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REGISTERED NUMBER: 02707046 (England and Wales)






















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

BERISFORDS LIMITED

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


BERISFORDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: H G Kuny
R Lenzin
P J Bowers
G Parker
M T Roberts
A J Walker





SECRETARY: A J Walker





REGISTERED OFFICE: Jubilee Mill
Thomas Street
Congleton
Cheshire
CW12 1EF





REGISTERED NUMBER: 02707046 (England and Wales)





AUDITORS: George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The company made an operating loss of £0.74m on reduced revenue of £4.91m after incurring redundancy costs of £0.27m (2022 operating profit £0.18m / revenue £5.89m/ redundancy costs £nil).

Revenue contracted across all product markets during the year in both the UK and Rest of World although Europe was flat compared to 2022. This reduction in revenue was led by lower wholesale volumes as cost-of-living pressures affected retail demand. Contract values for bows and trims were also impacted to a lesser degree as customers looked to simplify packaging use in their own products.

Raw material unit costs stabilised in 2023 after a period of increase during the preceding year but gross margin (before redundancy costs) contracted to 14.5% (2023: 23.6%) affected by adverse stock movement and the revenue contraction noted above. Stock turnover kept within an acceptable range at 2.60x (2022: 2.86x). Administrative costs were stable despite the recent inflation and currency/fixed asset disposal losses incurred during the year. Interest charges rose significantly as a large proportion of the company's borrowings are exposed to floating rates.

Cash generated from operations was +£0.01m (2022: £+0.22m) with movement in working capital offsetting the operating loss. Days Sales Outstanding (DSO) based on the count back method contributed to cash flow improving to 43 days (2022: 55 days). However, given the relative weakness in forecast cash flow and outlook, the directors obtained intra group loan funding from the parent undertaking of £0.63m (2022:£nil).


SUMMARY OF KEY PERFORMANCE INDICATORS (KPI)
The company's key financial KPI are revenue, gross/pre-exceptional operating profit margin, operating cash flow, DSO, stock turnover and company net debt.


BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed significant risks faced by the company which include reliance on key customers, price competition, exposure to fashion trends and stock control.

Discretionary retail has been affected by the level of inflation impacting product volumes and market size. Despite this deterioration, the company maintains a strong brand recognition in its domestic market. Cost pressures have not abated and include National Living Wage (which is outside of the company's control) and new waste packaging regulations, the cost of which has been difficult to assess given the delay in implementation and publication of pricing by DEFRA. However, the company continues to benefit from long term price contracts in relation to gas and electricity supply which were commenced pre-2022.

General commercial risk is hedged by diversifying across multiple markets and geographies. Price competition from Far East suppliers is tempered by the company's focus on quality, stock availability and short lead times. Within packaging the company is committed to the delivery of superior service levels including pre-development design of customer be-spoke product.

The company maintains credit insurance to cover the risk of default by its most significant customers. A high proportion of its customer base has traded with the company for many years which informs credit assessments.

The product range is reviewed on a regular basis for underperforming qualities. This is usually undertaken in association with promotion of new product designs. A review is planned for mid- 2024. Management have continued to work with yarn suppliers to maximise recycled inputs within production and to improve product sustainability at an affordable cost.


STRATEGY AND GOING CONCERN
Wholesale activity levels through the first half of 2024 have continued to disappoint with no immediate signs of an improvement in market conditions. In addition, little forward visibility or lead time is provided by customers on the contract side. As such planning becomes difficult. However, given the 2023 result and immediate prospects, management will implement a further cost restructure as required which may involve a reduction in production capacity. There are new markets and potential products to leverage but translating these opportunities into lead generation and sales is not certain and takes time. Throughout this difficult period, the company has taken advantage of financial support from its parent company and bankers. This has enabled management to forecast a return to financial break-even and to assume going concern in these financial statements.

ON BEHALF OF THE BOARD:





P J Bowers - Director


20th June 2024

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturing of ribbons, bows, and textile trimmings.

DIVIDENDS
The directors do not propose the payment of a dividend in respect of 2023 (2022: £nil).

