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Registration number: 11319575

Berkeley Swiss Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Berkeley Swiss Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Berkeley Swiss Ltd

Company Information

Directors

Mr Philip Andrew Brown

Mr William Robert Brown

Mr Andrew Milne

Mr Jake Andrew Brown

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

Berkeley Swiss Ltd

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Philip Andrew Brown

Mr Andrew Milne

Mr Jake Andrew Brown

The following director was appointed after the year end:

Mr William Robert Brown (appointed 11 March 2024)

Principal activity

The principal activity of the company is that of building development.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the continued financial support of the directors and creditors. The directors therefore consider it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of financial support by the company's directors and creditors.

Small companies provision statement

This report has 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.

Approved by the Board on 24 September 2024 and signed on its behalf by:

.........................................
Mr Philip Andrew Brown
Director

 

Berkeley Swiss Ltd

(Registration number: 11319575)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,997

214

Current assets

 

Stocks

6

3,229,893

2,973,166

Debtors

7

2,065

80

Cash at bank and in hand

 

35,089

1,021

 

3,267,047

2,974,267

Creditors: Amounts falling due within one year

8

(2,348,379)

(2,959,094)

Net current assets

 

918,668

15,173

Total assets less current liabilities

 

920,665

15,387

Creditors: Amounts falling due after more than one year

8

(928,780)

(28,316)

Net liabilities

 

(8,115)

(12,929)

Capital and reserves

 

Called up share capital

9

120

120

Retained earnings

(8,235)

(13,049)

Shareholders' deficit

 

(8,115)

(12,929)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr Philip Andrew Brown
Director

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

These financial statements were authorised for issue by the Board on 24 September 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.

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.

Tax

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.

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

Plant and machinery

20% Reducing balance

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.

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

375

19

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

233

233

Additions

2,158

2,158

At 30 September 2023

2,391

2,391

Depreciation

At 1 October 2022

19

19

Charge for the year

375

375

At 30 September 2023

394

394

Carrying amount

At 30 September 2023

1,997

1,997

At 30 September 2022

214

214

6

Stocks

2023
£

2022
£

Work in progress

3,229,893

2,973,166

7

Debtors

2023
£

2022
£

Prepayments

485

-

Other debtors

1,580

80

2,065

80

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

10,000

10,000

Trade creditors

 

1,942

18,702

Taxation and social security

 

5,224

14,298

Other creditors

 

2,331,213

2,916,094

 

2,348,379

2,959,094

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

928,780

28,316

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share class 1 of £1 each

120

120

120

120

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

928,780

28,316

 

Berkeley Swiss Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

11

Financial commitments, guarantees and contingencies

A charge was registered on 25 July 2023 by Precise Mortgages over the property 103 Coventry Road, Burbage, Hinckley, LE10 2HN.

A charge was registered on 25 July 2023 by Precise Mortgages over the property 109 Coventry Road, Burbage, Hinckley, LE10 2HN.

12

Related party transactions

Summary of transactions with entities with joint control or significant interest


Sentido Marketing Ltd
During the year the company advanced funds totalling £617,100 (2022 - £Nil) and received £Nil (2022 - £757,000) from Sentido Marketing Ltd. The loans incurred interest at a rate of 1.5% totalling £45,316 (2022 - £38,706) and is repayable on demand. At the end of the year £2,329,022 was outstanding (2022: £2,900,806) in relation to this balance.