2023-07-012024-06-302024-06-30false01322298Barneys (Billingsgate) 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Barneys (Billingsgate) Limited

Registered Number
01322298
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

Barneys (Billingsgate) Limited
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Mr M Button

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

01322298 (England and Wales)
Barneys (Billingsgate) Limited
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets442,46185,267
42,46185,267
Current assets
Stocks5227,505240,591
Debtors6271,831213,567
Cash at bank and on hand144,702178,094
644,038632,252
Creditors amounts falling due within one year7(199,174)(234,240)
Net current assets (liabilities)444,864398,012
Total assets less current liabilities487,325483,279
Provisions for liabilities8(10,616)(10,901)
Net assets476,709472,378
Capital and reserves
Called up share capital2,5002,500
Other reserves2,5002,500
Profit and loss account471,709467,378
Shareholders' funds476,709472,378
The financial statements were approved and authorised for issue by the Director on 17 October 2024, and are signed on its behalf by:
Mr M Button
Director
Registered Company No. 01322298
Barneys (Billingsgate) Limited
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Land and buildings leasehold - Straight line over the life of the lease Plant & machinery - 25% reducing balance basis Fixtures & fittings - 25% reducing balance basis Vehicles - 25% reducing balance basis
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year910
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 2320,00020,000
At 30 June 2420,00020,000
Amortisation and impairment
At 01 July 2320,00020,000
At 30 June 2420,00020,000
Net book value
At 30 June 24--
At 30 June 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 23220,57084,531112,01410,676427,791
At 30 June 24220,57084,531112,01410,676427,791
Depreciation and impairment
At 01 July 23192,67365,83077,6746,347342,524
Charge for year27,8974,6758,5861,64842,806
At 30 June 24220,57070,50586,2607,995385,330
Net book value
At 30 June 24-14,02625,7542,68142,461
At 30 June 2327,89718,70134,3404,32985,267
5.Stocks

2024

2023

££
Finished goods227,505240,591
Total227,505240,591
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables207,972152,707
Other debtors10,3397,879
Prepayments and accrued income53,52052,981
Total271,831213,567
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables159,057211,981
Taxation and social security27,6577,712
Other creditors1,531747
Accrued liabilities and deferred income10,92913,800
Total199,174234,240
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)10,61610,901
Total10,61610,901
9.Directors advances, credits and guarantees
At the year end the director was owed by the company £91 (2023 - £91) by way of their directors current account.