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st January 2023 to the date of this report.

The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. None of the directors held any interest in the Ordinary shares of £1 each at 1st January or 31st December 2023.

H G Kuny
R Lenzin
P J Bowers
G Parker
M T Roberts
A J Walker

FINANCIAL RISK MANAGEMENT
The company manages financial risks as follows:

Foreign exchange risk
The company trades in UK Sterling, Euro, US dollars and Swiss Francs. The net exposure in each currency is monitored and managed by the use of forward currency contracts where the exposure is deemed material. Separate currency bank accounts are maintained to minimise transaction costs.

Customer credit risk
The company may offer credit terms to the majority of its customers. To manage risk of default, the company enforces credit limits, uses credit vetting reports, and reviews past trade experience. Credit insurance cover is obtained when available for specific customers.

Liquidity risk
The going concern assumption requires the company to manage its cash flow so as liabilities can be settled as they fall due. Weekly cash flow forecasts are integrated with the company's annual budget or budget revisions. Credit facilities are offered by the company's bankers in the form of asset-based finance and a revolving loan facility referred to in note 12.

Interest rate risk
The company borrows from its bankers and related parties mentioned above. The scale of borrowing does not warrant interest hedging. As such, interest rate risk is only mitigated as surplus cash is used to repay debt. Management also keep the financing structure under review.


Financial assets and liabilities

2023 2022
£ £
Financial assets - measured at amortised cost 804,930 1,209,854
Financial liabilities - measured at amortised cost (2,699,490 ) (2,521,149 )

There were no financial assets or liabilities measured at fair value through profit and loss account in either 2023 or 2022.


BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Walker - Director


20th June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERISFORDS LIMITED

Opinion
We have audited the financial statements of Berisfords Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2023 and of its loss 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 company 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERISFORDS LIMITED


Matters on which we are required to report by exception
In the light of the 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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Directors' Responsibilities Statement set out on page five, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to manufacturing operations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation that no further production of goods could be completed. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements.

We are also required to evaluate management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). We found there were no principal risks directly impacting the company's income and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
>Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
>Evaluating management’s controls designed to prevent and detect irregularities;
>Identifying and testing journals, in particular journal entries posted with unusual account combinations or with
unusual descriptions; and
>Challenging assumptions and judgements made by management in their critical accounting estimates.

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.

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
BERISFORDS LIMITED


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.

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.




Andrew Fox FCA (Senior Statutory Auditor)
for and on behalf of George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

20th June 2024

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 4,906,764 5,889,082

Cost of production 4,455,991 4,501,600
GROSS PROFIT 450,773 1,387,482

Administrative expenses 1,337,738 1,327,480
(886,965 ) 60,002

Other operating income 151,568 124,668
OPERATING (LOSS)/PROFIT 5 (735,397 ) 184,670

Interest receivable and similar income 293 312
(735,104 ) 184,982

Interest payable and similar expenses 6 112,740 29,333
(LOSS)/PROFIT BEFORE TAXATION (847,844 ) 155,649

Tax on (loss)/profit 7 (6,399 ) 3,510
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(841,445

)

152,139

Retained earnings at beginning of year (487,428 ) (639,567 )

RETAINED EARNINGS AT END OF
YEAR

(1,328,873

)

(487,428

)

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,572,542 1,661,181
Investment property 9 325,000 325,000
1,897,542 1,986,181

CURRENT ASSETS
Stocks 10 1,886,230 2,062,070
Debtors 11 648,179 1,064,076
Cash at bank 156,651 145,778
2,691,060 3,271,924
CREDITORS
Amounts falling due within one year 12 1,177,782 1,638,422
NET CURRENT ASSETS 1,513,278 1,633,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,410,820

3,619,683

CREDITORS
Amounts falling due after more than one
year

13

(1,521,708

)

(882,727

)

PROVISIONS FOR LIABILITIES 16 (12,985 ) (19,384 )
NET ASSETS 1,876,127 2,717,572

CAPITAL AND RESERVES
Called up share capital 17 3,205,000 3,205,000
Retained earnings 18 (1,328,873 ) (487,428 )
SHAREHOLDERS' FUNDS 1,876,127 2,717,572

The financial statements were approved by the Board of Directors and authorised for issue on 20th June 2024 and were signed on its behalf by:





P J Bowers - Director


BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,415 222,441
Interest paid (120,776 ) (65,510 )
Interest element of finance lease payments
paid

(897

)

(10,488

)
Tax paid (13,852 ) -
Net cash from operating activities (122,110 ) 146,443

Cash flows from investing activities
Purchase of tangible fixed assets (101,365 ) (115,813 )
Sale of tangible fixed assets 5,606 33,299
Interest received 293 312
Net cash from investing activities (95,466 ) (82,202 )

Cash flows from financing activities
Other loan 633,399 (100,000 )
Lease rental payments (16,400 ) (44,093 )
Bank loan funding/(repayments) in year (423,777 ) 79,605
Net cash from financing activities 193,222 (64,488 )

Decrease in cash and cash equivalents (24,354 ) (247 )
Cash and cash equivalents at beginning of
year

2

91,605

101,841
Effect of foreign exchange rate changes (3,487 ) (9,989 )
Cash and cash equivalents at end of year 2 63,764 91,605

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit for the financial year (841,445 ) 152,139
Depreciation charges 168,790 184,921
Loss/(profit) on disposal of fixed assets 16,916 (17,224 )
Non-operating foreign exchange 23,909 8,908
Finance costs 112,740 29,333
Finance income (293 ) (312 )
Taxation (6,399 ) 3,510
(525,782 ) 361,275
Decrease/(increase) in stocks 175,840 (275,481 )
Decrease in trade and other debtors 408,687 167,879
Decrease in trade and other creditors (45,330 ) (31,232 )
Cash generated from operations 13,415 222,441

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 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 156,651 145,778
Bank overdrafts (92,887 ) (54,173 )
63,764 91,605
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 145,778 137,751
Bank overdrafts (54,173 ) (35,910 )
91,605 101,841


BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 145,778 10,873 156,651
Bank overdrafts (54,173 ) (38,714 ) (92,887 )
91,605 (27,841 ) 63,764
Debt
Finance leases (23,335 ) 16,399 (6,936 )
Debts falling due within 1 year (612,839 ) 423,777 (189,062 )
(636,174 ) 440,176 (195,998 )
Total (544,569 ) 412,335 (132,234 )

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Berisfords 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006.

The financial statements are prepared on a historical cost basis except for investment property and currency hedging contracts, which have accounted for at fair value as specified in the accounting policies below.

The financial statements are presented in UK Pound Sterling (£).

Going concern
Following a review of the company's budget and cash flow forecast, the directors believe that the business has adequate financing to continue for the foreseeable future. As such these financial statements have been prepared on a going concern basis.

Significant judgements and estimates
There are no significant judgements or estimates applied in the financial statements other than:

a) Property which is surplus to the manufacturing operation of the Company and can be separately identified as such has been recognised as investment property at open market value on the transition date. The directors are of the opinion that there has been no diminution in value since the transition date and that the open market value approximates to fair value. The deferred tax rate applied on revaluation gains should be the rate expected to apply when the property is sold, which is assumed to be the rate enacted on the balance sheet date.

b) Stock in trade is reviewed annually for impairment associated with obsolescence or slow turnover of product.

Turnover
Turnover, which is stated net of value added tax, is recognised on the transfer of all significant risks and rewards associated with ownership of the goods. This usually arises on or close to the date of invoicing, at which time the company has fulfilled its obligations to make the goods available on an unconditional basis.

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% straight line
Plant and machinery - 10% straight line
Fixtures and fittings - 10% straight line
Motor vehicles - 20% straight line
Office equipment - 25% straight line

Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stock in trade is stated at the lower of cost or net realisable value (selling price less costs to complete and sell). The cost of work in progress and finished goods include materials, labour and an appropriate proportion of production overhead. The directors conduct an annual review for possible impairment losses resulting from slow moving stocks, obsolescence or changes in pricing and foreign exchange rates.

