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Registered number: 02563265









BARMANS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
BARMANS LIMITED
 
 
COMPANY INFORMATION


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




COMPANY SECRETARY
R Bowskill



REGISTERED NUMBER
02563265



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 LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 24

 
BARMANS LIMITED
 
 
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 Company 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 Balance Sheet remained strong with net assets of £5.5 million (2022 - £5.6 million).
 
The directors are pleased with the performance during the year and believe that the Company 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 Company'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.

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




S Bowskill
Director

Date: 31 January 2024
Page 1

 
BARMANS 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 Company 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £325,545 (2022 - £663,900).

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 
S Bowskill 
K M Easter 
S J Goode 
P A Lochhead 

DIRECTORS' RESPONSIBILITIES STATEMENT

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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

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

FUTURE DEVELOPMENTS

The Company 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'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's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company 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 3

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

OPINION


We have audited the financial statements of Barmans Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 30 April 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 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 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 4

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


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 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, 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 Directors' Responsibilities Statement set out on page 2, 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 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.


Page 5

 
BARMANS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS 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 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 Company 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 Company including employment and health and safety legislation;
we obtained an understanding of the Company’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 Company’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 6

 
BARMANS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARMANS 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 7

 
BARMANS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
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
  
(2,643,915)
(3,341,111)

Other operating income
 5 
9,910
14,387

OPERATING PROFIT
 6 
494,695
884,376

Interest receivable and similar income
  
21
9

Interest payable and similar expenses
 10 
(76,760)
(28,100)

PROFIT BEFORE TAX
  
417,956
856,285

Tax on profit
 11 
(92,411)
(192,385)

PROFIT FOR THE FINANCIAL YEAR
  
325,545
663,900

The notes on pages 11 to 24 form part of these financial statements.
Page 8

 
BARMANS LIMITED
REGISTERED NUMBER: 02563265

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
216,312
-

Tangible assets
 14 
2,341,002
2,351,673

  
2,557,314
2,351,673

CURRENT ASSETS
  

Stocks
 15 
3,119,568
3,810,252

Debtors: amounts falling due within one year
 16 
3,607,894
3,723,728

Cash at bank and in hand
 17 
2,225
16,689

  
6,729,687
7,550,669

Creditors: amounts falling due within one year
 18 
(2,871,783)
(3,420,178)

NET CURRENT ASSETS
  
 
 
3,857,904
 
 
4,130,491

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,415,218
6,482,164

Creditors: amounts falling due after more than one year
 19 
(704,109)
(790,447)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(175,166)
(113,319)

NET ASSETS
  
5,535,943
5,578,398


CAPITAL AND RESERVES
  

Called up share capital 
 22 
99
99

Profit and loss account
 23 
5,535,844
5,578,299

  
5,535,943
5,578,398


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 11 to 24 form part of these financial statements.

Page 9

 
BARMANS LIMITED
 

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
99
5,430,399
5,430,498



Profit for the year
-
663,900
663,900

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



AT 1 MAY 2022
99
5,578,299
5,578,398



Profit for the year
-
325,545
325,545

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


AT 30 APRIL 2023
99
5,535,844
5,535,943


The notes on pages 11 to 24 form part of these financial statements.
Page 10

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

1.


GENERAL INFORMATION

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

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Barmans Holdings Limited as at 30 April 2023 and these financial statements may be obtained from UK Companies House.

 
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.

Page 11

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Company 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 Statement of Comprehensive Income 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.

 
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 Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 12

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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 operates and generates 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.

 
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.
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.
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 Company 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 13

 
BARMANS 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
-
25%
reducing balance
Fixtures and fittings
-
10%
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

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

Page 14

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company 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 Company 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.

 
2.20

FINANCIAL INSTRUMENTS

The Company 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.

 
2.21

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:
Depreciation - the charge in the year is based on the policies outlined in accounting policy 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.


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


Page 15

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

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 Company obtained the following services from the Company's auditors:


2023
2022
£
£

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

Page 16

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

8.


EMPLOYEES

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


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
58,944
78,161

Company contributions to defined contribution pension schemes
10,982
10,913

69,926
89,074


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


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
69,286
28,100

Other interest payable
7,474
-

76,760
28,100

Page 17

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

11.


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

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
417,956
856,285


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.49% (2022 - 19.00%)
81,473
162,694

EFFECTS OF:


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
13,126
27,197

Movement in deferred tax not recognised
2,261
-

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

Page 18

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

12.


DIVIDENDS

2023
2022
£
£


Dividends paid on equity capital
368,000
516,000


13.


INTANGIBLE ASSETS




Website development

£



COST


Additions
216,312



At 30 April 2023

216,312






NET BOOK VALUE



At 30 April 2023
216,312



At 30 April 2022
-



Page 19

 


 
BARMANS LIMITED


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


14.


TANGIBLE FIXED ASSETS






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 20

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

15.


STOCKS

2023
2022
£
£

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

3,119,568
3,810,252



16.


DEBTORS

2023
2022
£
£

Trade debtors
650,178
480,863

Amounts owed by group undertakings
2,632,837
2,631,737

Other debtors
76,046
177,088

Prepayments and accrued income
248,833
434,040

3,607,894
3,723,728



17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
2,225
16,689

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

(525,477)
(141,818)


Page 21

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

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
527,702
158,507

Bank loans
79,356
77,766

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

Corporation tax
195,586
158,071

Other taxation and social security
491,981
267,935

Other creditors
186,479
183,349

Accruals and deferred income
290,478
280,511

2,871,783
3,420,178


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


19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
704,109
790,447



20.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Bank loans falling due within one year
79,356
77,766

Bank loans falling due 1-2 years
84,627
75,948

Bank loans falling due 2-5 years
293,096
253,346

Bank loans falling due after more than 5 years
326,386
461,153

783,465
868,213


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 Company. 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 22

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

21.


DEFERRED TAXATION




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:

2023
2022
£
£


Accelerated capital allowances
176,057
114,454

Other timing differences
(891)
(1,135)

175,166
113,319


22.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



99 (2022 - 99) Ordinary shares of £1.00 each
99
99



23.


RESERVES

Profit and loss account

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


24.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company 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.

Page 23

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

25.


COMMITMENTS UNDER OPERATING LEASES

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

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


26.


RELATED PARTY TRANSACTIONS

Barmans Holdings Limited
The parent Company, 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
Included within other creditors due within one year are loan balances of £100,000 (2022 - £NIL) due to the directors. No interest is charged on loan accounts.


27.


CONTROLLING PARTY

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Barmans Holdings Limited, which holds 100% of the Company's issued share capital. The consolidated financial statements of Barmans Holdings Limited may be obtained from UK Companies House.
The ultimate controlling party is S Bowskill by vitrue of his majority shareholding in Barmans Holdings Limited.
 
Page 24