Company registration number 09692813 (England and Wales)
BARRITT BROTHERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BARRITT BROTHERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BARRITT BROTHERS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,899
Tangible assets
4
275
930
Investments
5
173,573
142,178
173,848
147,007
Current assets
Debtors
7
76,712
81,689
Cash at bank and in hand
29,522
82,375
106,234
164,064
Creditors: amounts falling due within one year
8
(5,602)
(54,992)
Net current assets
100,632
109,072
Total assets less current liabilities
274,480
256,079
Provisions for liabilities
(6,836)
Net assets
267,644
256,079
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
267,544
255,979
Total equity
267,644
256,079
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 4 March 2024
Mr B M Barritt
Director
Company Registration No. 09692813
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Barritt Brothers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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 promotional 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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Sports equipment
25% on cost
Fixtures and fittings
25% on cost
1.5
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs. Listed fixed asset investments are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
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.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Share warrants
£
Cost
At 1 August 2022
3,899
Disposals
(3,899)
At 31 July 2023
Amortisation and impairment
At 1 August 2022 and 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022
3,899
4
Tangible fixed assets
Sports equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
8,676
451
9,127
Depreciation and impairment
At 1 August 2022
8,134
63
8,197
Depreciation charged in the year
542
113
655
At 31 July 2023
8,676
176
8,852
Carrying amount
At 31 July 2023
275
275
At 31 July 2022
542
388
930
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Fixed asset investments
2023
2022
£
£
Investments
173,573
142,178
Fixed asset investments revalued
Investments have been revalued to reflect the current share price.
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 August 2022
40
142,138
142,178
Additions
-
3,899
3,899
Valuation changes
-
27,496
27,496
At 31 July 2023
40
173,533
173,573
Carrying amount
At 31 July 2023
40
173,533
173,573
At 31 July 2022
40
142,138
142,178
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TTCR Cape Town (PTY) lTD
2b Warblers Grove
Warblers Way
Constantia
Cape Town
Western Cape
7806
Ordinary
40.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,302
Other debtors
74,410
81,689
76,712
81,689
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
402
Corporation tax
37,018
Other creditors
5,602
17,572
5,602
54,992
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
100
100
100
100
10
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £3,902 (2022 - £16,472) and is included in creditors: amounts falling due within one year.
BARRITT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
11
Related party transactions
Included in other debtors is an amount of £0 (2022 - £7,367) for a loan to Tiki Tonga Coffee Limited, a company with the same director. This amount is included in debtors: amounts falling due within one year.
Included in other debtors is an amount of £74,410 (2022 - £74,310) for a loan to TTCR Cape Town (PTY) Ltd, which Barritt Brothers Limited has a 40% shareholding and with the same director.