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Registered number: 13225094










THE BARCODE WAREHOUSE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R A Lee 
Mr K I Mutton (resigned 1 February 2024)
Mr R W Staniforth (resigned 29 February 2024)
Miss J C Lee (appointed 1 February 2024)
Mr R J Lee (appointed 1 February 2024)




Registered number
13225094



Registered office
Telford Drive

Newark

Nottinghamshire

NG24 2DX




Independent auditors
P M & G Limited
Chartered Accountants & Statutory Auditor

Mainwood Farm

Kneesall

Newark

Nottinghamshire

NG22 0AH





 
THE BARCODE WAREHOUSE GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditors' report
7 - 10
Consolidated statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15 - 31


 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The following is taken from the Strategic Report of the Group's sole trading subsidiary, The Barcode Warehouse Limited,
which covers the year ended 30 April 2024.

Business review
 
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 review 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
Page 1

 
THE BARCODE WAREHOUSE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

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.
Environment
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.

Principal risks and uncertainties
 
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.

Page 2

 
THE BARCODE WAREHOUSE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Group
 
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.
Energy and Carbon Reporting
Total carbon emissions across both Scope 1 and Scope 2 emissions were 290.58 tCO2e (2023 – 254.03 tCO2e).  Scope 1 emissions from liquid fuels were 142.79 tCO2e (2023 - 106.89 tCO2e).  Scope 2 emissions from the company’s electricity usage across all sites totalled 713,790 kWh (2023 - 710,584 kWh) which totals 147.8 tCO2e (2023 - 147.1 tCO2e).
The tonnes of CO2 per £100,000 of sales was 0.50 (2023 - 0.39).
The UK Government GHG Conversion Factors 2024 have been used for calculating the company's emissions.


This report was approved by the board on 29 January 2025 and signed on its behalf.



Mr R A Lee
Director

Page 3

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors present their report and the financial statements for the period ended 30 April 2024.

Results and dividends

The loss for the period, after taxation, amounted to £246,184 (2023 - profit 857,681).

The directors do not recommend the payment of a final dividend

Directors

The directors who served during the period were:

Mr R A Lee 
Mr K I Mutton (resigned 1 February 2024)
Mr R W Staniforth (resigned 29 February 2024)
Miss J C Lee (appointed 1 February 2024)
Mr R J Lee (appointed 1 February 2024)

Qualifying third party indemnity provisions

The Group maintains liability insurance for the directors which remains in place up to the date of this Annual Report.  The Group has also provided an indemnity for the directors, which is a qualifying third party indemnity provision for the purposes of the Companies Act 2006.

Matters covered in the Group strategic report

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
- Energy and carbon reporting

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no other significant events affecting the Group since the year end.

Page 4

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Auditors

The auditorsP M & G Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





Mr R A Lee
Director

Page 5

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE GROUP LIMITED
 

Opinion


We have audited the financial statements of The Barcode Warehouse Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Group 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.


Conclusions relating to going concern


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 Group's or the parent 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.


Page 7

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE GROUP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 Group 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This 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 non-compliance. 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.


Page 9

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BARCODE WAREHOUSE GROUP LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Paul Mitchell (Senior statutory auditor)
for and on behalf of
P M & G Limited
Chartered Accountants
Statutory Auditor
Newark

29 January 2025
Page 10

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
57,632,922
65,445,681

Cost of sales
  
(42,041,635)
(49,862,465)

Gross profit
  
15,591,287
15,583,216

Administrative expenses
  
(15,567,954)
(14,394,493)

Other operating income
 5 
-
1,736

Operating profit
 7 
23,333
1,190,459

Interest receivable and similar income
 11 
17,072
92,585

Interest payable and similar expenses
 12 
(85,236)
(83,612)

(Loss)/profit before tax
  
(44,831)
1,199,432

Tax on (loss)/profit
 13 
(201,353)
(341,751)

(Loss)/profit after tax
  
(246,184)
857,681

  

  

Retained earnings at the beginning of the period
  
2,048,246
1,190,565

  
2,048,246
1,190,565

(Loss)/profit for the period attributable to the owners of the parent
  
(246,184)
857,681

Retained earnings at the end of the period
  
1,802,062
2,048,246

Non-controlling interest at the end of the year
  

The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
THE BARCODE WAREHOUSE GROUP LIMITED
REGISTERED NUMBER: 13225094

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
957,702
1,640,344

Tangible assets
 15 
6,098,843
6,578,043

  
7,056,545
8,218,387

Current assets
  

Stocks
 17 
2,314,957
2,632,642

Debtors
 18 
12,032,382
15,941,079

Cash at bank and in hand
 19 
2,916,017
1,112,450

  
17,263,356
19,686,171

Creditors: amounts falling due within one year
 20 
(18,960,956)
(21,286,258)

Net current liabilities
  
 
 
(1,697,600)
 
 
(1,600,087)

Total assets less current liabilities
  
5,358,945
6,618,300

Creditors: amounts falling due after more than one year
 21 
(3,196,713)
(4,143,744)

Provisions for liabilities
  

Deferred taxation
 24 
(360,100)
(426,240)

  
 
 
(360,100)
 
 
(426,240)

Net assets
  
1,802,132
2,048,316


Capital and reserves
  

Called up share capital 
 25 
70
70

Profit and loss account
 26 
1,802,062
2,048,246

Equity attributable to owners of the parent Company
  
1,802,132
2,048,316


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.




