Chas. Berger & Son Limited
Chas. Berger & Son Limited
Registered number: 00359611
Unaudited Financial Statements
For The Year Ended 30 June 2019
Phebys Limited
Whitleather Lodge Barn Woolley Road
Spaldwick
Huntingdon
Cambridgeshire
PE28 0UD
Chas. Berger & Son Limited
Unaudited Financial Statements
For The Year Ended 30 June 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—9 |
Chas. Berger & Son Limited
Balance Sheet
As at
30 June 2019
Balance Sheet
Registered number:
00359611
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| CURRENT ASSETS | |||||
| Stocks | 3 |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 943,200 | 870,505 | |||
Page 1
Chas. Berger & Son Limited
Balance Sheet (continued)
As at
30 June 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
Chas. Berger & Son Limited
Notes to the Financial Statements
For The Year Ended 30 June 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Page 3
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
Recoverable amount, is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount.
1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and those overheads that have been incurred in bringing the stocks to their present location.
Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 5
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
2.
Tangible Assets
| Land & Property | |||||
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| Leasehold | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| Depreciation | |||||
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| Disposals |
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| Net Book Value | |||||
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3.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock - materials |
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| Stock - work in progress |
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Page 6
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
4.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts recoverable on contracts |
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| Prepayments and accrued income |
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| Other debtors |
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| Purchase ledger debit balances |
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| Corporation tax recoverable assets |
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| Deferred tax current asset | 5,541 | 4,567 | |
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The company has a sales invoice discounting agreement with Lloyds Bank Commercial Finance Ltd, who have a fixed and floating charge over the Company's assets. Bank balances include amounts received on a discounted basis in respect of Trade Debtors. Trade Debtors are stated gross of these advances.
5.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 18,265 | 18,265 | |
| Other creditors |
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| Sales ledger credit balances |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Page 7
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
6.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Other creditors |
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7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 87,955 | 128,053 |
8.
Obligations Under Finance Leases and Hire Purchase
| 2019 | 2018 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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Page 8
Chas. Berger & Son Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
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| 2019 | 2018 | |
| £ | £ | |
| Within 1 year | 88,000 | 88,000 |
| Between 1 and 5 years | 88,000 | 176,000 |
| 176,000 | 264,000 | |
11.
General Information
Chas. Berger & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00359611 . The registered office is Power House Unit G Peek Business Centre, Woodside, Dunmow Road, Birchanger, Bishop's Stortford, Hertfordshire, CM23 5RG.
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