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Registered number: 08945540









BARMANS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
BARMANS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
A G Bowskill 
B Bowskill 
R Bowskill 
S Bowskill 
K M Easter 
S J Goode 
P A Lochhead 




COMPANY SECRETARY
R Bowskill



REGISTERED NUMBER
08945540



REGISTERED OFFICE
8 Saxon Way
Melbourn

Royston

Hertfordshire

SG8 6DN




INDEPENDENT AUDITORS
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA





 
BARMANS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Profit and Loss Account
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 32


 
BARMANS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

INTRODUCTION
 
The directors present their strategic report and business review, which includes the principal risks and uncertainties of the business and key performance indicators.

BUSINESS REVIEW
 
The Group recorded a fall in turnover of 27%. Turnover for the year ended 30 April 2023 was in line with expectations at £12.4 million (2022 - £17.0 million).
The Group reported a marginal loss in 2023 however this arises from non-trading adjustments for amortisation of goodwill on consolidated and fair value accounting on loan notes. The directors are pleased to note that the underlying Group performance is comfortably profitable. 
The Balance Sheet remained strong with net assets of £1.9 million (2022 - £2.3 million).
 
The directors are pleased with the performance during the year and believe that the Group is in a strong position to sustain growth and expand its market share as it continues to actively explore new opportunities and relationships. It will continue to invest into sales and marketing initiatives, brand recognition and innovative new products.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors consider the Group's exposure to risks on an ongoing basis and put in place policies and procedures to mitigate these risks and undertake regular reviews. 
With the current economic climate the directors continue to monitor and manage the financial risks associated with increased inflation, including currency fluctuations and interest rate hikes evaluating the potential impact of these and use financial instruments and business objectives to reduce its exposure. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors monitor various key performance indicators in all areas of the business, which include:
 
Stock holding
Fulfilment time
Customer satisfaction 
Returns
Dispatch productivity
Health & safety
Staff attrition and welfare
Packaging waste
Sales growth
By implementing the strategic initiatives along with the KPI’s, we aim to strengthen our competitive position, enhance customer experience, and achieve long-term success in the market.
Page 1

 
BARMANS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


This report was approved by the board and signed on its behalf by:




S Bowskill
Director

Date: 31 January 2024

Page 2

 
BARMANS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

PRINCIPAL ACTIVITY

The principal activity of the Group was that of the retail of bar, glassware, tableware and catering equipment and the supply of goods to the licensed and catering industry via the internet and mail order.
The principal activity of the Company was that of a holding company.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £10,041 (2022 - profit £334,373).

The dividends paid during the year amounted to £368,000 (2022 - £516,000).

DIRECTORS

The directors who served during the year were:

A G Bowskill 
B Bowskill 
R Bowskill 
S Bowskill 
K M Easter 
S J Goode 
P A Lochhead 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
BARMANS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

FUTURE DEVELOPMENTS

The Group will continue to develop the product range and increase the customer base gaining further expansion in other markets.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsPeters Elworthy & Moorewill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





S Bowskill
Director

Date: 31 January 2024

Page 4

 
BARMANS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS HOLDINGS LIMITED
 

OPINION


We have audited the financial statements of Barmans Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 April 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
BARMANS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS HOLDINGS LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


OPINION 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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
BARMANS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS HOLDINGS LIMITED (CONTINUED)



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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
we identified the laws and regulations applicable to the Group through discussions with the directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including FRS 102, the Companies Act 2006 and taxation legislation, or the operations of the Group including employment and health and safety legislation;
we obtained an understanding of the Group’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:
 
tested the appropriateness of journal entries and other adjustments;
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the
validity of such postings;
assessed whether the accounting judgements made in the financial statements were indicative of potential
bias; and
evaluated the business rationale of any significant transactions that were unusual or outside the normal
course of business.

 
Page 7

 
BARMANS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS HOLDINGS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Edward Napper (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditors
  
Salisbury House
Station Road
Cambridge
CB1 2LA

31 January 2024
Page 8

 
BARMANS HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,355,779
16,975,696

Cost of sales
  
(9,227,079)
(12,764,596)

GROSS PROFIT
  
3,128,700
4,211,100

Administrative expenses
  
(2,894,770)
(3,591,697)

Other operating income
 5 
9,910
14,387

OPERATING PROFIT
 6 
243,840
633,790

Interest receivable and similar income
 10 
21
9

Interest payable and similar expenses
 11 
(161,491)
(107,041)

PROFIT BEFORE TAX
  
82,370
526,758

Tax on profit
 12 
(92,411)
(192,385)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(10,041)
334,373