Debtors
Short term trade and other debtors are measured at transaction price less any impairment provision. The company provides for unused annual leave accrued by employees for services rendered in the financial year. Where the amount paid at the balance sheet date exceeds the salary cost payable for the holiday absence, a debtor has been recognised within prepayments.

Impairment of assets
Assets are reviewed for indication of impairment, where the estimated recoverable amount has fallen below the carrying value. In such circumstances, an impairment loss is recognised in the profit and loss account. In the event that there is a subsequent upward revision in estimated recoverable amount, the carrying value of the asset will be increased will be increased by no more than the total of impairment losses arising from prior years. The reversal of impairment losses shall also be recognised in the profit and loss account.

Creditors
Short term trade and other creditors are measured at transaction price. Loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign exchange
The functional and presentation currency is UK Pounds Sterling (£).

Transactions in currencies other than the functional currency are recognised at the spot rate of the transaction (or at a mean average rate where such a rate approximates to the spot rate applicable to the transaction).

Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at the rate of exchange ruling at the balance sheet date. Exchange differences are recognised in the profit and loss account in the period in which they arise.

Derivative financial instruments
The company hedges against currency fluctuations using open forward currency contracts. Outstanding contracts are recognised at fair value on the basis of the exchange rate quoted at the balance sheet date taking account of the remaining currency and the unexpired period of the contract. Outstanding forward currency contracts are included within other debtors or other creditors as appropriate.

Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised when incurred in the profit and loss account.

Leasing and hire purchase commitments
Property, plant and equipment acquired under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The related obligations, net of future finance charges are included in creditors. Lease payments are apportioned between interest charges and reduction of the lease obligation. The interest element of the rental obligations is charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to profit and loss account on a straight line basis over the lease term.

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Taxation
Current tax is recognised for the amount of corporation tax payable in respect of the current year or preceding years.

Deferred tax is provided using the liability method to take account of material timing differences between the treatment of certain items for accounts and tax purposes. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The tax expense or income is recognised in the profit and loss account (or equity depending on the nature of the underlying transaction). Deferred tax liabilities are presented within provision for liabilities and charges and deferred tax assets within debtors.

Current and deferred tax is provided at the rates of tax enacted (or substantively enacted) at the reporting date for either the period in which the current tax arises, or in respect of deferred tax, for the period when the timing difference is expected to reverse.

3. TURNOVER

Turnover analysed by category is as follows:
2023 2022
££

Ribbons2,735,2843,361,008
Bows1,969,2032,221,607
Bindings 202,277 306,467
4,906,7645,889,082


Turnover is derived from the following markets:
2023 2022
££

United Kingdom3,473,0424,120,014
Europe892,608896,183
America, Australasia and others 541,114 872,885
4,906,7645,889,082



BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. EMPLOYEES AND DIRECTORS

Directors' emoluments

The total emoluments of the directors of the company, who are also considered to be the key management personnel (including pension contribution and benefits in kind) were:

2023 2022
££

Emoluments308,081328,113
Pension contributions 58,569 51,529
366,650379,642

2023 2022
Number of directors to whom retirement
benefits are accruing under money
purchase scheme34


The emoluments of directors disclosed above
include the following amounts paid to the
highest paid director2023 2022
££

Emoluments67,36679,545
Pension contributions 35,124 29,652
102,490109,197
Staff costs (Excluding directors)
2023 2022
££

Wages and salaries2,005,2801,738,806
Social security costs239,745219,240
Pension costs 115,257 110,095
2,360,2822,068,141

Included in wages and salaries are redundancy related costs of £270,425 (2022: £nil).

