REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 March 2023 |
for |
H.E. Barnes Ltd |
REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 March 2023 |
for |
H.E. Barnes Ltd |
H.E. Barnes Ltd (Registered number: 02793873) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
H.E. Barnes Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: |
10-12 Pinstone Street |
Sheffield |
South Yorkshire |
S1 2HN |
SOLICITORS: |
No 1 Velocity |
2 Tenter Street |
Sheffield |
South Yorkshire |
S1 4BY |
H.E. Barnes Ltd (Registered number: 02793873) |
Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their Strategic Report for the company for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The Income Statement for the year ended 31 March 2023 is set out on page 8. |
The following key financial indicators provide information to assess how the company is performing: |
2023 | 2022 |
£ | £ |
Turnover | 31,755,570 | 30,669,230 |
Operating profit | 1,362,522 | 1,950,840 |
Net assets | 2,660,377 | 2,161,973 |
The business growth has continued in 2023, with year on year growth for over 5 years. H E Barnes has a strong pipeline of work throughout the financial year to March 2024 and into 2025. |
The company has a strong balance sheet, with net assets increasing by £498,404 to £2,660,377. The company cash balance at the year end was £3,612,472 (2022: £3,463,355) with no debt finance, giving the group financial stability moving forward. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors continually assess the risks facing the business and adapts to changes in market conditions. |
Despite the economic uncertainty and inflationary pressures all businesses are experiencing, the directors believe that there are no going concern issues due to the strong balance sheet and pipeline of work. |
The business looks to mitigate credit risk through assessing and ongoing monitoring of key clients and supply chain partners. The company has a diverse client base and works across a variety of business sectors. |
Health and Safety risk is managed through maintaining rigorous health and safety policies, independent audits, training of staff and involvement with relevant bodies. |
ON BEHALF OF THE BOARD: |
H.E. Barnes Ltd (Registered number: 02793873) |
Directors' Report |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company during the year was that of providing mechanical and electrical contracting and facilities management services. |
DIVIDENDS |
Interim dividends totalling £606,632 were paid during the year (2022: £1,504,914). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
The Company's principal financial assets are cash and trade receivables. Credit risk is managed through assessment of the financial strength of customers prior to entering into a contract. Liquidity risk is managed through the management of payables and receivables within contractual obligations and effective credit control monitoring procedures. The company does not use any complex financial instruments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
H.E. Barnes Ltd (Registered number: 02793873) |
Directors' Report |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
H.E. Barnes Ltd |
Opinion |
We have audited the financial statements of H.E. Barnes Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
H.E. Barnes Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures; |
- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud; |
- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions; |
- management assumptions in their significant accounting estimates were challenged and scrutinised. |
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
H.E. Barnes Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
H.E. Barnes Ltd (Registered number: 02793873) |
Income Statement |
for the Year Ended 31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,352,423 | 1,880,385 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,373,292 | 1,952,648 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
H.E. Barnes Ltd (Registered number: 02793873) |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
H.E. Barnes Ltd (Registered number: 02793873) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
H.E. Barnes Ltd (Registered number: 02793873) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
H.E. Barnes Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(i) Contract accounting balances |
In the determination of revenue recognition on construction contracts, management make several judgements. Notably: the assessment of costs to be incurred to fulfill the contract, the expected total revenue inclusive of variations, and the expected final margin on contracts. Such judgements are made with all available information at the balance sheet date, including but not limited to an assessment of all operational and commercial risks and opportunities. |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the fair value of consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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. |
Contract revenue recognition |
Revenue from construction contracts is recognised by reference to the stage of completion of a contract, on a contract by contract basis. |
The stage of completion on a given contract is calculated by the revenue basis (surveys of works completed). |
Where the outcome of a construction contract cannot be reliably estimated, revenue is recognised only to the extent that it covers the costs incurred on the contract to the reporting date. Where contract losses are anticipated, they are recognsied in full immediately in the profit and loss account. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
Government grants |
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the period in which the company recognises the related costs to which the grant is intended to compensate. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities. |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 expenses within profit or loss when they are due. |
Provisions |
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settled that obligation and a reliable estimate can be made of the amount of that obligation. |
In particular, defects provisions are made to cover the anticipated costs of rectification on contracts during the retention period. |
3. | EMPLOYEES AND DIRECTORS |
31/3/23 | 31/3/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31/3/23 | 31/3/22 |
Production | 34 | 33 |
Administration and support | 46 | 42 |
Other departments | 3 | 4 |
31/3/23 | 31/3/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/23 | 31/3/22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/3/23 | 31/3/22 |
£ | £ |
Other interest payable |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/3/23 | 31/3/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Effect of changes in deferred tax rate | (2,482 | ) | 6,465 |
Total tax charge | 268,229 | 393,338 |
7. | DIVIDENDS |
31/3/23 | 31/3/22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
10. | STOCKS |
31/3/23 | 31/3/22 |
£ | £ |
Stocks |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Pension liability | 39,040 | 51,748 |
Accruals and deferred income |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
31/3/23 | 31/3/22 |
£ | £ |
Deferred tax | 3,804 | 26,939 |
Defect costs | 327,170 | 300,568 |
Deferred | Defect |
tax | costs |
£ | £ |
Balance at 1 April 2022 |
(Credit)/charge to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/23 | 31/3/22 |
value: | £ | £ |
Ordinary | £1 | 11,666 | 11,666 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
Retained earnings represent the total accumulated profits and losses of the entity since formation, net of dividends and transfers. |
17. | ULTIMATE PARENT COMPANY |
Investment Partners (Guernsey) Limited (incorporated in Guernsey ) is regarded by the directors as being the company's ultimate parent company. |
The parent of the smallest group in which these financial statements are consolidated is HEB Group Ltd, incorporated in England. |
The address of HEB Group Ltd is: |
Unit 16 President Buildings |
Saville Street East |
Sheffield |
England |
S4 7UQ |
The parent of the largest group in which these financial statements are consolidated is Investment Partners (Guernsey) Limited, incorporated in Guernsey. |
The address of Investment Partners (Guernsey) Limited is: |
Martello Court |
Admiral Park |
St Peter Port |
Guernsey |
GY1 3HB |
H.E. Barnes Ltd (Registered number: 02793873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | RELATED PARTY DISCLOSURES |
31/3/23 | 31/3/22 |
£ | £ |
Management charges payable |
Amount due to related party |
No compensation was paid to key management personnel during the year. However during the year ended 31 March 2022 a total of key management personnel compensation of £ |
Key management personnel compensation excludes directors' remuneration which is disclosed separately in note 3. |