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Registration number: 08025440

New Barton Contracts Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

New Barton Contracts Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

New Barton Contracts Limited

(Registration number: 08025440)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

50,776

65,211

Current assets

 

Stocks

261,915

531,636

Debtors

6

446,248

245,628

Cash at bank and in hand

 

414,956

115,509

 

1,123,119

892,773

Creditors: Amounts falling due within one year

7

(839,614)

(610,018)

Net current assets

 

283,505

282,755

Total assets less current liabilities

 

334,281

347,966

Creditors: Amounts falling due after more than one year

7

(80,434)

(135,875)

Provisions for liabilities

(12,694)

(19,676)

Net assets

 

241,153

192,415

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

241,151

192,413

Shareholders' funds

 

241,153

192,415

For the financial year ending 30 September 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 Statement of Comprehensive Income.

Approved and authorised by the director on 16 January 2025
 

 

New Barton Contracts Limited

(Registration number: 08025440)
Statement of Financial Position as at 30 September 2024 (continued)


J Congdon
Director

 

New Barton Contracts Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 26 Dart Mills
Buckfastleigh
Devon
TQ11 0NF

Principal activity

The principal activity of the company is dry wall lining.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net if discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

 

New Barton Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

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 statement of financial position 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

Plant and machinery

20% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

 

New Barton Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 11).

 

New Barton Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

27,000

27,000

At 30 September 2024

27,000

27,000

Amortisation

At 1 October 2023

27,000

27,000

At 30 September 2024

27,000

27,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

30,860

38,032

69,964

138,856

Additions

4,956

10,063

-

15,019

Disposals

-

-

(30,000)

(30,000)

At 30 September 2024

35,816

48,095

39,964

123,875

Depreciation

At 1 October 2023

15,339

27,298

31,007

73,644

Charge for the year

3,426

2,671

6,600

12,697

Eliminated on disposal

-

-

(13,242)

(13,242)

At 30 September 2024

18,765

29,969

24,365

73,099

Carrying amount

At 30 September 2024

17,051

18,126

15,599

50,776

At 30 September 2023

15,521

10,733

38,957

65,211

 

New Barton Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

255,294

79,770

Other debtors

163,512

136,856

Prepayments

27,442

29,002

446,248

245,628

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

54,958

54,958

Trade creditors

437,593

376,645

Taxation and social security

85,835

54,103

Accruals and deferred income

84,370

12,143

Other creditors

176,858

112,169

839,614

610,018

Within creditors due after more than one year is a CBILS loan. The total loan is repayable in 2 years and has been personally guaranteed by the director.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

80,434

135,875

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

New Barton Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

4,958

4,958

Later than one year and not later than five years

13,767

19,208

18,725

24,166

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

37,101

16,820

Later than one year and not later than five years

75,548

53,020

112,649

69,840

10

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Director

(10,780)

7,167

(3,613)

       
     

 

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Director

(21,284)

10,504

(10,780)

 

Other transactions with the director

Directors loans are subject to interest at the official rate and repayable on demand.