2023-04-012024-03-312024-03-31false05575656R W BARRETT AND SON FUNERAL SERVICES 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R W BARRETT AND SON FUNERAL SERVICES LIMITED

Registered Number
05575656
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

R W BARRETT AND SON FUNERAL SERVICES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

BARRETT, Steven Ronald Dunn

Registered Address

379 West Road
Newcastle Upon Tyne
NE15 7NL

Registered Number

05575656 (England and Wales)
R W BARRETT AND SON FUNERAL SERVICES LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3690,194694,259
690,194694,259
Current assets
Stocks47,9998,228
Debtors23,20941,131
Cash at bank and on hand32,8061,400
64,01450,759
Creditors amounts falling due within one year5(121,711)(102,236)
Net current assets (liabilities)(57,697)(51,477)
Total assets less current liabilities632,497642,782
Creditors amounts falling due after one year6(238,620)(266,312)
Provisions for liabilities8(23,400)(22,800)
Net assets370,477353,670
Capital and reserves
Called up share capital100100
Profit and loss account370,377353,570
Shareholders' funds370,477353,670
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
BARRETT, Steven Ronald Dunn
Director
Registered Company No. 05575656
R W BARRETT AND SON FUNERAL SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Land and buildings is inclusive of both both long leasehold and freehold property. Freehold land and buildings are not depreciated, as in the opinion of the directors, the residual value would be sufficiently high to make any deprecation charge immaterial. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings25-
Vehicles15-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year912
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 April 23538,42273,566213,71361,264886,965
Additions10,18820,400-1,17131,759
At 31 March 24548,61093,966213,71362,435918,724
Depreciation and impairment
At 01 April 2311,73436,221113,03631,715192,706
Charge for year66512,50215,1017,55635,824
At 31 March 2412,39948,723128,13739,271228,530
Net book value
At 31 March 24536,21145,24385,57623,164690,194
At 31 March 23526,68837,345100,67729,549694,259
4.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

2024

2023

££
Raw materials and consumables7,9998,228
Total7,9998,228
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-28,981
Bank borrowings and overdrafts19,35225,163
Taxation and social security29,49218,770
Finance lease and HP contracts8,15413,792
Other creditors40,4927,065
Accrued liabilities and deferred income24,2218,465
Total121,711102,236
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts238,620258,158
Other creditors-8,154
Total238,620266,312
Finance lease and HP contracts equal to £nil (2023 - £8,145) are included within other creditors and are secured against the assets to which they relate.
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-8,154
Finance lease and HP contracts equal to £nil (2023 - £8,145) are included within other creditors and are secured against the assets to which they relate.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)23,40022,800
Total23,40022,800
9.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £2,536 (2023 - £2,205).
10.Related party transactions
On 1 April 2023 the company owed the Director’s £1,255. During the period the directors were repaid £5,528 and extracted £nil. At 31 March 2024 the Directors’ owed the company £4,273. The full amount was repaid within 9 months of the year end. No interest was charged on this loan and the loan is repayable on demand.