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Registered number: 01321482









BARNES MARINE UNITS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BARNES MARINE UNITS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr D Thwaites 
Mr M Thwaites 




Company secretary
Mr D Thwaites



Registered number
01321482



Registered office
Riverside Road
Wroxham

Norwich

Norfolk

NR12 8UD




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditors

7 The Close

Norwich

Norfolk

NR1 4DJ





 
BARNES MARINE UNITS LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 30


 
BARNES MARINE UNITS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their Strategic Report for the year ended 29 February 2024.

Principal activities
 
The principal activities of the company are those of boat builders, sellers and brokers, operator of a Broads cruiser, day boat and yacht hire fleet and letting of holiday cottages.

Business review
 
At the balance sheet date, the company had net assets of £9.47m and had made a profit after tax for the year.

Key performance indicators
 
The key performance indicators for the company are turnover, gross profit and operating profit and are summarised below.  These are reviewed and monitored regularly.
     y/e 29.02.2024 y/e 28.02.2023
       £     £
Turnover    5,502,003  7,087,663 
Gross profit    1,961,126 2,504,655
Operating profit   1,003,981 1,346,060

Future outlook
 
The company has a sufficient level of cash reserves at the date of approval of the financial statements which will enable it to continue to meet its liabilities as they fall due. Turnover and costs have been and continue to be impacted by the current economic climate and high inflation rates, which are expected to result in a reduction in profitability in the year ending 28 February 2025.

Principal risks and uncertainties
 
The directors have reviewed the risks and uncertainties facing the company and the strength of the balance sheet is considered adequate for those to which the company is exposed.  These include the overall economic environment, availability of finance and increasing labour costs as a result of legislation changes coupled with increasing competition for turnover within the holiday and travel industry.


This report was approved by the board and signed on its behalf.





Mr D Thwaites
Director

Date: 8 November 2024

Page 1

 
BARNES MARINE UNITS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £635,795 (2023 - £1,132,303).

Directors

The directors who served during the year were:

Mr D Thwaites 
Mr M Thwaites 

Future developments

The directors consider the future developments of the company are covered under the "future outlook" section of the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
BARNES MARINE UNITS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMA Partners Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr D Thwaites
Director

Date: 8 November 2024

Page 3

 
BARNES MARINE UNITS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNES MARINE UNITS LIMITED
 

Opinion


We have audited the financial statements of Barnes Marine Units Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BARNES MARINE UNITS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNES MARINE UNITS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
BARNES MARINE UNITS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNES MARINE UNITS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the company and    considered that the most significant are the Companies Act 2006, UK financial reporting standards as    issued by the Financial Reporting Council, and UK taxation legislation.
• We obtained an understanding of how the company complies with these requirements by discussions    with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material    misstatement due to fraud and how it might occur, by holding discussions with management and those    charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-   compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of    non-compliance with laws and regulations. This included making enquiries of management and those    charged with governance and obtaining additional corroborative evidence as required.
 
Page 6

 
BARNES MARINE UNITS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNES MARINE UNITS LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Chris Dugdale FCA (Senior Statutory Auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants & Statutory Auditors
  
7 The Close
Norwich
Norfolk
NR1 4DJ

8 November 2024
Page 7

 
BARNES MARINE UNITS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,502,003
7,087,663

Cost of sales
  
(3,540,877)
(4,583,008)

Gross profit
  
1,961,126
2,504,655

Administrative expenses
  
(957,145)
(1,161,595)

Other operating income
 5 
-
3,000

Operating profit
  
1,003,981
1,346,060

Interest receivable and similar income
 9 
97,878
18,567

Interest payable and similar expenses
 10 
-
(15,636)

Profit before tax
  
1,101,859
1,348,991

Tax on profit
 11 
(466,064)
(216,688)

Profit for the financial year
  
635,795
1,132,303

Other comprehensive income for the year
  

Total comprehensive income for the year
  
635,795
1,132,303

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 15 to 30 form part of these financial statements.

