BerryWhite Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07777450 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

BERRYWHITE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A Jennings

A G Rankine

Ms S J Godfrey

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

BUSINESS ADDRESS:

6th Floor

Aldgate Tower

2 Leman Street

London

E1 8FA

REGISTERED NUMBER:

07777450 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

BANK:

The Royal Bank of Scotland PLC

48 Haymarket

London

SW1Y 4SE

FIXED ASSETS

Intangible assets

4

96,985

112,285

Tangible assets

5

10,683

12,333

Investments

6

105

105

107,773

124,723

CURRENT ASSETS

Stocks

114,815

150,498

Debtors

7

133,604

269,934

Cash at bank

226,811

185,558

475,230

605,990

CREDITORS

Amounts falling due within one year

8

208,431

469,914

NET CURRENT ASSETS

266,799

136,076

TOTAL ASSETS LESS CURRENT LIABILITIES

374,572

260,799

CREDITORS

Amounts falling due after more than one year

9

105,384

120,769

NET ASSETS

269,188

140,030

CAPITAL AND RESERVES

Called up share capital

122,784

113,548

Share premium

803,664

406,528

Retained earnings

(657,260

)

(380,046

)

SHAREHOLDERS' FUNDS

269,188

140,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 September 2017 and were signed on its behalf by:

A Jennings - Director

1.	STATUTORY INFORMATION

BerryWhite 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 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.

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 is recognised when the significant

risks and rewards of ownership of the goods have transferred to the buyer.

Intangible assets

Intangible assets which are acquired by the company are initially stated at cost or fair value, respectively, less

accumulated amortisation and impairment losses, other than those that are classified as held for sale, which are

stated at the lower of carrying amount and fair value less costs to sell.

The amortisation of an intangible asset begins when the asset is available for use, and is charged to profit and

loss as an operating expense over the asset’s useful economic life in order to match the expected pattern of

consumption of future economic benefits embodied in the asset.

Principal useful economic lives used for this purpose are as follows:

Design costs 20 years straight-line

Development costs 5 years straight-line

Brand costs 5 years straight-line

If the asset's useful economic life is judged to be indefinite or the asset is not yet available for use, no

amortisation is charged and an impairment test is carried out at least annually. Other intangible assets are tested

for impairment in line with accounting policy below.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment

losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write

off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Fixtures, fittings, tools and equipment 25% on reducing balance method

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is

determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in

the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

As per SSAP 13, the development costs have been deferred by capitalising them as an intangible asset and

amortising them over their useful economic life.

All the specific criterias for capitalising these costs have been met and Berrywhite Limited has adopted the policy

of capitalisation.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets

and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance

sheet date. All differences are taken to the profit and loss account.

Factored debts

The company has some of it's sales invoices factored by RBS Invoice Financing Ltd. The company's factoring

arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has

been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the factors

are included within creditors as a liability.

Impairment

At each balance sheet date, in accordance with FRS102 'Impairment of Assets', the company reviews the

carrying amounts of all its assets excluding stocks, to determine whether there is any indication that any of those

assets have suffered an impairment loss. An impairment is recognised in the profit and loss whenever the

carrying amount of an asset or its cash generating unit exceeds its recoverable amount.

Where it is not possible to estimate the recoverable amount of an individual asset, Berrywhite Limited estimates

the recoverable amount of the cash generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

154,474

Additions

1,891

At 31 December 2016

156,365

AMORTISATION

At 1 January 2016

42,189

Charge for year

17,191

At 31 December 2016

59,380

NET BOOK VALUE

At 31 December 2016

96,985

At 31 December 2015

112,285

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2016

22,413

Additions

1,433

At 31 December 2016

23,846

DEPRECIATION

At 1 January 2016

10,080

Charge for year

3,083

At 31 December 2016

13,163

NET BOOK VALUE

At 31 December 2016

10,683

At 31 December 2015

12,333

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

105

NET BOOK VALUE

At 31 December 2016

105

At 31 December 2015

105

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

83,259

71,540

Other debtors

50,345

198,394

133,604

269,934

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

15,385

15,385

Trade creditors

109,418

197,278

Social security and other taxes

11,962

14,165

Other creditors

71,666

243,086

208,431

469,914

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

33,333

48,718

Other creditors

72,051

72,051

105,384

120,769

10.	CONTINGENT LIABILITIES

RBS Invoice Finance Ltd has a fixed and floating charge over Berrywhite Ltd and all property and assets present

and future, including goodwill, book debts, uncalled capital, fixtures, fixed plant & machinery.

The Royal Bank of Scotland Plc has a fixed and floating charge over Berrywhite Ltd and all property and assets

present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.

11.	RELATED PARTY DISCLOSURES

During the year, the company paid donations of £1,200 (2015: £1,200) to Berrywhite Foundation, a company

connected by virtue of common directorship. These transactions took place on an arm's length basis.

Included in creditors, amounts falling due with one year, is a balance of £10,237 (2015: £10,594) owed to the

director. This loan is interest free.

Included within creditors, amounts falling due after one year, is a balance of £72,051 (2015: £72,051) owed to

shareholders of the company. This loan is interest free.