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REGISTERED NUMBER: 13636144 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BARNES LINCOLN INVESTMENTS LIMITED

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


BARNES LINCOLN INVESTMENTS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: P Lanni





REGISTERED OFFICE: Burnsall Road
Coventry
CV5 6BT





REGISTERED NUMBER: 13636144 (England and Wales)





AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group was formed in October 2021 after the company acquired two subsidiary undertakings from Fox Lima Holdings Limited, as part of a wider group reorganisation.

The year to 31 December 2023 therefore represents the group's first 12 month period of trading and as such the results are not entirely comparable with the previous, longer, accounting period to 31 December 2022.

The year under review has remained challenging, although 2023 was less volatile than the period to 31 December 2022. Accordingly, some pressures on turnover and operating expenditure began to ease in 2023, and listed investment values also saw some recovery.

Nonetheless, the director remains vigilant of the continued challenges in 2024 and beyond and will seek to drive both further growth and to ensure that costs are adequately controlled.

Overall, the director is satisfied with group's trading performance. Furthermore, the director is confident that with continued support from both its subsidiary undertakings, as well as its own adequate financial headroom, the company and group can continue to trade as a going concern and as such, the financial statements have been prepared on this basis.

PRINCIPAL RISKS AND UNCERTAINTIES
Given the straightforward nature of the business, the director is of the opinion that analysis using key performance indicators is not necessary for an understanding of the performance or position of the company and group. The director is mindful of the potential risks and uncertainties associated with running the company and group. The major risk relates to competition and the director is constantly seeking efficiencies to ensure the company and group continue to be competitive.

FUTURE DEVELOPMENTS
The director acknowledges the challenges that the group faces in 2024 not least in maintaining service levels and meeting customer demand, in what remains an uncertain business environment owing to wider economic and political factors.

Whilst the full impact of these risks cannot be predicted with any certainty, the director believes the group will be able to continue to trade profitably throughout 2024 and beyond. Attention in the short to medium term remains on managing working capital and raw material stock in particular so that lead times can be honoured to keep pace with customer demand for finished goods.

Cash flow remains healthy, with the director of the opinion that the group can continue to operate within its current and future financial parameters and so continue to meet its debts as they fall due.

The group's longer term strategy for beyond 2024 is to maintain its market share and profitability and ultimately, to continue to grow. The director has continued to put measures in place to try and expand the markets in which the company operates.

ON BEHALF OF THE BOARD:





P Lanni - Director


21 August 2024

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

REPORT OF THE DIRECTOR
for the year ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture of plastic house and garden ware.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
P Lanni was the sole director during the period under review.

DISCLOSURE IN THE STRATEGIC REPORT
The group's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P Lanni - Director


21 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARNES LINCOLN INVESTMENTS LIMITED

Opinion
We have audited the financial statements of Barnes Lincoln Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARNES LINCOLN INVESTMENTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit process includes an assessment of the group's and entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the group and company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARNES LINCOLN INVESTMENTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wayne Gutteridge ACA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

21 August 2024

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 December 2023

Year ended Period
31.12.23 22.9.21 to 31.12.22
Notes £    £    £    £   

TURNOVER 3 18,621,624 20,389,076

Cost of sales 14,204,590 16,038,066
GROSS PROFIT 4,417,034 4,351,010

Administrative expenses 3,716,487 4,525,722
700,547 (174,712 )

Other operating income 358 971
OPERATING PROFIT/(LOSS) 5 700,905 (173,741 )

Income from interest in associated
undertakings

526,356

23,000,360
Interest receivable and similar income 42,614 22,816
568,970 23,023,176
1,269,875 22,849,435
Amounts written off investments 6 - 118,873
Gain/loss on revaluation of investments (458,702 ) 290,821
(458,702 ) 409,694
PROFIT BEFORE TAXATION 1,728,577 22,439,741

Tax on profit 7 289,924 130,487
PROFIT FOR THE FINANCIAL YEAR 1,438,653 22,309,254
Profit attributable to:
Owners of the parent 1,438,653 22,309,254

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

Period
22.9.21
Year ended to
31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,438,653 22,309,254


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,438,653

22,309,254

Total comprehensive income attributable to:
Owners of the parent 1,438,653 22,309,254

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

CONSOLIDATED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,476,253 3,924,802
Tangible assets 10 2,061,344 2,001,288
Investments 11
Interest in associate 526,356 -
6,063,953 5,926,090