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

General administration8 6
Sales and marketing10 10
Production 67 68
85 84


BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. OPERATING (LOSS)/PROFIT

20232022
££
This is stated after charging/(crediting):

Operating lease rentals12,65212,419
Auditors' remuneration10,00010,000
Depreciation of owned fixed assets 151,511152,598
Depreciation of assets held under finance lease 17,27932,323
Loss/ (Profit) on disposal of fixed assets 16,916(17,224)
Directors' emoluments (see above)366,650379,642
Staff costs (see above) 2,360,2822,068,141
Loss on exchange25,496531

6. INTEREST PAYABLE AND SIMILAR EXPENSES

2023 2022
£ £

Bank loans and invoicing financing 69,326 32,668
Finance lease interest 897 10,488
Interest on related company loan 42,517 (13,823 )
112,740 89,095

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 13,852

Deferred tax (6,399 ) (10,342 )
Tax on (loss)/profit (6,399 ) 3,510

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (847,844 ) 155,649
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(161,090

)

29,573

Effects of:
Expenses not deductible for tax purposes 3,562 (3,058 )
Depreciation in excess of capital allowances 6,288 15,129
Re-measurement of deferred tax balances (6,399 ) (10,342 )
Tax losses generated/(utilised) 149,673 (27,792 )
Difference between chargeable gain and accounting profit 1,567 -
Total tax (credit)/charge (6,399 ) 3,510

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 1,827,985 3,879,639 993,587
Additions - 72,834 6,896
Disposals - (219,474 ) (51,441 )
At 31st December 2023 1,827,985 3,732,999 949,042
DEPRECIATION
At 1st January 2023 647,317 3,646,780 833,446
Charge for year 31,453 56,968 31,534
Eliminated on disposal - (210,619 ) (37,774 )
At 31st December 2023 678,770 3,493,129 827,206
NET BOOK VALUE
At 31st December 2023 1,149,215 239,870 121,836
At 31st December 2022 1,180,668 232,859 160,141

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 56,459 839,935 7,597,605
Additions - 22,943 102,673
Disposals - - (270,915 )
At 31st December 2023 56,459 862,878 7,429,363
DEPRECIATION
At 1st January 2023 9,617 799,264 5,936,424
Charge for year 11,292 37,543 168,790
Eliminated on disposal - - (248,393 )
At 31st December 2023 20,909 836,807 5,856,821
NET BOOK VALUE
At 31st December 2023 35,550 26,071 1,572,542
At 31st December 2022 46,842 40,671 1,661,181

Included in cost of land and buildings is freehold land of £ 255,360 (2022 - £ 255,360 ) which is not depreciated.

Fixed assets, included in the above, which are held under finance leases are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2023 85,873 43,459 129,332
Transfer to ownership (85,873 ) - (85,873 )
At 31st December 2023 - 43,459 43,459
DEPRECIATION
At 1st January 2023 22,183 5,070 27,253
Charge for year 8,587 8,692 17,279
Transfer to ownership (30,770 ) - (30,770 )
At 31st December 2023 - 13,762 13,762
NET BOOK VALUE
At 31st December 2023 - 29,697 29,697
At 31st December 2022 63,690 38,389 102,079

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 325,000
NET BOOK VALUE
At 31st December 2023 325,000
At 31st December 2022 325,000

Land and buildings, which are surplus to the company's manufacturing operation, were valued by Timothy a. brown, Chartered Surveyors on 14 December, 2022 on an existing use open market basis in accordance with the Appraisal and Valuation Manual issued by the Royal Institute of Chartered Surveyors. The directors are of the opinion that there has been no diminution in the value of the property since that date.

10. STOCKS
2023 2022
£    £   
Raw materials and consumables 360,850 502,419
Work in progress 240,405 304,252
Finished goods and goods for
resale 1,284,975 1,255,399
1,886,230 2,062,070

Stock movement is recognised in cost of sales as an expense/(income) including impairment losses or reversal of losses.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 598,807 1,001,082
Amounts owed by group undertakings - 5,482
Other debtors 1,300 300
Prepayments 48,072 57,212
648,179 1,064,076

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 92,887 54,173
Other loans (see note 14) 189,062 612,839
Finance leases (see note 15) 6,936 17,555
Trade creditors 77,708 176,715
Amounts owed to group undertakings 211,508 99,392
Corporation tax - 13,852
Taxation and social security 218,881 195,520
Other creditors 124,662 96,983
Accruals and deferred income 256,138 371,393
1,177,782 1,638,422

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

As part of its structured asset based finance arrangement, the company has access to a revolving bank loan with one of its banks, secured by a floating legal charge over assets of the company. The loan was drawn upon during the year and an amount of £nil (2022: £nil) was outstanding at the balance sheet date.

