Company Registration No. 00553164 (England and Wales)
Barnes Flooring Limited
Unaudited accounts
for the year ended 31 March 2023
Barnes Flooring Limited
Unaudited accounts
Contents
Barnes Flooring Limited
Company Information
for the year ended 31 March 2023
Directors
Sarah Scarth
Alan V Barnes
Elizabeth Barnes
Company Number
00553164 (England and Wales)
Registered Office
72 South Street
Bishops Stortford
Herts
CM23 3AZ
UK
Accountants
Redbox Accountancy Limited
New Mead Barn
Wickham Hall, Hadham Road
Bishop's Stortford
Hertfordshire
CM23 1JG
Barnes Flooring Limited
Statement of financial position
as at 31 March 2023
Tangible assets
684,332
709,606
Investment property
565,000
565,000
Cash at bank and in hand
204,875
181,650
Creditors: amounts falling due within one year
(314,987)
(248,575)
Net current assets
65,288
37,447
Total assets less current liabilities
1,314,620
1,312,053
Provisions for liabilities
Deferred tax
(11,918)
(17,007)
Net assets
1,302,702
1,295,046
Called up share capital
1,000
1,000
Revaluation reserve
571,714
571,714
Profit and loss account
729,988
722,332
Shareholders' funds
1,302,702
1,295,046
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by
Sarah Scarth
Director
Company Registration No. 00553164
Barnes Flooring Limited
Notes to the Accounts
for the year ended 31 March 2023
Barnes Flooring Limited is a private company, limited by shares, registered in England and Wales, registration number 00553164. The registered office is 72 South Street, Bishops Stortford, Herts, CM23 3AZ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on cost of the building element
Plant & machinery
25% on cost, 20% on cost
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Barnes Flooring Limited
Notes to the Accounts
for the year ended 31 March 2023
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2022
910,396
10,525
56,797
63,278
37,803
1,078,799
At 31 March 2023
910,396
10,525
56,797
63,278
38,177
1,079,173
At 1 April 2022
236,939
10,525
22,203
63,155
36,371
369,193
Charge for the year
15,908
-
8,649
122
969
25,648
At 31 March 2023
252,847
10,525
30,852
63,277
37,340
394,841
At 31 March 2023
657,549
-
25,945
1
837
684,332
At 31 March 2022
673,457
-
34,594
123
1,432
709,606
Fair value at 1 April 2022
565,000
Amounts falling due within one year
Trade debtors
127,793
32,232
Accrued income and prepayments
800
572
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
76,151
71,008
Taxes and social security
38,356
27,100
Other creditors
184,890
116,803
Loans from directors
7,777
6,077
Barnes Flooring Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Average number of employees
During the year the average number of employees was 8 (2022: 8).