CURRENT ASSETS
Stocks 12 4,498,382 5,781,528
Debtors 13 9,983,924 10,143,952
Investments 14 3,139,787 2,222,243
Cash at bank and in hand 1,917,444 246,513
19,539,537 18,394,236
CREDITORS
Amounts falling due within one year 15 1,627,396 1,841,069
NET CURRENT ASSETS 17,912,141 16,553,167
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,976,094

22,479,257

PROVISIONS FOR LIABILITIES 16 209,318 151,134
NET ASSETS 23,766,776 22,328,123

CAPITAL AND RESERVES
Called up share capital 17 18,869 18,869
Retained earnings 18 23,747,907 22,309,254
SHAREHOLDERS' FUNDS 23,766,776 22,328,123

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





P Lanni - Director


BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

COMPANY BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 119,073 119,073
119,073 119,073

CURRENT ASSETS
Debtors 13 1 184,834
Investments 14 3,139,787 2,222,243
Cash at bank 1,875,232 214,642
5,015,020 2,621,719
CREDITORS
Amounts falling due within one year 15 2,066,738 104,280
NET CURRENT ASSETS 2,948,282 2,517,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,067,355

2,636,512

CAPITAL AND RESERVES
Called up share capital 17 18,869 18,869
Retained earnings 18 3,048,486 2,617,643
SHAREHOLDERS' FUNDS 3,067,355 2,636,512

Company's profit for the financial year 430,843 2,617,643

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





P Lanni - Director


BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 18,869 - 18,869
Total comprehensive income - 22,309,254 22,309,254
Balance at 31 December 2022 18,869 22,309,254 22,328,123

Changes in equity
Total comprehensive income - 1,438,653 1,438,653
Balance at 31 December 2023 18,869 23,747,907 23,766,776

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 18,869 - 18,869
Total comprehensive income - 2,617,643 2,617,643
Balance at 31 December 2022 18,869 2,617,643 2,636,512

Changes in equity
Total comprehensive income - 430,843 430,843
Balance at 31 December 2023 18,869 3,048,486 3,067,355

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

Period
22.9.21
Year ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,232,143 743,901
Tax paid (396,465 ) (476,253 )
Net cash from operating activities 2,835,678 267,648

Cash flows from investing activities
Purchase of tangible fixed assets (777,367 ) (216,807 )
Sale of tangible fixed assets 77,324 52,950
Sale of fixed asset investments 2,195,380 584,788
Overdrafts acquired from subsidiaries - (272,598 )
Purchase of current asset investments (2,702,698 ) (3,192,565 )
Interest received 42,614 22,816
Dividends received - 3,000,280
Net cash from investing activities (1,164,747 ) (21,136 )

Cash flows from financing activities
Share issue - 1
Net cash from financing activities - 1

Increase in cash and cash equivalents 1,670,931 246,513
Cash and cash equivalents at beginning of
year

2

246,513

-

Cash and cash equivalents at end of year 2 1,917,444 246,513

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Profit before taxation 1,728,577 22,439,741
Depreciation charges 1,137,235 1,662,984
(Profit)/loss on disposal of fixed assets (223 ) 39,454
(Gain)/loss on revaluation of fixed assets (458,702 ) 290,821
Impairment of investment in associate - 18,868
Finance income (568,970 ) (23,023,176 )
1,837,917 1,428,692
Decrease/(increase) in stocks 1,283,146 (2,230,599 )
Decrease in trade and other debtors 238,771 2,406,472
Decrease in trade and other creditors (127,691 ) (860,664 )
Cash generated from operations 3,232,143 743,901

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,917,444 246,513
Period ended 31 December 2022
31.12.22 22.9.21
£    £   
Cash and cash equivalents 246,513 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 246,513 1,670,931 1,917,444
246,513 1,670,931 1,917,444

Liquid resources
Current asset investments 2,222,243 917,544 3,139,787
2,222,243 917,544 3,139,787
Total 2,468,756 2,588,475 5,057,231

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Barnes Lincoln Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below.

