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COMPANY REGISTRATION NUMBER: 00798651
BARTLEY INDUSTRIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
BARTLEY INDUSTRIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
747,371
748,162
CURRENT ASSETS
Stocks
312,999
274,715
Debtors
6
1,013,394
866,660
Cash at bank and in hand
1,157,272
1,212,618
------------
------------
2,483,665
2,353,993
CREDITORS: amounts falling due within one year
7
578,099
445,469
------------
------------
NET CURRENT ASSETS
1,905,566
1,908,524
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,652,937
2,656,686
CREDITORS: amounts falling due after more than one year
8
265,085
56,015
PROVISIONS
186,233
75,346
------------
------------
NET ASSETS
2,201,619
2,525,325
------------
------------
CAPITAL AND RESERVES
Called up share capital
209,443
209,443
Share premium account
11,155
11,155
Other reserves
24,133
24,133
Profit and loss account
1,956,888
2,280,594
------------
------------
SHAREHOLDERS FUNDS
2,201,619
2,525,325
------------
------------
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 March 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 .
BARTLEY INDUSTRIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
Mr D J Seddon Mr R C P Seddon
Director Director
Company registration number: 00798651
BARTLEY INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 138 Northampton Road, Kettering, Northamptonshire, NN15 7JY.
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. 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. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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. Exceptional items Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount. 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, 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. 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:
Freehold property - 2.50% reducing balance
Leasehold improvements - Over the period of the lease
Plant and machinery - 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.
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.
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 35 (2023: 32 ).
5. TANGIBLE ASSETS
Freehold property
Long leasehold property
Plant and machinery
Total
£
£
£
£
Cost
At 1 April 2023
403,942
53,370
804,750
1,262,062
Additions
406,524
406,524
Disposals
( 403,942)
( 403,942)
---------
--------
------------
------------
At 31 March 2024
53,370
1,211,274
1,264,644
---------
--------
------------
------------
Depreciation
At 1 April 2023
55,308
53,370
405,222
513,900
Charge for the year
( 7,013)
58,681
51,668
Disposals
( 48,295)
( 48,295)
---------
--------
------------
------------
At 31 March 2024
53,370
463,903
517,273
---------
--------
------------
------------
Carrying amount
At 31 March 2024
747,371
747,371
---------
--------
------------
------------
At 31 March 2023
348,634
399,528
748,162
---------
--------
------------
------------
6. DEBTORS
2024
2023
£
£
Trade debtors
963,900
664,285
Amounts owed by group undertakings and undertakings in which the company has a participating interest
152,284
Other debtors
49,494
50,091
------------
---------
1,013,394
866,660
------------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
258,838
168,882
Social security and other taxes
86,833
148,673
Other creditors
232,428
127,914
---------
---------
578,099
445,469
---------
---------
Included within other creditors are amounts totalling £103,944 (2023 - £30,000) relating to hire purchase and finance lease agreements which are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
265,085
56,015
---------
--------
Included within other creditors are amounts totalling £265,085 (2023 - £56,015) relating to hire purchase and finance lease agreements which are secured by the company.
9. RELATED PARTY TRANSACTIONS
Advantage has been taken of the exemption conferred by FRS 102 to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.
10. CONTROLLING PARTY
The company's ultimate parent company is FACUP2021 Limited which is incorporated in England and Wales.