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Bartlett Contractors Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2023

Registration number: 03815196

 

Bartlett Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Bartlett Contractors Limited

Company Information

Directors

Mr R J Bartlett

Ms T M Bartlett

Mr G M Boon

Mr M F Bere

Company secretary

Ms T M Bartlett

Registered office

Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Bartlett Contractors Limited

Balance Sheet

30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

2,920,773

2,855,175

Investments

7

70,000

70,000

 

2,990,773

2,925,175

Current assets

 

Stocks

1,651,879

1,632,215

Debtors

8

918,621

604,914

 

2,570,500

2,237,129

Creditors: Amounts falling due within one year

10

(2,340,955)

(2,086,124)

Net current assets

 

229,545

151,005

Total assets less current liabilities

 

3,220,318

3,076,180

Creditors: Amounts falling due after more than one year

10

(619,423)

(733,628)

Provisions for liabilities

(418,898)

(505,105)

Net assets

 

2,181,997

1,837,447

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,181,897

1,837,347

Shareholders' funds

 

2,181,997

1,837,447

 

Bartlett Contractors Limited

Balance Sheet

30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 January 2024 and signed on its behalf by:
 

.........................................
Ms T M Bartlett
Director

Company Registration Number: 03815196

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

The principal place of business is:
Steart's Yard
Hinton St Mary
Sturminster Newton
Dorset
DT10 1ND

These financial statements were authorised for issue by the Board on 10 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

4% straight line basis

Plant & machinery

10% - 33% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line basis over 2 - 20 years

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost represents the purchase price of goods. Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision has been made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2022 - 34).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

553

15,082

UK corporation tax adjustment to prior periods

-

(2,225)

553

12,857

Deferred taxation

Arising from origination and reversal of timing differences

(86,207)

88,545

Tax (receipt)/expense in the income statement

(85,654)

101,402

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

360,005

360,005

At 30 September 2023

360,005

360,005

Amortisation

At 1 October 2022

360,005

360,005

At 30 September 2023

360,005

360,005

Carrying amount

At 30 September 2023

-

-

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

211,746

6,154,488

6,366,234

Additions

4,900

824,578

829,478

Disposals

-

(620,054)

(620,054)

At 30 September 2023

216,646

6,359,012

6,575,658

Depreciation

At 1 October 2022

3,665

3,507,394

3,511,059

Charge for the year

80

635,121

635,201

Eliminated on disposal

-

(491,375)

(491,375)

At 30 September 2023

3,745

3,651,140

3,654,885

Carrying amount

At 30 September 2023

212,901

2,707,872

2,920,773

At 30 September 2022

208,081

2,647,094

2,855,175

Included within the net book value of land and buildings above is £208,081 (2022 - £208,081) in respect of freehold land and buildings.
 

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

70,000

70,000

Subsidiaries

£

Cost or valuation

At 1 October 2022

70,000

Provision

Carrying amount

At 30 September 2023

70,000

At 30 September 2022

70,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Marnhull Stone Limited

Stearts Yard, Hinton St Mary, Sturminster Newton, Dorset, DT10 1NA

England and Wales

Ordinary £1 shares

100%

100%

Subsidiary undertakings

Marnhull Stone Limited

The principal activity of Marnhull Stone Limited is the extraction, processing and sale of stone.

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

8

Debtors

2023
£

2022
£

Trade debtors

775,410

426,395

Prepayments

83,635

126,043

Other debtors

59,576

52,476

918,621

604,914

9

Related party transactions

Summary of transactions with all subsidiaries

Marnhull Stone Limited
 At the year end a total of £77,996 (2022: £54,808) of trade debt which has been fully provided against.
 

 

Bartlett Contractors Limited

Notes to the Financial Statements

Year Ended 30 September 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

783,877

952,586

Trade creditors

 

1,141,352

687,266

Corporation tax

 

553

15,082

Taxation and social security

 

359,037

310,071

Other creditors

 

27,000

98,846

Accruals and deferred income

 

29,136

22,273

 

2,340,955

2,086,124

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

619,423

733,628

11

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

19,167

63,689

HP and finance lease liabilities

600,256

669,939

619,423

733,628

2023
£

2022
£

Current loans and borrowings

Bank borrowings

45,355

83,500

Bank overdrafts

284,737

455,894

HP and finance lease liabilities

453,785

413,192

783,877

952,586

The bank loan is secured by a floating charge that covers all of the property owned by the company.