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REGISTERED NUMBER: 13362546 (England and Wales)













Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Blue Barn Group Limited

Blue Barn Group Limited (Registered number: 13362546)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Blue Barn Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M D M Jones
Mrs A C Jones





REGISTERED OFFICE: 1 Mount Pleasant Way
Stokesley Business Park
Stokesley
North Yorkshire
TS9 5NZ





REGISTERED NUMBER: 13362546 (England and Wales)





AUDITORS: Anderson Barrowcliff LLP
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Blue Barn Group Limited (Registered number: 13362546)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group continues to seek growth and to capitalise on economies of scale. The results for the year show turnover has increased to £38,218,588 from £33,746,181 in 2022, Gross profit margin remains consistent with the prior year at 17.9% (2022: 19.3%) and overall pre-tax profit of £831,932 (2022: £791,349) is considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES
The group continues to diversify its operations and is not solely dependent upon the UK agriculture industry. As a result the directors feel that there is no single customer or supplier, the loss of which would seriously affect the business.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the Group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the group, and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:





M D M Jones - Director


18 April 2024

Blue Barn Group Limited (Registered number: 13362546)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £1,500 per share was paid on 14 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 150,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M D M Jones
Mrs A C Jones

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Anderson Barrowcliff LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M D M Jones - Director


18 April 2024

Report of the Independent Auditors to the Members of
Blue Barn Group Limited

Opinion
We have audited the financial statements of Blue Barn Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 December 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Blue Barn Group Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.


Report of the Independent Auditors to the Members of
Blue Barn Group Limited


Auditors' responsibilities for the audit of the financial statements (continued)
Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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. The 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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff LLP
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

19 April 2024

Blue Barn Group Limited (Registered number: 13362546)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 38,218,588 33,746,181

Cost of sales 31,369,909 27,239,183
GROSS PROFIT 6,848,679 6,506,998

Distribution costs 1,439,328 1,597,818
Administrative expenses 4,620,115 4,190,809
6,059,443 5,788,627
789,236 718,371

Other operating income 68,812 94,866
OPERATING PROFIT 5 858,048 813,237

Interest receivable and similar income 2,940 -
860,988 813,237

Interest payable and similar expenses 6 29,056 21,888
PROFIT BEFORE TAXATION 831,932 791,349

Tax on profit 7 219,987 159,587
PROFIT FOR THE FINANCIAL YEAR 611,945 631,762

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

611,945

631,762

Profit attributable to:
Owners of the parent 611,945 631,762

Total comprehensive income attributable to:
Owners of the parent 611,945 631,762

Blue Barn Group Limited (Registered number: 13362546)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 84,835 -
Tangible assets 11 4,535,682 4,108,633
Investments 12 - -
Investment property 13 350,000 350,000
4,970,517 4,458,633

CURRENT ASSETS
Stocks 14 2,279,630 1,615,752
Debtors 15 2,631,132 2,510,708
Cash at bank and in hand 1,025,749 1,636,517
5,936,511 5,762,977
CREDITORS
Amounts falling due within one year 16 5,415,249 5,582,880
NET CURRENT ASSETS 521,262 180,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,491,779

4,638,730

CREDITORS
Amounts falling due after more than one
year

17

(340,513

)

(220,309

)

PROVISIONS FOR LIABILITIES 20 (326,200 ) (55,300 )
NET ASSETS 4,825,066 4,363,121

CAPITAL AND RESERVES
Called up share capital 21 100 100
Other reserves 22 532,642 532,642
Retained earnings 22 4,292,324 3,830,379
SHAREHOLDERS' FUNDS 4,825,066 4,363,121

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





M D M Jones - Director


Blue Barn Group Limited (Registered number: 13362546)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,665,910 2,702,904
Investments 12 180 180
Investment property 13 350,000 350,000
3,016,090 3,053,084

CURRENT ASSETS
Debtors 15 49,123 97,891
Cash at bank 22,575 21,093
71,698 118,984
CREDITORS
Amounts falling due within one year 16 25,967 32,953
NET CURRENT ASSETS 45,731 86,031
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,061,821

3,139,115

PROVISIONS FOR LIABILITIES 20 71,500 55,300
NET ASSETS 2,990,321 3,083,815

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 2,990,221 3,083,715
SHAREHOLDERS' FUNDS 2,990,321 3,083,815