Page 8

 
BARNES MARINE UNITS LIMITED
REGISTERED NUMBER: 01321482

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
17,499
23,499

Tangible assets
 14 
7,192,529
7,330,989

Investments
 15 
73,247
73,247

  
7,283,275
7,427,735

Current assets
  

Stocks
 16 
883,068
697,990

Debtors: amounts falling due within one year
 17 
138,890
71,843

Cash at bank and in hand
  
3,871,659
3,421,860

  
4,893,617
4,191,693

Creditors: amounts falling due within one year
 18 
(1,850,657)
(1,893,469)

Net current assets
  
 
 
3,042,960
 
 
2,298,224

Total assets less current liabilities
  
10,326,235
9,725,959

Provisions for liabilities
  

Deferred tax
 20 
(852,894)
(683,813)

  
 
 
(852,894)
 
 
(683,813)

Net assets
  
9,473,341
9,042,146


Capital and reserves
  

Called up share capital 
 21 
11,222
11,222

Share premium account
 22 
18,887
18,887

Revaluation reserve
 22 
127,435
136,842

Profit and loss account
 22 
9,315,797
8,875,195

  
9,473,341
9,042,146


Page 9

 
BARNES MARINE UNITS LIMITED
REGISTERED NUMBER: 01321482
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 November 2024.




Mr D Thwaites
Director

The notes on pages 15 to 30 form part of these financial statements.

Page 10

 
BARNES MARINE UNITS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2022
11,222
18,887
146,249
7,928,461
8,104,819


Comprehensive income for the year

Profit for the year
-
-
-
1,132,303
1,132,303


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,132,303
1,132,303


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(194,976)
(194,976)

Transfer to retained earnings
-
-
(9,407)
9,407
-


Total transactions with owners
-
-
(9,407)
(185,569)
(194,976)



At 1 March 2023
11,222
18,887
136,842
8,875,195
9,042,146


Comprehensive income for the year

Profit for the year
-
-
-
635,795
635,795


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
635,795
635,795


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(204,600)
(204,600)

Transfer to retained earnings
-
-
(9,407)
9,407
-


Total transactions with owners
-
-
(9,407)
(195,193)
(204,600)


At 29 February 2024
11,222
18,887
127,435
9,315,797
9,473,341


The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
BARNES MARINE UNITS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
635,795
1,132,303

Adjustments for:

Amortisation of intangible assets
6,000
6,000

Depreciation of tangible assets
414,652
409,669

Loss on disposal of tangible assets
(76,375)
(97,701)

Government grants
-
(3,000)

Interest paid
-
15,636

Interest received
(97,878)
(18,567)

Taxation charge
466,064
216,688

(Increase)/decrease in stocks
(185,078)
479,231

(Increase)/decrease in debtors
(75,389)
42,834

(Decrease) in creditors
(108,589)
(673,515)

Corporation tax (paid)
(222,864)
(142,798)

Net cash generated from operating activities

756,338
1,366,780


Cash flows from investing activities

Purchase of tangible fixed assets
(318,193)
(469,008)

Sale of tangible fixed assets
118,376
134,083

Government grants received
-
3,000

Interest received
97,878
18,567

Net cash from investing activities

(101,939)
(313,358)
Page 12

 
BARNES MARINE UNITS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(1,374,194)

Dividends paid
(204,600)
(194,976)

Interest paid
-
(15,636)

Net cash used in financing activities
(204,600)
(1,584,806)

Net increase/(decrease) in cash and cash equivalents
449,799
(531,384)

Cash and cash equivalents at beginning of year
3,421,860
3,953,244

Cash and cash equivalents at the end of year
3,871,659
3,421,860


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,871,659
3,421,860

3,871,659
3,421,860


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
BARNES MARINE UNITS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

3,421,860

449,799

3,871,659


3,421,860
449,799
3,871,659

The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Barnes Marine Units Limited is a private company limited by shares registered in England and Wales.  The Company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors are confident that the company has sufficient funding in place and that additional funding can be obtained through the company’s bankers from additional borrowing facilities if necessary. As a result the Directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

 
2.3

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.4

Revenue

Turnover, operating profit and profit or loss on ordinary activities before taxation are mainly derived from the sale of boats and the short term holiday letting of boats and cottages.
Turnover represents the fair value of these goods and services excluding discounts, incentives and value added tax.  Turnover from the sale of boats is recognised on the date the customer takes delivery of the boat; rental income for boats and cottages is recognised on the date the holiday commences; other goods and services supplied are recognised as delivered.  Boats and other goods are deemed to have been delivered to customers when the customer has access to the significant benefits inherent in the goods and exposure to the risks inherent in those benefits.

