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Company No: 01362146 (England and Wales)

BARNBROOK SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

BARNBROOK SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

BARNBROOK SYSTEMS LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
BARNBROOK SYSTEMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS A Barnett
A Barnett
REGISTERED OFFICE 25 Fareham Park Road
Fareham
Hampshire
PO15 6LD
Hampshire
United Kingdom
COMPANY NUMBER 01362146 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
4th Floor Cumberland House
15-17 Cumberland Place
Southampton
Hampshire
SO15 2BG
BANKERS National Westminster Bank Plc
Bay House
North Harbour Business Park
Portsmouth
Hampshire
PO6 4RS
Barclays Bank Plc
67/69 West Street
Fareham
Hampshire
PO16 0AW
BARNBROOK SYSTEMS LIMITED

BALANCE SHEET

As at 30 June 2024
BARNBROOK SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 216,809 131,333
216,809 131,333
Current assets
Stocks 540,480 664,604
Debtors 4 709,740 661,625
Investments 5 0 1,066,628
Cash at bank and in hand 2,981,698 1,915,871
4,231,918 4,308,728
Creditors: amounts falling due within one year 6 ( 285,240) ( 317,762)
Net current assets 3,946,678 3,990,966
Total assets less current liabilities 4,163,487 4,122,299
Provision for liabilities 7 ( 58,191) ( 109,545)
Net assets 4,105,296 4,012,754
Capital and reserves
Called-up share capital 2 2
Profit and loss account 4,105,294 4,012,752
Total shareholder's funds 4,105,296 4,012,754

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Barnbrook Systems Limited (registered number: 01362146) were approved and authorised for issue by the Board of Directors on 20 February 2025. They were signed on its behalf by:

A Barnett
Director
BARNBROOK SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
BARNBROOK SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Barnbrook Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 25 Fareham Park Road, Fareham, Hampshire, PO15 6LD, Hampshire, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Barnbrook Systems Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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

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

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments are equity investments over which the company has no significant influence, joint control or control and are initially measured at transaction price. Transaction price includes transaction costs, except where investments are measured at fair value through profit or loss when transaction costs are expensed to profit or loss as incurred.

Investments are measured at fair value through profit or loss, or cost less impairment if fair value cannot be measured reliably.

The fair value of investments quoted on a recognised stock exchange is the quoted bid price. The fair value of unlisted investments is measured using valuation techniques which include turnover multiple, earnings multiple, net assets or discounted cash flows, as appropriate, based on the nature and circumstances of the investment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 31 30

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 182,682 950 566 281,847 466,045
Additions 4,390 110,845 551 9,322 125,108
At 30 June 2024 187,072 111,795 1,117 291,169 591,153
Accumulated depreciation
At 01 July 2023 90,240 48 58 244,366 334,712
Charge for the financial year 20,858 7,757 184 10,833 39,632
At 30 June 2024 111,098 7,805 242 255,199 374,344
Net book value
At 30 June 2024 75,974 103,990 875 35,970 216,809
At 30 June 2023 92,442 902 508 37,481 131,333

4. Debtors

2024 2023
£ £
Trade debtors 644,703 602,724
Other debtors 65,037 58,901
709,740 661,625

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 0 1,066,628

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 98,105 49,421
Taxation and social security 136,787 133,239
Other creditors 50,348 135,102
285,240 317,762

7. Provision for liabilities

2024 2023
£ £
Deferred tax 23,014 65,183
Product warranty provision 35,177 44,362
58,191 109,545

Product warranties

A provision of £35,177 (2023 - £44,362) has been recognised for expected warranty claims on goods sold, expected to be incurred in the next financial year.