Company registration number SC375620 (Scotland)
G & L BARR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
G & L BARR LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
G & L BARR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,000
42,000
Tangible assets
4
43,661
79,661
42,000
Current assets
Debtors
5
40,650
68,962
Cash at bank and in hand
3,295
1,553
43,945
70,515
Creditors: amounts falling due within one year
6
(64,300)
(64,136)
Net current (liabilities)/assets
(20,355)
6,379
Total assets less current liabilities
59,306
48,379
Creditors: amounts falling due after more than one year
7
(10,831)
Provisions for liabilities
(10,915)
Net assets
37,560
48,379
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
37,558
48,377
Total equity
37,560
48,379
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
G & L BARR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr G Barr
Director
Company Registration No. SC375620
G & L BARR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
G&L Barr Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Square, Ayr, KA7 1EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents payments received with respect to the provision of services rendered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.
The amortisation treatment of the 2010 goodwill is a departure from FRS 102 Section 1A which limits the period of goodwill amortisation to a maximum of ten years. The directors consider it appropriate to depart from the treatment in order to show a true and fair view, as they review the carrying value of goodwill each year for impairment based on their knowledge of the business sector in which the company operates.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on cost
Computers
33% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
G & L BARR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
120,000
Amortisation and impairment
At 1 April 2023
78,000
Amortisation charged for the year
6,000
At 31 March 2024
84,000
Carrying amount
At 31 March 2024
36,000
At 31 March 2023
42,000
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,417
689
2,106
Additions
716
50,370
51,086
At 31 March 2024
1,417
1,405
50,370
53,192
Depreciation and impairment
At 1 April 2023
1,417
689
2,106
Depreciation charged in the year
79
7,346
7,425
At 31 March 2024
1,417
768
7,346
9,531
Carrying amount
At 31 March 2024
637
43,024
43,661
At 31 March 2023
G & L BARR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
40,236
38,502
Other debtors
30,000
Prepayments and accrued income
414
460
40,650
68,962
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,793
Corporation tax
27,207
34,896
Other creditors
27,909
27,368
Accruals and deferred income
2,391
1,872
64,300
64,136
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
10,831
8
Directors' transactions
Included within creditors is a balance of £599 (2023: £30,000 debtor) owed by the company to the directors. This loan was made on an interest free basis and has no terms of repayment.