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Registration number: 04823424

Barnes & Hicks Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

Barnes & Hicks Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Barnes & Hicks Limited

Company Information

Director

R E Barnes

Company secretary

A M Cullen

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Barnes & Hicks Limited

(Registration number: 04823424)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

108,639

79,879

Current assets

 

Stocks

39,383

24,880

Debtors

36,207

61,632

Cash at bank and in hand

 

39,323

37,623

 

114,913

124,135

Creditors: Amounts falling due within one year

(93,147)

(120,590)

Net current assets

 

21,766

3,545

Total assets less current liabilities

 

130,405

83,424

Creditors: Amounts falling due after more than one year

(37,880)

(30,000)

Provisions for liabilities

(12,942)

(6,899)

Net assets

 

79,583

46,525

Capital and reserves

 

Called up share capital

2,550

2,550

Retained earnings

77,033

43,975

Shareholders' funds

 

79,583

46,525

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

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Barnes & Hicks Limited

(Registration number: 04823424)
Abridged Balance Sheet as at 31 July 2023

Approved and authorised by the director on 24 April 2024
 

.........................................
R E Barnes
Director

   
     
 

Barnes & Hicks Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Barnes & Hicks Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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

Leasehold Improvements

Over term of lease

Plant & Machinery

25% reducing balance

Fixtures, fittings & Equipment

25% reducing balance

Computer Equipment

25% straight line

Motor Vehicles

25% reducing balance

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 6).

 

Barnes & Hicks Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

3

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2022

22,132

31,694

26,436

5,454

Additions

-

2,642

6,240

-

Disposals

-

-

-

-

At 31 July 2023

22,132

34,336

32,676

5,454

Depreciation

At 1 August 2022

22,132

26,739

21,292

3,795

Charge for the year

-

1,908

2,850

570

Eliminated on disposal

-

-

-

-

At 31 July 2023

22,132

28,647

24,142

4,365

Carrying amount

At 31 July 2023

-

5,689

8,534

1,089

At 31 July 2022

-

4,955

5,144

1,659

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

181,587

267,303

Additions

50,291

59,173

Disposals

(29,725)

(29,725)

At 31 July 2023

202,153

296,751

Depreciation

At 1 August 2022

113,466

187,424

Charge for the year

22,729

28,057

Eliminated on disposal

(27,369)

(27,369)

At 31 July 2023

108,826

188,112

Carrying amount

At 31 July 2023

93,327

108,639

At 31 July 2022

68,121

79,879

 

Barnes & Hicks Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2,500

2,500

2,500

2,500