Company registration number 08158436 (England and Wales)
KENNETH M BARROW & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
KENNETH M BARROW & CO LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
KENNETH M BARROW & CO LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,727
8,381
Current assets
Debtors
4
1,008,014
707,405
Cash at bank and in hand
393,087
815,431
1,401,101
1,522,836
Creditors: amounts falling due within one year
5
(125,115)
(201,710)
Net current assets
1,275,986
1,321,126
Total assets less current liabilities
1,338,713
1,329,507
Creditors: amounts falling due after more than one year
6
(241,567)
(272,764)
Net assets
1,097,146
1,056,743
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,097,144
1,056,741
Total equity
1,097,146
1,056,743
The directors of the company have 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
Mr K Barrow
Director
Company Registration No. 08158436
KENNETH M BARROW & CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
2
976,795
976,797
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
153,946
153,946
Dividends
-
(74,000)
(74,000)
Balance at 31 July 2022
2
1,056,741
1,056,743
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
67,773
67,773
Dividends
-
(27,370)
(27,370)
Balance at 31 July 2023
2
1,097,144
1,097,146
KENNETH M BARROW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Kenneth M Barrow & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15-16 Adelaide Row, Seaham, Co Durham, SR7 7EF.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 goods and 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
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:
Fixtures and fittings
10% reducing balance
Motor vehicles
15% reducing balance
1.4
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.
1.5
Financial instruments
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KENNETH M BARROW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
14
KENNETH M BARROW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
13,829
13,829
Additions
58,090
58,090
At 31 July 2023
13,829
58,090
71,919
Depreciation and impairment
At 1 August 2022
5,448
5,448
Depreciation charged in the year
839
2,905
3,744
At 31 July 2023
6,287
2,905
9,192
Carrying amount
At 31 July 2023
7,542
55,185
62,727
At 31 July 2022
8,381
8,381
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
155,784
126,363
Corporation tax recoverable
108,301
62,348
Other debtors
743,929
518,694
1,008,014
707,405
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,546
69,565
Trade creditors
1,510
5,552
Corporation tax
37,079
Other taxation and social security
52,751
57,128
Other creditors
20,308
32,386
125,115
201,710
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
241,567
272,764
KENNETH M BARROW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Directors' transactions
Dividends totalling £27,370 (2022 - £74,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors loan account
2.25
52,676
219,123
6,112
277,911
52,676
219,123
6,112
277,911