Page 15

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Amortisation is provided on the following bases:
Goodwill                          -     10 years straight line

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost or deemed cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
10% - 25% straight line
Leasehold property improvements
-
14 years straight line
Hire cruisers and yachts
-
5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Fixed assets constructed by the company and capitalised in the balance sheet are valued at cost.  Fixed assets in the course of construction are included at the cost of production and are not depreciated until brought into use.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value.  Cost includes all costs incurred in bringing each product to its present location and condition as follows:
Raw materials and goods for resale - purchase cost on a first in first out basis.
Work in progress and finished goods - costs of direct materials and labour.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 17

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.16

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.20

Research and development

Expenditure on research and development is written off to the Statement of Comprehensive Income in the year in which it is incurred.

Page 19

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, seldom equal the related actual results.  The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Depreciation of tangible fixed assets
An allowance for depreciation is made against tangible fixed assets and charged to profit or loss over the useful economic lives of the assets.  The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets.  The useful economic life assessment of an asset is based on the time in which benefits of the assets are realised to the Company.  See note 14 for the net carrying value of the tangible fixed assets, and note 2.6 for the useful economic lives for each class of assets.
I
mpairment of stocks
The Company makes an estimate of the recoverable value of stocks.  When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of goods held for resale.  See note 16 for the carrying amount of stocks and the related movement in impairment provision.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Hire income and moorings
3,933,023
4,431,916

Boat sales and brokerage
1,354,261
2,493,928

Spares, labour and misc
214,719
161,819

5,502,003
7,087,663


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,502,003
7,087,663

5,502,003
7,087,663


Page 20

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
-
3,000

-
3,000



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,150
8,500


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
962,387
958,484

Social security costs
85,192
91,914

Cost of defined contribution scheme
121,757
120,690

1,169,336
1,171,088


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
5
5



Direct labour
42
51



Management
2
3

49
59

Page 21

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
13,740
18,983

Company contributions to defined contribution pension schemes
90,772
90,772

104,512
109,755


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Key management personnel compensation
All key management personnel are considered to be directors.  As such, the key management personnel compensation is equivalent to the directors' emoluments above.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
97,878
18,567

97,878
18,567


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
15,636

-
15,636

Page 22

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
296,983
229,688


296,983
229,688


Total current tax
296,983
229,688

Deferred tax


Origination and reversal of timing differences
169,081
(13,000)

Total deferred tax
169,081
(13,000)


Taxation on profit on ordinary activities
466,064
216,688

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,101,859
1,348,991


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
275,465
256,308

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
190,599
(39,620)

Total tax charge for the year
466,064
216,688


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Dividends

Interim equity dividends declared and paid during the year on:

29 February
28 February
2024
2023
£
£


Ordinary A shares of £0.01 each
-
57,426


Ordinary B shares of £0.01 each
102,300
68,775


Ordinary C shares of £0.01 each
102,300
68,775

204,600
194,976


13.


Intangible assets






Trademarks
Goodwill
Total

£
£
£



Cost


At 1 March 2023
2
23,497
23,499



At 29 February 2024

2
23,497
23,499



Amortisation


Charge for the year on owned assets
-
6,000
6,000



At 29 February 2024

-
6,000
6,000



Net book value



At 29 February 2024
2
17,497
17,499



At 28 February 2023
2
23,497
23,499



Page 24

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Tangible fixed assets







Freehold property
Leasehold property improvements
Plant and machinery
Hire cruisers and yachts
Total

£
£
£
£
£



Cost


At 1 March 2023
5,357,875
111,415
577,775
6,417,063
12,464,128


Additions
-
-
-
318,193
318,193


Disposals
-
-
(10,800)
(110,180)
(120,980)



At 29 February 2024

5,357,875
111,415
566,975
6,625,076
12,661,341



Depreciation


At 1 March 2023
1,415,756
49,968
506,269
3,161,146
5,133,139


Charge for the year on owned assets
103,126
4,727
32,877
273,922
414,652


Disposals
-
-
(10,800)
(68,179)
(78,979)



