Registration number:
Berrite Limited
for the Year Ended 31 March 2024
Berrite Limited
Contents
Company Information |
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Balance sheet |
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Notes to the Financial Statements |
Berrite Limited
Company Information
Directors |
C Fothergill C J Halford J W A Sanders A Fothergill E Harrison |
Company secretary |
C Fothergill |
Registered office |
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Independent Auditors |
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Berrite Limited
(Registration number: 02477797)
Balance sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Share capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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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
.........................................
Director
Berrite Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
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.
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 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
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)
Tangible fixed assets |
Furniture, fittings and equipment |
Assets under construction £ |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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- |
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Charge for the year |
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- |
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At 31 March 2024 |
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- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
2024 |
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At 1 April 2022 |
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At 31 March 2023 |
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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)
Debtors |
2024 |
2023 |
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Trade receivables |
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Other debtors |
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Prepayments |
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Current asset investments |
2024 |
2023 |
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Listed investments |
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The historical cost of these investments is £598,999 (2023: £607,151)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Corporation tax liability |
67,964 |
63,822 |
Accruals |
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Deferred income |
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Provisions for liabilities |
Deferred tax |
Total |
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At 1 April 2023 |
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Increase in existing provisions |
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At 31 March 2024 |
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Berrite Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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800,000 |
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Audit report |