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Registered number: 02317534
Barrier Steel Fabrications Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Hamilton Coopers
Chartered Accountants
66 Earl Street
Maidstone
Kent
ME14 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 02317534
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 255,487 44,262
255,487 44,262
CURRENT ASSETS
Stocks 5 - 250
Cash at bank and in hand 35,866 167,537
35,866 167,787
Creditors: Amounts Falling Due Within One Year 6 (181,539 ) (85,640 )
NET CURRENT ASSETS (LIABILITIES) (145,673 ) 82,147
TOTAL ASSETS LESS CURRENT LIABILITIES 109,814 126,409
NET ASSETS 109,814 126,409
CAPITAL AND RESERVES
Called up share capital 7 110 110
Profit and Loss Account 109,704 126,299
SHAREHOLDERS' FUNDS 109,814 126,409
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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
Mr Kevin Kane
Director
11 October 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Barrier Steel Fabrications Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02317534 . The registered office is 98d Bourne Road, Bexley, Kent, DA5 1LU.
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 and from the rendering of services. 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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% Straight Line (US), Not Depreciated (UK)
Plant & Machinery 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 101,652 70,654 382 172,688
Additions 216,691 - - 216,691
As at 31 December 2023 318,343 70,654 382 389,379
Depreciation
As at 1 January 2023 57,935 70,323 168 128,426
Provided during the period 5,081 331 54 5,466
As at 31 December 2023 63,016 70,654 222 133,892
Net Book Value
As at 31 December 2023 255,327 - 160 255,487
As at 1 January 2023 43,717 331 214 44,262
5. Stocks
2023 2022
£ £
Stock (Porperty) - 250
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,634 -
Other creditors 467 -
Accruals and deferred income 1,320 1,320
Director's loan account 178,118 84,320
181,539 85,640
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
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