Berry Estates Limited 01020022 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of property development and rental of owned properties. Digita Accounts Production Advanced 6.30.9574.0 true true 01020022 2023-03-01 2024-02-29 01020022 2024-02-29 01020022 core:RetainedEarningsAccumulatedLosses 2024-02-29 01020022 core:RevaluationReserve 2024-02-29 01020022 core:ShareCapital 2024-02-29 01020022 core:CurrentFinancialInstruments 2024-02-29 01020022 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 01020022 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 01020022 core:WithinOneYear 2024-02-29 01020022 core:FurnitureFittings 2024-02-29 01020022 core:MotorVehicles 2024-02-29 01020022 core:PlantMachinery 2024-02-29 01020022 bus:SmallEntities 2023-03-01 2024-02-29 01020022 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01020022 bus:FilletedAccounts 2023-03-01 2024-02-29 01020022 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01020022 bus:RegisteredOffice 2023-03-01 2024-02-29 01020022 bus:Director2 2023-03-01 2024-02-29 01020022 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01020022 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 01020022 core:RevaluationReserve 2023-03-01 2024-02-29 01020022 core:ShareCapital 2023-03-01 2024-02-29 01020022 core:FurnitureFittings 2023-03-01 2024-02-29 01020022 core:MotorVehicles 2023-03-01 2024-02-29 01020022 core:PlantMachinery 2023-03-01 2024-02-29 01020022 countries:EnglandWales 2023-03-01 2024-02-29 01020022 2023-02-28 01020022 core:RetainedEarningsAccumulatedLosses 2023-02-28 01020022 core:RevaluationReserve 2023-02-28 01020022 core:ShareCapital 2023-02-28 01020022 core:FurnitureFittings 2023-02-28 01020022 core:MotorVehicles 2023-02-28 01020022 core:PlantMachinery 2023-02-28 01020022 2022-03-01 2023-02-28 01020022 2023-02-28 01020022 core:RetainedEarningsAccumulatedLosses 2023-02-28 01020022 core:RevaluationReserve 2023-02-28 01020022 core:ShareCapital 2023-02-28 01020022 core:CurrentFinancialInstruments 2023-02-28 01020022 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01020022 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 01020022 core:WithinOneYear 2023-02-28 01020022 core:FurnitureFittings 2023-02-28 01020022 core:MotorVehicles 2023-02-28 01020022 core:PlantMachinery 2023-02-28 01020022 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 01020022 core:RevaluationReserve 2022-03-01 2023-02-28 01020022 core:ShareCapital 2022-03-01 2023-02-28 01020022 2022-02-28 01020022 core:RetainedEarningsAccumulatedLosses 2022-02-28 01020022 core:RevaluationReserve 2022-02-28 01020022 core:ShareCapital 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 01020022

Berry Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Berry Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Berry Estates Limited

Company Information

Director

Miss M L Berry

Registered office

Highlow
464 Red Hill
Wateringbury
Kent
ME18 5BE

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Berry Estates Limited

(Registration number: 01020022)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,337

35,893

Investment property

5

7,390,000

7,010,000

 

7,392,337

7,045,893

Current assets

 

Debtors

6

15,050

13,291

Cash at bank and in hand

 

139,372

100,784

 

154,422

114,075

Creditors: Amounts falling due within one year

7

(149,123)

(206,688)

Net current assets/(liabilities)

 

5,299

(92,613)

Total assets less current liabilities

 

7,397,636

6,953,280

Creditors: Amounts falling due after more than one year

7

-

(14,252)

Provisions for liabilities

(1,300,230)

(1,202,419)

Net assets

 

6,097,406

5,736,609

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

3,920,105

3,635,105

Retained earnings

2,177,101

2,101,304

Shareholders' funds

 

6,097,406

5,736,609

 

Berry Estates Limited

(Registration number: 01020022)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
Miss M L Berry
Director

   
     
 

Berry Estates Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2023

200

3,635,105

2,101,304

5,736,609

Profit for the year

-

-

83,797

83,797

Other comprehensive income

-

380,000

-

380,000

Total comprehensive income

-

380,000

83,797

463,797

Dividends

-

-

(8,000)

(8,000)

Other movements on reserves

-

(95,000)

-

(95,000)

At 29 February 2024

200

3,920,105

2,177,101

6,097,406

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2022

200

2,726,226

1,845,559

4,571,985

Profit for the year

-

-

268,745

268,745

Other comprehensive income

-

908,879

-

908,879

Total comprehensive income

-

908,879

268,745

1,177,624

Dividends

-

-

(13,000)

(13,000)

At 28 February 2023

200

3,635,105

2,101,304

5,736,609

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

Berry Estate Limited is a private company, limited by shares, registered in England and Wales, the company’s registered number is 01020022.

The address of its registered office is:
Highlow
464 Red Hill
Wateringbury
Kent
ME18 5BE
 

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern,

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

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 company operates and generates taxable income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the revaluation reserve net of tax.

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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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 company 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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’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 company 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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

4,291

24,737

63,550

92,578

Additions

-

2,968

-

2,968

Disposals

-

-

(63,550)

(63,550)

At 29 February 2024

4,291

27,705

-

31,996

Depreciation

At 1 March 2023

4,285

24,596

27,804

56,685

Charge for the year

1

777

-

778

Eliminated on disposal

-

-

(27,804)

(27,804)

At 29 February 2024

4,286

25,373

-

29,659

Carrying amount

At 29 February 2024

5

2,332

-

2,337

At 28 February 2023

6

141

35,746

35,893

5

Investment properties

2024
£

At 1 March

7,010,000

Fair value adjustments

380,000

At 29 February

7,390,000

The investment property was revalued by and independant valuer as at the year end.

If the investment properties had been accounted for under the historic cost accounting rule, the properties would be stated at cost of £2,163,194.

If the investment properties were to be sold at the current revaluation amount, corporation tax totalling £1,306,702 would be payable.

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,050

13,291

 

15,050

13,291

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

108,687

123,680

Trade creditors

 

3,055

4,108

Taxation and social security

 

24,650

64,486

Accruals and deferred income

 

4,194

4,120

Other creditors

 

8,537

10,294

 

149,123

206,688

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

14,252

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,049

6,098

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,049 (2023 - £3,013).

 

Berry Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pension contributions of £685 (2023 - £Nil).