Company registration number 05531073 (England and Wales)
BARKER LANGHAM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
BARKER LANGHAM LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12
BARKER LANGHAM LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. D. Barker
Mr. E. Langham
Mr. D. Woodhouse
Secretary
Mrs. G. Barker
Company number
05531073
Registered office
160 Packington Street
London
N1 8RA
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
BARKER LANGHAM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
3
167,683
137,470
Investments
4
-
0
3,860
167,683
141,330
Current assets
Debtors
5
6,098,084
4,465,780
Investments
6
336,358
-
0
Cash at bank and in hand
908,751
72,943
7,343,193
4,538,723
Creditors: amounts falling due within one year
7
(2,444,700)
(1,915,658)
Net current assets
4,898,493
2,623,065
Total assets less current liabilities
5,066,176
2,764,395
Creditors: amounts falling due after more than one year
8
(282,708)
(173,768)
Provisions for liabilities
(28,510)
(11,540)
Net assets
4,754,958
2,579,087
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
4,754,858
2,578,987
Total equity
4,754,958
2,579,087
BARKER LANGHAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Mr. D. Barker
Director
Company Registration No. 05531073
The notes on pages 4 to 12 form part of these financial statements
BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Barker Langham Limited is a private company limited by shares incorporated in England and Wales. The registered office is 160 Packington Street, London, N1 8RA.

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
Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.true

 

In reaching this decision the directors have considered the future trading of the company, and the expected future cashflows. The directors have also considered the facilities in place with the bank, in the form of an arranged overdraft of £1,000,000 which is reviewed on a quarterly basis and an additional overdraft of £300,000 which was available until 31 December 2023. At the date of approving these financial statements, there is no expectation that this facility will be withdrawn.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Amounts recoverable on contracts not yet invoiced are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

 

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

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:

Leasehold improvements
20% straight line
Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Employees
41
31
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
154,238
76,706
230,944
Additions
-
0
83,602
83,602
At 31 March 2023
154,238
160,308
314,546
Depreciation and impairment
At 1 April 2022
51,509
41,965
93,474
Depreciation charged in the year
30,848
22,541
53,389
At 31 March 2023
82,357
64,506
146,863
Carrying amount
At 31 March 2023
71,881
95,802
167,683
At 31 March 2022
102,729
34,741
137,470
BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
3,860
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
3,860
Disposals
(3,860)
At 31 March 2023
-
Carrying amount
At 31 March 2023
-
At 31 March 2022
3,860

During the year the investment in the subsidiary was written off down to £nil

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,175,629
3,233,619
Amounts owed by group undertakings
207,272
1,009,287
Other debtors
355,971
213,638
Prepayments and accrued income
359,212
9,236
6,098,084
4,465,780
6
Current asset investments
2023
2022
£
£
Other investments
336,358
-
0
BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
100,746
1,041,885
Trade creditors
578,095
352,742
Amounts owed to group undertakings
111,040
-
0
Corporation tax
840,820
161,352
Other taxation and social security
89,131
90,700
Other creditors
266,236
74,054
Accruals and deferred income
458,632
194,925
2,444,700
1,915,658

Included within bank loans due within one year is an amount of £59,061 (2022 - £76,232) which is secured in full by a personal guarantee with the directors.

 

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
282,708
173,768

On 27 September 2022 a loan was obtained from Edinburgh Alternative Finance Limited for an amount of £245,030, payable in 60 monthly instalments ending 27 September 2027, at an interest rate of 10.15%. At the year end £209,685 (2022: £nil) remained outstanding.

 

A loan was obtained from the Funding Circle for an amount of £250,000, payable in 60 monthly instalments ending 23 March 2026 at an interest rate of 4.9%. The loan is secured by a personal guarantee with the directors. At the year end £173,768 (2022:£250,000) remained outstanding.

 

9
Financial instruments
Included in the amounts shown as Debtors and Creditors above are financial assets and financial liabilities, the classification of which are further analysed below:
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
336,358
-
BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Michelle Hewitt-Dutton FCCA and the auditor was Verallo.
12
Financial commitments, guarantees and contingent liabilities

As a result of work carried out for H.E. The Head of Royal Estates, a contract which has not yet concluded, a warranty bond was guaranteed by HSBC, which expires on 31st December 2039 at a value of £256,046. Any outflows and timing are uncertain. To date, there are no known claims or additional works to be remediated in relation to this contract.

 

As a result of work carried out for Qatar Museum Authority, a contract which has not yet concluded, a warranty bond was guaranteed by HSBC, which expires on 31st December 2039 at a value of £233,269. Any outflows and timing are uncertain. To date, there are no known claims or additional works to be remediated in relation to this contract.

 

At the year end Barker Langham Limited had entered into performance bonds, provided by HSBC, over its contracts, totalling SAR 3,035,404 (2022 - £nil) and AED 4,229,281 (2022 - AED 402,852), at the year end the combined GBP value was £1,717,640 (2022 - £79,985). The performance bonds expire on satisfactory completion of the contract.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
103,416
163,742
BARKER LANGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
14
Ultimate controlling party

The company was under the control of the Employee Ownership Trust which was set up on 30 March 2023. On 31 March 2023 51% of the shares where sold to the Employee Ownership Trust. Prior to this the company was under the control of the directors by virtue of their shareholding the company's parent company, Barker Langham Group Limited.

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