RJ Barrett & Co Limited 06938041 false 2023-02-03 2024-02-02 2024-02-02 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 true true 06938041 2023-02-03 2024-02-02 06938041 2024-02-02 06938041 bus:OrdinaryShareClass1 2024-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2024-02-02 06938041 core:ShareCapital 2024-02-02 06938041 core:CurrentFinancialInstruments 2024-02-02 06938041 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-02 06938041 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-02 06938041 core:FurnitureFittingsToolsEquipment 2024-02-02 06938041 core:LandBuildings 2024-02-02 06938041 core:MotorVehicles 2024-02-02 06938041 core:OtherPropertyPlantEquipment 2024-02-02 06938041 bus:SmallEntities 2023-02-03 2024-02-02 06938041 bus:AuditExemptWithAccountantsReport 2023-02-03 2024-02-02 06938041 bus:FullAccounts 2023-02-03 2024-02-02 06938041 bus:SmallCompaniesRegimeForAccounts 2023-02-03 2024-02-02 06938041 bus:RegisteredOffice 2023-02-03 2024-02-02 06938041 bus:Director1 2023-02-03 2024-02-02 06938041 bus:Director2 2023-02-03 2024-02-02 06938041 bus:OrdinaryShareClass1 2023-02-03 2024-02-02 06938041 bus:PrivateLimitedCompanyLtd 2023-02-03 2024-02-02 06938041 bus:Agent1 2023-02-03 2024-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2023-02-03 2024-02-02 06938041 core:ShareCapital 2023-02-03 2024-02-02 06938041 core:FurnitureFittings 2023-02-03 2024-02-02 06938041 core:FurnitureFittingsToolsEquipment 2023-02-03 2024-02-02 06938041 core:LandBuildings 2023-02-03 2024-02-02 06938041 core:MotorVehicles 2023-02-03 2024-02-02 06938041 core:OfficeEquipment 2023-02-03 2024-02-02 06938041 core:OtherPropertyPlantEquipment 2023-02-03 2024-02-02 06938041 core:PlantMachinery 2023-02-03 2024-02-02 06938041 countries:England 2023-02-03 2024-02-02 06938041 2023-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2023-02-02 06938041 core:ShareCapital 2023-02-02 06938041 core:FurnitureFittingsToolsEquipment 2023-02-02 06938041 core:LandBuildings 2023-02-02 06938041 core:MotorVehicles 2023-02-02 06938041 core:OtherPropertyPlantEquipment 2023-02-02 06938041 2022-02-03 2023-02-02 06938041 2023-02-02 06938041 bus:OrdinaryShareClass1 2023-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2023-02-02 06938041 core:ShareCapital 2023-02-02 06938041 core:CurrentFinancialInstruments 2023-02-02 06938041 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-02 06938041 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-02 06938041 core:FurnitureFittingsToolsEquipment 2023-02-02 06938041 core:LandBuildings 2023-02-02 06938041 core:MotorVehicles 2023-02-02 06938041 core:OtherPropertyPlantEquipment 2023-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2022-02-03 2023-02-02 06938041 core:ShareCapital 2022-02-03 2023-02-02 06938041 2022-02-02 06938041 core:RetainedEarningsAccumulatedLosses 2022-02-02 06938041 core:ShareCapital 2022-02-02 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06938041

RJ Barrett & Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 2 February 2024

 

RJ Barrett & Co Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

RJ Barrett & Co Limited

Company Information

Directors

Mr Martin James Barrett

Mr Paul Leonard Barrett

Registered office

C/o
14 St. Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

RJ Barrett & Co Limited

Directors' Report for the Year Ended 2 February 2024

The directors present their report and the financial statements for the year ended 2 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Martin James Barrett

Mr Paul Leonard Barrett

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 23 September 2024 and signed on its behalf by:

.........................................
Mr Martin James Barrett
Director

.........................................
Mr Paul Leonard Barrett
Director

 
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
RJ Barrett & Co Limited
for the Year Ended 2 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RJ Barrett & Co Limited for the year ended 2 February 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that RJ Barrett & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RJ Barrett & Co Limited. You consider that RJ Barrett & Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of RJ Barrett & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

23 September 2024

 

RJ Barrett & Co Limited

Profit and Loss Account for the Year Ended 2 February 2024

Note

2024
£

2023
£

Turnover

 

952,351

854,667

Cost of sales

 

(537,691)

(491,202)

Gross profit

 

414,660

363,465

Administrative expenses

 

(294,228)

(276,017)

Operating profit

 

120,432

87,448

Profit before tax

120,432

87,448

Tax on profit

 

(36,785)

(10,508)

Profit for the financial year

 

83,647

76,940

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

RJ Barrett & Co Limited

Statement of Comprehensive Income for the Year Ended 2 February 2024

Note

2024
 £

2023
 £

Profit for the year

 

83,647

76,940

Total comprehensive income for the year

 

83,647

76,940

 

RJ Barrett & Co Limited

(Registration number: 06938041)
Balance Sheet as at 2 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

781,755

751,364

Current assets

 

Stocks

361,285

348,688

Debtors

20,882

20,987

Cash at bank and in hand

 

45,701

50,505

 

427,868

420,180

Creditors: Amounts falling due within one year

(46,319)

(38,300)

Net current assets

 

381,549

381,880

Total assets less current liabilities

 

1,163,304

1,133,244

Creditors: Amounts falling due after more than one year

(65,112)

(82,473)

Provisions for liabilities

(75,612)

(69,838)

Net assets

 

1,022,580

980,933

Capital and reserves

 

Called up share capital

5

1,000

1,000

Retained earnings

1,021,580

979,933

Shareholders' funds

 

1,022,580

980,933

For the financial year ending 2 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr Martin James Barrett
Director

.........................................
Mr Paul Leonard Barrett
Director

 
     
 

RJ Barrett & Co Limited

Statement of Changes in Equity for the Year Ended 2 February 2024

Share capital
£

Profit and loss account
£

Total
£

At 3 February 2023

1,000

979,933

980,933

Profit for the year

-

83,647

83,647

Total comprehensive income

-

83,647

83,647

Dividends

-

(42,000)

(42,000)

At 2 February 2024

1,000

1,021,580

1,022,580

Share capital
£

Profit and loss account
£

Total
£

At 3 February 2022

1,000

944,993

945,993

Profit for the year

-

76,940

76,940

Total comprehensive income

-

76,940

76,940

Dividends

-

(42,000)

(42,000)

At 2 February 2023

1,000

979,933

980,933

 

RJ Barrett & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o
14 St. Owen Street
Hereford
HR1 2PL
United Kingdom

The principal place of business is:
Church House
Stoke Lacy
Bromyard
Hereford
HR7 4HH

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

RJ Barrett & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Solar panels

5% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The directors have chosen the fair value basis of stock valuation under schedule 28 FRS 102. The carrying value of stock is given.

 

RJ Barrett & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

RJ Barrett & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 3 February 2023

383,794

2,997

109,159

1,052,224

1,548,174

Additions

-

-

44,850

136,339

181,189

Disposals

-

-

(48,286)

(57,000)

(105,286)

At 2 February 2024

383,794

2,997

105,723

1,131,563

1,624,077

Depreciation

At 3 February 2023

-

2,661

60,895

733,254

796,810

Charge for the year

-

84

18,185

108,948

127,217

Eliminated on disposal

-

-

(27,915)

(53,790)

(81,705)

At 2 February 2024

-

2,745

51,165

788,412

842,322

Carrying amount

At 2 February 2024

383,794

252

54,558

343,151

781,755

At 2 February 2023

383,794

336

48,264

318,970

751,364

Included within the net book value of land and buildings above is £383,794 (2023 - £383,794) in respect of freehold land and buildings.
 

 

RJ Barrett & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000