Mr R A Lee
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
THE BARCODE WAREHOUSE GROUP LIMITED
REGISTERED NUMBER: 13225094

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
19,755,000
19,755,000

  
19,755,000
19,755,000

Current assets
  

Cash at bank and in hand
 19 
70
70

  
70
70

Creditors: amounts falling due within one year
 20 
(18,296,073)
(19,755,000)

Net current liabilities
  
 
 
(18,296,003)
 
 
(19,754,930)

Total assets less current liabilities
  
1,458,997
70

  

  

Net assets
  
1,458,997
70


Capital and reserves
  

Called up share capital 
 25 
70
70

Profit for the period
  
1,458,927
-

Profit and loss account carried forward
  
1,458,927
-

  
1,458,997
70


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.


Mr R A Lee
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
THE BARCODE WAREHOUSE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial period
(246,184)
857,681

Adjustments for:

Amortisation of intangible assets
827,581
640,120

Depreciation of tangible assets
687,285
562,211

Interest paid
85,236
83,612

Interest received
(17,072)
(92,585)

Taxation charge
201,353
341,751

Decrease/(increase) in stocks
317,685
(136,863)

Decrease/(increase) in debtors
3,918,181
(4,580,249)

(Decrease)/increase in creditors
(2,727,586)
2,451,227

Corporation tax (paid)
(533,532)
(144,894)

Net cash generated from operating activities

2,512,947
(17,989)


Cash flows from investing activities

Purchase of intangible fixed assets
(144,939)
(220,654)

Purchase of tangible fixed assets
(208,085)
(894,007)

Interest received
17,072
92,585

HP interest paid
(531)
(1,291)

Net cash from investing activities

(336,483)
(1,023,367)

Cash flows from financing activities

Repayment of loans
(276,921)
(269,433)

Repayment of/new finance leases
(11,271)
(15,068)

Interest paid
(84,705)
(82,321)

Net cash used in financing activities
(372,897)
(366,822)

Net increase/(decrease) in cash and cash equivalents
1,803,567
(1,408,178)

Cash and cash equivalents at beginning of period
1,112,450
2,520,628

Cash and cash equivalents at the end of period
2,916,017
1,112,450


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,916,017
1,112,450


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

The Barcode Warehouse Group Limited (the Company) is a private company limited by shares and incorporated
England and Wales. The address of its registered office is shown on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 15

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

Page 16

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 17

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

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 the Group's share 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 Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 The estimated useful lives range as follows:

Goodwill
-
10
years
Software
-
2
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation 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:

Freehold property
-
2%
Plant and machinery
-
10%
Motor vehicles
-
20%
Fixtures and fittings
-
20%

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The group make estimates and assumptions concerning the future. The directors do not consider that there are
any critical accounting judgements in applying the group's accounting policies.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
56,377,424
61,661,101

Rest of Europe
1,184,730
3,759,389

Rest of the world
70,768
25,191

57,632,922
65,445,681



5.


Other operating income

2024
2023
£
£

Other operating income
-
1,736

-
1,736


Page 20

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.


Administration expenses

As a result of a health and safety incident in 2019, the subsidiary, The Barcode Warehouse Limited was fined a total of £507,210 in November 2023.  Given the nature and scale of this fine, it has been included in these financial statements.







7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(8,163)
(193,503)


8.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
1,500
1,500

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
13,750
13,500

Taxation compliance services
6,750
6,500

All non-audit services not included above
23,563
9,448

Page 21

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
9,121,936
8,417,639

Social security costs
905,903
842,018

Cost of defined contribution scheme
312,997
212,232

10,340,836
9,471,889


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Sales and distribution
95
81
-
-



Managed services
150
152
-
-



Production
15
15
-
-



Administration and support
28
27
-
-

291
278
3
3


10.


Directors' remuneration




During the period retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £146,263 (2023 - £177,500).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,785 (2023 - £8,925).

Page 22

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Interest receivable

2024
2023
£
£


Other interest receivable
17,072
92,585

17,072
92,585


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
75,440
82,321

Finance leases and hire purchase contracts
531
1,291

Other interest payable
9,265
-

85,236
83,612


13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
205,512
446,500

Adjustments in respect of previous periods
61,981
(377,149)


267,493
69,351


Total current tax
267,493
69,351

Deferred tax


Origination and reversal of timing differences
(66,140)
191,050

Changes to tax rates
-
81,350

Total deferred tax
(66,140)
272,400


Tax on (loss)/profit
201,353
341,751
Page 23

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
13.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(44,831)
1,199,432


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
(11,208)
233,889

Effects of:


Non-tax deductible amortisation of goodwill and impairment
136,928
106,804

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,776
104,701

Capital allowances for period/year in excess of depreciation
-
(22,377)