(LOSS)/PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent
  
(10,041)
334,373

  
(10,041)
334,373

The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
BARMANS HOLDINGS LIMITED
REGISTERED NUMBER: 08945540

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 15 
466,863
501,106

Tangible assets
 16 
2,341,002
2,351,673

  
2,807,865
2,852,779

CURRENT ASSETS
  

Stocks
 18 
3,119,568
3,810,252

Debtors: amounts falling due within one year
 19 
975,557
1,091,991

Cash at bank and in hand
 20 
2,710
16,774

  
4,097,835
4,919,017

Creditors: amounts falling due within one year
 21 
(4,138,006)
(3,446,168)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(40,171)
 
 
1,472,849

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,767,694
4,325,628

Creditors: amounts falling due after more than one year
 22 
(704,109)
(1,945,849)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
  
(175,166)
(113,319)

NET ASSETS
  
1,888,419
2,266,460


CAPITAL AND RESERVES
  

Called up share capital 
 25 
10
10

Profit and loss account
 26 
1,888,409
2,266,450

  
1,888,419
2,266,460


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Bowskill
Director

Date: 31 January 2024

The notes on pages 15 to 32 form part of these financial statements.

Page 10

 
BARMANS HOLDINGS LIMITED
REGISTERED NUMBER: 08945540

COMPANY BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 17 
3,919,600
3,919,500

  
3,919,600
3,919,500

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 19 
1,000
-

Cash at bank and in hand
 20 
30
85

  
1,030
85

Creditors: amounts falling due within one year
 21 
(3,898,960)
(2,657,727)

NET CURRENT LIABILITIES
  
 
 
(3,897,930)
 
 
(2,657,642)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
21,670
1,261,858

  

Creditors: amounts falling due after more than one year
 22 
-
(1,155,402)

  

NET ASSETS
  
21,670
106,456


CAPITAL AND RESERVES
  

Called up share capital 
 25 
10
10

Profit and loss account
 26 
21,660
106,446

  
21,670
106,456


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Bowskill
Director

Date: 31 January 2024

The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
BARMANS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 MAY 2021
10
2,448,077
2,448,087



Profit for the year
-
334,373
334,373

Dividends paid
-
(516,000)
(516,000)



AT 1 MAY 2022
10
2,266,450
2,266,460



Loss for the year
-
(10,041)
(10,041)

Dividends paid
-
(368,000)
(368,000)


AT 30 APRIL 2023
10
1,888,409
1,888,419


The notes on pages 15 to 32 form part of these financial statements.

Page 12

 
BARMANS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 MAY 2021
10
185,418
185,428



Profit for the year
-
437,028
437,028

Dividends paid
-
(516,000)
(516,000)



AT 1 MAY 2022
10
106,446
106,456



Profit for the year
-
283,214
283,214

Dividends paid
-
(368,000)
(368,000)


AT 30 APRIL 2023
10
21,660
21,670


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
BARMANS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
(10,041)
334,373

ADJUSTMENTS FOR:

Amortisation of intangible assets
250,555
250,555

Depreciation of tangible assets
152,385
130,641

Loss on disposal of tangible assets
80
-

Interest paid
161,491
107,041

Interest received
(21)
(9)

Taxation charge
92,411
192,385

Decrease/(increase) in stocks
690,684
(1,145,012)

Decrease/(increase) in debtors
116,434
(276,180)

(Decrease)/increase in creditors
(1,056,595)
946,001

Corporation tax received/(paid)
6,951
(342,057)

NET CASH GENERATED FROM OPERATING ACTIVITIES

404,334
197,738


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
(216,312)
-

Purchase of tangible fixed assets
(141,794)
(228,867)

Interest received
21
9

NET CASH FROM INVESTING ACTIVITIES

(358,085)
(228,858)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(84,748)
(593,496)

Loans due from/(repaid to) directors
100,000
-

Dividends paid
(368,000)
(516,000)

Interest paid
(76,760)
(28,100)

NET CASH USED IN FINANCING ACTIVITIES
(429,508)
(1,137,596)

(DECREASE) IN CASH AND CASH EQUIVALENTS
(383,259)
(1,168,716)

Cash and cash equivalents at beginning of year
(141,733)
1,026,983

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
(524,992)
(141,733)


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,710
16,774

Bank overdrafts
(527,702)
(158,507)

(524,992)
(141,733)


Page 14

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Barmans Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 8 Saxon Way, Melbourn, Royston, Hertfordshire, SG8 6DN.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.

Page 15

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Group in respect of goods sold during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised on the date the goods are received by the customer.

 
2.5

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

 
2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After initial recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Profit and Loss Account over its useful economic life.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

As assessment of the estimated useful life of website development will be made once the asset is brought into use.