Company's profit for the financial year 56,506 38,076

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





M D M Jones - Director


Blue Barn Group Limited (Registered number: 13362546)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 100 3,348,617 532,642 3,881,359

Changes in equity
Dividends - (150,000 ) - (150,000 )
Total comprehensive income - 631,762 - 631,762
Balance at 31 December 2022 100 3,830,379 532,642 4,363,121

Changes in equity
Dividends - (150,000 ) - (150,000 )
Total comprehensive income - 611,945 - 611,945
Balance at 31 December 2023 100 4,292,324 532,642 4,825,066

Blue Barn Group Limited (Registered number: 13362546)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 3,195,639 3,195,739

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 38,076 38,076
Balance at 31 December 2022 100 3,083,715 3,083,815

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 56,506 56,506
Balance at 31 December 2023 100 2,990,221 2,990,321

Blue Barn Group Limited (Registered number: 13362546)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 733,236 1,399,220
Interest paid (4,639 ) (11 )
Interest element of hire purchase payments
paid

(24,417

)

(21,877

)
Tax paid (196,647 ) (148,437 )
Net cash from operating activities 507,533 1,228,895

Cash flows from investing activities
Purchase of intangible fixed assets (84,835 ) -
Purchase of tangible fixed assets (916,291 ) (1,018,722 )
Sale of tangible fixed assets 11,250 35,800
Interest received 2,940 -
Net cash from investing activities (986,936 ) (982,922 )

Cash flows from financing activities
New HP loans in year 359,658 254,788
Capital repayments in year (231,023 ) (218,063 )
Related party financing (110,000 ) 232,818
Equity dividends paid (150,000 ) (150,000 )
Net cash from financing activities (131,365 ) 119,543

(Decrease)/increase in cash and cash equivalents (610,768 ) 365,516
Cash and cash equivalents at beginning of
year

2

1,636,517

1,271,001

Cash and cash equivalents at end of year 2 1,025,749 1,636,517

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 831,932 791,349
Depreciation charges 485,356 435,869
Profit on disposal of fixed assets (7,364 ) (34,336 )
Finance costs 29,056 21,888
Finance income (2,940 ) -
1,336,040 1,214,770
Increase in stocks (663,878 ) (390,618 )
Decrease/(increase) in trade and other debtors 29,183 (500,007 )
Increase in trade and other creditors 31,891 1,075,075
Cash generated from operations 733,236 1,399,220

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,025,749 1,636,517
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,636,517 1,271,001


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,636,517 (610,768 ) 1,025,749
1,636,517 (610,768 ) 1,025,749
Debt
Finance leases (348,732 ) (128,635 ) (477,367 )
(348,732 ) (128,635 ) (477,367 )
Total 1,287,785 (739,403 ) 548,382

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Blue Barn Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The nature of the Group's operations and principal activities are set out in the Report of the Directors on page 3.

The financial statements are prepared in Sterling which is the functional currency of the group rounded to the nearest £.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December.

All intra-group transactions, balances and expenses are eliminated on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably. This is usually on the dispatch of the goods.

Sale of services
When the outcome of a transaction can be estimated reliably, turnover from hire of containers is recognised in the period the hire of container related.

Interest and dividends receivable
Interest income is recognised using the effective interest method and dividend income is recognised as the group's right to receive payment is established.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 33% on cost, 25% on cost and 20% on cost
Containers - 20% on cost
Motor vehicles - 20% on cost

Freehold land included within Freehold property has not been depreciated.

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme and a defined benefit scheme. Contributions payable to the group's pension scheme's are charged to profit or loss in the period to which they relate.

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
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 in administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sales of goods - wholesale 37,885,138 33,427,525
Rental of containers 333,450 318,656
38,218,588 33,746,181

4. EMPLOYEES AND DIRECTORS

2023 2022
£ £
Wages and salaries 2,458,869 2,160,951
Social security costs 210,177 205,011
Other pension costs - Defined contribution scheme 65,544 114,699
Other pension costs - Defined benefit scheme 354,400 492,400
3,088,990 2,973,061

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Sales and administration 79 78
81 80

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2023 2022
£ £
Directors' remuneration 158,400 132,042
Directors' pension contributions to pension schemes 354,400 492,400

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2
Defined benefit schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 278,464 214,014
Depreciation - assets on hire purchase contracts 206,892 221,855
Profit on disposal of fixed assets (7,364 ) (34,336 )
Auditors remuneration 28,513 25,137

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 643 11
Corporation tax interest 3,996 -
Hire purchase 24,417 21,877
29,056 21,888

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (49,500 ) 198,000
(Over)/under provision in
previous year (1,413 ) 437
Total current tax (50,913 ) 198,437

Deferred taxation 270,900 (38,850 )
Tax on profit 219,987 159,587

UK corporation tax has been charged at 25 % (2022 - 19 %).

