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REGISTERED NUMBER: 01806190 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

BERNHARD & CO. LIMITED

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


BERNHARD & CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: S G Bernhard
S R Nixon
J J Bernhard
I U Hassan
A Crosnier





REGISTERED OFFICE: 11 Homefield Road
Haverhill
CB9 8QP





REGISTERED NUMBER: 01806190 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report for the year ended 30 June 2024.

Global Leadership and Resilience in Turf Technologies
In the year under review, Bernhard & Co Limited has unwaveringly upheld its global leadership in sports turf technologies, reaffirming our commitment to delivering world-class grinding machines and turf care solutions to prestigious golf courses and sports facilities across the globe. Despite unprecedented challenges, including supply chain disruptions, inflation, rising shipping costs, and workforce shortages, we have remained resolute in our strategic focus. We continue to empower our customers to achieve exceptional cutting precision with simplicity, efficiency, and accuracy.

Global Reach Amidst Continued Challenges
Our products' international presence is a testament to their unparalleled quality and effectiveness. Despite heightened demand, supply chain disruptions, and workforce shortages, we have consistently met delivery times for our products and services. Notably, 75% of the top 100 golf courses in the USA rely on our technology. By navigating these global complexities, we have made a substantial impact on raising the standards of golf courses and sports facilities worldwide.

Sustainability and Conservation Through Inflationary Pressures
In the face of inflation and increasing shipping costs, our dedication to sustainability and conservation remains steadfast. We continue to support and develop research and educational programmes, promoting environmentally responsible and sustainable practices within the turf industry. This commitment ensures the longevity and preservation of sports facilities worldwide, even in the face of economic challenges.

Innovation and Workforce Development
Despite workforce shortages, innovation remains central to our strategy. Our dedicated team has worked tirelessly to ensure the continuous development and enhancement of our product portfolio. By staying at the forefront of technological advancements, we meet our customers' evolving needs and continue to provide comprehensive solutions, including advisory and installation services for surface air movement and moisture control systems.

Principal Risks and Uncertainties
The principal risks and uncertainties are as follows:
1. Fluctuations in foreign exchange rates: The company mitigates this risk by engaging in forward exchange contracts.
2. Supply chain and workforce shortages: These issues have increased lead times for production and supply to customers.
3. Global conflict and political unrest: Ongoing conflicts, particularly in Ukraine and the Middle East, pose a risk to shipping routes and oil price inflation, potentially affecting supply chains and overall production costs.

Key Performance Indicators (KPIs)
The Board monitors the company's progress using the following KPIs:
Turnover: We aim to continually grow revenue by leveraging our reputation for quality to meet customer demand and expand our customer base.
Gross profit margin: The gross profit margin has improved over the past twelve months, and we will continue to seek further improvements by optimising efficiencies and managing costs effectively.
Lead times: Labour shortages and supply chain issues have eased, but the recovery remains fragile. We remain focused on halving dispatch lead times by doubling production output, expanding the production team, and proactively sourcing components.

Looking Ahead
As we move forward, Bernhard & Co Limited remains committed to prioritising customer satisfaction, innovation, and sustainability. We will continue to navigate the ongoing global challenges, further expand our international presence, and enhance our product offerings. Our dedication to excellence and innovation will guide our efforts, ensuring we deliver unparalleled value to our customers and stakeholders.




BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Gratitude and Optimism for the Future
In closing, we express our heartfelt gratitude to our dedicated team, loyal customers, and stakeholders for their continued support and confidence in Bernhard & Co Limited. Despite the challenges of the past year, we look forward to a future defined by resilience, growth, success, and shared prosperity. Together, we are poised for another year of progress and achievement.

ON BEHALF OF THE BOARD:





S R Nixon - Director


20 January 2025

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of horticultural equipment.

DIVIDENDS
A dividend of £419,349 paid made to the parent, Bernhard & Co Holdings Limited, as part of the group restructure exercise.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S G Bernhard
S R Nixon
J J Bernhard
I U Hassan
A Crosnier

Other changes in directors holding office are as follows:

M R Bloomfield - resigned 24 January 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R Nixon - Director


20 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERNHARD & CO. LIMITED


Opinion
We have audited the financial statements of Bernhard & Co. Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERNHARD & CO. LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 company through discussions with directors and other management, and from our commercial knowledge and experience of the industry 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 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;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BERNHARD & CO. LIMITED


We assessed the susceptibility of the 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 accounting estimates 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 and other relevant parties.