Other loans consist of asset based finance without a repayment term secured by way of a fixed legal charge over trade debtors of £189,062 (2022: £612,839).

The asset based finance arrangement and revolving loan are subject to a minimum period of 12 months.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Finance leases (see note 15) - 5,780
Amounts owed to group undertakings 1,521,708 876,947
1,521,708 882,727

H Kuny & Cie AG, the company's immediate parent undertaking, has a legal charge over the assets of the company as security for amounts advanced by way of loans to the company. The legal charge ranks second in priority to that of the bank. The loans are repayable as cash flow allows, and interest bearing at a rate of 1.75% above bank base rate ("ABR") subject to an operative cap. Given the ranking of security, this level of interest is deemed to be below market rate and as such a weighted average interest rate of 1.3 % ABR has been applied in these financial statements.

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 92,887 54,173
Other loans 189,062 612,839
281,949 667,012

15. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 6,936 17,555
Between one and five years - 5,780
6,936 23,335

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

15. LEASING AGREEMENTS - continued

Minimum future operating lease payments are as follows:

2023 2022
£ £
Amount payable
Within one year 12,727 12,364
In the second to fifth years inclusive 18,833 27,808
31,560 40,172


Certain motor vehicles are held under finance lease arrangements, which are secured by those related assets. The lease agreements generally include fixed payment instalments and a purchase option at the end of the lease term.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 12,985 19,384

Deferred
tax
£   
Balance at 1st January 2023 19,384
Provided during year (6,399 )
Balance at 31st December 2023 12,985

Deferred taxation is provided at 25% (2022:19%).

The net reversal of timing differences expected to occur next year is £11,418 (2022: £71,452). This relates to reversal of existing timing differences and origination of new timing differences for accelerated capital allowances and prepaid rents.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,205,000 Ordinary £1 3,205,000 3,205,000

18. RESERVES
Retained
earnings
£   

At 1st January 2023 (487,428 )
Deficit for the year (841,445 )
At 31st December 2023 (1,328,873 )

Included in retained earnings are non-distributable reserves of 78,399 relating to the revaluation of assets.

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

19. PENSION COMMITMENTS

Contributions in respect of a defined contribution scheme are made through a Group Personal Pension Plan arranged with Scottish Widows plc. The cost in relation to the scheme was £173,826 (2022:£ 161,624).

20. ULTIMATE PARENT COMPANY

The Kuny-Stiftung (The Kuny Foundation) (incorporated in Switzerland ) is regarded by the directors as being the company's ultimate parent company.

21. CAPITAL COMMITMENTS

The company had authorised & contracted commitments for plant, equipment and software of £nil (2022: £nil). Authorised but not contracted commitments were £3,393 (2022: £22,814).

BERISFORDS LIMITED (REGISTERED NUMBER: 02707046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

22. RELATED PARTY DISCLOSURES

With fellow subsidiary undertakings

Sale of goods 2023 2022
£ £

Seidenbandweberei Sackingen GmbH 16,346 17,096
Kuny AG 430,372 357,631

Purchase of goods and services 2023 2022
£ £

Kuny AG 546,584 646,245

Interest (recoverable)/payable on loans 2023 2022
£ £

H Kuny & Cie AG 42,517 (13,823 )

Interest payable on finance lease obligations 2023 2022
£ £

Kuny AG - 5,038

Trade and other debtors: amount due from 2023 2022
£ £

Kuny AG - 5,401
Seidenbandweberei Sackingen GmbH - 81

Trade creditors: amount due to 2023 2022
£ £

Kuny AG 211,508 99,392

Loan payable to 2023 2022
£ £

H Kuny & Cie 1,521,708 876,947