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Registration number: 12382249

Berks US Holdings Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2023

 

Berks US Holdings Ltd

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

Berks US Holdings Ltd

Company Information

Director

Mr M U Ali

Registered office

Albion House
Albion Close
Slough
SL2 5DT

Auditors

Sterling Grove Accountants Limited
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Berks US Holdings Ltd

Strategic Report for the Year Ended 30 November 2023

The director presents his strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the group is that of a parent company.

Fair review of the business

The group comprises of the parent company and two subsisdiaries, Berks Insulation Limited and Berks Properties Limited.

Berks Insulation Limited specialises in the installation of insulation and boilers in the domestic market.
We believe in more than just creating warm homes; we're dedicated to building a future where energy efficiency is at the forefront. As a trusted partner in the pursuit of sustainable living, we reckon ourselves as a support by providing energy-efficient heating solutions under the ECO Scheme.
We are currently operating under the ECO4 Scheme which is the fourth phase of the Government’s Energy Company Obligation (ECO), running until 31 March 2026. We have assisted the UK homes in all the previous Phases ECO1, ECO2, and ECO3.

Berks Properties Ltd is an investment property company and rents the commercial property to Berks Insulation Limited.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

63,578,038

13,454,618

Gross profit margin

%

35

20

Trading profit/(loss)

£

18,910,489

1,143,591

Principal risks and uncertainties

The director is aware of the risks and uncertainties within the insulation and energy industry as a whole and has taken measures to mitigate these risks, principally surrounding any mid-scheme changes to the Government's Energy Company Obligation (ECO) 4 scheme. Additionally, the director has kept themselves well informed of the local and wider economy and how any downturn may affect future business.

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M U Ali
Director

 

Berks US Holdings Ltd

Director's Report for the Year Ended 30 November 2023

The director presents his report and the for the year ended 30 November 2023.

Director of the group

The director who held office during the year was as follows:

Mr M U Ali

Dividends

Dividends paid during the year amounted to £4,500,000 (2022: £369,600). No final dividends are proposed.
 

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M U Ali
Director

 

Berks US Holdings Ltd

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Berks US Holdings Ltd

Independent Auditor's Report to the Members of Berks US Holdings Ltd

Opinion

We have audited the financial statements of Berks US Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Berks US Holdings Ltd

Independent Auditor's Report to the Members of Berks US Holdings Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Berks US Holdings Ltd

Independent Auditor's Report to the Members of Berks US Holdings Ltd

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group and the parent company through discussions with directors and other management, and from our commercial knowledge and experience of the insulation and energy sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and the parent company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and the parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the group and parent company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Berks US Holdings Ltd

Independent Auditor's Report to the Members of Berks US Holdings Ltd

Use of our report

This report is made solely to the group and parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the parent company and the group and parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Gino Amasanti (Senior Statutory Auditor)
For and on behalf of Sterling Grove Accountants Limited, Statutory Auditor

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

18 November 2024

 

Berks US Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

63,578,038

13,454,617

Cost of sales

 

(41,267,642)

(10,808,575)

Gross profit

 

22,310,396

2,646,042

Administrative expenses

 

(3,399,907)

(1,502,451)

Operating profit

5

18,910,489

1,143,591

Other interest receivable and similar income

6

79,944

169,692

Interest payable and similar expenses

7

(9,495)

(5,941)

   

70,449

163,751

Profit before tax

 

18,980,938

1,307,342

Tax on profit

10

(4,404,369)

(250,063)

Profit for the financial year

 

14,576,569

1,057,279

Profit/(loss) attributable to:

 

Owners of the company

 

14,576,569

1,057,279

The group has no recognised gains or losses for the year other than the results above.

 

Berks US Holdings Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit for the year

14,576,569

1,057,279

Total comprehensive income for the year

14,576,569

1,057,279

Total comprehensive income attributable to:

Owners of the company

14,576,569

1,057,279

 

Berks US Holdings Ltd

(Registration number: 12382249)
Consolidated Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

619,663

286,454

Investment property

12

588,286

588,286

 

1,207,949

874,740

Current assets

 

Stocks

14

66,230

63,409

Debtors

15

20,296,057

13,402,144

Cash at bank and in hand

 

10,429,544

1,286,516

 

30,791,831

14,752,069

Creditors: Amounts falling due within one year

17

(10,583,853)

(4,340,451)

Net current assets

 

20,207,978

10,411,618

Total assets less current liabilities

 

21,415,927

11,286,358

Provisions for liabilities

18

(93,000)

(40,000)

