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REGISTERED NUMBER: 02443566 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

BARNETT ENGINEERING LIMITED

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BARNETT ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: B W T Barnett
D I Barnett
S W Barnett



SECRETARY: B W T Barnett



REGISTERED OFFICE: 25 Grosvenor Road
Wrexham
LL11 1BT



REGISTERED NUMBER: 02443566 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: HSBC Bank plc.
17-19 Regent Street
Wrexham
LL11 1RY

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

BALANCE SHEET
30TH NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,426 2,820
Tangible assets 5 61,640 69,239
66,066 72,059

CURRENT ASSETS
Stocks 6 7,000 40,000
Debtors 7 202,780 175,066
Cash at bank and in hand 330,621 90,610
540,401 305,676
CREDITORS
Amounts falling due within one year 8 267,124 147,200
NET CURRENT ASSETS 273,277 158,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

339,343

230,535

PROVISIONS FOR LIABILITIES 9 11,711 13,155
NET ASSETS 327,632 217,380

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 327,532 217,280
SHAREHOLDERS' FUNDS 327,632 217,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

BALANCE SHEET - continued
30TH NOVEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st July 2024 and were signed on its behalf by:





S W Barnett - Director


BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023

1. STATUTORY INFORMATION

Barnett Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax adjusted for bad debts.

Intangible assets
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.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Plant, fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Work in progress comprises direct materials, direct labour and attributable production and other overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st December 2022 16,039
Additions 3,712
At 30th November 2023 19,751
AMORTISATION
At 1st December 2022 13,219
Charge for year 2,106
At 30th November 2023 15,325
NET BOOK VALUE
At 30th November 2023 4,426
At 30th November 2022 2,820

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant,
fixtures
Leasehold and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1st December 2022 67,706 282,833 112,112 462,651
Additions - 5,003 5,657 10,660
At 30th November 2023 67,706 287,836 117,769 473,311
DEPRECIATION
At 1st December 2022 67,674 230,953 94,785 393,412
Charge for year - 13,543 4,716 18,259
At 30th November 2023 67,674 244,496 99,501 411,671
NET BOOK VALUE
At 30th November 2023 32 43,340 18,268 61,640
At 30th November 2022 32 51,880 17,327 69,239

6. STOCKS
30.11.23 30.11.22
£    £   
Gas, oil and diesel 2,500 2,500
Raw materials and consumables 4,500 4,500
Work-in-progress - 33,000
7,000 40,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 197,593 161,208
Directors' current accounts - 803
Tax - 630
Prepayments 5,187 12,425
202,780 175,066

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 71,084 71,452
Tax 43,206 4,380
Social security and other taxes 8,572 6,150
Wages control account 4,725 4,621
VAT 34,807 11,599
Other creditors 16,711 14,597
Directors' current accounts 78,123 25,116
Accrued expenses 9,896 9,285
267,124 147,200

BARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 02443566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

9. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax
Accelerated capital allowances 11,711 13,155

Deferred
tax
£   
Balance at 1st December 2022 13,155
Movement in the year due to:
changes in allowances (1,444 )
changes in tax rate
Balance at 30th November 2023 11,711

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary £1 100 100

11. CAPITAL COMMITMENTS
30.11.23 30.11.22
£    £   
Contracted but not provided for in the
financial statements - -

12. RELATED PARTY DISCLOSURES

The company trades from business premises which are jointly owned by S.W. Barnett, D.I Barnett and B.T. Barnett who are all directors and shareholders of the company. Rent has not been charged during the year (2022: £nil).