAREHOLDERS' FUNDS 4,926,652 3,624,385

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:



R G Elliott - Director


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

COMPANY BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 3,200,100 3,200,100
3,200,100 3,200,100

CURRENT ASSETS
Debtors 12 1,521,416 1,506,836
Cash at bank 3,495 2,076
1,524,911 1,508,912
CREDITORS
Amounts falling due within one year 13 4,790,465 4,656,186
NET CURRENT LIABILITIES (3,265,554 ) (3,147,274 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(65,454

)

52,826

CAPITAL AND RESERVES
Called up share capital 19 136 136
Retained earnings 20 (65,590 ) 52,690
SHAREHOLDERS' FUNDS (65,454 ) 52,826

Company's profit/(loss) for the financial
year

116,080

(74,231

)

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





R G Elliott - Director


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 136 3,740,364 3,740,500

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 43,885 43,885
Balance at 31 October 2022 136 3,624,249 3,624,385

Changes in equity
Dividends - (234,360 ) (234,360 )
Total comprehensive income - 1,536,627 1,536,627
Balance at 31 October 2023 136 4,926,516 4,926,652

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 136 286,921 287,057

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - (74,231 ) (74,231 )
Balance at 31 October 2022 136 52,690 52,826

Changes in equity
Dividends - (234,360 ) (234,360 )
Total comprehensive income - 116,080 116,080
Balance at 31 October 2023 136 (65,590 ) (65,454 )

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,222,371 572,826
Interest paid (365,130 ) (226,140 )
Interest element of hire purchase
payments paid

(22,344

)

(32,501

)
Finance costs paid (64 ) -
Tax paid (101,253 ) (234,584 )
Net cash from operating activities 1,733,580 79,601

Cash flows from investing activities
Purchase of tangible fixed assets (178,596 ) (159,380 )
Sale of tangible fixed assets 30,588 20,716
Interest received 3,750 29
Net cash from investing activities (144,258 ) (138,635 )

Cash flows from financing activities
New loans in year 271,250 750,000
Loan repayments in year (242,542 ) (79,193 )
Related company loan movements 55,447 (13,365 )
Capital repayments in year (181,490 ) (153,191 )
Amount introduced by directors 234,364 207,241
Amount withdrawn by directors (267,351 ) (275,374 )
Equity dividends paid (234,360 ) (160,000 )
Net cash from financing activities (364,682 ) 276,118

Increase in cash and cash equivalents 1,224,640 217,084
Cash and cash equivalents at beginning
of year

2

405,690

188,606

Cash and cash equivalents at end of
year

2

1,630,330

405,690

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,018,464 98,323
Depreciation charges 361,399 245,458
Loss/(profit) on disposal of fixed assets 13,262 (16,176 )
Finance costs 387,538 258,641
Finance income (3,750 ) (29 )
2,776,913 586,217
Increase in stocks (128,703 ) (14,037 )
Increase in trade and other debtors (2,043,588 ) (169,864 )
Increase in trade and other creditors 1,617,749 170,510
Cash generated from operations 2,222,371 572,826

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 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 1,630,330 477,635
Bank overdrafts - (71,945 )
1,630,330 405,690
Year ended 31 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 477,635 188,606
Bank overdrafts (71,945 ) -
405,690 188,606


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other
non-cash
At 1/11/22 Cash flow changes At 31/10/23
£    £    £    £   
Net cash
Cash at bank 477,635 1,152,695 1,630,330
Bank overdrafts (71,945 ) 71,945 -
405,690 1,224,640 1,630,330
Debt
Finance leases (308,572 ) 181,490 - (178,492 )
Debts falling due
within 1 year (191,832 ) (55,689 ) - (247,521 )
Debts falling due
after 1 year (676,416 ) 5,730 - (670,686 )
(1,176,820 ) 131,531 - (1,096,699 )
Total (771,130 ) 1,356,171 - 533,631

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Berm Holdings 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - 4% on cost
Improvements to property - 20% on cost
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 15,243,350 9,472,003
Social security costs 23,554 -
Other pension costs 207,806 168,366
15,474,710 9,640,369

The average number of employees during the year was as follows:
2023 2022

Direct 172 144
Administration 31 30
Directors 7 4
210 178

The average number of employees by undertakings that were proportionately consolidated during the year was 210 (2022 - 174 ) .


