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Registration number: 02477797

Berrite Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Berrite Limited

Contents

Company Information

1

Balance sheet

2

Notes to the Financial Statements

3 to 8

 

Berrite Limited

Company Information

Directors

C Fothergill

C J Halford

J W A Sanders

A Fothergill

E Harrison

Company secretary

C Fothergill

Registered office

79 High Street
Teddington
Middlesex
TW11 8HG

Independent Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Berrite Limited

(Registration number: 02477797)
Balance sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible fixed assets

3

314,406

165,928

Investment property

4

7,500,000

7,500,000

 

7,814,406

7,665,928

Current assets

 

Debtors

5

160,575

127,822

Investments

6

785,069

766,574

Cash at bank and in hand

 

345,163

517,625

 

1,290,807

1,412,021

Creditors: Amounts falling due within one year

7

(665,720)

(675,829)

Net current assets

 

625,087

736,192

Total assets less current liabilities

 

8,439,493

8,402,120

Provisions for liabilities

(174,706)

(166,736)

Net assets

 

8,264,787

8,235,384

Share capital and reserves

 

Called up share capital

9

800,000

800,000

Share premium reserve

1,590,898

1,590,898

Retained earnings

5,873,889

5,844,486

Shareholders' funds

 

8,264,787

8,235,384

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 and in
accordance with the provisions of FRS 102 Section 1A - small entities.

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.

The financial statements of Berrite Limited were approved and authorised for issue by the Board on 16 December 2024 and signed on its behalf by:
 

.........................................

C J Halford
Director

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

Berrite Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with 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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainties

There were no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements.

The latest professional valuation of the investment property was performed in March 2020.

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The financial assets and financial liabilities that qualify as basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The current asset investments are listed investments and are therefore valued at fair value on the balance sheet date, in accordance with FRS 102.

Any gains or losses arising on account of such valuation are charged to profit and loss account.

Revenue recognition

Turnover comprises the fair value of the rental income and recharged costs receivable for the financial year net of value added tax. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Taxation

The tax expense for the period comprises of corporation tax due for the financial year and any adjustment to the provision for deferred tax.

Current 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.

Income tax deducted at source on investments is set off against the corporation tax expense due.

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Equipment, fixtures and fittings

25% on cost

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investment property

In accordance with FRS102, investment properties are included in the accounts at fair value. The valuation is reviewed annually either formally by a Chartered Surveyor or by the directors with advice from the surveyor.

The surplus or deficit on revaluation is recorded in the profit & loss account. As the properties are stated at valuation no depreciation is provided in the accounts. The treatment of valuation surpluses is in accordance with Generally Accepted Accounting Principles as set out in FRS 102, but is in conflict with the requirements of the Companies Act 2006. The directors consider that this departure from the Companies Act 2006 is necessary to ensure that the accounts show a true and fair view.

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 to the company towards rent and recharged costs.

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.

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

3

Tangible fixed assets

Furniture, fittings and equipment
 £

Assets under construction £

Total
£

Cost

At 1 April 2023

25,286

165,928

191,214

Additions

4,639

144,999

149,638

At 31 March 2024

29,925

310,927

340,852

Depreciation

At 1 April 2023

25,286

-

25,286

Charge for the year

1,160

-

1,160

At 31 March 2024

26,446

-

26,446

Carrying amount

At 31 March 2024

3,479

310,927

314,406

At 31 March 2023

-

165,928

165,928

4

Investment properties

2024
£

At 1 April 2022

7,500,000

At 31 March 2023

7,500,000

The property is shown at fair value as on 31 March 2024, in accordance with the valuation performed in July 2020, by T Powell-Harper, MRICS, registered valuer of Kinney Green, Chartered Surveyors. The historical cost of the property is £3,492,689 [2023: £3,492,689].

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

5

Debtors

2024
£

2023
£

Trade receivables

106,744

80,223

Other debtors

6,308

4,466

Prepayments

47,523

43,133

160,575

127,822

6

Current asset investments

2024
£

2023
£

Listed investments

785,069

766,574

The historical cost of these investments is £598,999 (2023: £607,151)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade payables

49,093

43,002

Social security and other taxes

37,901

47,031

Other payables

99,476

84,538

Corporation tax liability

67,964

63,822

Accruals

16,625

16,425

Deferred income

394,661

421,011

665,720

675,829

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

166,736

166,736

Increase in existing provisions

7,970

7,970

At 31 March 2024

174,706

174,706

 

Berrite Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

800,000

800,000

800,000

800,000

         

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The share premium reserve represents the premium paid in excess of the nominal value of shares issued.

10

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

11

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 December 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.