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Registration number: 07342229

Bereco Retail Limited

Filleted Financial Statements

for the Period from 1 October 2022 to 31 December 2023

 

Bereco Retail Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Bereco Retail Limited

(Registration number: 07342229)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

30 September
2022
£

Fixed assets

 

Tangible assets

4

922

1,340

Current assets

 

Stocks

5

5,172

2,745

Debtors

6

298,460

662,261

Cash at bank and in hand

 

70,209

494,190

 

373,841

1,159,196

Creditors: Amounts falling due within one year

7

(268,745)

(646,912)

Net current assets

 

105,096

512,284

Net assets

 

106,018

513,624

Capital and reserves

 

Called up share capital

2

2

Retained earnings

106,016

513,622

Shareholders' funds

 

106,018

513,624

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 Board on 20 June 2024 and signed on its behalf by:
 

.........................................
Mrs K A L Cox
Director

   
     
 

Bereco Retail Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

1

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:
Unit 5
Aspen Centurian Business Park
Bessemer Way
Rotherham
South Yorkshire
S60 1FB

These financial statements were authorised for issue by the Board on 20 June 2024.

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.

Disclosure of long or short period

The financial statements are for the 15 month period 1 October 2022 to 31 December 2023 so are not entirely comparable to the prior period which was for the 6 months ended 30 September 2022.
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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 June 2024 was Richard Taylor, who signed for and on behalf of DJH Mitten Clarke Audit Limited.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The company holds only basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement bases are as follows:

 Recognition and measurement
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2022 - 6).

 

Bereco Retail Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

17,693

17,693

At 31 December 2023

17,693

17,693

Depreciation

At 1 October 2022

16,353

16,353

Charge for the period

418

418

At 31 December 2023

16,771

16,771

Carrying amount

At 31 December 2023

922

922

At 30 September 2022

1,340

1,340

5

Stocks

31 December
2023
£

30 September
2022
£

Other inventories

5,172

2,745

6

Debtors

Note

31 December
2023
£

30 September
2022
£

Trade debtors

 

10,250

134

Amounts owed by related parties

154,627

500,000

Other debtors

 

118,880

162,127

Corporation tax

14,703

-

 

298,460

662,261

 

Bereco Retail Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

30 September
2022
£

Due within one year

 

Trade creditors

 

30,994

40,599

Taxation and social security

 

74,498

179,354

Corporation tax

 

-

189,279

Other creditors

 

163,253

237,680

 

268,745

646,912


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

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

30 September
2022
£

Not later than one year

2,011

-

Later than one year and not later than five years

7,542

-

9,553

-

9

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

10

Parent and ultimate parent undertaking

The company's immediate parent is Bereco Group Limited, incorporated in England.

 The ultimate parent is Orange UK Holdings Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Orange UK Holdings Limited. These financial statements are available upon request from CorpAcq House, 1 Goose Green, Altrincham, Cheshire, WA14 1DW

 The ultimate controlling party is Mr S Orange.

The parent of the largest group in which these financial statements are consolidated is Orange UK Holdings Limited, incorporated in England.

The address of Orange UK Holdings Limited is:
CorpAcq House
1 Goose Green
Altrincham
Cheshire
WA14 1DW

The parent of the smallest group in which these financial statements are consolidated is CorpAcq Limited, incorporated in England.

The address of CorpAcq Limited is:
CorpAcq House
1 Goose Green
Altrincham
Cheshire
WA14 1DW