Adjustments to tax charge in respect of prior periods
61,981
(125,699)

Other timing differences leading to an increase (decrease) in taxation
37,801
20,874

Changes in provisions leading to an increase (decrease) in the tax charge
(25,925)
23,559

Total tax charge for the period/year
201,353
341,751


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

14.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 May 2023
546,046
5,477,116
6,023,162


Additions
144,939
-
144,939



At 30 April 2024

690,985
5,477,116
6,168,101



Amortisation


At 1 May 2023
92,408
4,290,410
4,382,818


Charge for the period on owned assets
279,869
547,712
827,581



At 30 April 2024

372,277
4,838,122
5,210,399



Net book value



At 30 April 2024
318,708
638,994
957,702



At 30 April 2023
453,638
1,186,706
1,640,344



Page 25

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
7,437,462
934,015
149,009
897,779
9,418,265


Additions
-
208,085
-
-
208,085


Disposals
-
-
(16,811)
-
(16,811)



At 30 April 2024

7,437,462
1,142,100
132,198
897,779
9,609,539



Depreciation


At 1 May 2023
1,466,113
792,592
95,581
485,936
2,840,222


Charge for the period on owned assets
441,209
81,751
16,353
136,701
676,014


Charge for the period on financed assets
-
-
-
11,271
11,271


Disposals
-
-
(16,811)
-
(16,811)



At 30 April 2024

1,907,322
874,343
95,123
633,908
3,510,696



Net book value



At 30 April 2024
5,530,140
267,757
37,075
263,871
6,098,843



At 30 April 2023
5,971,349
141,423
53,428
411,843
6,578,043

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Furniture, fittings and equipment
6,575
17,846

6,575
17,846

Page 26

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
19,755,000



At 30 April 2024
19,755,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Barcode Warehouse Limited
Telford Drive, Newark, Nottinghamshire  NG24 2DX
Ordinary
100%
TBW No. 1 Limited
Telford Drive, Newark, Nottinghamshire  NG24 2DX
Ordinary
100%
Bcode Direct Limited
Telford Drive, Newark, Nottinghamshire  NG24 2DX
Ordinary
100%


17.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
2,314,957
2,632,642

2,314,957
2,632,642


The carrying value of stocks are stated net of impairment losses totalling £466,092 (2023 - £454,946).   Impairment losses (2023 - gains) totalling  £11,146 (2023 - £10,463) were recognised in profit and loss.

Page 27

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

18.


Debtors

Group
Group
2024
2023
£
£

Due after more than one year

Prepayments and accrued income
891,974
1,148,651

891,974
1,148,651

Due within one year

Trade debtors
8,385,611
12,265,583

Other debtors
9,484
-

Prepayments and accrued income
2,745,313
2,526,845

12,032,382
15,941,079



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,916,017
1,112,450
70
70

2,916,017
1,112,450
70
70



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
284,481
276,886
-
-

Trade creditors
13,570,248
12,071,933
-
-

Amounts owed to group undertakings
-
-
17,870,637
18,340,190

Corporation tax
26,287
282,842
-
-

Other taxation and social security
613,578
1,150,348
-
-

Obligations under finance lease and hire purchase contracts
14,671
20,306
-
-

Other creditors
635,281
1,582,157
425,436
1,414,810

Accruals and deferred income
3,816,410
5,901,786
-
-

18,960,956
21,286,258
18,296,073
19,755,000


Page 28

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
1,987,771
2,272,287

Net obligations under finance leases and hire purchase contracts
-
5,636

Accruals and deferred income
1,208,942
1,865,821

3,196,713
4,143,744





22.


Secured creditors and Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
284,481
276,886


284,481
276,886

Amounts falling due 1-2 years

Bank loans
292,282
284,480


292,282
284,480

Amounts falling due 2-5 years

Bank loans
925,832
901,119


925,832
901,119

Amounts falling due after more than 5 years

Bank loans
769,657
1,086,688

769,657
1,086,688

2,272,252
2,549,173


Page 29

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
5,636
20,306

Between 1-5 years
-
5,636

5,636
25,942


24.


Deferred taxation


Group



2024


£






At beginning of year
(426,240)


Charged to profit or loss
66,140



At end of year
(360,100)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(360,100)
(426,240)

(360,100)
(426,240)

Page 30

 
THE BARCODE WAREHOUSE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



70 Ordinary shares of £1.00 each
70
70



26.


Reserves

Profit and loss account

Represents all current and prior period accumulated profit and losses, less dividends paid and other distributions.


27.


Pension commitments

The Group operates various defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £312,997 (2023 - £212,232). Contributions totalling £56,756 (2023 - £18,815) were payable to the funds at the reporting date


28.


Related party transactions

Company other creditors includes an interest free loan from Mrs S A Jury, a former director of The Barcode Warehouse Limited of £425,436 (2023 - £1,414,810).
Total compensation of key management personnel (including directors) within the group in the year amounted to £948,163 (2023 - £1,042,841).


29.


Controlling party

The controlling parties are Mr & Mrs R A Lee by virtue of their role as trustees of a discretionary trust.

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