1 May 2023 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP133639022023-05-012024-04-30133639022024-04-30133639022023-04-3013363902core:WithinOneYear2024-04-3013363902core:WithinOneYear2023-04-3013363902core:ShareCapital2024-04-3013363902core:ShareCapital2023-04-3013363902core:RetainedEarningsAccumulatedLosses2024-04-3013363902core:RetainedEarningsAccumulatedLosses2023-04-3013363902bus:Director12023-05-012024-04-3013363902bus:RegisteredOffice2023-05-012024-04-3013363902core:OfficeEquipment2023-05-012024-04-30133639022022-05-012023-04-3013363902core:PlantMachinery2023-05-0113363902core:PlantMachinery2023-05-012024-04-3013363902core:PlantMachinery2024-04-3013363902core:PlantMachinery2023-04-301336390212023-05-012024-04-3013363902countries:EnglandWales2023-05-012024-04-3013363902bus:AuditExemptWithAccountantsReport2023-05-012024-04-3013363902bus:PrivateLimitedCompanyLtd2023-05-012024-04-3013363902bus:SmallEntities2023-05-012024-04-3013363902bus:FullAccounts2023-05-012024-04-30
Company registration number:
13363902
Barnett Contracts Ltd
Unaudited Filleted Financial Statements for the year ended
30 April 2024
Thirlwell & Co Chartered Accountants
4 Church Street, Swinton, Mexborough, South Yorkshire, S64 8QA, United Kingdom
Barnett Contracts Ltd
Statement of Financial Position
30 April 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,558
 
1,105
 
Current assets    
Debtors 6
508,914
 
502,583
 
Cash at bank and in hand
203,762
 
158,337
 
712,676
 
660,920
 
Creditors: amounts falling due within one year 7
(545,441
)
(549,493
)
Net current assets
167,235
 
111,427
 
Total assets less current liabilities 169,793   112,532  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
169,693
 
112,432
 
Shareholders funds
169,793
 
112,532
 
For the year ending
30 April 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 August 2024
, and are signed on behalf of the board by:
H Barnett
Director
Company registration number:
13363902
Barnett Contracts Ltd
Notes to the Financial Statements
Year ended
30 April 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
4 Calcot Park Avenue
,
Swinton
,
Mexborough
,
South Yorkshire
,
S64 8SZ
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and the service has been provided.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
8.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 May 2023
1,746
 
Additions
2,103
 
At
30 April 2024
3,849
 
Depreciation  
At
1 May 2023
641
 
Charge
650
 
At
30 April 2024
1,291
 
Carrying amount  
At
30 April 2024
2,558
 
At 30 April 2023
1,105
 

6 Debtors

20242023
££
Trade debtors
489,995
 
372,415
 
Other debtors
18,919
 
130,168
 
508,914
 
502,583
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
2,000
  -  
Taxation and social security
43,950
 
38,566
 
Other creditors
499,491
 
510,927
 
545,441
 
549,493
 
Debts of £491,150 (2023: £438,117) are secured against the company's trade debtors and are included within other creditors above.