Company registration number 01416865 (England and Wales)
BAREX BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BAREX BROKERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BAREX BROKERS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,983
21,474
Investment property
4
360,000
Investments
5
1,118
889
17,101
382,363
Current assets
Debtors
6
6,147,339
6,280,287
Cash at bank and in hand
3,482
66,676
6,150,821
6,346,963
Creditors: amounts falling due within one year
7
(30,963)
(587,044)
Net current assets
6,119,858
5,759,919
Net assets
6,136,959
6,142,282
Capital and reserves
Called up share capital
100,100
100,100
Profit and loss reserves
6,036,859
6,042,182
Total equity
6,136,959
6,142,282
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 18 November 2024
Ms Y R Eichel
Director
Company registration number 01416865 (England and Wales)
BAREX BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Barex Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Medway Bridge House, 1 - 8 Fairmeadow, Maidstone, Kent, ME14 1JP. The principal place of business is Old Point, Middleton-on-Sea, Bognor Regis, West Sussex, PQ22 7RY.
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.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for interest on loans and rental income. Interest on loans and rental income are recognised in the period to which they relate.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
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:
Fixtures and fittings
33% straight line basis
Motor vehicles
25% reducing balance basis
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
BAREX BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
27,593
Depreciation and impairment
At 1 July 2023
6,119
Depreciation charged in the year
5,491
At 30 June 2024
11,610
Carrying amount
At 30 June 2024
15,983
At 30 June 2023
21,474
4
Investment property
2024
£
Fair value
At 1 July 2023
360,000
Disposals
(360,000)
At 30 June 2024
BAREX BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,118
889
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
889
Valuation changes
229
At 30 June 2024
1,118
Carrying amount
At 30 June 2024
1,118
At 30 June 2023
889
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,102,419
6,060,973
Other debtors
44,920
219,314
6,147,339
6,280,287
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
7,750
58,444
Other creditors
23,213
528,600
30,963
587,044
8
Directors' transactions
During the year, the company made advances totalling £131,632 (2023 - £nil) to the director. Repayments totalling 131,632 (2023 - £nil) were made in relation to the advances. The advances were repayable on demand and incurred interest at HMRC approved rates.