Net assets

 

21,322,927

11,246,358

Capital and reserves

 

Called up share capital

20

200

200

Merger relief reserve

6,791,240

6,791,240

Profit and loss account

14,531,487

4,454,918

Equity attributable to owners of the company

 

21,322,927

11,246,358

Shareholders' funds

 

21,322,927

11,246,358

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M U Ali
Director

 

Berks US Holdings Ltd

(Registration number: 12382249)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

13

150

150

Current assets

 

Debtors

15

9,435,198

9,237,315

Cash at bank and in hand

 

4,066

12,924

 

9,439,264

9,250,239

Creditors: Amounts falling due within one year

17

(1,306,661)

(1,140,804)

Net current assets

 

8,132,603

8,109,435

Net assets

 

8,132,753

8,109,585

Capital and reserves

 

Called up share capital

20

200

200

Retained earnings

8,132,553

8,109,385

Shareholders' funds

 

8,132,753

8,109,585

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company made a profit after tax for the financial year of £4,523,168 (2022: £4,158,677).

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M U Ali
Director

 

Berks US Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2023
Equity attributable to the parent company

Share capital
£

Merger relief reserve
£

Profit and loss account
£

Total
£

At 1 December 2022

200

6,791,240

4,454,918

11,246,358

Profit for the year

-

-

14,576,569

14,576,569

Total comprehensive income

-

-

14,576,569

14,576,569

Dividends

-

-

(4,500,000)

(4,500,000)

At 30 November 2023

200

6,791,240

14,531,487

21,322,927

Share capital
£

Merger relief reserve
£

Profit and loss account
£

Total
£

At 1 December 2021

200

6,791,240

3,767,239

10,558,679

Profit for the year

-

-

1,057,279

1,057,279

Dividends

-

-

(369,600)

(369,600)

At 30 November 2022

200

6,791,240

4,454,918

11,246,358

 

Berks US Holdings Ltd

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

200

8,109,385

8,109,585

Profit for the year

-

4,523,168

4,523,168

Dividends

-

(4,500,000)

(4,500,000)

At 30 November 2023

200

8,132,553

8,132,753

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

200

4,320,308

4,320,508

Profit for the year

-

4,158,677

4,158,677

Dividends

-

(369,600)

(369,600)

At 30 November 2022

200

8,109,385

8,109,585

 

Berks US Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

14,576,569

1,057,279

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

133,334

145,795

(Profit)/loss on disposal of tangible assets

4

(1,517)

3,934

Finance income

6

(79,944)

(169,692)

Finance costs

7

9,495

5,941

Taxation expense

10

4,404,369

250,063

 

19,042,306

1,293,320

Working capital adjustments

 

Increase in stocks

14

(2,821)

(6,707)

Increase in trade debtors

 

(6,893,913)

(1,353,950)

Increase in trade creditors

 

5,638,703

1,390,925

Cash generated from operations

 

17,784,275

1,323,588

Corporation tax paid

 

(3,746,670)

(893,220)

Net cash flow from operating activities

 

14,037,605

430,368

Cash flows from investing activities

 

Interest received

79,944

225,933

Acquisitions of tangible assets

(530,653)

(247,446)

Proceeds from sale of tangible assets

 

65,627

194,582

Advances of loans

 

-

(1,391,168)

Net cash flows from investing activities

 

(385,082)

(1,218,099)

Cash flows from financing activities

 

Interest paid

7

(9,495)

(5,941)

Dividends paid

(4,500,000)

(369,600)

Net cash flows from financing activities

 

(4,509,495)

(375,541)

Net increase/(decrease) in cash and cash equivalents

 

9,143,028

(1,163,272)

Cash and cash equivalents at 1 December

 

1,286,516

2,449,788

Cash and cash equivalents at 30 November

 

10,429,544

1,286,516

 

Berks US Holdings Ltd

Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

4,523,168

4,158,677

Adjustments to cash flows from non-cash items

 

Finance income

(4,549,426)

(4,198,088)

Finance costs

9,286

-

Taxation expense

10

6,925

37,221

 

(10,047)

(2,190)

Working capital adjustments

 

Increase in trade debtors

15

(197,883)

(2,548,042)

Increase/(decrease) in trade creditors

17

803,664

(2,827,479)

Cash generated from operations

 

595,734

(5,377,711)

Corporation tax (paid)/received

10

(644,732)

560,889

Net cash flow from operating activities

 

(48,998)

(4,816,822)

Cash flows from investing activities

 

Interest received

49,426

198,088

Dividend income

4,500,000

4,000,000

Net cash flows from investing activities

 

4,549,426

4,198,088

Cash flows from financing activities

 

Interest paid

(9,286)

-

Dividends paid

(4,500,000)

(369,600)

Net cash flows from financing activities

 

(4,509,286)

(369,600)

Net decrease in cash and cash equivalents

 

(8,858)

(988,334)

Cash and cash equivalents at 1 December

 

12,924

1,001,258

Cash and cash equivalents at 30 November

 

4,066

12,924

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales with registration number 12382249.