At 29 February 2024

1,518,882
54,695
528,346
3,366,889
5,468,812



Net book value



At 29 February 2024
3,838,993
56,720
38,629
3,258,187
7,192,529



At 28 February 2023
3,942,119
61,447
71,506
3,255,917
7,330,989

Cost or valuation at 29 February 2024 is as follows:

Land and buildings
£


At cost
4,646,538

Directors' valuation
711,337



5,357,875

Page 25

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

29 February
28 February
2024
2023
£
£



Cost
4,887,542
4,838,262

Accumulated depreciation
(1,140,602)
(1,139,625)

Net book value
3,746,940
3,698,637


15.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
73,247



At 29 February 2024
73,247






Net book value



At 29 February 2024
73,247



At 28 February 2023
73,247

Page 26

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Brinkcraft Limited (held directly)
Riverside Road, Wroxham, Norwich, Norfolk, NR12 8UD
Non-trading subsidiary
Ordinary
100%
Riverside Marina Limited (held directly)
Barnes Brinkcraft Riverside Road, Hoveton, Norwich, Norfolk, England, NR12 8UD
Non-trading subsidiary
Ordinary
100%


16.


Stocks

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
883,068
697,990

883,068
697,990


Stock recognised in cost of sales during the year as an expense was £782,195 (2023: 1,847,088).


17.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
15,698
(187)

Other debtors
68,720
30,846

Prepayments and accrued income
54,472
41,184

138,890
71,843


Page 27

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

18.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
183,550
274,316

Amounts owed to group undertakings
698,041
698,041

Corporation tax
288,641
222,864

Other taxation and social security
55,595
14,135

Other creditors
520,275
522,132

Accruals and deferred income
104,555
161,981

1,850,657
1,893,469


The bank loans are secured on the freehold property owned by the company.


19.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,871,659
3,421,860




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


20.


Deferred taxation






2024
2023


£

£






At beginning of year
(683,813)
(696,813)


Charged to profit or loss
(169,081)
13,000



At end of year
(852,894)
(683,813)

Page 28

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
20.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(785,269)
(616,188)

Revaluation of tangible fixed assets
(67,625)
(67,625)

(852,894)
(683,813)


21.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



11,111 (2023 - 11,111) Ordinary shares of £1.00 each
11,111
11,111
3,700 (2023 - 3,700) Ordinary A shares of £0.01 each
37
37
3,700 (2023 - 3,700) Ordinary B shares of £0.01 each
37
37
3,700 (2023 - 3,700) Ordinary C shares of £0.01 each
37
37

11,222

11,222



22.


Reserves

Share premium account

This reserve records the amount above nominal value received on issue of share capital, less transaction costs.

Revaluation reserve

This reserve represents the unrealised gain generated on revaluation of tangible fixed assets.  It comprises the excess of the fair value of the assets over deemed cost, net of associated deferred taxation.  Amounts representing the equivalent depreciation are transferred to retained earnings annually.

Profit and loss account

This balance represents cumulative retained profits and losses.

Page 29

 
BARNES MARINE UNITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

23.


Pension commitments

The company operates a defined contribution pension scheme and contributions are charged in the statement of comprehensive income as they accrue.  The charge for the period was £121,757 (2023: £120,690).  At the balance sheet date, pension contributions outstanding amounted to £5,188 (2023: £4,017).


24.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
49,007
52,836

Later than 1 year and not later than 5 years
55,798
53,252

104,805
106,088


25.Other financial commitments

At the balance sheet date, the company had other financial commitments of £689,267 (2023: £548,315).


26.


Related party transactions

The company has taken advantage of an exemption available under Financial Reporting Standard 102 'The Financial Reporting applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year, total dividends of £204,600 (2023: £194,076) were paid to the directors.
At the year end, the company was owed £0 (owed 2023: £7,227) from a director in respect of their loan account with the company. Interest is not charged on the loan and the loan is repayable on demand.
During the year, the company rented part of a boatyard from a director for £0 (2023: £8,700).
During the year, the company made sales to a director of £18,394 (2023: £3,496).


27.


Controlling party

The company is controlled by Mr D Thwaites and Mr M Thwaites by virtue of their significant influence with 50% each of the shares with voting rights.

 
Page 30