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2022-12-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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COMPANY REGISTRATION NUMBER:
05286622
Barton Plastering Limited |
|
Filleted Unaudited Financial Statements |
|
Barton Plastering Limited |
|
Year ended 30 November 2023
Officers and professional advisers |
1 |
|
|
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Barton Plastering Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr N Lillyman |
|
Mrs T Lillyman |
|
Mr D Lillyman |
|
|
Company secretary |
Mrs T Lillyman |
|
|
Registered office |
4 Dovecote Close |
|
Barton Seagrave |
|
Kettering |
|
Northants |
|
NN15 6GT |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Barton Plastering Limited |
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Barton Plastering Limited |
|
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barton Plastering Limited for the year ended 30 November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Barton Plastering Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Barton Plastering Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barton Plastering Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Barton Plastering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Barton Plastering Limited. You consider that Barton Plastering Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Barton Plastering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
15 August 2024
Barton Plastering Limited |
|
Statement of Financial Position |
|
30 November 2023
Fixed assets
Tangible assets |
5 |
|
101,541 |
59,079 |
|
|
|
|
|
Current assets
Stocks |
2,814 |
|
6,346 |
Debtors |
6 |
599,118 |
|
576,208 |
Cash at bank and in hand |
511,444 |
|
444,089 |
|
------------ |
|
------------ |
|
1,113,376 |
|
1,026,643 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
227,671 |
|
261,502 |
|
------------ |
|
------------ |
Net current assets |
|
885,705 |
765,141 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
987,246 |
824,220 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
29,958 |
23,926 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
24,640 |
13,977 |
|
|
--------- |
--------- |
Net assets |
|
932,648 |
786,317 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
102 |
102 |
Profit and loss account |
|
932,546 |
786,215 |
|
|
--------- |
--------- |
Shareholders funds |
|
932,648 |
786,317 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Barton Plastering Limited |
|
Statement of Financial Position (continued) |
|
30 November 2023
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2024
, and are signed on behalf of the board by:
Company registration number:
05286622
Barton Plastering Limited |
|
Notes to the Financial Statements |
|
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Dovecote Close, Barton Seagrave, Kettering, Northants, NN15 6GT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and goods supplied, stated net of discounts and of Value Added Tax. 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. Amounts invoiced in advance are accounted for as deferred income and recognised as revenue upon provision of the service.
Government grants
Government grants are accounted for under FRS 102 Section 24 'Government grants'. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
The Company has opted to account for Government grants under the accrual method. Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures, Fittings and Equipment |
- |
25% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
7
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 December 2022 |
40,954 |
16,088 |
130,597 |
187,639 |
Additions |
– |
156 |
100,622 |
100,778 |
Disposals |
– |
– |
(
79,272) |
(
79,272) |
|
-------- |
-------- |
--------- |
--------- |
At 30 November 2023 |
40,954 |
16,244 |
151,947 |
209,145 |
|
-------- |
-------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 December 2022 |
31,786 |
13,124 |
83,650 |
128,560 |
Charge for the year |
1,833 |
780 |
30,622 |
33,235 |
Disposals |
– |
– |
(
54,191) |
(
54,191) |
|
-------- |
-------- |
--------- |
--------- |
At 30 November 2023 |
33,619 |
13,904 |
60,081 |
107,604 |
|
-------- |
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 30 November 2023 |
7,335 |
2,340 |
91,866 |
101,541 |
|
-------- |
-------- |
--------- |
--------- |
At 30 November 2022 |
9,168 |
2,964 |
46,947 |
59,079 |
|
-------- |
-------- |
--------- |
--------- |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
521,737 |
500,237 |
Other debtors |
77,381 |
75,971 |
|
--------- |
--------- |
|
599,118 |
576,208 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
94,114 |
128,020 |
Corporation tax |
73,896 |
54,893 |
Social security and other taxes |
16,544 |
20,043 |
Other creditors |
43,117 |
58,546 |
|
--------- |
--------- |
|
227,671 |
261,502 |
|
--------- |
--------- |
|
|
|
Included within other creditors is £7,252 (2022: £9,770) under Hire purchase agreements. Hire purchase agreements are secured on the assets to which they relate.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
29,958 |
23,926 |
|
-------- |
-------- |
|
|
|
Included within other creditors is £29,958 (2022: £23,926) under Hire purchase agreements. Hire purchase agreements are secured on the assets to which they relate.