Basis of consolidation
The consolidated financial statements incorporate those of Barnes Lincoln Investments Limited and all of its subsidiary undertakings, together with the group's share of the results of associates. All financial statements are made up to 31 December 2023.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The company and group make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:
i) Inventory provisioning
The group commits to significant stock holdings of a wide range of consumable goods which it manufactures internally. Demand for such items can vary and there is a risk that items may be held for a significant time and for which a future sale is not guaranteed. When calculating the inventory provision, management consider both the historic movement of individual lines and the wider market appetite for the stock lines, as this may necessitate a mode of sale or resale value that was not originally intended.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:-

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Plant and machinery over 4 to 10 years or estimate of useful hours
Equipment, fixtures and fittings over 3 to 5 years
Motor vehicles over 4 years

Investments in subsidiaries
Investments in subsidiary undertakings are stated at cost, less impairment.

Investments in associates
Investments in associated undertakings are stated at cost, less impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Current asset investments
Current asset investments, representing listed investments, are shown at market value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
United Kingdom 16,353,697 18,638,220
Europe 2,005,544 1,495,290
Rest of world 262,383 255,566
18,621,624 20,389,076

All turnover is derived from the sale of goods.

4. EMPLOYEES AND DIRECTORS
Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Wages and salaries 3,814,706 4,619,776
Social security costs 324,252 389,193
Other pension costs 68,515 80,661
4,207,473 5,089,630

The average number of employees during the year was as follows:
Period
22.9.21
Year ended to
31.12.23 31.12.22

Distribution 21 22
Production 44 48
Administration 31 35
96 105

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Director's remuneration - -

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Depreciation - owned assets 688,686 1,102,298
(Profit)/loss on disposal of fixed assets (223 ) 39,454
Goodwill amortisation 448,549 560,686
Auditors' remuneration 19,870 23,635
Reversal of impairment loss in associated undertaking (18,868 ) -

6. AMOUNTS WRITTEN OFF INVESTMENTS
Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Amounts written off
investments - 118,873

Amounts written off in the prior period included an impairment of the group's investment in its associated undertaking, Fox Lima Holdings Limited and provisions of £100,005 in respect of amounts for which the group has an obligation.

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 231,740 236,018

Deferred tax 58,184 (105,531 )
Tax on profit 289,924 130,487

UK corporation tax has been charged at 25 % (2022 - 19 %).

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
22.9.21
Year ended to
31.12.23 31.12.22
£    £   
Profit before tax 1,728,577 22,439,741
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

432,144

4,263,551

Effects of:
Expenses not deductible for tax purposes 4,448 22,775
Income not taxable for tax purposes (261,210 ) (4,379,516 )
Depreciation in excess of capital allowances 123,613 151,567
Other tax adjustments (9,071 ) 72,110
Total tax charge 289,924 130,487

From April 2023 the UK corporation tax rate increased from 19% to 25% and is set to remain at 25% for the foreseeable future.

8. 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.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 4,485,488
AMORTISATION
At 1 January 2023 560,686
Amortisation for year 448,549
At 31 December 2023 1,009,235
NET BOOK VALUE
At 31 December 2023 3,476,253
At 31 December 2022 3,924,802

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS

Group
Plant & Fixtures Motor
machinery & fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 2,214,655 112,665 772,988 3,100,308
Additions 487,753 84,468 205,146 777,367
Disposals (16,946 ) - (46,949 ) (63,895 )
At 31 December 2023 2,685,462 197,133 931,185 3,813,780
DEPRECIATION
At 1 January 2023 762,106 57,041 279,873 1,099,020
Charge for year 390,033 39,056 259,597 688,686
Eliminated on disposal - - (35,270 ) (35,270 )
At 31 December 2023 1,152,139 96,097 504,200 1,752,436
NET BOOK VALUE
At 31 December 2023 1,533,323 101,036 426,985 2,061,344
At 31 December 2022 1,452,549 55,624 493,115 2,001,288

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
Share of profit/(loss) 507,488
Reversal of impairments 18,868
At 31 December 2023 526,356
NET BOOK VALUE
At 31 December 2023 526,356
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 100,205 18,868 119,073
NET BOOK VALUE
At 31 December 2023 100,205 18,868 119,073
At 31 December 2022 100,205 18,868 119,073

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Whitefurze Limited
Registered office: Burnsall Road, Coventry, CV5 6BT, UK
Nature of business: Manufacture of plastic house and garden ware
%
Class of shares: holding
Ordinary 100.00

Langstone Plastics Limited
Registered office: Burnsall Road, Coventry, CV5 6BT, UK
Nature of business: Plastic injection moulding
%
Class of shares: holding
Ordinary 100.00

Associated company

Fox Lima Holdings Limited
Registered office: Burnsall Road, Coventry, CV5 6BT, UK
Nature of business: Rental of properties
%
Class of shares: holding
B Ordinary 37.74

The company owns 100% of B ordinary shares and 37.74% of total issued ordinary shares.