The address of its registered office is:
Albion House
Albion Close
Slough
SL2 5DT
England

These financial statements were authorised for issue by the director on 18 November 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The financial statements are presented in Sterling, which is also the functional currency of the company.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial period of £4,523,168 (2022: £4,158,677).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for income and expenses during the year and that affect the amounts reported for assets and liabilities at the reporting date. For this reporting date there are no significant judgements, estimates or assumptions that have been required.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue for in-house jobs when a service has been completed and it has been
approved, based on the installation date. The group recognises revenue for jobs completed by subcontractors when a service has been completed and it has been approved, based on the submission date. Where the provision of a service has been completed by the end of the year but has not been invoiced and approved until after the year end, the income is recognised and is part of the debtors balance within accrued income.

Tax

The tax expense for the period comprises current and deferred 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and equipment

25% straight line

Motor vehicles

10% or 25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties determined annually by the directors. There has been no independent valation of investment property this year. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 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 group 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 group 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.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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 group’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 group 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.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting
Financial assets and liabilities are offset and 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.

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

63,578,038

13,454,617

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain/(loss) on disposal of Tangible assets

1,517

(3,934)

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

133,334

145,795

Operating lease expense - property

21,136

24,234

(Profit)/loss on disposal of property, plant and equipment

(1,517)

3,934

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

16,173

183

Other finance income

63,771

169,509

79,944

169,692

7

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

9,495

5,941

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

772,238

499,849

Social security costs

77,021

46,682

Pension costs, defined contribution scheme

11,040

7,918

Other employee expense

27,155

15,579

887,454

570,028

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

19

39

Administration and support

2

2

21

41

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

28,000

25,500

Other fees to auditors

All other non-audit services

37,526

-


 

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

4,351,369

246,063

Deferred taxation

Arising from origination and reversal of timing differences

53,000

4,000

Tax expense in the income statement

4,404,369

250,063

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.01% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

18,980,938

1,307,342

Corporation tax at standard rate

4,367,514

248,395

Tax decrease from effect of capital allowances and depreciation

(32,855)

(5,703)

Effect of expense not deductible in determining taxable profit (tax loss)

17,793

2,734

Deferred tax expense relating to changes in tax rates or laws

53,000

4,000

Tax decrease from changes in pension fund prepayment

(351)

-

Tax (decrease)/increase from other tax effects

(732)

637

Total tax charge

4,404,369

250,063

In the Spring Budget 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23% rate used above reflects 8 months of this new rate and 4 months of the previous rate of 19%. The 25% rate is used to measure UK deferred taxes in 2023.

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

93,000

93,000

2022

Liability
£

Difference between accumulated depreciation and capital allowances

40,000

40,000

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

11

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

66,867

455,178

522,045

Additions

34,981

495,672

530,653

Disposals

(17,126)

(129,757)

(146,883)

At 30 November 2023

84,722

821,093

905,815

Depreciation

At 1 December 2022

33,070

202,521

235,591

Charge for the year

18,181

115,153

133,334

Eliminated on disposal

(14,440)

(68,333)

(82,773)

At 30 November 2023

36,811

249,341

286,152

Carrying amount

At 30 November 2023

47,911

571,752

619,663

At 30 November 2022

33,797

252,657

286,454

12

Investment properties

Group

2023
£

At 1 December

588,286

At 30 November

588,286

Investment property was valued by the directors on 30 November 2023 using the comparative method of valuation. There has been no independent valuation of investment property this year.
 

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Berks Insulation Limited

Albion House, Albion Close, Slough, SL2 5DT

Ordinary shares

100%

100%

England and Wales

Berks Properties Ltd

Albion House, Albion Close, Slough, SL2 5DT

Ordinary shares

100%

100%

England and Wales

Subsidiary undertakings

The principal activity for Berks Insulation Limited is the installation of insulation and boilers in the domestic market.

The principal activity for Berks Properties Ltd is that of an investment property company.

All the above subsidiaries are included in the consolidation.