 
2.14

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.14
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Property improvements
-
over the period of the lease
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
10%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, and after making due allowance for obsolete and slow moving stocks. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.21

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.22

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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:
Amortisation / depreciation - the charge in the year is based on the policies outlined in accounting policies 2.13 and 2.14.
Stock - provisions are recognised for slow moving and obsolete stock and are reviewed on an annual basis. The directors review all old and slow moving items and consider whether a provision is required.

Page 20

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


TURNOVER

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
12,322,767
16,926,137

Rest of Europe
33,012
49,559

12,355,779
16,975,696



5.


OTHER OPERATING INCOME

2023
2022
£
£

Government grants receivable
-
4,988

Sundry income
9,910
9,399

9,910
14,387


Government grants represent amounts receivable under the Coronavirus Business Interruption Loan Scheme (CBILS) of £NIL (2022 - £4,988).


6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(40)
(8,770)

Other operating lease rentals
121,098
106,741


7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,150
9,890

Page 21

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,718,160
1,944,778
-
-

Social security costs
149,961
162,750
-
-

Cost of defined contribution scheme
44,042
44,070
-
-

1,912,163
2,151,598
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Warehouse
44
57



Office
40
41

84
98


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
73,492
89,586

Group contributions to defined contribution pension schemes
11,163
10,913

84,655
100,499


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.


10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
21
9

Page 22

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
69,286
28,100

Other loan interest payable
84,731
78,941

Other interest payable
7,474
-

161,491
107,041


12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
35,842
158,071

Adjustments in respect of previous periods
(5,278)
-

TOTAL CURRENT TAX
30,564
158,071

DEFERRED TAX


Origination and reversal of timing differences
61,847
9,365

Changes to tax rates
-
24,949

TOTAL DEFERRED TAX
61,847
34,314


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
92,411
192,385
Page 23

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19.49% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
82,370
526,758


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.49% (2022 - 19.00%)
16,104
100,084

EFFECTS OF:


Amortisation of goodwill not deductible for tax purposes
48,841
47,605

Expenses not deductible for tax purposes
117
577

Fixed asset differences
712
1,917

Adjustments to tax charge in respect of prior periods
(5,278)
-

Remeasurement of deferred tax for changes in tax rates
8,457
41,286

Movement in deferred tax not recognised
23,458
916

TOTAL TAX CHARGE FOR THE YEAR
92,411
192,385


13.


DIVIDENDS

2023
2022
£
£


Dividends paid on equity capital
368,000
516,000

368,000
516,000


14.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £283,214 (2022 - £437,028).

Page 24

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


INTANGIBLE ASSETS

Group





Computer software
Goodwill
Total

£
£
£



COST


At 1 May 2022
-
2,505,546
2,505,546


Additions
216,312
-
216,312



At 30 April 2023

216,312
2,505,546
2,721,858



AMORTISATION


At 1 May 2022
-
2,004,440
2,004,440


Charge for the year on owned assets
-
250,555
250,555



At 30 April 2023

-
2,254,995
2,254,995



NET BOOK VALUE



At 30 April 2023
216,312
250,551
466,863



At 30 April 2022
-
501,106
501,106



Page 25

 


 
BARMANS HOLDINGS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


16.


TANGIBLE FIXED ASSETS


Group







Freehold property
Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£
£



COST


At 1 May 2022
1,969,523
264,371
121,868
68,246
470,886
171,638
3,066,532


Additions
-
33,107
78,875
-
16,470
13,342
141,794


Disposals
-
-
-
(458)
-
-
(458)



At 30 April 2023

1,969,523
297,478
200,743
67,788
487,356
184,980
3,207,868



DEPRECIATION


At 1 May 2022
273,363
82,624
55,369
36,694
160,939
105,870
714,859


Charge for the year on owned assets
43,057
20,657
29,421
7,888
32,434
18,928
152,385


Disposals
-
-
-
(378)
-
-
(378)



At 30 April 2023

316,420
103,281
84,790
44,204
193,373
124,798
866,866



NET BOOK VALUE



At 30 April 2023
1,653,103
194,197
115,953
23,584
293,983
60,182
2,341,002



At 30 April 2022
1,696,160
181,747
66,499
31,552
309,947
65,768
2,351,673

Page 26

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 May 2022
3,919,500


Additions
100



At 30 April 2023
3,919,600






NET BOOK VALUE



At 30 April 2023
3,919,600



At 30 April 2022
3,919,500


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Barmans Limited
Ordinary
100%
Barmans Property Limited
Ordinary
100%


18.


STOCKS

Group
Group
2023
2022
£
£

Finished goods and goods for resale
3,119,568
3,810,252

3,119,568
3,810,252


.