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 Report of the Auditors.

Use of our report
This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

29 January 2025

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 13,104,922 11,005,187

Cost of sales 7,861,036 6,782,798
GROSS PROFIT 5,243,886 4,222,389

Distribution costs 1,689,939 1,474,373
Administrative expenses 2,451,586 2,088,090
4,141,525 3,562,463
1,102,361 659,926

Other operating income 1,751 61
OPERATING PROFIT 4 1,104,112 659,987

Profit on sale of investment 5 58,428 -
1,162,540 659,987


Interest payable and similar expenses 6 121,476 84,243
Other finance costs 22 9,000 14,000
130,476 98,243
PROFIT BEFORE TAXATION 1,032,064 561,744

Tax on profit 7 451,210 (41,246 )
PROFIT FOR THE FINANCIAL YEAR 580,854 602,990

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 580,854 602,990


OTHER COMPREHENSIVE INCOME
Actuarial gain/loss on pension liability 64,000 130,000
Movement on deferred tax relating
to pension asset/liability (18,000 ) 12,250
Excess depreciation on freehold property (3,930 ) (3,930 )
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

42,070

138,320
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

622,924

741,310

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 705,818 675,094
Tangible assets 10 2,437,343 2,359,138
Investments 11 - 360,921
3,143,161 3,395,153

CURRENT ASSETS
Stocks 12 3,289,134 3,044,271
Debtors 13 1,883,837 2,095,371
Cash in hand 2,484 2,098
5,175,455 5,141,740
CREDITORS
Amounts falling due within one year 14 2,178,102 2,488,076
NET CURRENT ASSETS 2,997,353 2,653,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,140,514

6,048,817

CREDITORS
Amounts falling due after more than one
year

15

(954,347

)

(969,899

)

PROVISIONS FOR LIABILITIES 19 (217,194 ) (168,520 )

PENSION LIABILITY 22 (75,000 ) (220,000 )
NET ASSETS 4,893,973 4,690,398

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 385,121 389,051
Retained earnings 21 4,508,752 4,301,247
SHAREHOLDERS' FUNDS 4,893,973 4,690,398

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





S R Nixon - Director


BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 100 3,556,007 392,981 3,949,088

Changes in equity
Total comprehensive income - 745,240 (3,930 ) 741,310
Balance at 30 June 2023 100 4,301,247 389,051 4,690,398

Changes in equity
Total comprehensive income - 626,854 (3,930 ) 622,924
Dividends - (419,349 ) - (419,349 )
Balance at 30 June 2024 100 4,508,752 385,121 4,893,973

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Bernhard & Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Bernhard & Co. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

During the year, the company capitalised development costs. These development costs relate to product innovation, and the criteria for capitalisation under FRS 102 Section 18 have been met. The directors have reviewed the carrying amount of capitalised development costs as of the reporting date and confirm that no impairment has been identified.

A stock provision was recognised during the year to cover slow-moving and obsolete stock. The provision was determined based on an assessment of the recoverable amount of inventories in light of current market conditions and historical sales data. The directors have reviewed the carrying amount of inventory at the reporting date and confirm that the provision is adequate to cover expected losses on inventory.

The company recognised a net defined benefit pension liability on the balance sheet. The obligation was calculated based on an actuarial valuation, applying the projected unit credit method in compliance with FRS 102 Section 28. The directors have reviewed the assumptions used in the actuarial valuation, which were determined to be appropriate for the company's circumstances.

The company has recognised a warranty provision in respect of products sold with warranty coverage. The provision is based on the company's past experience with warranty claims, expected future claims, and recent trends in claim frequency and cost. The directors have reviewed the warranty provision at the reporting date and believe it is sufficient to cover future warranty obligations based on current information.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and machinery - 33.33% on cost
Fixtures and fittings - 33.33% on cost
Motor vehicles - 25% on reducing balance
Other assets - Straight line over 30 years

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
General research expenditure is written off in the year in which it is incurred.

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. It is amortised over seven years.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
For defined contribution schemes the amount charged in the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

For Schemes regarded as defined benefit schemes, the amounts charged in the profit and loss account are the contributions payable in respect of the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

The Schemes regarded as defined benefit schemes are funded, with the assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained annually.