Company

2023
£

2022
£

Investments in subsidiaries

150

150

Subsidiaries

£

Cost or valuation

At 1 December 2022

150

Provision

Carrying amount

At 30 November 2023

150

At 30 November 2022

150

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

66,230

63,409

-

-

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

15

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

4,494,085

2,330,571

-

-

Amounts owed by related parties

23

6,639,865

7,377,902

6,410,613

7,434,143

Other debtors

 

2,138,122

2,002,082

1,100,146

1,100,146

Prepayments

 

45,025

48,020

-

-

Accrued income

 

6,978,960

1,643,569

-

-

Amounts owed by group companies

23

-

-

1,924,439

703,026

 

20,296,057

13,402,144

9,435,198

9,237,315

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

100

3,200

100

100

Cash at bank

10,429,444

1,283,316

3,966

12,824

10,429,544

1,286,516

4,066

12,924

17

Creditors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Due within one year

Trade creditors

1,406,174

1,374,919

12

184

Social security and other taxes

1,890,793

345,723

-

-

Outstanding defined contribution pension costs

6,099

-

-

-

Other payables

946,648

95,037

795,836

-

Accruals

4,585,732

1,381,064

9,500

1,500

Corporation tax liability

1,748,407

1,143,708

501,313

1,139,120

10,583,853

4,340,451

1,306,661

1,140,804

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 December 2022

40,000

40,000

Additional provisions

53,000

53,000

At 30 November 2023

93,000

93,000

The deferred tax provision relates to differences between accumulated depreciation and capital allowances. The amount of net reversal of deferred tax expected to occur next year is £33,000 (2022: £24,000), relating to the reversal of exisitng timing differences on tangible fixed assets.

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £11,040 (2022 - £7,918).

Contributions totalling £6,099 (2022 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

Rights, preferences and restrictions

Ordinary shares of £1 each have the following rights, preferences and restrictions:
Each share has full rights in the company with respect to voting, dividends and distributions.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

21

Dividends

2023

2022

£

£

Interim dividend of £22,500.00 (2022 - £3,300.00) per ordinary share

4,500,000

369,600

 

 

22

Analysis of changes in net debt

Group

At 1 December 2022
£

Financing cash flows
£

At 30 November 2023
£

Cash and cash equivalents

Cash

1,286,516

9,143,028

10,429,544

 

1,286,516

9,143,028

10,429,544

Company

At 1 December 2022
£

Financing cash flows
£

At 30 November 2023
£

Cash and cash equivalents

Cash

12,924

(8,858)

4,066

 

12,924

(8,858)

4,066

23

Related party transactions

Group

The company has taken advantage of the exemption available under Section 33.7 of the Financial Reporting Standard 102 to not disclose related party transactions entered into between two or more members of a group.

 

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

2,403,588

2022

Other related parties
£

Receipt of services

69,175

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

3,521,853

2022

Other related parties
£

Rendering of services

1,709,160

Loans to related parties

2023

Key management
£

Other related parties
£

At start of period

3,321,030

4,056,872

Advanced

392,439

2,582,993

Repaid

(3,744,164)

-

Interest transactions

30,695

-

At end of period

-

6,639,865

2022

Key management
£

Other related parties
£

At start of period

1,656,123

4,665,255

Advanced

1,964,884

-

Repaid

(369,750)

(707,073)

Interest transactions

69,773

98,690

At end of period

3,321,030

4,056,872

Terms of loans to related parties

Interest is charged using HM Revenue and Customs official loan interest rates on loans to key management. The advance is unsecured and repayable on demand.

 Loans owed by other related parties are unsecured and repayable on demand.

 

Berks US Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Company

Loans to related parties

2023

Key management
£

Other related parties
£

At start of period

3,321,030

4,113,113

Advanced

392,439

2,297,500

Repaid

(3,744,164)

-

Interest transactions

30,695

-

At end of period

-

6,410,613

2022

Key management
£

Other related parties
£

At start of period

1,656,123

3,906,393

Advanced

1,964,884

108,000

Repaid

(369,750)

-

Interest transactions

69,773

98,720

At end of period

3,321,030

4,113,113

Terms of loans to related parties

Interest is charged using HM Revenue and Customs official loan interest rates on loans to key management. The advance is unsecured and repayable on demand.

 Loans owed by other related parties are unsecured and repayable on demand.

24

Financial instruments

Group

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at amortised cost

30,680,576

13,053,312

Financial liabilities measured at amortised cost

10,583,853

4,050,970