Registration number:
Bereco Retail Limited
for the Period from 1 October 2022 to 31 December 2023
Bereco Retail Limited
(Registration number: 07342229)
Balance Sheet as at 31 December 2023
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31 December |
30 September |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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
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Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales registered number 07342229.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Disclosure of long or short period
The period was extended to align the period with that of the group.
Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the company has the support of the group, has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Audit report
Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are likely to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
The directors consider that there are no critical judgements made in the process of applying the company's accounting policies and there have been no key assumptions or key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. |
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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% per annum on a reducing balance basis |
Fixtures and fittings |
10 years on a straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the 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.
Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the 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.
Financial instruments
Classification
Recognition and measurement
Cash at bank and in hand is a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 31 December 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the period |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 30 September 2022 |
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Stocks |
31 December |
30 September |
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Other inventories |
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Debtors |
Note |
31 December |
30 September |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Corporation tax |
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- |
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Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
30 September |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
- |
189,279 |
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Other creditors |
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The company has the following secured debts:
- a fixed charge on non-vesting debts in favour of its invoice factoring company HSBC Invoice Finance (UK) Limited and also legally assigned to HSBC UK Bank plc
- fixed and floating charges in favour of a parent company CorpAcq Limited
- fixed and floating charges in favour of its bankers HSBC UK Bank plc
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
31 December |
30 September |
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Not later than one year |
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Later than one year and not later than five years |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
There is an unlimited multilateral guarantee dated 9 March 2023 between Bereco Group Holdings Limited, Bereco Group Limited, Bereco Limited and Bereco Retail Limited.
Bereco Retail Limited
Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Orange UK Holdings Limited is:
1 Goose Green
Altrincham
Cheshire
WA14 1DW
The parent of the smallest group in which these financial statements are consolidated is
The address of CorpAcq Limited is:
1 Goose Green
Altrincham
Cheshire
WA14 1DW