Company registration number 10429813 (England and Wales)
R & M BARROW DRY LINING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
R & M BARROW DRY LINING LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
R & M BARROW DRY LINING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF R & M BARROW DRY LINING LTD FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R & M Barrow Dry Lining Ltd for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of R & M Barrow Dry Lining Ltd, as a body, in accordance with the terms of our engagement letter dated 30 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of R & M Barrow Dry Lining Ltd and state those matters that we have agreed to state to the board of directors of R & M Barrow Dry Lining Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & M Barrow Dry Lining Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that R & M Barrow Dry Lining Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R & M Barrow Dry Lining Ltd. You consider that R & M Barrow Dry Lining Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R & M Barrow Dry Lining Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets
19 February 2024
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
R & M BARROW DRY LINING LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,122
9,232
Current assets
Debtors
4
509,474
258,213
Cash at bank and in hand
42,147
56,425
551,621
314,638
Creditors: amounts falling due within one year
5
(123,124)
(75,287)
Net current assets
428,497
239,351
Total assets less current liabilities
435,619
248,583
Creditors: amounts falling due after more than one year
6
-
0
(354)
Provisions for liabilities
(1,353)
(1,754)
Net assets
434,266
246,475
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
7
434,264
246,473
Total equity
434,266
246,475

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

R & M BARROW DRY LINING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
Mr M Barrow
Mr R Barrow
Director
Director
Company Registration No. 10429813
R & M BARROW DRY LINING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

R & M Barrow Dry Lining Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Orchard Cottages, Tanners Road, Landkey, Devon, United Kingdom, EX32 0NQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

R & M BARROW DRY LINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

R & M BARROW DRY LINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
2,267
936
23,290
26,493
Depreciation and impairment
At 1 November 2022
733
494
16,034
17,261
Depreciation charged in the year
230
66
1,814
2,110
At 31 October 2023
963
560
17,848
19,371
Carrying amount
At 31 October 2023
1,304
376
5,442
7,122
At 31 October 2022
1,534
442
7,256
9,232
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
238,491
100,426
Other debtors
270,983
157,787
509,474
258,213
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
12,621
Corporation tax
119,761
58,298
Other creditors
3,363
4,368
123,124
75,287
R & M BARROW DRY LINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
354
7
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
246,473
153,221
Profit for the year
271,791
169,252
Dividends declared and paid in the year
(84,000)
(76,000)
At the end of the year
434,264
246,473
2023-10-312022-11-01false19 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M BarrowMr R Barrowfalse104298132022-11-012023-10-31104298132023-10-31104298132022-10-3110429813core:PlantMachinery2023-10-3110429813core:ComputerEquipment2023-10-3110429813core:MotorVehicles2023-10-3110429813core:PlantMachinery2022-10-3110429813core:ComputerEquipment2022-10-3110429813core:MotorVehicles2022-10-3110429813core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3110429813core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3110429813core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3110429813core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3110429813core:CurrentFinancialInstruments2023-10-3110429813core:CurrentFinancialInstruments2022-10-3110429813core:ShareCapital2023-10-3110429813core:ShareCapital2022-10-3110429813core:RetainedEarningsAccumulatedLosses2023-10-3110429813core:RetainedEarningsAccumulatedLosses2022-10-3110429813core:RetainedEarningsAccumulatedLosses2022-10-3110429813core:RetainedEarningsAccumulatedLosses2021-10-3110429813bus:Director12022-11-012023-10-3110429813bus:Director22022-11-012023-10-3110429813core:PlantMachinery2022-11-012023-10-3110429813core:ComputerEquipment2022-11-012023-10-3110429813core:MotorVehicles2022-11-012023-10-31104298132021-11-012022-10-3110429813core:PlantMachinery2022-10-3110429813core:ComputerEquipment2022-10-3110429813core:MotorVehicles2022-10-31104298132022-10-3110429813core:WithinOneYear2023-10-3110429813core:WithinOneYear2022-10-3110429813core:Non-currentFinancialInstruments2023-10-3110429813core:Non-currentFinancialInstruments2022-10-3110429813bus:PrivateLimitedCompanyLtd2022-11-012023-10-3110429813bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3110429813bus:FRS1022022-11-012023-10-3110429813bus:AuditExemptWithAccountantsReport2022-11-012023-10-3110429813bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP