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REGISTERED NUMBER: 02793873 (England and Wales)















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: S J Bennett
C Bennett
M Burkinshaw
P Dobson
N C Pollard



REGISTERED OFFICE: Unit 16
President Buildings
Savile Street East
Sheffield
South Yorkshire
S4 7UQ



REGISTERED NUMBER: 02793873 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Barclays Bank
10-12 Pinstone Street
Sheffield
South Yorkshire
S1 2HN



SOLICITORS: Wake Smith LLP
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:





N C Pollard - Director


21 June 2023

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.

S J Bennett
C Bennett
M Burkinshaw
P Dobson
N C Pollard

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:





N C Pollard - Director


21 June 2023

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.




Robert Hampstead (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

23 June 2023

H.E. Barnes Ltd (Registered number: 02793873)

Income Statement
for the Year Ended 31 March 2023

31/3/23 31/3/22
Notes £    £   

TURNOVER 31,755,570 30,669,230

Cost of sales (25,265,092 ) (23,927,060 )
GROSS PROFIT 6,490,478 6,742,170

Administrative expenses (5,138,055 ) (4,861,785 )
1,352,423 1,880,385

Other operating income 10,099 70,455
OPERATING PROFIT 4 1,362,522 1,950,840

Interest receivable and similar income 10,770 1,808
1,373,292 1,952,648

Interest payable and similar expenses 5 (27 ) (1,310 )
PROFIT BEFORE TAXATION 1,373,265 1,951,338

Tax on profit 6 (268,229 ) (393,338 )
PROFIT FOR THE FINANCIAL YEAR 1,105,036 1,558,000

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 1,105,036 1,558,000


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,105,036

1,558,000

H.E. Barnes Ltd (Registered number: 02793873)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Intangible assets 8 - 367
Tangible assets 9 196,932 264,551
196,932 264,918

CURRENT ASSETS
Stocks 10 45,817 54,888
Debtors 11 5,616,899 3,089,574
Cash at bank and in hand 3,612,472 3,463,355
9,275,188 6,607,817
CREDITORS
Amounts falling due within one year 12 (6,480,769 ) (4,383,255 )
NET CURRENT ASSETS 2,794,419 2,224,562
TOTAL ASSETS LESS CURRENT LIABILITIES 2,991,351 2,489,480

PROVISIONS FOR LIABILITIES 14 (330,974 ) (327,507 )
NET ASSETS 2,660,377 2,161,973

CAPITAL AND RESERVES
Called up share capital 15 11,666 11,666
Retained earnings 16 2,648,711 2,150,307
SHAREHOLDERS' FUNDS 2,660,377 2,161,973

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2023 and were signed on its behalf by:





N C Pollard - Director


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 11,666 2,097,221 2,108,887

Changes in equity
Dividends - (1,504,914 ) (1,504,914 )
Total comprehensive income - 1,558,000 1,558,000
Balance at 31 March 2022 11,666 2,150,307 2,161,973

Changes in equity
Dividends - (606,632 ) (606,632 )
Total comprehensive income - 1,105,036 1,105,036
Balance at 31 March 2023 11,666 2,648,711 2,660,377

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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 4,172,319 3,819,465
Social security costs 498,364 474,856
Other pension costs 118,185 128,286
4,788,868 4,422,607

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
83 79

31/3/23 31/3/22
£    £   
Directors' remuneration 428,597 503,434
Directors' pension contributions to money purchase schemes 24,321 23,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31/3/23 31/3/22
£    £   
Emoluments etc 149,861 134,049
Pension contributions to money purchase schemes 4,000 4,000

4. OPERATING PROFIT

The operating profit is stated after charging:

31/3/23 31/3/22
£    £   
Hire of plant and machinery 365,617 497,297
Other operating leases 152,035 164,891
Depreciation - owned assets 104,599 98,150
Computer software amortisation 367 2,204
Auditors' remuneration 19,550 15,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/23 31/3/22
£    £   
Other interest payable 27 1,310

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 291,364 392,154

Deferred tax (23,135 ) 1,184
Tax on profit 268,229 393,338

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 1,373,265 1,951,338
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

260,920

370,754

Effects of:
Expenses not deductible for tax purposes 22,586 16,119
Adjustments to tax charge in respect of previous periods (12,795 ) -
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 606,632 1,504,914

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 40,055
AMORTISATION
At 1 April 2022 39,688
Amortisation for year 367
At 31 March 2023 40,055
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 367

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 3,271 297,551 313,232 614,054
Additions 795 20,610 15,575 36,980
At 31 March 2023 4,066 318,161 328,807 651,034
DEPRECIATION
At 1 April 2022 1,771 103,845 243,887 349,503
Charge for year 950 55,653 47,996 104,599
At 31 March 2023 2,721 159,498 291,883 454,102
NET BOOK VALUE
At 31 March 2023 1,345 158,663 36,924 196,932
At 31 March 2022 1,500 193,706 69,345 264,551

10. STOCKS
31/3/23 31/3/22
£    £   
Stocks 45,817 54,888

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 2,431,324 852,626
Amounts owed by group undertakings 31,000 40,708
Amounts recoverable on contracts 2,224,933 1,455,564
Other debtors 14 624
VAT 347,202 328,596
Prepayments and accrued income 582,426 411,456
5,616,899 3,089,574

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 4,392,682 1,841,164
Amounts owed to group undertakings 4,350 -
Tax 191,387 192,177
Social security and other taxes 221,030 154,879
Pension liability 39,040 51,748
Accruals and deferred income 1,632,280 2,143,287
6,480,769 4,383,255

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/23 31/3/22
£    £   
Within one year 118,819 149,271
Between one and five years 123,947 237,675
242,766 386,946

14. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax 3,804 26,939
Defect costs 327,170 300,568
330,974 327,507

Deferred Defect
tax costs
£    £   
Balance at 1 April 2022 26,939 300,568
(Credit)/charge to Income Statement during year (23,135 ) 26,602
Balance at 31 March 2023 3,804 327,170

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: £    £   
11,666 Ordinary £1 11,666 11,666

16. RESERVES
Retained
earnings
£   

At 1 April 2022 2,150,307
Profit for the year 1,105,036
Dividends (606,632 )
At 31 March 2023 2,648,711

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

Entities with control, joint control or significant influence over the entity
31/3/23 31/3/22
£    £   
Management charges payable 518,654 439,000
Amount due to related party 465,654 400,000

The above relates to Investment Partners (Guernsey) Limited.

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 £ 125,226 was paid.

Key management personnel compensation excludes directors' remuneration which is disclosed separately in note 3.