Company registration number 06821399 (England and Wales)
BERN PET FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BERN PET FOODS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BERN PET FOODS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BERN PET FOODS LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bern Pet Foods Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Bern Pet Foods Limited, as a body, in accordance with the terms of our engagement letter dated 8 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Bern Pet Foods Limited and state those matters that we have agreed to state to the board of directors of Bern Pet Foods Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bern Pet Foods Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Bern Pet Foods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bern Pet Foods Limited. You consider that Bern Pet Foods Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bern Pet Foods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
9 August 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BERN PET FOODS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
41,234
50,622
Tangible assets
4
132,665
161,561
173,899
212,183
Current assets
Stocks
1,841,907
4,321,890
Debtors
6
1,771,704
1,860,245
Cash at bank and in hand
38,390
39,833
3,652,001
6,221,968
Creditors: amounts falling due within one year
7
(3,364,832)
(5,179,772)
Net current assets
287,169
1,042,196
Total assets less current liabilities
461,068
1,254,379
Creditors: amounts falling due after more than one year
8
(194,230)
(119,174)
Provisions for liabilities
-
0
(30,697)
Net assets
266,838
1,104,508
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
266,738
1,104,408
Total equity
266,838
1,104,508

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

BERN PET FOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
Mr C Rodger
Director
Company registration number 06821399 (England and Wales)
BERN PET FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Bern Pet Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bancroft Place, 10 Bancroft Road, Reigate, Surrey, England, RH2 7RP.

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.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
25% diminishing balance per annum
Website
25% diminishing balance per annum
1.5
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.

BERN PET FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -

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:

Leasehold improvements
10% diminishing balance per annum
Fixtures and fittings
25% diminishing balance per annum

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

1.8
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.

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.

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.

1.9
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.

1.10
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.

BERN PET FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 31 (2023 - 28).

3
Intangible fixed assets
Software
Website
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
18,000
39,160
57,160
Amortisation and impairment
At 1 February 2023
-
0
6,538
6,538
Amortisation charged for the year
4,500
4,888
9,388
At 31 January 2024
4,500
11,426
15,926
Carrying amount
At 31 January 2024
13,500
27,734
41,234
At 31 January 2023
18,000
32,622
50,622
BERN PET FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
86,196
141,382
227,578
Depreciation and impairment
At 1 February 2023
9,574
56,443
66,017
Depreciation charged in the year
7,662
21,234
28,896
At 31 January 2024
17,236
77,677
94,913
Carrying amount
At 31 January 2024
68,960
63,705
132,665
At 31 January 2023
76,622
84,939
161,561
5
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
449,909
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,435,969
1,516,369
Other debtors
283,435
343,876
1,719,404
1,860,245
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
52,300
-
0
Total debtors
1,771,704
1,860,245
BERN PET FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,572,145
3,345,694
Trade creditors
333,519
447,868
Taxation and social security
370,561
723,422
Other creditors
88,607
662,788
3,364,832
5,179,772

Included within bank loans and overdrafts is an invoice discounting facility of £1,082,132 (2023 - £1,122,152) which is secured on the underlying debt and an all asset debenture. The remaining bank loans and overdrafts are secured over assets of the company.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
194,230
119,174

Bank loans are secured over the assets of the company.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary GBP1 'A' shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
790,129
920,581
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