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 831,932 791,349
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

207,983

150,356

Effects of:
Expenses not deductible for tax purposes 18,935 9,386
Adjustments to tax charge in respect of previous periods (1,413 ) 437
Over provision of current year tax charge 153 1,181
Corporation tax charged at different rate 15,680 -
Capital allowances super-deduction (7,697 ) (24,022 )
Deferred tax asset rate movements (13,654 ) 22,249
Total tax charge 219,987 159,587

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 150,000 150,000

10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
Additions 84,835
At 31 December 2023 84,835
NET BOOK VALUE
At 31 December 2023 84,835

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery Containers vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 3,348,870 419,896 268,442 956,326 4,993,534
Additions - 114,826 19,940 781,525 916,291
Disposals - (55,577 ) - (2,844 ) (58,421 )
Reclassification/transfer - 25,477 (25,477 ) - -
At 31 December 2023 3,348,870 504,622 262,905 1,735,007 5,851,404
DEPRECIATION
At 1 January 2023 77,158 174,913 96,780 536,050 884,901
Charge for year 74,358 90,807 55,570 264,621 485,356
Eliminated on disposal - (51,691 ) - (2,844 ) (54,535 )
Reclassification/transfer - 9,636 (9,636 ) - -
At 31 December 2023 151,516 223,665 142,714 797,827 1,315,722
NET BOOK VALUE
At 31 December 2023 3,197,354 280,957 120,191 937,180 4,535,682
At 31 December 2022 3,271,712 244,983 171,662 420,276 4,108,633

The value of land included in Freehold property which has not been depreciated is £981,237.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 673,302
Additions 398,059
At 31 December 2023 1,071,361
DEPRECIATION
At 1 January 2023 323,775
Charge for year 206,892
At 31 December 2023 530,667
NET BOOK VALUE
At 31 December 2023 540,694
At 31 December 2022 349,527

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 2,770,224 7,267 2,777,491
Additions - 1,500 1,500
At 31 December 2023 2,770,224 8,767 2,778,991
DEPRECIATION
At 1 January 2023 71,559 3,028 74,587
Charge for year 35,780 2,714 38,494
At 31 December 2023 107,339 5,742 113,081
NET BOOK VALUE
At 31 December 2023 2,662,885 3,025 2,665,910
At 31 December 2022 2,698,665 4,239 2,702,904

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 180
NET BOOK VALUE
At 31 December 2023 180
At 31 December 2022 180

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

A.R. Wholesale Limited
Registered office: 1 Mount Pleasant Way, Stokesley Business Park, Stokesley, North Yorkshire, England, TS9 5NZ
Nature of business: Pet and equine wholesaler and rental of containers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,834,925 1,279,486
Profit for the year 555,439 593,686


Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 350,000
NET BOOK VALUE
At 31 December 2023 350,000
At 31 December 2022 350,000

The group acquired investment properties in 2021 as a long term investment. The directors have not carried out a formal valuation of these properties as they believe that the cost at 31 December 2023 accurately reflects the fair value on the open market of the properties in their current condition.

Company
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 350,000
NET BOOK VALUE
At 31 December 2023 350,000
At 31 December 2022 350,000

The company acquired investment properties in 2021 as a long term investment. The directors have not carried out a formal valuation of these properties as they believe that the cost at 31 December 2023 accurately reflects the fair value on the open market of the properties in their current condition.

