2 2 Berlie Products Ltd 14171935 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Retail sales via mail order houses or via Internet Digita Accounts Production Advanced 6.30.9574.0 true 14171935 2023-07-01 2024-06-30 14171935 2024-06-30 14171935 core:CurrentFinancialInstruments 2024-06-30 14171935 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 14171935 core:Goodwill 2024-06-30 14171935 core:FurnitureFittingsToolsEquipment 2024-06-30 14171935 bus:SmallEntities 2023-07-01 2024-06-30 14171935 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 14171935 bus:FilletedAccounts 2023-07-01 2024-06-30 14171935 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 14171935 bus:RegisteredOffice 2023-07-01 2024-06-30 14171935 bus:Director1 2023-07-01 2024-06-30 14171935 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14171935 core:Goodwill 2023-07-01 2024-06-30 14171935 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 14171935 core:OfficeEquipment 2023-07-01 2024-06-30 14171935 core:ToolsEquipment 2023-07-01 2024-06-30 14171935 4 2023-07-01 2024-06-30 14171935 countries:England 2023-07-01 2024-06-30 14171935 2023-06-30 14171935 core:Goodwill 2023-06-30 14171935 core:FurnitureFittingsToolsEquipment 2023-06-30 14171935 2022-06-14 2023-06-30 14171935 2023-06-30 14171935 core:CurrentFinancialInstruments 2023-06-30 14171935 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 14171935 core:Goodwill 2023-06-30 14171935 core:FurnitureFittingsToolsEquipment 2023-06-30 xbrli:pure iso4217:GBP

Registration number: 14171935

Berlie Products Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Berlie Products Ltd

(Registration number: 14171935)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

72,000

81,000

Tangible assets

5

2,855

205

 

74,855

81,205

Current assets

 

Stocks

6

4,000

1,000

Debtors

7

2,617

15,957

Cash at bank and in hand

 

14,310

17,221

 

20,927

34,178

Creditors: Amounts falling due within one year

8

(70,244)

(103,066)

Net current liabilities

 

(49,317)

(68,888)

Total assets less current liabilities

 

25,538

12,317

Provisions for liabilities

(571)

-

Net assets

 

24,967

12,317

Capital and reserves

 

Called up share capital

1

1

Retained earnings

24,966

12,316

Shareholders' funds

 

24,967

12,317

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 

.........................................
Joanna Madeley
Director

 

Berlie Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Grangefields Farm
Mansfield Road
Brinsley
Nottinghamshire
NG16 5AE

These financial statements were authorised for issue by the director on 28 March 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Reclassification of comparative amounts


The 30 June 2023 accounts were found to have materially misstated direct costs (fees) associated with the selling of products via 3rd party intermediary online platforms. Direct fees were understated by £21,012 in the 30 June 2023 statements. The 2023 comparative figure has consequently been re-stated in these accounts from £38,118 to £59,130.

Loan interest payable of £3,303 was also included in error in the 30 June 2023 statements and this has been removed in the re-stated 2023 comparatives in these accounts.

These two adjustments have an effect of reducing the 2023 pre-tax profit by £17,709 from £37,005 to £19,296 in these accounts.

In addition, the prior year 2023 corporation tax computations have been adjusted for the incorrect claim of Amortisation of purchased Goodwill (£9,000).

The total corporation tax impact of these errors is a net reduction in the corporation tax liability for 2023 of £1,655. This is shown as aprior year adjustment in the corporation tax charge note.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Berlie Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 company operates and generates taxable income.

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

Office equipment

20% reducing balance

Tools and equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

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.

 

Berlie Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Berlie Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

90,000

90,000

At 30 June 2024

90,000

90,000

Amortisation

At 1 July 2023

9,000

9,000

Amortisation charge

9,000

9,000

At 30 June 2024

18,000

18,000

Carrying amount

At 30 June 2024

72,000

72,000

At 30 June 2023

81,000

81,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

308

308

Additions

3,364

3,364

At 30 June 2024

3,672

3,672

Depreciation

At 1 July 2023

103

103

Charge for the year

714

714

At 30 June 2024

817

817

Carrying amount

At 30 June 2024

2,855

2,855

At 30 June 2023

205

205

6

Stocks

2024
£

2023
£

Other inventories

4,000

1,000

 

Berlie Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Other debtors

2,617

15,957

 

2,617

15,957

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,914

2,825

Taxation and social security

8,576

7,147

Accruals and deferred income

688

296

Other creditors

57,066

92,798

70,244

103,066