Company registration number 07253580 (England and Wales)
BARKER BOOTH & EASTWOOD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BARKER BOOTH & EASTWOOD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BARKER BOOTH & EASTWOOD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
618,365
694,083
Tangible assets
4
326,399
246,058
944,764
940,141
Current assets
Debtors
5
3,133,301
2,860,530
Cash at bank and in hand
9,422
3,133,301
2,869,952
Creditors: amounts falling due within one year
6
(640,866)
(531,568)
Net current assets
2,492,435
2,338,384
Total assets less current liabilities
3,437,199
3,278,525
Creditors: amounts falling due after more than one year
7
(1,056)
(12,297)
Provisions for liabilities
(101,212)
(68,003)
Net assets
3,334,931
3,198,225
Capital and reserves
Called up share capital
9
4
4
Share premium account
88,969
88,969
Capital redemption reserve
3
3
Profit and loss reserves
3,245,955
3,109,249
Total equity
3,334,931
3,198,225
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BARKER BOOTH & EASTWOOD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2023 and are signed on its behalf by:
Miss C A Morley
Mr A T Fielding
Director
Director
Mr D R Lowe
Mrs D Amos
Director
Director
Mrs D M Lamb
Director
Company Registration No. 07253580
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Barker Booth & Eastwood Limited is a private company limited by shares incorporated in England and Wales. The registered office is 346 Lytham Road, Blackpool, FY4 1DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts invoiced during the year, exclusive of Value Added Tax.
The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a suitable allowance to recognise the uncertainties remaining in the completion of the obligations.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill arose on incorporation of Barker Booth & Eastwood Solicitors to Barker Booth & Eastwood Limited. The goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures & fittings
10% straight line
Equipment
10% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
46
49
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,525,459
Amortisation and impairment
At 1 April 2022
831,376
Amortisation charged for the year
75,718
At 31 March 2023
907,094
Carrying amount
At 31 March 2023
618,365
At 31 March 2022
694,083
4
Tangible fixed assets
Fixtures & fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
42,578
220,901
139,014
402,493
Additions
9,320
4,906
223,569
237,795
Disposals
(139,014)
(139,014)
At 31 March 2023
51,898
225,807
223,569
501,274
Depreciation and impairment
At 1 April 2022
22,676
123,486
10,273
156,435
Depreciation charged in the year
3,495
12,513
34,316
50,324
Eliminated in respect of disposals
(31,884)
(31,884)
At 31 March 2023
26,171
135,999
12,705
174,875
Carrying amount
At 31 March 2023
25,727
89,808
210,864
326,399
At 31 March 2022
19,902
97,415
128,741
246,058
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
332,481
379,053
Amounts recoverable on contracts
2,359,380
2,445,749
Other debtors
273,897
11,835
Prepayments and accrued income
167,543
23,893
3,133,301
2,860,530
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
103,794
10,844
Trade creditors
17,887
35,606
Taxation and social security
284,634
335,877
Other creditors
234,551
149,241
640,866
531,568
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,056
12,297
8
Loans and overdrafts
2023
2022
£
£
Bank loans
12,297
23,141
Bank overdrafts
92,553
104,850
23,141
Payable within one year
103,794
10,844
Payable after one year
1,056
12,297
Bank loans and bank overdrafts are secured by fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, fixtures, fixed plant & machinery.
BARKER BOOTH & EASTWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "B" shares (2021: £1) of 1p each
72
72
1
1
Ordinary "C" shares (2021: £1) of 1p each
72
72
1
1
Ordinary "D" shares (2021: £1) of 1p each
72
72
1
1
Ordinary "E" shares of 25p each
3
3
1
1
Ordinary "G" shares of 1p each
1
1
-
-
Ordinary "I" shares of 1p each
63
63
-
-
Ordinary "J" shares of 1p each
21
21
-
-
304
304
4
4
Shares rank pari passu for voting rights. Dividends are payable upon each class of shares.
On 5 April 2021 the company sub-divided the B C and D shares from three £1 shares into 300 £0.01 shares. On the same date the company also designated 2 further classes of shares, being I and J shares.
On 5 April 2021 ten B C and D shares were transferred to 30 I shares and seven B C and D shares were transferred to 21 J shares.
On 6 April 2021 a further 11 B C and D shares were transferred to 33 I shares.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
99,962
113,461
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
2.25
(167)
222,997
-
222,830
Director
2.25
(34,445)
169,514
(138,734)
(3,665)
Director
2.25
(23,557)
186,488
(142,096)
20,835
Director
2.25
3,788
127,557
(101,778)
29,567
Director
2.25
8,047
70,166
(101,800)
(23,587)
(46,334)
776,722
(484,408)
245,980
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