REGISTERED NUMBER: 07749315 (England and Wales)

Financial Statements

For The Year Ended 31st December 2024

for

Bering Time Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R G Kaerskov

I A Latham

M W Johansen

REGISTERED OFFICE:

4 Old Market Place

Ripon

North Yorkshire

HG4 1EQ

REGISTERED NUMBER:

07749315 (England and Wales)

AUDITORS:

Sargeant Partnership Ltd

Chartered Accountants

and Statutory Auditors

5 White Oak Square, London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Tangible assets

4

145

949

CURRENT ASSETS

Debtors

5

6,065

11,016

Cash at bank and in hand

17,165

10,661

23,230

21,677

CREDITORS

Amounts falling due within one year

6

216,757

218,599

NET CURRENT LIABILITIES

(193,527

)

(196,922

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(193,382

)

(195,973

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(193,482

)

(196,073

)

SHAREHOLDERS' FUNDS

(193,382

)

(195,973

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

I A Latham - Director

1.	STATUTORY INFORMATION

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Critical accounting 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 amount 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 the accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

There are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover

Turnover represents net invoiced commission received from the sales of goods, excluding value added tax.

Interest payable and similar expenses

Interest payable and similar charges include loan interest and lending charges. Interest payable is recognised in profit and loss as accrued, using the effective interest method.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office Equipment - 33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and on hand

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the tangible profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Deferred tax on revalued non-depreciable tangible fixed assets and investments properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method.

The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measure at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1st January 2024

3,076

Disposals

(287

)

At 31st December 2024

2,789

DEPRECIATION

At 1st January 2024

2,127

Charge for year

803

Eliminated on disposal

(286

)

At 31st December 2024

2,644

NET BOOK VALUE

At 31st December 2024

145

At 31st December 2023

949

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

2,553

8,530

Social security and other

taxes

2,693

1,681

Prepayments

819

805

6,065

11,016

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

5,936

5,166

Amounts owed to group undertakings

192,169

194,415

Corporation Tax

54

97

Social security and other taxes

4,778

5,393

Other creditors

2,500

2,494

Accrued expenses

11,320

11,034

216,757

218,599

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Ltd

9.	DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution pension plan for its employees. The amount outstanding at 31 December 2024 was £256 (2023: £277) representing the employer pension contribution for December 2024.

10.	RELATED PARTY DISCLOSURES

The company charges commission on the sale of jewellery and watches to its parent company Bering Time ApS. £178,228 (2023: £233,539) was invoiced to Bering Time ApS in the period to 31 December 2024. Interest is charged at 4% (2023: 4%), which is considered to be a market rate, on the inter company balance due by the company to Bering Time ApS and Bering Group ApS. Interest of £6,128 (2023: £8,056) was charged by Bering Time ApS to Bering Time Ltd in the period to 31 December 2024. The balance due to Bering Time ApS and Bering Group ApS as at 31 December 2024 was £192,169 (2023: £194,415).

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by Bering Group ApS, a company incorporated in Denmark, which holds 100% of the issued share capital.

Copies of the group's financial statements can be obtained from the Company Secretary of Bering Group ApS at:

Skrænten 34

6200 Aabenraa

Denmark

12.	GOING CONCERN

At 31 December 2024 the company had net current liabilities of £193,527 (2023 £196,922), which include £192,169 (2023: £194,415) due to its parent company Bering Time ApS. The directors have assessed the ability of the company to continue as a going concern. The cashflow forecast of the company illustrates that the company has sufficient liquid resources to meet its liabilities as they fall due for payment other then the £192,169 due to Bering Time ApS. The directors have received assurances from Bering Time ApS that they will not be required to repay the balance due without further funding being available to the company to pay its liabilities as they fall due for payment. On this basis the directors have concluded that the financial statements should be prepared on the going concern basis.