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 628,420 431,357
Other operating leases 151,978 199,214
Depreciation - owned assets 359,746 224,806
Depreciation - assets on hire purchase contracts - 20,652
Loss/(profit) on disposal of fixed assets 13,262 (16,176 )
Auditors' remuneration 22,925 19,500

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 820 1,062
Loan 71,779 39,345
Interest payable 56,389 27,447
Factoring charges 233,927 156,645
Other interest payable 2,215 1,641
Hire purchase 22,344 32,501
Late payment interest 64 -
387,538 258,641

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 488,012 42,248

Deferred tax (6,175 ) 12,190
Tax on profit 481,837 54,438

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. DIVIDENDS
2023 2022
£    £   
Final 234,360 160,000

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 November 2022 272,368 125,783 65,204 1,303,727
Additions - - - 212,794
Disposals - - - (689,780 )
Reclassification/transfer - - - 615,941
At 31 October 2023 272,368 125,783 65,204 1,442,682
DEPRECIATION
At 1 November 2022 36,762 83,837 37,758 1,042,780
Charge for year 6,817 5,032 8,026 326,925
Eliminated on disposal - - - (657,675 )
Reclassification/transfer - - - 370,641
At 31 October 2023 43,579 88,869 45,784 1,082,671
NET BOOK VALUE
At 31 October 2023 228,789 36,914 19,420 360,011
At 31 October 2022 235,606 41,946 27,446 260,947

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 11,166 1,204,427 22,877 3,005,552
Additions - - 17,212 230,006
Disposals (10,659 ) (410,895 ) - (1,111,334 )
Reclassification/transfer - (615,941 ) - -
At 31 October 2023 507 177,591 40,089 2,124,224
DEPRECIATION
At 1 November 2022 9,750 919,485 20,347 2,150,719
Charge for year 101 5,491 7,354 359,746
Eliminated on disposal (9,750 ) (400,059 ) - (1,067,484 )
Reclassification/transfer - (370,641 ) - -
At 31 October 2023 101 154,276 27,701 1,442,981
NET BOOK VALUE
At 31 October 2023 406 23,315 12,388 681,243
At 31 October 2022 1,416 284,942 2,530 854,833

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 82,610
Transfer to ownership (82,610 )
At 31 October 2023 -
DEPRECIATION
At 1 November 2022 48,064
Transfer to ownership (48,064 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 34,546

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertaking
£   
COST
At 1 November 2022
and 31 October 2023 4,716,433
NET BOOK VALUE
At 31 October 2023 4,716,433
At 31 October 2022 4,716,433

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertaking
£   
COST
At 1 November 2022
and 31 October 2023 3,200,100
NET BOOK VALUE
At 31 October 2023 3,200,100
At 31 October 2022 3,200,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Premier Roadmarkings Limited
Registered office: United Kingdom
Nature of business: Road Marking
%
Class of shares: holding
Ordinary 100.00

PTM Holdings Limited
Registered office: United Kingdom
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
Ordinary A 100.00

PTM Holdings owns 100% of the Ordinary and Ordinary A shares in Premier Traffic Management Limited.

Therefore, by virtue of ownership, BERM Holdings Limited own 100% of shares in Premier Traffic Management Limited also.


BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


11. STOCKS

Group
2023 2022
£    £   
Stocks 351,397 222,694

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,315,608 1,943,594 - -
Retentions 18,403 37,112 - -
Account applications 2,537,543 1,140,070 - -
Amounts owed by group undertakings - 35,850 1,517,079 1,506,000
Amounts recoverable on contract 433,566 286,398 - -
Other debtors 54,372 6,742 242 242
Directors' loan accounts 4,095 - 4,095 -
VAT - - - 594
Prepayments 94,877 96,404 - -
Accrued income 119,669 20,130 - -
5,578,133 3,566,300 1,521,416 1,506,836

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 32,537 103,513 - -
Other loans (see note 15) 214,984 160,264 - -
Hire purchase contracts (see note 16) 116,283 154,224 - -
Trade creditors 4,050,226 2,873,652 269 1
Amounts owed to group undertakings - - 4,529,627 4,121,335
Tax 508,502 121,743 - -
Social security and other taxes 226,987 282,041 (1,988 ) (2,522 )
Net wages 90,332 89,726 - -
Pension liabilities 27,069 24,817 - -
Attachment of Earnings 901 231 - -
VAT 5,611 118,960 36,355 -
Other creditors 355,103 452,091 142,942 425,220
Factored debts 1,085,586 603,148 - -
Credit card 2,224 - - -
Directors' loan accounts 81,260 110,152 81,260 110,152
Accrued expenses 400,077 181,701 2,000 2,000
7,197,682 5,276,263 4,790,465 4,656,186

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 15) 56,480 89,079
Other loans (see note 15) 614,206 587,337
Hire purchase contracts (see note 16) 62,209 154,348
732,895 830,764

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 71,945
Bank loans 10,077 9,829
Mortgage <1 year 22,460 21,739
Other loans 10,097 -
Other loans 204,887 160,264
247,521 263,777
Amounts falling due between one and two years:
Bank loans - 1-2 years 33,510 32,532
Other loans - 1-2 years 177,941 170,539
Other loans 1-2 years 54,917 -
266,368 203,071
Amounts falling due between two and five years:
Bank loans - 2-5 years 22,970 56,547
Other loans - 2-5 years 298,806 416,798
Other loans 2-5 years 82,542 -
404,318 473,345

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 116,283 154,224
Between one and five years 62,209 154,348
178,492 308,572

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 178,492 308,572
Mortgage 61,575 83,376
Invoice Discounting 1,085,586 603,147
1,325,653 995,095

Hire purchase creditors are secured on the assets to which they relate.

The invoice discounting debt is secured by a fixed and floating charge. The floating charge covers all the property or undertaking of the company.

HSBC UK also holds the following security for the group companies:
Composite Company Unlimited Multilateral Guarantee dated 17 July 2013 given by Premier Traffic Management Limited and PTM Holdings Limited.
Debenture including fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future dated 27 April 2018 for Premier Traffic Management Limited.
Unlimited Multilateral Guarantee dated 13 March 2018 given by Premier Traffic Management Limited, Berm Holdings Limited, PTM Holdings Limited and Premier Roadmarkings Limited.
First legal charge dated 24 June 2016 over Freehold Property known as Former Parsons Container Depot, Salters Lane Industrial Estate, County Durham TS21 3EE.
Debenture including fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattells, goodwill and uncalled capital, both present and future dated 10 April 2013 for Premier Roadmarkings Limited.

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 100,307 106,483

Group
Deferred
tax
£   
Balance at 1 November 2022 106,483
Credit to Income Statement during year (6,176 )
Balance at 31 October 2023 100,307

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
136 Ordinary £1 136 136

20. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 3,624,249
Profit for the year 1,536,627
Dividends (234,360 )
At 31 October 2023 4,926,516

BERM HOLDINGS LIMITED (REGISTERED NUMBER: 09629244)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


20. RESERVES - continued

Company
Retained
earnings
£   

At 1 November 2022 52,690
Profit for the year 116,080
Dividends (234,360 )
At 31 October 2023 (65,590 )


21. OTHER FINANCIAL COMMITMENTS

The group has entered into non-cancellable operating leases in respect to motor vehicles.

The following is a schedule of the future minimum lease payments required under these leases as at 31 October 2022:

2023 2022
£    £   
Due within one year 23645 46995
Due between one and five years 0 23645