Cash flow exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose the cash flow statement.

Going concern
The company continues to be profitable and the directors have a reasonable expectation that the company will continue in operational existence for at least 12 months form the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,336,106 1,919,422
Social security costs 146,762 135,796
Other pension costs 110,692 126,401
2,593,560 2,181,619

The average number of employees during the year was as follows:
2024 2023

Employees 58 51

2024 2023
£    £   
Directors' remuneration 218,049 260,493
Directors' pension contributions to money purchase schemes 68,133 65,167

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 119,520 137,575
Pension contributions to money purchase schemes 33,583 42,281

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 85,132 78,345
Profit on disposal of fixed assets (2,620 ) -
Development costs amortisation 217,908 182,390
Auditors' remuneration 22,750 38,000
Foreign exchange differences (6,297 ) 182,402

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit on sale of investment 58,428 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 121,476 84,243

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 316,813 133,363
Under/(Over) provision in
prior year 100,283 -
Total current tax 417,096 133,363

Deferred tax 34,114 (174,609 )
Tax on profit 451,210 (41,246 )

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,032,064 561,744
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

258,016

140,436

Effects of:
Expenses not deductible for tax purposes 78,491 2,700
Depreciation in excess of capital allowances 43,171 39,250
Adjustments to tax charge in respect of previous periods 100,283 -
Pension creditor timing differences (469 ) 2,785
Pension contributions paid cash (22,500 ) (22,500 )
Effect of marginal rate of tax (39,896 ) (29,308 )
Deferred tax movement 34,114 (174,609 )
Total tax charge/(credit) 451,210 (41,246 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Actuarial gain/loss on pension liability 64,000 - 64,000
Movement on deferred tax relating
to pension asset/liability (18,000 ) - (18,000 )
Excess depreciation on freehold property (3,930 ) - (3,930 )
42,070 - 42,070

2023
Gross Tax Net
£    £    £   
Actuarial gain/loss on pension liability 130,000 - 130,000
Movement on deferred tax relating
to pension asset/liability 12,250 - 12,250
Excess depreciation on freehold property (3,930 ) - (3,930 )
138,320 - 138,320

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 0.0001 each
Interim 419,349 -

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 July 2023 1,276,732
Additions 248,632
At 30 June 2024 1,525,364
AMORTISATION
At 1 July 2023 601,638
Amortisation for year 217,908
At 30 June 2024 819,546
NET BOOK VALUE
At 30 June 2024 705,818
At 30 June 2023 675,094

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 July 2023 1,965,522 29,885 390,109
Additions 44,096 39,533 72,642
Disposals - (15,711 ) (140,753 )
At 30 June 2024 2,009,618 53,707 321,998
DEPRECIATION
At 1 July 2023 85,176 29,713 310,443
Charge for year 19,653 6,291 37,045
Eliminated on disposal - (15,711 ) (140,753 )
At 30 June 2024 104,829 20,293 206,735
NET BOOK VALUE
At 30 June 2024 1,904,789 33,414 115,263
At 30 June 2023 1,880,346 172 79,666

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. TANGIBLE FIXED ASSETS - continued

Motor Other
vehicles assets Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 102,374 559,016 3,046,906
Additions 7,065 - 163,336
Disposals (46,637 ) - (203,101 )
At 30 June 2024 62,802 559,016 3,007,141
DEPRECIATION
At 1 July 2023 94,730 167,706 687,768
Charge for year 3,510 18,633 85,132
Eliminated on disposal (46,638 ) - (203,102 )
At 30 June 2024 51,602 186,339 569,798
NET BOOK VALUE
At 30 June 2024 11,200 372,677 2,437,343
At 30 June 2023 7,644 391,310 2,359,138

The assets of the company have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 392,980 - -
Cost 1,616,638 53,707 321,998
2,009,618 53,707 321,998

Motor Other
vehicles assets Totals
£    £    £   
Valuation in 2022 - - 392,980
Cost 62,802 559,016 2,614,161
62,802 559,016 3,007,141

On 14 March 2022, land and buildings were revalued by Bidwells, on behalf of HSBC UK Bank Plc. Bidwells are independent valuers not connected with the company and conducted the valuation on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The directors do not believe there has been a material change to the valuation of the property since this date.

