Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30truefalse2023-10-0177trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01654903 2023-10-01 2024-09-30 01654903 1 2023-10-01 2024-09-30 01654903 2022-10-01 2023-09-30 01654903 2024-09-30 01654903 2023-09-30 01654903 2022-10-01 01654903 d:Director1 2023-10-01 2024-09-30 01654903 c:PlantMachinery 2023-10-01 2024-09-30 01654903 c:PlantMachinery 2024-09-30 01654903 c:PlantMachinery 2023-09-30 01654903 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01654903 c:FurnitureFittings 2023-10-01 2024-09-30 01654903 c:FurnitureFittings 2024-09-30 01654903 c:FurnitureFittings 2023-09-30 01654903 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01654903 c:OfficeEquipment 2023-10-01 2024-09-30 01654903 c:OfficeEquipment 2024-09-30 01654903 c:OfficeEquipment 2023-09-30 01654903 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01654903 c:ComputerEquipment 2023-10-01 2024-09-30 01654903 c:ComputerEquipment 2024-09-30 01654903 c:ComputerEquipment 2023-09-30 01654903 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01654903 c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01654903 c:CurrentFinancialInstruments 2024-09-30 01654903 c:CurrentFinancialInstruments 2023-09-30 01654903 c:Non-currentFinancialInstruments 2024-09-30 01654903 c:Non-currentFinancialInstruments 2023-09-30 01654903 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 01654903 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 01654903 c:Non-currentFinancialInstruments c:AfterOneYear 2024-09-30 01654903 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 01654903 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-09-30 01654903 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-09-30 01654903 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-09-30 01654903 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-09-30 01654903 c:ShareCapital 2024-09-30 01654903 c:ShareCapital 2023-09-30 01654903 c:ShareCapital 2022-10-01 01654903 c:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01654903 c:RetainedEarningsAccumulatedLosses 2024-09-30 01654903 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 01654903 c:RetainedEarningsAccumulatedLosses 2023-09-30 01654903 c:RetainedEarningsAccumulatedLosses 2022-10-01 01654903 d:FRS102 2023-10-01 2024-09-30 01654903 d:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 01654903 d:FullAccounts 2023-10-01 2024-09-30 01654903 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01654903 2 2023-10-01 2024-09-30 01654903 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Registered number: 01654903


I.A. BARNES & CO. LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
I.A. BARNES & CO. LIMITED
REGISTERED NUMBER:01654903

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,363
28,256

Current assets
  

Stocks
 5 
583,504
637,178

Debtors: amounts falling due within one year
 6 
602,496
487,162

Cash at bank and in hand
 7 
901,495
329,414

  
2,087,495
1,453,754

Creditors: amounts falling due within one year
 8 
(1,921,972)
(1,208,714)

Net current assets
  
 
 
165,523
 
 
245,040

Total assets less current liabilities
  
187,886
273,296

Creditors: amounts falling due after more than one year
 9 
(29,167)
(54,167)

  

Net assets
  
158,719
219,129


Capital and reserves
  

Called up share capital 
  
11,000
11,000

Profit and loss account
  
147,719
208,129

  
158,719
219,129


Page 1

 
I.A. BARNES & CO. LIMITED
REGISTERED NUMBER:01654903
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Ms A C Bloomfield
Director
 
Date: 
17 February 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
I.A. BARNES & CO. LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
11,000
106,664
117,664


Comprehensive income for the year

Profit for the year
-
266,465
266,465


Contributions by and distributions to owners

Dividends: Equity capital
-
(165,000)
(165,000)



At 1 October 2023
11,000
208,129
219,129


Comprehensive income for the year

Profit for the year
-
289,590
289,590


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)


At 30 September 2024
11,000
147,719
158,719


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

I.A. Barnes & Co. Limited is a private company, limited by shares, incorporated in England within the United Kingdom. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the business is the wholesale of electronic and telecommunication equipment and parts.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.


 
2.10

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.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15% reducing balance
Computer equipment
-
25% straight line

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.

Page 6

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

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 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 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 Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Page 7

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 8

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 October 2023
66,649
13,870
22,603
47,973
151,095


Disposals
-
-
-
(455)
(455)



At 30 September 2024

66,649
13,870
22,603
47,518
150,640



Depreciation


At 1 October 2023
59,846
2,556
21,041
39,396
122,839


Charge for the year
1,020
1,697
234
2,700
5,651


Disposals
-
-
-
(213)
(213)



At 30 September 2024

60,866
4,253
21,275
41,883
128,277



Net book value



At 30 September 2024
5,783
9,617
1,328
5,635
22,363



At 30 September 2023
6,803
11,314
1,562
8,577
28,256


5.


Stocks

2024
2023
£
£

Raw materials and consumables
583,504
637,178



6.


Debtors

2024
2023
£
£


Trade debtors
566,869
457,371

Other debtors
-
738

Prepayments and accrued income
35,627
29,053

602,496
487,162


Page 9

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
901,495
329,414



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
25,000
25,000

Trade creditors
537,220
376,034

Amounts owed to group undertakings
818,268
534,481

Corporation tax
101,114
71,821

Other taxation and social security
217,074
143,492

Other creditors
2,248
3,090

Accruals and deferred income
221,048
54,796

1,921,972
1,208,714



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
29,167
54,167


Page 10

 
I.A. BARNES & CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
25,000
25,000

Amounts falling due 1-2 years

Bank loans
25,000
25,000

Amounts falling due 2-5 years

Bank loans
4,167
29,167


54,167
79,167


Loans amounting to £54,167 (2023: £79,167) were secured on the assets of the Company.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. At the year end, the amount payable to the pension fund was £1,336 (2023: £210).


12.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 1A and has not disclosed
transactions with group companies on the grounds that consolidated financial statements are prepared by
the ultimate parent company, I A Barnes Holdings Limited.


13.


Controlling party and parent undertaking

The Company was under the control of the I A Barnes Discretionary Settlement of 3 February 2000 and the P A Barnes Discretionary Settlement of 3 February 2000 throughout the current and previous year.
In the opinion of the directors the ultimate parent company is I A Barnes Holdings Limited, a company registered in England within the United Kingdom. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

 
Page 11