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Registered number: 01675749
Barrettine Products Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 01675749
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 697,396 794,806
Cash at bank and in hand 63,686 -
761,082 794,806
Creditors: Amounts Falling Due Within One Year 5 (134,015 ) (103,454 )
NET CURRENT ASSETS (LIABILITIES) 627,067 691,352
TOTAL ASSETS LESS CURRENT LIABILITIES 627,067 691,352
NET ASSETS 627,067 691,352
CAPITAL AND RESERVES
Called up share capital 6 100,000 100,000
Profit and Loss Account 527,067 591,352
SHAREHOLDERS' FUNDS 627,067 691,352
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S H Bailey
Director
29 August 2024
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Barrettine Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01675749 . The registered office is St. Ivel Way, Warmley, Bristol, BS15 5TY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.4. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transactions 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 borrowings.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 127,448 235,059
Other debtors 569,948 559,747
697,396 794,806
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts - 1
Taxation and social security 134,015 103,453
134,015 103,454
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100,000 100,000
7. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 500,000 -
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.
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8. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent is J V Barrett & Co Ltd, incorporated in the UK.
The ultimate parent is Barrettine Holdings Ltd, incorporated in the UK. The registered office is Barrettine Works, St Ivel Way, Warmley, Bristol BS30 8TY.
The most senior parent entity producing publicly available financial statements is Barrettine Holdings Ltd. These financial statements are available upon request from St Ivel Way, Warmley, Bristol BS30 8TY
10. Audit Information
The auditors report on the account of Barrettine Products Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by David Alan Oakensen FCA (Senior Statutory Auditor) for and on behalf of William Price & Co Ltd , Statutory Auditor
William Price & Co Ltd
Westbury Court
Church Road
Westbury-On-Trym
Bristol
BS9 3EF
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