Company registration number 05792697 (England and Wales)
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
15,166
19,994
Tangible assets
4
1,328,691
985,772
Investment property
5
1,656,046
1,381,046
Investments
6
1,500
1,500
3,001,403
2,388,312
Current assets
Debtors
1,281,464
1,255,750
Cash at bank and in hand
81,124
30,021
1,362,588
1,285,771
Creditors: amounts falling due within one year
(1,659,149)
(1,660,326)
Net current liabilities
(296,561)
(374,555)
Total assets less current liabilities
2,704,842
2,013,757
Creditors: amounts falling due after more than one year
8
(27,005)
(72,116)
Provisions for liabilities
(47,800)
(300)
Net assets
2,630,037
1,941,341
Capital and reserves
Called up share capital
10
1,350
1,350
Revaluation reserve
11
302,045
Capital redemption reserve
150
150
Other reserves
275,000
Profit and loss reserves
2,051,492
1,939,841
Total equity
2,630,037
1,941,341
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
M G Berry
Director
Company Registration No. 05792697
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
1,350
150
-
1,303,244
1,304,744
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
636,597
636,597
Balance at 31 December 2022
1,350
150
-
1,939,841
1,941,341
Year ended 31 December 2023:
Profit for the year
-
-
-
-
486,651
486,651
Other comprehensive income:
Revaluation of tangible fixed assets
-
302,045
-
-
-
302,045
Total comprehensive income for the year
-
302,045
-
-
486,651
788,696
Dividends
-
-
-
-
(100,000)
(100,000)
Transfers
-
-
275,000
(275,000)
-
Balance at 31 December 2023
1,350
302,045
150
275,000
2,051,492
2,630,037
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Berrys (Holdings) Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 141 Lichfield Road, Aston, Birmingham, West Midlands, B6 5SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Patents are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is calculated to write off the cost in equal annual instalments over its estimated useful life of 5 years.
Patents
20%p.a straight line basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
Nil
Fixtures, fittings & equipment
15% p.a. reducing balance basis / 20% p.a. reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
During the year, the directors have chosen to adopt the valuation method for freehold land and buildings as opposed to the cost model as they believe this more accurately reflects the fair value of these assets. This valuation was made by the directors based on an open market value basis as at 31st December 2023.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. This valuation was made by the directors based on an open market value basis as at 31st December 2023. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.12
Other operating income
Other operating income represents rental income on a receivable basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023
60,002
Additions
3,997
At 31 December 2023
63,999
Amortisation and impairment
At 1 January 2023
40,008
Amortisation charged for the year
8,825
At 31 December 2023
48,833
Carrying amount
At 31 December 2023
15,166
At 31 December 2022
19,994
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Tangible fixed assets
Total
£
Cost or valuation
At 1 January 2023
1,178,388
Revaluation
349,545
At 31 December 2023
1,527,933
Depreciation and impairment
At 1 January 2023
192,616
Depreciation charged in the year
6,626
At 31 December 2023
199,242
Carrying amount
At 31 December 2023
1,328,691
At 31 December 2022
985,772
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 10 -
Land and buildings with a carrying amount of £1,300,000 were revalued at 31st December 2023 by the Directors based on an open market basis.
The revaluation surplus is disclosed in note 11.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been as follows:-
Freehold property
2023
2022
£
£
Cost
950,455
950,455
5
Investment property
2023
£
Fair value
At 1 January 2023
1,381,046
Revaluations
275,000
At 31 December 2023
1,656,046
Investment properties include one property which is rented out to third parties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors at 31st December 2023.
6
Fixed asset investments
2023
2022
£
£
Investments
1,500
1,500
7
Debtors: amounts due after more than one year
The aggregate amount of debtors due after more than one year is £1,210,761 (2022: £1,229,395). The loan is to a related party and consists of both interest and non-interest bearing loans.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,005
72,116
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
9
Secured creditors
The aggregate amount of creditors for which security has been given amounted to £72,116 (2022 - £115,795). The security is over the assets of the business.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
1,350
-
1,350
A Ordinary shares of £1 each
1,146
-
1,146
-
B Ordinary shares of £1 each
204
-
204
-
1,350
1,350
1,350
1,350
11
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Revaluation surplus arising in the year
302,045
At the end of the year
302,045
-
12
Financial commitments, guarantees and contingent liabilities
The company has provided security for the bank loans and overdrafts of Berrys Technologies Limited, the subsidiary of this company. At the year end the aggregate amount of bank loans and overdrafts for which security had been given amounted to £380,204 (2022 - £516,318 ).
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
13
Related party transactions
Related Businesses
The following businesses are related parties of Berrys (Holdings) Technologies Limited:
Name of Business
Nature of Relationship
Berrys Global Innovations Limited
M G Berry who is a director of this company owns 100% of the issued share capital of Berrys Global Innovations Limited
Sekani Holdings Limited
M G Berry who is a director of this company owns 28% of the issued share capital of Sekani Holdings Limited
and the following transactions took place with these businesses during the year:
Name of Business
Nature of Transaction
Amount
Balance due from/(to) Other Party
£
£
Berrys Global Innovations Limited
Rent received
3,600
Ongoing loan
50,000
Sekani Holdings Limited
Loan interest received
12,306
Ongoing loan
1,229,395
Related Individuals
The following transactions took place with individual related parties during the year:
Directors' Current Account
Creditors include the following amount due to a director at the year end:
2023
2022
£
£
M G Berry
173
56,937
This balance arose as a result of monies introduced and drawn during the year.
BERRYS (HOLDINGS) TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Related party transactions
(Continued)
- 13 -
Shareholder's Current Accounts
Creditors include the following amounts due to shareholders at the year end:
2023
2022
£
£
N M Berry
5,000
-
S J Berry
5,000
-
Ms K M Berry
5,000
-
These balances have arisen as a result of amounts introduced during the year.
The company is exempt from disclosing other related party transactions with other companies that are wholly owned within the group.
All Related Party Transactions
During the year the company received rental income of £1,000 (2022: £1,000) from M G Berry, a director of the company.
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