REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
S.J. Barrick Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
S.J. Barrick Limited |
S.J. Barrick Limited (Registered number: 00596108) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
S.J. Barrick Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 1, The Riverside Building |
Livingstone Road |
Hessle, |
Hull |
HU13 0DZ |
S.J. Barrick Limited (Registered number: 00596108) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
S.J. Barrick Limited (Registered number: 00596108) |
Balance Sheet - continued |
31 December 2021 |
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 |
S.J. Barrick Limited (Registered number: 00596108) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
S.J. Barrick Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Estimation uncertainty on useful lives of depreciable assets |
The carrying value of depreciable assets, £3,021,895 at 31 December 2019 (see note 6) requires the directors to make an estimate of the assets' useful economic lives and undertake an annual review for impairment. The estimated lives applied are detailed in the accounting policy note. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
S.J. Barrick Limited (Registered number: 00596108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of assets |
At each reporting date non-financial assets, such as tangible fixed assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to the carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the profit and loss account. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate but not in excess of the amount that would have been determined (net of depreciation and amortisation) had no impairment loss been recognised. A reversal of an impairment loss is recognised in the profit and loss account. |
Financial instruments |
Financial Instruments which meet the criteria of a basic financial instrument as defined by Section 11 of FRS102 are accounted for under the amortised historic cost model. |
Non-basic financial instruments are recognised at fair value using a valuation technique with any gains or losses reported in surplus or deficit. At each year end, the instruments are revalued to fair value. with the movements posted to income and expenditure. |
Factored debts |
In accordance with FRS102 trade debtors factored with recourse have been included within debtors and the related funding included within creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
S.J. Barrick Limited (Registered number: 00596108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Included in cost of land and buildings is freehold land of £ 11,774 (2020 - £ 11,774 ) which is not depreciated. |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
S.J. Barrick Limited (Registered number: 00596108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
The amount of £994,065 (2020:£603,750) in respect of factoring is secured on the book debts of the company. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Finance leases |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Finance leases | 1,568,367 | 1,577,812 |
Invoice Finance Bank Account | 994,065 | 603,750 |
The bank overdraft and invoice finance bank account are secured by a fixed charge over book debts a floating charge over other assets and personal guarantees by the two directors, M W Barrick and A R Sinden. |
The Finance Leases are secured against the assets to which they relate. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2021 |
S.J. Barrick Limited (Registered number: 00596108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
An amount of £54,000 (2020: £54,000) of rent was paid to Soff Lane Properties Limited, a company owned by the directors and their spouses. |
11. | RELATED PARTY DISCLOSURES |
A balance is owed from Goxhill Storage Co., a partnership between two shareholders and former directors of the company, the late L Barrick and A Barrick and the two current directors of the company, amounting to at £5,530 at 31 December 2021 (2020: £5,530) |
A balance of £122,756 (2020: £111,052) is owed by Soff Lane Properties Limited a company owned by the company's directors and their spouses. |
In addition, The Estate of L Barrick owed £32,019 to the company at 31 December 2021 (2020: £32,019) and A Barrick owed £82,674 to the company at 31 December 2021 (2020: £78,218). |