Bernhard & Co. Limited - Accounts to registrar (filleted) - small 18.2
Bernhard & Co. Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| FOR |
| BERNHARD & CO. LIMITED |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BERNHARD & CO. LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| No. 3 Caroline Court |
| 13 Caroline Street |
| St Paul's Square |
| Birmingham |
| B3 1TR |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| BALANCE SHEET |
| 30 JUNE 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| PENSION LIABILITY | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 1. | STATUTORY INFORMATION |
| Bernhard & Co. Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Other assets | - |
| Government grants |
| Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme incomet which is included within other operating income. |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 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 2021 |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 July 2020 |
| Additions |
| At 30 June 2021 |
| AMORTISATION |
| At 1 July 2020 |
| Charge for year |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 July 2020 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2021 |
| DEPRECIATION |
| At 1 July 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| Motor | Other |
| vehicles | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2020 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2021 |
| DEPRECIATION |
| At 1 July 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| 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. |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2020 |
| and 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 826,668 | 874,693 |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase | contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 20,611 | 57,199 |
| 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. |
| Hire Purchase creditors are secured against the assets to which they relate. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 33,722 | - |
| Other provisions | 145,860 | 139,980 |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 12. | PROVISIONS FOR LIABILITIES - continued |
| Deferred | Warranty |
| tax | provision |
| £ | £ |
| Balance at 1 July 2020 |
| Provided during year |
| Balance at 30 June 2021 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| (858,000 | ) | (1,019,000 | ) |
| Present value of unfunded obligations |
| Deficit | ( |
) | ( |
) |
| Net liability | ( |
) | ( |
) |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| £ | £ |
| Current service cost |
| Net interest from net defined benefit asset/liability |
15,000 |
19,000 |
| Past service cost |
| 15,000 | 19,000 |
| Actual return on plan assets |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| £ | £ |
| Opening defined benefit obligation |
| Interest cost |
| Benefits paid | ( |
) | ( |
) |
| Actuarial (gains)/losses from changes in financial assumptions |
(72,000 |
) |
178,000 |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| £ | £ |
| Opening fair value of scheme assets |
| Contributions by employer |
| Expected return | 10,000 | 16,000 |
| Benefits paid | (66,000 | ) | (51,000 | ) |
| Return on plan assets (excluding interest income) |
59,000 |
(17,000 |
) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| £ | £ |
| Actuarial (gains)/losses from changes in financial assumptions |
72,000 |
(178,000 |
) |
| Return on plan assets (excluding interest income) |
59,000 |
(17,000 |
) |
| 131,000 | (195,000 | ) |
| BERNHARD & CO. LIMITED (REGISTERED NUMBER: 01806190) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2021 | 2020 |
| Equities | 55% | 52% |
| Property | 4% | 2% |
| Bonds | 20% | 23% |
| Hedge Fund | 7% | 5% |
| Cash | 14% | 18% |
| 100% | 100% |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2021 | 2020 |
| Discount rate |
| Future pension increases |
| Retail price inflation | 3.35% | 3.05% |
| Consumer price inflation | 2.45% | 2.15% |
| 15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 16. | CONTINGENT ASSET |
| The financial statements included expenditure relating to a Research & Development ("R&D") tax credit claim of £Nil (2020: £72,792). The claim was submitted under the small and medium sized enterprises R&D relief scheme. |