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 360,921
Disposals (360,921 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 360,921

12. STOCKS
2024 2023
£    £   
Stocks 3,289,134 3,044,271

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,517,799 1,861,112
Amounts owed by group undertakings - 18,013
Other debtors 1,180 2,302
Directors' current accounts 53,422 -
VAT 98,562 112,498
Prepayments 212,874 101,446
1,883,837 2,095,371

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 152,215 709,354
Trade creditors 1,311,832 1,222,039
Tax 325,629 142,179
Social security and other taxes 47,908 39,549
Wages control 9,948 11,822
Other creditors - 82,280
Directors' current accounts - 3,460
Accruals and deferred income 330,570 277,393
2,178,102 2,488,076

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 954,347 969,899

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 105,276 668,822
Bank loans 46,939 40,532
152,215 709,354

Amounts falling due between two and five years:
Bank loans - 2-5 years 201,676 181,080

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 752,671 788,819

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 37,566 15,067
Between one and five years 57,473 2,572
95,039 17,639

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 105,276 668,822
Bank loans 1,001,286 1,010,431
1,106,562 1,679,253

The long term loan is secured by a fixed and floating charge over 11 Homefield Road, Haverhill.

The debenture is secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. The charge was created on 18 December 1997.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 106,334 54,220
Other provisions 110,860 114,300
217,194 168,520

Deferred Warranty
tax provision
£    £   
Balance at 1 July 2023 54,220 114,300
Provided during year 52,114 -
Utilised during year - (3,440 )
Balance at 30 June 2024 106,334 110,860

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary 0.000 1 - 100
419,349 A Ordinary 0.000 1 42 -
580,651 B Ordinary 0.000 1 58 -
100 100

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


21. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 4,301,247 389,051 4,690,298
Profit for the year 580,854 580,854
Dividends (419,349 ) (419,349 )
Revaluations - (3,930 ) (3,930 )
Deferred tax on pension (18,000 ) - (18,000 )
Gain/loss on pension 64,000 - 64,000
At 30 June 2024 4,508,752 385,121 4,893,873

The property revaluation reserve comprises the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

22. EMPLOYEE BENEFIT OBLIGATIONS

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (1,054,000 ) (1,045,000 )
Fair value of plan assets 979,000 825,000
(75,000 ) (220,000 )
Present value of unfunded obligations - -
Deficit (75,000 ) (220,000 )
Net liability (75,000 ) (220,000 )

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

9,000

14,000
Past service cost - -
9,000 14,000

Actual return on plan assets 43,000 31,000

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 1,045,000 1,235,000
Interest cost 52,000 45,000
Benefits paid (51,000 ) (56,000 )
Actuarial (gains)/losses from changes in
financial assumptions

8,000

(179,000

)
1,054,000 1,045,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 825,000 809,000
Contributions by employer 90,000 90,000
Expected return 43,000 31,000
Benefits paid (51,000 ) (56,000 )
Return on plan assets (excluding interest
income)

72,000

(49,000

)
979,000 825,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses from changes in
financial assumptions

(8,000

)

179,000
Return on plan assets (excluding interest
income)

72,000

(49,000

)
64,000 130,000

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Equities 60% 63%
Property 2% 3%
Bonds 29% 21%
Hedge Fund 5% 6%
Cash 4% 7%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.15% 5.10%
Future pension increases 3.00% 3.00%
Retail price inflation 3.25% 3.35%
Consumer price inflation 2.80% 2.90%

23. ULTIMATE PARENT COMPANY

The immediate parent of the company is Bernhard & Co Holdings Limited. The ultimate parent and the largest and smallest group financial statements that consolidate this company is Bernhard & Co Holdings Limited. These group accounts are available to the public from Companies House, Cardiff. The ultimate controlling party is Mr S Bernhard.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
S G Bernhard
Balance outstanding at start of year - -
Amounts advanced 53,422 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,422 -

The director's loan accounts is overdrawn at the year end, but is expected to be repaid within 9 months of the year end. The loan is repayable on demand, interest free and unsecured.

BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


25. RELATED PARTY DISCLOSURES

Other related parties are entities outside the group of which the directors have control.

Other related parties

2024 2023
£ £
Purchases 174,056 107,727
Sales 159,625 -
Amount due from related parties - 66,784
Amount due to related parties - 110,021