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Company No: 13925495 (England and Wales)

BARNES CONTRACTING LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BARNES CONTRACTING LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BARNES CONTRACTING LTD

BALANCE SHEET

As at 31 December 2023
BARNES CONTRACTING LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Tangible assets 3 1,552,676 1,530,343
1,552,676 1,530,343
Current assets
Stocks 4 273,239 539,641
Debtors 5 513,765 421,940
Cash at bank and in hand 876,241 122,506
1,663,245 1,084,087
Creditors: amounts falling due within one year 6 ( 2,121,000) ( 1,991,960)
Net current liabilities (457,755) (907,873)
Total assets less current liabilities 1,094,921 622,470
Creditors: amounts falling due after more than one year 7 ( 22,088) ( 59,533)
Provision for liabilities ( 373,946) ( 56,738)
Net assets 698,887 506,199
Capital and reserves
Called-up share capital 120 120
Profit and loss account 698,767 506,079
Total shareholders' funds 698,887 506,199

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Barnes Contracting Ltd (registered number: 13925495) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mr A R Barnes
Director
Mrs S M Barnes
Director
Mr B F Barnes
Director
Mr M A Barnes
Director
Mr R P Barnes
Director
BARNES CONTRACTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BARNES CONTRACTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Barnes Contracting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services, such as grain, shed fabrication and agricultural contracting, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks comprising harvested grain, construction materials, fuel and arable inputs are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Current biological assets of tillages are recognised within stock.

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise tillages and are recognised within stock.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.12.2023
Period from
01.05.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 14

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 1,410 655,738 1,024,275 1,681,423
Additions 4,081 227,510 40,200 271,791
Disposals 0 ( 2,196) 0 ( 2,196)
At 31 December 2023 5,491 881,052 1,064,475 1,951,018
Accumulated depreciation
At 01 January 2023 0 64,202 86,878 151,080
Charge for the financial year 0 104,881 142,601 247,482
Disposals 0 ( 220) 0 ( 220)
At 31 December 2023 0 168,863 229,479 398,342
Net book value
At 31 December 2023 5,491 712,189 834,996 1,552,676
At 31 December 2022 1,410 591,536 937,397 1,530,343

4. Stocks

31.12.2023 31.12.2022
£ £
Crops 273,239 539,641

5. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 513,765 421,940

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 232,662 173,177
Taxation and social security 231,661 136,902
Obligations under finance leases and hire purchase contracts (secured) 89,899 96,325
Other creditors 1,566,778 1,585,556
2,121,000 1,991,960

Included within other creditors are amounts owed to the Company's directors as at the balance sheet date £1,358,690 (2022 - £1,533,476). Interest is charged on these loans and they are repayable on demand.

7. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 22,088 59,533

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.