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Registration number: 07426695

The Barbers Coleford Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

The Barbers Coleford Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Barbers Coleford Ltd

Company Information

Director

Mrs PF Jukes

Company secretary

Mrs S Walding

Registered office

27 Market Place
Coleford
Gloucestershire
GL16 8AE

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

The Barbers Coleford Ltd

(Registration number: 07426695)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,177

1,379

Current assets

 

Stocks

5

50

50

Debtors

6

-

5,107

Cash at bank and in hand

 

84,253

54,362

 

84,303

59,519

Creditors: Amounts falling due within one year

7

(45,227)

(14,499)

Net current assets

 

39,076

45,020

Net assets

 

40,253

46,399

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

40,243

46,389

Shareholders' funds

 

40,253

46,399

For the financial year ending 30 November 2021 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.

 

The Barbers Coleford Ltd

(Registration number: 07426695)
Balance Sheet as at 30 November 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 August 2022
 

.........................................

Mrs PF Jukes
Director

 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current 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.

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

Plant and machinery

25% reducing balance

 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2020 - 4).

 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2020

10,000

10,000

At 30 November 2021

10,000

10,000

Amortisation

At 1 December 2020

10,000

10,000

At 30 November 2021

10,000

10,000

Carrying amount

At 30 November 2021

-

-

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2020

7,105

7,105

Additions

189

189

At 30 November 2021

7,294

7,294

Depreciation

At 1 December 2020

5,726

5,726

Charge for the year

391

391

At 30 November 2021

6,117

6,117

Carrying amount

At 30 November 2021

1,177

1,177

At 30 November 2020

1,379

1,379

5

Stocks

2021
£

2020
£

Other inventories

50

50

 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Debtors

2021
£

2020
£

Other debtors

-

5,107

-

5,107

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

13

-

Taxation and social security

7,249

4,774

Accruals and deferred income

1,199

1,366

Other creditors

36,766

8,359

45,227

14,499

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         
 

The Barbers Coleford Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9

Related party transactions

Loans from related parties

2021

Key management
£

Total
£

At start of period

7,509

7,509

Advanced

29,338

29,338

Repaid

(6,487)

(6,487)

At end of period

30,360

30,360

2020

Key management
£

Total
£

At start of period

1,557

1,557

Advanced

13,089

13,089

Repaid

(7,137)

(7,137)

At end of period

7,509

7,509