12. STOCKS

Group
2023 2022
£    £   
Raw materials 962,865 1,532,645
Finished goods 3,535,517 4,248,883
4,498,382 5,781,528

An impairment loss of £83,641 (2022 - £82,690) was recognised in cost of sales against stock during the year.

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,071,064 2,836,455 - -
Amounts owed by group undertakings - - - 184,833
Other debtors 6,537,975 7,037,085 1 1
Tax 88,268 9,525 - -
Prepayments and accrued income 286,617 260,887 - -
9,983,924 10,143,952 1 184,834

An impairment loss of £24,000 (2022 - £24,000) was recognised against trade debtors during the year.

14. CURRENT ASSET INVESTMENTS

The market value of listed investments held at 31 December 2023 by the group and company was £3,139,787 (2022 - £2,222,243).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 820,765 1,039,678 601 -
Amounts owed to group undertakings - - 1,961,462 -
Tax - 85,982 - -
Social security and other taxes 115,179 102,924 - -
VAT 131,342 160,511 - -
Other creditors 128,153 124,630 99,925 99,925
Accruals and deferred income 431,957 327,344 4,750 4,355
1,627,396 1,841,069 2,066,738 104,280

16. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 209,318 151,134

Group
Deferred
tax
£   
Balance at 1 January 2023 151,134
Charge to Income Statement during year 58,184
Balance at 31 December 2023 209,318

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 A Ordinary £1 1 1
18,868 Ordinary £1 18,868 18,868
18,869 18,869

The A ordinary share has full rights with respect to voting, the rights to distribution of dividends and the repayment of capital.

All other ordinary shares rank pari passu with respect to the rights to distribution of dividends and the repayment of capital. The other ordinary shares are non-voting.

18. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 22,309,254
Profit for the year 1,438,653
At 31 December 2023 23,747,907

Company
Retained
earnings
£   

At 1 January 2023 2,617,643
Profit for the year 430,843
At 31 December 2023 3,048,486

Retained earnings includes all current and prior period retained profits and losses.

19. PENSION COMMITMENTS

The group operates a defined contribution pension scheme with the assets of the scheme held separately from those of the group. The pension charge relating to the defined contribution pensions scheme for the year was £68,515 (2022 - £80,661). Outstanding contributions at the year end amounted to£15,686 (2022 - £14,307).

20. RELATED PARTY DISCLOSURES

Fox Lima Holdings Limited - associated undertaking

The group was charged rent of £900,000 for the year (2022 - £1,125,000 for the period).

At the year end the group was owed £6,537,974 (2022 - £7,037,084), which is disclosed within Other debtors.

Key management

BARNES LINCOLN INVESTMENTS LIMITED (REGISTERED NUMBER: 13636144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

The director is considered to be key management, whose remuneration is included in the preceding notes to these financial statements.

21. ULTIMATE CONTROLLING PARTY

The controlling party is P Lanni.

22. ACQUISITION OF SUBSIDIARY UNDERTAKINGS

In the prior accounting period, on 8 October 2021, Barnes Lincoln Investments Limited acquired the entire issued share capital of Whitefuze Limited and Langstone Plastics Limited. The transaction was accounted for under the acquisition method of accounting.

Barnes Lincoln Investments Limited paid the following consideration for the acquisition of the net assets of its trading subsidiaries, as follows:



Book value
Fair value
adjustment

Fair value

£    £    £   
Shares purchased and satisfied by way of
dividend in specie

-

20,000,080

20,000,080

Cash for stamp duty paid 100,005 - 100,005
Total 100,005 20,000,080 20,100,085

The net assets of Whitefurze Limited and Langstone Plastics Limited on acquisition were adjusted to fair value as follows:


Asset / Liability

Book value
Fair value
adjustment

Fair value

£    £    £   
Fixed and current assets 19,112,790 - 19,112,790
Current liabilities and provisions (3,498,193 ) - (3,498,193 )
Total 15,614,597 - 15,614,597

The acquisition of Whitefurze Limited and Langstone Plastics Limited gave rise to goodwill of £4,485,488.