Page 27

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
650,178
480,863
-
-

Amounts owed by group undertakings
-
-
500
-

Other debtors
76,546
177,088
500
-

Prepayments and accrued income
248,833
434,040
-
-

975,557
1,091,991
1,000
-



20.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,710
16,774
30
85

Less: bank overdrafts
(527,702)
(158,507)
-
-

(524,992)
(141,733)
30
85



21.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
527,702
158,507
-
-

Bank loans
79,356
77,766
-
-

Other loans
1,240,133
-
1,240,133
-

Trade creditors
1,100,201
2,294,039
-
-

Amounts owed to group undertakings
-
-
2,632,837
2,631,737

Corporation tax
195,586
158,071
-
-

Other taxation and social security
491,981
267,935
-
-

Other creditors
212,569
209,339
25,990
25,990

Accruals and deferred income
290,478
280,511
-
-

4,138,006
3,446,168
3,898,960
2,657,727


Bank overdrafts are secured by a fixed and floating charge over the assets of the Group.

Page 28

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
704,109
790,447
-
-

Other loans
-
1,155,402
-
1,155,402

704,109
1,945,849
-
1,155,402





23.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
79,356
77,766
-
-

Other loans
1,240,133
-
1,240,133
-

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
84,627
75,948
-
-

Other loans
-
1,155,402
-
1,155,402

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
293,096
253,346
-
-


293,096
253,346
-
-

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
326,386
461,153
-
-

2,023,598
2,023,615
1,240,133
1,155,402


The bank loan is secured against the freehold property at Hamstead Avenue, Mildenhall and by a fixed and floating charge over the assets of the Group. It is repayable in equal monthly instalments over a fifteen year period beginning in September 2015 and bears interest at a rate of 1.88% per annum over the Bank of England Base Rate.

Page 29

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

24.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
113,319
79,005


Charged to profit or loss
61,847
34,314



AT END OF YEAR
175,166
113,319

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
176,057
114,454

Other timing differences
(891)
(1,135)

175,166
113,319


25.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) Ordinary A shares of £0.01 each
1.00
1.00
550 (2022 - 550) Ordinary B shares of £0.01 each
5.50
5.50
250 (2022 - 250) Ordinary C shares of £0.01 each
2.50
2.50
20 (2022 - 20) Ordinary D shares of £0.01 each
0.20
0.20
40 (2022 - 40) Ordinary E shares of £0.01 each
0.40
0.40
40 (2022 - 40) Ordinary F shares of £0.01 each
0.40
0.40

10.00

10.00



26.


RESERVES

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 30

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
27.


ANALYSIS OF NET DEBT





At 1 May 2022
Cash flows
Other non-cash changes
At 30 April 2023
£

£

£

£

Cash at bank and in hand

16,774

(14,064)

-

2,710

Bank overdrafts

(158,507)

(369,195)

-

(527,702)

Debt due after 1 year

(1,945,849)

86,338

1,155,402

(704,109)

Debt due within 1 year

(78,766)

(101,690)

(1,240,133)

(1,420,589)



(2,166,348)
(398,611)
(84,731)
(2,649,690)


28.


PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost represents contributions payable by the Group to the fund and amounted to £44,042 (2022 - £44,070). Contributions totalling £7,938 (2022 - £9,081) were payable to the fund at the balance sheet date and are included within other creditors.


29.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
109,257
94,223

Later than 1 year and not later than 5 years
380,952
360,000

Later than 5 years
39,945
129,945

530,154
584,168
The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 31

 
BARMANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

30.


RELATED PARTY TRANSACTIONS

Barmans Limited
Barmans Holdings Limited prepares consolidated group accounts and accordingly the company has taken advantage of the exemptions contained within FRS 102 paragraph 33.1A to not disclose transactions with group undertakings.
 
Bowmoore Properties
During the year the Group was charged rent of £90,000 (2022 - £90,000) by Bowmoore Properties, a partnership in which B Bowskill and S Bowskill, Directors of Barmans Holdings Limited, hold a beneficial interest. There was no balance outstanding at the year end (2022 - £NIL).
 
Transactions with Directors
During the year the Company paid dividends of £368,000 (2022 - £516,000) to directors and their close family members.
 
Included within other creditors due within one year are loan balances of £125,990 (2022 - £25,990) due to the directors. No interest is charged on loan accounts.
Also included within other creditors due greater than one year are loan balances of £1,240,133 (2022 - £1,115,402) due to the directors. Of these balances, 'E' Loan notes totalling £1,240,133 (2022 - £1,115,402) incurred no interest.


31.


CONTROLLING PARTY

The ultimate controlling party is S Bowskill, who holds a majority interest in the Company's share capital.

 
Page 32