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REGISTERED NUMBER: 07736329 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st August 2023

for

Barrys Cars & Minibuses Ltd

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Contents of the Financial Statements
for the Year Ended 31st August 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Balance Sheet
31st August 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,278,101 1,287,376
1,278,101 1,287,376

Current assets
Debtors 7 240,907 457,850
Cash at bank and in hand 47,868 180,779
288,775 638,629
Creditors
Amounts falling due within one year 8 511,656 612,871
Net current (liabilities)/assets (222,881 ) 25,758
Total assets less current liabilities 1,055,220 1,313,134

Creditors
Amounts falling due after more than one
year

9

(432,715

)

(601,697

)

Provisions for liabilities (116,463 ) (113,443 )
Net assets 506,042 597,994

Capital and reserves
Called up share capital 11 100 100
Retained earnings 12 505,942 597,894
Shareholders' funds 506,042 597,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Balance Sheet - continued
31st August 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19th January 2024 and were signed by:





Mr J A Taylor - Director


Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Notes to the Financial Statements
for the Year Ended 31st August 2023


1. Statutory information

Barrys Cars & Minibuses Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07736329

Registered office: Archdale Manor
14 Back Lane
West Winch
Kings Lynn
Norfolk
PE33 0LF

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% p.a. reducing balance
Motor vehicles - 10% on reducing balance
Computer equipment - 20% on cost

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2023


3. Accounting policies - continued

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

4. Employees and directors

The average number of employees during the year was 18 (2022 - 19 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1st September 2022
and 31st August 2023 40,000
Amortisation
At 1st September 2022
and 31st August 2023 40,000
Net book value
At 31st August 2023 -
At 31st August 2022 -

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2023


6. Tangible fixed assets
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1st September 2022 312,677 74,452 1,287,628 63,506 1,738,263
Additions - - 391,452 10,091 401,543
Disposals - - (370,667 ) (265 ) (370,932 )
At 31st August 2023 312,677 74,452 1,308,413 73,332 1,768,874
Depreciation
At 1st September 2022 - 28,865 392,847 29,175 450,887
Charge for year - 6,839 98,829 11,994 117,662
Eliminated on disposal - - (77,773 ) (3 ) (77,776 )
At 31st August 2023 - 35,704 413,903 41,166 490,773
Net book value
At 31st August 2023 312,677 38,748 894,510 32,166 1,278,101
At 31st August 2022 312,677 45,587 894,781 34,331 1,287,376

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 23,621 50,898
Other debtors 217,286 406,952
240,907 457,850

8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 91,311 267,403
Hire purchase contracts (see note 10) 193,664 207,698
Trade creditors 204,454 7,481
Taxation and social security 4,238 123,533
Other creditors 17,989 6,756
511,656 612,871

Barrys Cars & Minibuses Ltd (Registered number: 07736329)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2023


9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 90,195 181,506
Hire purchase contracts (see note 10) 342,520 420,191
432,715 601,697

10. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 193,664 207,698
Between one and five years 342,520 420,191
536,184 627,889

11. Called up share capital

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

12. Reserves

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

13. Controlling party

The controlling party is Chenery Taylor Management Company Ltd incorporated in England and Wales.