Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
COMPANY INFORMATION
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THE BARCODE WAREHOUSE LIMITED
CONTENTS
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THE BARCODE WAREHOUSE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
We are the UK’s leading specialist provider of barcode technology, RFID, labelling and enterprise mobility solutions which includes manufacturing, managed Services and consultancy.
The economic climate remains difficult both in the UK and globally, consequently the sector has experienced delays in customer expenditure which has adversely affected our Hardware and Solutions division. This has largely impacted our company revenue at £57.6m (2023: £65.4m) a decrease of 11.9%. Through efficiencies from system and process improvements we have increased our margins offsetting some costs of inflation and the reduction in revenue. There has also been a focus to drive consumables by improving manufacturing performance and material cost reduction. Consequently, the last 12 months has seen successful revenue and margin growth of the division. We have won some key service contracts which has maintained our Managed Service revenues. Current outlook for 2025 remains positive as projects are reprioritised and we continue to support our customers through our Innovation Centre and R&D Solutions. Key Performance Indicators Management reviews the level of turnover, gross profit (both of which are set out in the Statement of Income and Retained Earnings) and EBITDA throughout the year: EBITDA - £1,538,199 (2023 - £2,392,815) The environmental impact of the business is regularly reviewed by the company, with the level of emissions per £100,000 of sales being monitored as a KPI (refer to the 'Energy and Carbon Reporting section of this report). Management actively reviews the projected environmental implications of business decisions and looks to improve the availability of applicable data to help further drive progress in this area.
Investment
We continue to invest in our solutions provision, manufacturing and systems to deliver performance efficiencies and process improvements. Equality and Diversity The company is committed to equality of opportunity and to providing a service and following practices which are free from unfair and unlawful discrimination. We value people as individuals with diverse opinions, cultures, lifestyles and circumstances and all personnel policies and procedures are administered with the objective of promoting equality of opportunity and eliminating unfair or unlawful discrimination, these policies apply to all areas of employment including recruitment, selection, training, deployment, career development, and promotion. Corporate Social Responsibility The Company recognises its corporate and social responsibilities towards customers/clients, employees, shareholders, suppliers and other stakeholders. The Company is committed to making lasting real contributions to the local communities in which we operate. The Company is committed to being a good employer and reducing our carbon footprint and promoting environmental sustainability. We are aware that the running of our business will, in many ways, affect our place of work, the community and the wider environment in which we operate. We believe that the way we run our business can and should make a positive difference in these areas and we aim to ensure that continued efforts are made to achieve that.
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THE BARCODE WAREHOUSE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to mitigate any adverse impact that might be caused by its activities. Initiatives aimed at minimising the company’s impact on the environment include safe disposal of waste, recycling and reducing energy consumption.
The company will use policies and procedures that will ensure the conservation of natural resources while minimising any adverse environmental impact from our operations, including, but not limited to, waste reduction and recycling. We aim to review our environmental policies and procedures regularly to improve our performance and quality. All employees are made aware of this policy and their responsibilities for environmental issues. We are committed to becoming a truly sustainable business. This means having the ability to continue providing our customers with high quality products and services in ways that enhance the environment.
The Company is exposed to a number of business and financial risks from its operating activities. The directors and board of senior management are responsible for ensuring that the business risks are actively managed.
Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Credit risk The Company’s principal financial assets are cash, trade debtors and stock. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, tight procedures for setting and maintaining credit limits are strictly adhered to. To monitor risk, the Company relies on both the services of credit agencies and the payment performance of customers.
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THE BARCODE WAREHOUSE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The Board of Directors of The Barcode Warehouse Limited have had regard to the matters set out in the Companies Act Section 172(1) (a) to (f) when performing their duties under Section 172. Both individually and collectively, the Directors have acted in a way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole.
