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Registration number: 11193979

Barnova Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Barnova Limited
(Registration number: 11193979)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Barnova Limited
(Registration number: 11193979)

Company Information

Directors

Mr Yvan Williams

Mrs Faye Williams

Registered office

52 Old Tiverton Road
Exeter
Devon
EX4 6NG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Barnova Limited
(Registration number: 11193979)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,600

-

Tangible assets

5

19,664

27,780

 

23,264

27,780

Current assets

 

Stocks

6

3,288

4,800

Debtors

7

123,579

464

Cash at bank and in hand

 

28,527

10,457

 

155,394

15,721

Creditors: Amounts falling due within one year

8

(152,808)

(77,771)

Net current assets/(liabilities)

 

2,586

(62,050)

Total assets less current liabilities

 

25,850

(34,270)

Creditors: Amounts falling due after more than one year

8

(18,394)

(24,047)

Net assets/(liabilities)

 

7,456

(58,317)

Capital and reserves

 

Called up share capital

6

2

Retained earnings

7,450

(58,319)

Shareholders' funds/(deficit)

 

7,456

(58,317)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Barnova Limited
(Registration number: 11193979)

Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 24 January 2024 and signed on its behalf by:
 

.........................................
Mr Yvan Williams
Director

 

Barnova Limited
(Registration number: 11193979)

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:
52 Old Tiverton Road
Exeter
Devon
EX4 6NG

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 company currently has negative reserves however the directors will continue to support the company financially in order to meet its liabilities as they fall due. As such, 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.

Government grants

The job retention scheme grant has been recognised under the accrual model and is credited to income over the periods in which the compensated costs have been recognised.

 

Barnova Limited
(Registration number: 11193979)

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

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Furniture, fittings and equipment

25% straight line

Other tangible assets

25% straight line

Plant and machinery

33% straight line

Motor vehicles

25% straight line

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:

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.

 

Barnova Limited
(Registration number: 11193979)

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.

 

Barnova Limited
(Registration number: 11193979)

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Barnova Limited
(Registration number: 11193979)

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

4,000

4,000

At 30 April 2024

4,000

4,000

Amortisation

Amortisation charge

400

400

At 30 April 2024

400

400

Carrying amount

At 30 April 2024

3,600

3,600

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

8,697

35,499

11,122

55,318

Additions

1,555

-

1,017

2,572

At 30 April 2024

10,252

35,499

12,139

57,890

Depreciation

At 1 May 2023

6,913

11,938

8,687

27,538

Charge for the year

801

8,687

1,200

10,688

At 30 April 2024

7,714

20,625

9,887

38,226

Carrying amount

At 30 April 2024

2,538

14,874

2,252

19,664

At 30 April 2023

1,784

23,561

2,435

27,780

 

Barnova Limited
(Registration number: 11193979)

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

6

Stocks

2024
£

2023
£

Other stocks

3,288

4,800

7

Debtors

2024
£

2023
£

Trade debtors

-

390

Other debtors

12,598

-

Prepayments and accrued income

110,981

74

Total current trade and other debtors

123,579

464

 

Barnova Limited
(Registration number: 11193979)

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,294

19,120

Trade creditors

 

137,888

39,080

Taxation and social security

 

596

5,899

Other creditors

 

167

11,397

Accrued expenses

 

2,863

2,275

 

152,808

77,771

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

18,394

24,047

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

11,294

11,156

Hire purchase contracts

-

7,964

11,294

19,120

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

18,394

24,047

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Interest free loan repayment on demand

-

79,530

(74,043)

5,487