Company registration number 03542853 (England and Wales)
BARNES PLASTIC WELDING EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BARNES PLASTIC WELDING EQUIPMENT LIMITED
COMPANY INFORMATION
Director
M A Barnes
Secretary
V C Barnes
Company number
03542853
Registered office
Unit 11
Hamilton Street
Blackburn
Lancashire
BB2 4AJ
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Unit 11
Hamilton Street
Blackburn
Lancashire
BB2 4AJ
Bankers
Lloyds Bank Plc
Church Street
Blackburn
Lancashire
BB2 1JQ
BARNES PLASTIC WELDING EQUIPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BARNES PLASTIC WELDING EQUIPMENT LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,438
81,459
Current assets
Stocks
206,674
200,133
Debtors
4
97,186
88,607
Cash at bank and in hand
52,465
113,256
356,325
401,996
Creditors: amounts falling due within one year
5
(63,372)
(84,358)
Net current assets
292,953
317,638
Total assets less current liabilities
358,391
399,097
Creditors: amounts falling due after more than one year
6
(38,176)
(80,743)
Provisions for liabilities
(2,560)
(5,268)
Net assets
317,655
313,086
Capital and reserves
Called up share capital
7
50
50
Capital redemption reserve
50
50
Profit and loss reserves
317,555
312,986
Total equity
317,655
313,086
BARNES PLASTIC WELDING EQUIPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
M A Barnes
Director
Company registration number 03542853 (England and Wales)
BARNES PLASTIC WELDING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Barnes Plastic Welding Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Hamilton Street, Blackburn, Lancashire, BB2 4AJ.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for good and services provided net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Improvements to rented property
4% Straight line
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
15% Straight line
Computer equipment
25% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BARNES PLASTIC WELDING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation
The tax expense represents the tax currently payable.
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

BARNES PLASTIC WELDING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
19,653
127,043
146,696
Additions
-
0
890
890
At 30 April 2024
19,653
127,933
147,586
Depreciation and impairment
At 1 May 2023
10,027
55,210
65,237
Depreciation charged in the year
772
16,139
16,911
At 30 April 2024
10,799
71,349
82,148
Carrying amount
At 30 April 2024
8,854
56,584
65,438
At 30 April 2023
9,626
71,833
81,459
BARNES PLASTIC WELDING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Tangible fixed assets
(Continued)
- 6 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
49,837
62,296
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,228
48,032
Amounts owed by group undertakings
47,086
38,389
Other debtors
2,560
-
0
Prepayments and accrued income
2,312
2,186
97,186
88,607
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
17,273
Obligations under finance leases
6,583
6,248
Trade creditors
7,998
4,873
Taxation and social security
25,454
33,317
Other creditors
384
337
Accruals and deferred income
22,953
22,310
63,372
84,358

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
0
35,984
Obligations under finance leases
38,176
44,759
38,176
80,743
BARNES PLASTIC WELDING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50
50
50
50
2024-04-302023-05-01falsefalsefalse30 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityM A BarnesV C Barnes035428532023-05-012024-04-3003542853bus:Director12023-05-012024-04-3003542853bus:CompanySecretary12023-05-012024-04-3003542853bus:RegisteredOffice2023-05-012024-04-3003542853bus:Agent12023-05-012024-04-30035428532024-04-30035428532023-04-3003542853core:LandBuildings2024-04-3003542853core:OtherPropertyPlantEquipment2024-04-3003542853core:LandBuildings2023-04-3003542853core:OtherPropertyPlantEquipment2023-04-3003542853core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3003542853core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3003542853core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3003542853core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3003542853core:CurrentFinancialInstruments2024-04-3003542853core:CurrentFinancialInstruments2023-04-3003542853core:Non-currentFinancialInstruments2024-04-3003542853core:Non-currentFinancialInstruments2023-04-3003542853core:ShareCapital2024-04-3003542853core:ShareCapital2023-04-3003542853core:CapitalRedemptionReserve2024-04-3003542853core:CapitalRedemptionReserve2023-04-3003542853core:RetainedEarningsAccumulatedLosses2024-04-3003542853core:RetainedEarningsAccumulatedLosses2023-04-3003542853core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3003542853core:PlantMachinery2023-05-012024-04-3003542853core:FurnitureFittings2023-05-012024-04-3003542853core:ComputerEquipment2023-05-012024-04-3003542853core:MotorVehicles2023-05-012024-04-30035428532022-05-012023-04-3003542853core:LandBuildings2023-04-3003542853core:OtherPropertyPlantEquipment2023-04-30035428532023-04-3003542853core:LandBuildings2023-05-012024-04-3003542853core:OtherPropertyPlantEquipment2023-05-012024-04-3003542853bus:PrivateLimitedCompanyLtd2023-05-012024-04-3003542853bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3003542853bus:FRS1022023-05-012024-04-3003542853bus:AuditExemptWithAccountantsReport2023-05-012024-04-3003542853bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP