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Registration number: 06104310

Barfit Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Barfit Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Barfit Limited

Company Information

Director

A Sutton

Company secretary

A Sutton

Registered office

Unit 1 Herbert Brown Business Park Whiteley Street
Milnsbridge
Huddersfield
West Yorkshire
HD3 4LT

 

Barfit Limited

(Registration number: 06104310)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,250

15,000

Tangible assets

5

36,745

39,996

 

47,995

54,996

Current assets

 

Stocks

6

31,750

20,860

Debtors

7

129,996

131,917

Cash at bank and in hand

 

306,439

256,483

 

468,185

409,260

Creditors: Amounts falling due within one year

8

(131,757)

(90,602)

Net current assets

 

336,428

318,658

Total assets less current liabilities

 

384,423

373,654

Creditors: Amounts falling due after more than one year

8

(10,833)

(20,833)

Provisions for liabilities

(9,186)

(7,102)

Net assets

 

364,404

345,719

Capital and reserves

 

Called up share capital

500

500

Capital redemption reserve

500

500

Retained earnings

363,404

344,719

Shareholders' funds

 

364,404

345,719

 

Barfit Limited

(Registration number: 06104310)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2024
 

.........................................
A Sutton
Company secretary and director

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Herbert Brown Business Park Whiteley Street
Milnsbridge
Huddersfield
West Yorkshire
HD3 4LT
England

These financial statements were authorised for issue by the director on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

over 3 years

Plant and machinery

over 3 to 5 years

Fixtures and fittings

over 3 years

Motor vehicles

over 3 to 5 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction 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 borrowing.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 14).

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

75,000

75,000

At 30 April 2024

75,000

75,000

Amortisation

At 1 May 2023

60,000

60,000

Amortisation charge

3,750

3,750

At 30 April 2024

63,750

63,750

Carrying amount

At 30 April 2024

11,250

11,250

At 30 April 2023

15,000

15,000

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

22,662

12,866

13,381

95,548

Additions

-

-

5,267

15,227

At 30 April 2024

22,662

12,866

18,648

110,775

Depreciation

At 1 May 2023

19,998

11,431

10,276

62,756

Charge for the year

2,664

820

1,935

18,326

At 30 April 2024

22,662

12,251

12,211

81,082

Carrying amount

At 30 April 2024

-

615

6,437

29,693

At 30 April 2023

2,664

1,435

3,105

32,792

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Total
£

Cost or valuation

At 1 May 2023

144,457

Additions

20,494

At 30 April 2024

164,951

Depreciation

At 1 May 2023

104,461

Charge for the year

23,745

At 30 April 2024

128,206

Carrying amount

At 30 April 2024

36,745

At 30 April 2023

39,996

Included within the net book value of land and buildings above is £Nil (2023 - £2,665) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

5,000

4,300

Other inventories

26,750

16,560

31,750

20,860

7

Debtors

Current

2024
£

2023
£

Trade debtors

114,242

82,680

Prepayments

15,658

2,189

Other debtors

96

47,048

 

129,996

131,917

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

11,078

4,324

Taxation and social security

 

104,720

72,963

Accruals and deferred income

 

3,936

2,982

Other creditors

 

2,023

333

 

131,757

90,602

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

10,833

20,833

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,833

20,833

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

 

Barfit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

A Sutton

Advances to the directors are aggregate amounts. Interest is charged at 2.25% p.a. and there are no fixed terms of repayments.

46,829

(46,829)

-

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

A Sutton

Advances to the directors are aggregate amounts. Interest is charged at 2.25% p.a. and there are no fixed terms of repayments.

12,947

33,882

46,829