14. STOCKS

Group
2023 2022
£    £   
Goods for resale 2,279,630 1,615,752

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,032,544 2,021,318 - -
Amounts owed by group undertakings - - 24,063 72,891
Amounts owed by participating interests 358,253 258,206 25,000 25,000
Other debtors 108,853 108,813 - -
Taxation 49,560 - 60 -
VAT 18,942 60,862 - -
Prepayments 62,980 61,509 - -
2,631,132 2,510,708 49,123 97,891

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) 136,854 128,423 - -
Trade creditors 5,000,609 4,453,175 470 1
Amounts owed to participating interests - 9,953 - -
Taxation - 198,000 - 18,000
Social security and other taxes 99,979 86,650 - -
VAT - - 19,997 9,452
Other creditors 23,112 530,176 - -
Accrued expenses 154,695 176,503 5,500 5,500
5,415,249 5,582,880 25,967 32,953

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 18) 340,513 220,309

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 136,854 128,423
Between one and five years 340,513 220,309
477,367 348,732

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. SECURED DEBTS

The subsidiary company A.R. Wholesale Limited has a bank overdraft facility of £1million. The facility is guaranteed by Blue Barn Group Limited and is secured by a legal charge over the freehold property and fixed and floating charges over the group's assets.

The hire purchase contracts are secured over the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred taxation 326,200 55,300 71,500 55,300

Group
Deferred
tax
£   
Balance at 1 January 2023 55,300
Charge to Statement of Comprehensive Income during year 270,900
Balance at 31 December 2023 326,200

Company
Deferred
tax
£   
Balance at 1 January 2023 55,300
Charge to Statement of Comprehensive Income during year 16,200
Balance at 31 December 2023 71,500

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

22. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 3,830,379 532,642 4,363,021
Profit for the year 611,945 611,945
Dividends (150,000 ) (150,000 )
At 31 December 2023 4,292,324 532,642 4,824,966

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. RESERVES - continued

Company
Retained
earnings
£   

At 1 January 2023 3,083,715
Profit for the year 56,506
Dividends (150,000 )
At 31 December 2023 2,990,221

Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Other reserves
In 2021 Blue Barn Group Limited acquired a subsidiary company, Blue Barn Group Limited did not take account for any premium on the shares issued and recorded the cost of the investment at the nominal value of the shares issued in its company accounts. The resulting difference arising on consolidation has therefore been credited to the other reserve.

23. EMPLOYEE BENEFIT OBLIGATIONS

The group operates a defined benefit small self-administered scheme for the directors. The company's contributions are charged against profits in the year in which contributions are made. The scheme uses the 'Accrued Benefits' funding method. Under this approach the contribution is the amount that needs to be paid to enable the scheme to pay the benefits due to the member. This is the discounted value using the assumptions below of the pension payments. The promised benefits are fully funded at the outset and there is no spreading of the contributions over a future period of time.

The assumptions used in the actuarial report for accrual of new benefits are:
- Investment Return Pre-retirement 2.5% per annum
- Investment Return Post-retirement 2% per annum
- Increases to Pensions in Payment 2.5% per annum
- Mortality for pensioners Base table is PNXA00 with mortality improvements using
medium cohort with 1% underpin
- Retirements 100% at Normal Pension Date
- Withdrawals Nil allowance
- Expense Allowance 8% of contributions

In assessing the long term cost of a pension scheme certain assumptions must be made. Owing to the small number of Members in the Scheme no allowance has been made for the possibility of a Member withdrawing from service or retiring before attaining the Normal Pension Age nor for the option to take lump sum at the date of retirement in lieu of pension income. No allowance is made for the member dying before taking benefits.

Defined contribution scheme

The group operates a defined contribution scheme for its directors and staff. The charge for the year amounted to £65,544 (2022: £114,699). The amount outstanding at 31 December 2023 was £16,056 (2022: £11,274).

Blue Barn Group Limited (Registered number: 13362546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

24. RELATED PARTY DISCLOSURES



Outstanding
balances due to
the Group
£

Other related parties
At 31 December 2023 25,000
At 31 December 2022 25,000

Outstanding balances due to the Group are unsecured and undertaken on normal commercial terms.

Blue Barn Group Limited has provided security to A.R. Wholesale Limited for its bank overdraft by providing a guarantee for £1million. This is supported by a Freehold 1st legal charge over Mount Pleasant Way, Stokesley and debenture.

25. ULTIMATE CONTROLLING PARTY

Blue Barn Group Limited is under the control of Mr M Jones and Mrs A Jones by virtue of their 90% shareholding.