The Board has clearly established the desired purpose, culture and values of the organisation through the articulation of its vision, strategy and implementation plans, through regular communications with staff. The plan is designed to deliver a long term, sustainable beneficial impact to shareholders and stakeholders alike through managed growth. Actual performance is regularly reviewed against this plan to ensure delivery for both shareholders and stakeholders alike. Our employees are fundamental to the delivery of this plan. We aim, at all times, to be a responsible employer, with constant regard for the health and safety of all those that work for us. We invest significant amounts of time and money in the development of our staff both to meet our need for a growing number of talented individuals to drive our growth and to provide rich and rewarding careers for them. The Board continues to enhance its methods of engagement with its employees, notwithstanding the challenges of the ongoing COVID-19 pandemic, increasing awareness of how the Company is performing. Our relationship with our business partners, including customers and suppliers, is also key to the continued growth of the business. The board fully understand the need to give this due consideration in the Company's decision-making process and as such always looks to ensure that it maintains good working relationships. The Company particularly focuses on how successfully it is meeting customer expectations and carries out regular customer satisfaction surveys to support this. It also seeks to treat all suppliers in a fair and equitable manner at all times, as evidenced by paying suppliers to agreed terms. The Directors are also conscious of the potential negative impact our operations can have on the environment and therefore look to minimise our environmental footprint wherever possible. In summary, as a Board, our intention is to behave responsibly at all times and ensure that our employees and we operate the business in a responsible and ethical manner, maintaining exemplary standards of business conduct and governance. We will continue to nurture and build our reputation for these high standards for the benefit of all stakeholders, thereby helping to ensure that we deliver on our plan in a long term, sustainable manner.
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THE BARCODE WAREHOUSE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
This report was approved by the board on 29 January 2025 and signed on its behalf.
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THE BARCODE WAREHOUSE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The profit for the year, after taxation, amounted to £301,528 (2023 - £1,405,418).
The directors do not recommend the payment of a final dividend (2023 - £NIL).
The directors who served during the year were:
The Strategic report includes the following disclosures that would otherwise have been included in the Directors' report:
- Business review - Principal risks and uncertainties - Engagement with employees - Engagement with suppliers, customers and others
There have been no other significant events affecting the Company since the year end.
The auditors, P M & G Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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THE BARCODE WAREHOUSE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
This report was approved by the board on
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THE BARCODE WAREHOUSE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE BARCODE WAREHOUSE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE LIMITED
We have audited the financial statements of The Barcode Warehouse Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE BARCODE WAREHOUSE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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THE BARCODE WAREHOUSE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified the the principal risk of fraud or non-compliance with laws and regulations related to: - management override of controls; - posting of unusual journals or transactions. We focused on those areas that could give rise to material misstatement in the Company's financial statements. Our procedures included, but were not limited to, were: - Enquiry of management and those charged with governance around potential litigation and claims, including instances of non-compliance with laws and regulations and fraud. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale for significant transactions outside the normal course of business and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure the the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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THE BARCODE WAREHOUSE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Newark
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THE BARCODE WAREHOUSE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
REGISTERED NUMBER: 03842666
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
REGISTERED NUMBER: 03842666
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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THE BARCODE WAREHOUSE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Barcode Warehouse Limited (the company) is a private company, limited by shares and incorporated in England and Wales. The address of its registered office is shown on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income statement over its useful economic life. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Analysis of turnover by country of destination:
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
13.Taxation (continued)
There were no factors that may affect future tax charges.
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Profit and loss account
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THE BARCODE WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The company operates various defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £312,997 (2023 - £212,232). Contributions totalling £56,756 (2023 - £18,815) were payable to the fund at the reporting date.
The parent company is The Barcode Warehouse Group Limited which is incorporated in Great Britain and registered in England and Wales. The parent company is jointly controlled by Mr and Mrs R A Lee by virtue of their role as trustees of a discretionary trust.
The largest and smallest group which consolidates the company's accounts is The Barcode Warehouse Group Limited. The accounts for the parent company, which will include consolidated results for the group are be available from Companies House, Cardiff CF14 3UZ.
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