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Registration number: 00237719

Barnes,Branch & Co.Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Barnes,Branch & Co.Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Barnes,Branch & Co.Limited

(Registration number: 00237719)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

62,145

62,145

Current assets

 

Stocks

390

-

Debtors

5

1,066,817

829,101

Cash at bank and in hand

 

400,543

807,795

 

1,467,750

1,636,896

Creditors: Amounts falling due within one year

6

(441,792)

(638,102)

Net current assets

 

1,025,958

998,794

Net assets

 

1,088,103

1,060,939

Capital and reserves

 

Called up share capital

26,760

26,760

Retained earnings

1,061,343

1,034,179

Shareholders' funds

 

1,088,103

1,060,939

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.

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

Mr P M Barnes
Director

   
     
 

Barnes,Branch & Co.Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Sawmills Vastern Wharf
Royal Wootton Bassett
Swindon
Wiltshire
SN4 7PD

These financial statements were authorised for issue by the Board on 18 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

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

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, 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 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.

 

Barnes,Branch & Co.Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Barnes,Branch & Co.Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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 5 (2022 - 5).

 

Barnes,Branch & Co.Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

62,145

62,145

Subsidiaries

£

Cost or valuation

At 1 January 2023

62,145

Carrying amount

At 31 December 2023

62,145

At 31 December 2022

62,145

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

4,110

-

Amounts owed by related parties

7

1,062,707

829,101

 

1,066,817

829,101

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Amounts due to related parties

7

396,912

533,654

Social security and other taxes

 

33,364

30,117

Other creditors

 

1,685

-

Accruals

 

9,831

5,835

Corporation tax liability

-

68,496

 

441,792

638,102

 

Barnes,Branch & Co.Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

284,972

248,682

533,654

Advanced

312,392

15,774

328,166

Repaid

(436,634)

(28,274)

(464,908)

At end of period

160,730

236,182

396,912

2022

Key management
£

Other related parties
£

Total
£

At start of period

287,519

261,182

548,701

Advanced

299,883

16,730

316,613

Repaid

(302,430)

(29,230)

(331,660)

At end of period

284,972

248,682

533,654

Terms of loans from related parties

Other related parties are close family members of key management.
The loans bear interest at a rate of 6% per annum.