14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 344,307 241,014 34,430 275,444 68,863 103,293 230,227 57,809 1,500 286,536 112,027 22,998 1,139 133,886 152,650 118,200 29,550 6,856 36,406 xbrli:pure xbrli:shares iso4217:GBP 9711956 2023-02-01 2024-01-31 9711956 2024-01-31 9711956 2023-01-31 9711956 2022-02-01 2023-01-31 9711956 2023-01-31 9711956 2022-01-31 9711956 core:NetGoodwill 2023-02-01 2024-01-31 9711956 core:FurnitureFittings 2023-02-01 2024-01-31 9711956 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 9711956 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 9711956 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 9711956 bus:Director1 2023-02-01 2024-01-31 9711956 core:NetGoodwill 2023-01-31 9711956 core:NetGoodwill 2024-01-31 9711956 core:FurnitureFittings 2023-01-31 9711956 core:FurnitureFittings 2024-01-31 9711956 core:DeferredTaxation 2023-02-01 2024-01-31 9711956 core:WithinOneYear 2024-01-31 9711956 core:WithinOneYear 2023-01-31 9711956 core:AfterOneYear 2024-01-31 9711956 core:ShareCapital 2024-01-31 9711956 core:ShareCapital 2023-01-31 9711956 core:RetainedEarningsAccumulatedLosses 2024-01-31 9711956 core:RetainedEarningsAccumulatedLosses 2023-01-31 9711956 core:BetweenOneFiveYears 2024-01-31 9711956 core:BetweenOneFiveYears 2023-01-31 9711956 core:MoreThanFiveYears 2024-01-31 9711956 core:MoreThanFiveYears 2023-01-31 9711956 core:NetGoodwill 2023-01-31 9711956 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 9711956 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 9711956 core:FurnitureFittings 2023-01-31 9711956 core:DeferredTaxation 2023-01-31 9711956 core:DeferredTaxation 2024-01-31 9711956 bus:SmallEntities 2023-02-01 2024-01-31 9711956 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 9711956 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 9711956 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 9711956 bus:FullAccounts 2023-02-01 2024-01-31 9711956 bus:AllOrdinaryShares 2024-01-31 9711956 bus:AllOrdinaryShares 2023-01-31 9711956 bus:OrdinaryShareClass2 2024-01-31 9711956 bus:OrdinaryShareClass2 2023-01-31 9711956 bus:OrdinaryShareClass3 2024-01-31 9711956 bus:OrdinaryShareClass3 2023-01-31 9711956 bus:OrdinaryShareClass4 2024-01-31 9711956 bus:OrdinaryShareClass4 2023-01-31
COMPANY REGISTRATION NUMBER: 9711956
ARMITAGE & BARKER LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
ARMITAGE & BARKER LTD
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
68,863
103,293
Tangible assets
6
152,650
118,200
----------
----------
221,513
221,493
CURRENT ASSETS
Stocks
68,286
64,585
Debtors
7
37,627
28,593
Cash at bank and in hand
405,846
305,314
----------
----------
511,759
398,492
CREDITORS: amounts falling due within one year
8
145,860
118,361
----------
----------
NET CURRENT ASSETS
365,899
280,131
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
587,412
501,624
CREDITORS: amounts falling due after more than one year
9
35,505
PROVISIONS
11
36,406
29,550
----------
----------
NET ASSETS
515,501
472,074
----------
----------
ARMITAGE & BARKER LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
13
150
150
Profit and loss account
515,351
471,924
----------
----------
SHAREHOLDERS FUNDS
515,501
472,074
----------
----------
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 31 January 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr D A Armitage
Director
Company registration number: 9711956
ARMITAGE & BARKER LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34-36 Wharf Street, Sowerby Bridge, West Yorkshire, HX6 2AE.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered by Opticians, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred 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, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
344,307
----------
Amortisation
At 1 February 2023
241,014
Charge for the year
34,430
----------
At 31 January 2024
275,444
----------
Carrying amount
At 31 January 2024
68,863
----------
At 31 January 2023
103,293
----------
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 1 February 2023
230,227
Additions
57,809
Disposals
( 1,500)
----------
At 31 January 2024
286,536
----------
Depreciation
At 1 February 2023
112,027
Charge for the year
22,998
Disposals
( 1,139)
----------
At 31 January 2024
133,886
----------
Carrying amount
At 31 January 2024
152,650
----------
At 31 January 2023
118,200
----------
7. DEBTORS
2024
2023
£
£
Trade debtors
25,718
22,241
Other debtors
11,909
6,352
---------
---------
37,627
28,593
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,958
32,922
Corporation tax
51,975
27,709
Social security and other taxes
2,548
1,777
Other creditors
60,379
55,953
----------
----------
145,860
118,361
----------
----------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
35,505
---------
----
10. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
13,341
Later than 1 year and not later than 5 years
45,683
---------
----
59,024
Less: future finance charges
( 13,156)
---------
----
Present value of minimum lease payments
45,868
---------
----
11. PROVISIONS
Deferred tax (note 12)
£
At 1 February 2023
29,550
Additions
6,856
---------
At 31 January 2024
36,406
---------
12. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
36,406
29,550
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
36,406
29,550
---------
---------
13. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Class A shares of £ 1 each
50
50
50
50
Ordinary Class B shares of £ 1 each
50
50
50
50
Ordinary Class C shares of £ 1 each
50
50
50
50
----
----
----
----
150
150
150
150
----
----
----
----
The shares rank pari pasu, except as follows; Dividends If and so long as the ordinary share capital is divided into different classes of shares, the directors may, subject to the provisions of the Act pay interim dividends at variable rates on the different classes of shares, and the company, on the recommendation of the Director(s) may declare dividends at variable rates on the different classes of shares.
14. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
34,788
35,429
Later than 1 year and not later than 5 years
116,407
125,485
Later than 5 years
46,200
71,910
----------
----------
197,395
232,824
----------
----------
15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured interest free loans with the company. The directors loan accounts were in credit throughout the year and are repayable on demand.