REGISTERED NUMBER: 09182269 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BARCO 2022 LIMITED |
REGISTERED NUMBER: 09182269 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BARCO 2022 LIMITED |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Statement of Financial Position | 4 | to | 5 |
Company Statement of Financial Position | 6 |
Consolidated Statement of Changes in Equity | 7 |
Company Statement of Changes in Equity | 8 |
Notes to the Consolidated Financial Statements | 9 | to | 16 |
BARCO 2022 LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Stone House |
Stone Road Business Park |
Stoke-On-Trent |
ST4 6SR |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 4,636,339 | 4,331,948 |
Cost of sales | (483,915 | ) | (406,936 | ) |
GROSS PROFIT | 4,152,424 | 3,925,012 |
Administrative expenses | (3,238,765 | ) | (2,968,428 | ) |
OPERATING PROFIT | 5 | 913,659 | 956,584 |
Interest receivable and similar income | 152 | 157 |
913,811 | 956,741 |
Interest payable and similar expenses | (11,004 | ) | - |
PROFIT BEFORE TAXATION | 902,807 | 956,741 |
Tax on profit | (200,585 | ) | (176,252 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 702,222 | 780,489 |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | - | - |
Tangible assets | 8 | 400,472 | 442,655 |
Investments | 9 | - | - |
400,472 | 442,655 |
CURRENT ASSETS |
Debtors | 10 | 962,236 | 842,571 |
Cash at bank and in hand | 1,019,398 | 753,221 |
1,981,634 | 1,595,792 |
CREDITORS |
Amounts falling due within one year | 11 | (1,100,348 | ) | (888,215 | ) |
NET CURRENT ASSETS | 881,286 | 707,577 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,281,758 |
1,150,232 |
PROVISIONS FOR LIABILITIES | (93,517 | ) | (79,213 | ) |
NET ASSETS | 1,188,241 | 1,071,019 |
CAPITAL AND RESERVES |
Called up share capital | 1 | 26,550 |
Capital redemption reserve | 42,758 | 16,209 |
Merger reserve | 542,595 | 542,595 |
Retained earnings | 602,887 | 485,665 |
1,188,241 | 1,071,019 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by: |
D Harrop - Director |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Company's profit for the financial year | 585,000 | 1,279,444 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Merger | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 28,039 | 922,471 | 14,720 | 542,595 | 1,507,825 |
Changes in equity |
Purchase of own shares | (1,489 | ) | (213,891 | ) | 1,489 | - | (213,891 | ) |
Dividends | - | (1,065,553 | ) | - | - | (1,065,553 | ) |
Total comprehensive income | - | 842,638 | - | - | 842,638 |
Balance at 31 December 2022 | 26,550 | 485,665 | 16,209 | 542,595 | 1,071,019 |
Changes in equity |
Cancellation of shares | (26,549 | ) | - | 26,549 | - | - |
Dividends | - | (585,000 | ) | - | - | (585,000 | ) |
Total comprehensive income | - | 702,222 | - | - | 702,222 |
Balance at 31 December 2023 | 1 | 602,887 | 42,758 | 542,595 | 1,188,241 |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Purchase of own shares | (1,489 | ) | (213,891 | ) | 1,489 | (213,891 | ) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Cancellation of shares | (26,549 | ) | - | 26,549 | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Barco 2022 Limited is a |
The principal activity of the company is that of a holding company. |
The principal activity of the trading subsidiaries is that of providing evidence-based solutions in the form of market research, data, intelligence and consultancy services to the global buildings products, speciality chemicals and paints & coatings industries. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Basis of consolidation |
The consolidated financial statements include the results of Barco 2022 Limited, and its subsidiary undertakings drawn up to 31 December 2023. The company’s own Statement of Comprehensive Income is not included as permitted by Section 408 of the Companies Act 2006. |
The group profit and loss account includes the results of all subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal. |
Turnover and profits arising on trading between group companies are excluded. Where the group has an investment in an entity which is sufficient to give the group a participating interest, and over which it is in a position to exercise significant influence, the entity is treated as an associated undertaking and is accounted for using the equity method of accounting. The group's interests in joint ventures are accounted for using the gross equity method of accounting. |
Revenue recognition |
The company provides evidence-based solutions in the form of market research, data, intelligence and consultancy services to the global buildings products, speciality chemicals and paints & coatings industries. Income is recognised at clearly agreed and defined stages of deliverable. The turnover in the profit and loss account is exclusive of Value Added Tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences - Fully amortised |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings - 10-33% on reducing balance |
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. |
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. |
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 are largely independent of the cash inflows from other assets or groups of assets |
Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
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, 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. |
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. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets | 55,388 | 59,849 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 404,150 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 404,150 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 | 1,302,179 |
Additions | 13,518 |
Disposals | (313 | ) |
At 31 December 2023 | 1,315,384 |
DEPRECIATION |
At 1 January 2023 | 859,524 |
Charge for year | 55,388 |
At 31 December 2023 | 914,912 |
NET BOOK VALUE |
At 31 December 2023 | 400,472 |
At 31 December 2022 | 442,655 |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: India |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL |
Nature of business: |
% |
Class of shares: | holding |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL |
Nature of business: |
% |
Class of shares: | holding |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors | 852,845 | 721,154 |
Other debtors | 57,153 | 46,883 |
VAT | 15,191 | 22,113 |
Prepayments | 37,047 | 52,421 |
962,236 | 842,571 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Trade creditors | 114,349 | 108,205 |
Amounts owed to group undertakings | 213,428 | - |
Tax | 182,434 | 159,731 |
Social security and other taxes | 34,166 | 33,817 |
Other creditors | 1,472 | - |
Accruals and deferred income | 554,499 | 586,462 |
1,100,348 | 888,215 |
Amounts owed to group companies are unsecured, interest free and repayable on demand. |
Amounts owed to group undertakings are due to the ultimate parent company who are not included in the consolidation. |
BARCO 2022 LIMITED (REGISTERED NUMBER: 09182269) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year | 10,506 | 62,399 |
Between one and five years | - | 5,110 |
10,506 | 67,509 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
14. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no other significant events up to the date of approval of the financial statements by the Board. |
15. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of BRG Enterprise Solutions (Holdings) Limited, a company incorporated in England and Wales. |