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Company No: 02118065 (England and Wales)

BARTON FABRICATIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

BARTON FABRICATIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

BARTON FABRICATIONS LIMITED

BALANCE SHEET

As at 31 October 2024
BARTON FABRICATIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 600,642 411,502
600,642 411,502
Current assets
Stocks 5 391,586 784,981
Debtors 6 2,845,272 2,175,327
Cash at bank and in hand 468,997 941,496
3,705,855 3,901,804
Creditors: amounts falling due within one year 7 ( 1,238,034) ( 1,150,856)
Net current assets 2,467,821 2,750,948
Total assets less current liabilities 3,068,463 3,162,450
Creditors: amounts falling due after more than one year 8 ( 8,369) 0
Net assets 3,060,094 3,162,450
Capital and reserves
Called-up share capital 10,000 10,000
Fair value reserve 190,458 0
Other reserves 89,971 89,971
Profit and loss account 2,769,665 3,062,479
Total shareholder's funds 3,060,094 3,162,450

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Barton Fabrications Limited (registered number: 02118065) were approved and authorised for issue by the Director on 13 March 2025. They were signed on its behalf by:

S Goodwin
Director
BARTON FABRICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
BARTON FABRICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Barton Fabrications 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 Harbour Road Trading Estate, Portishead, Bristol, BS20 7BL, United Kingdom.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

In the accounts for the year ended 31 October 2023, the following errors were identified:

- Brought forward accrued income of £755,421 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward work in progress of £41,517 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward stock of £15,000 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward PAYE of £7,212 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward creditors of £105 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward prepayments of £8,482 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward sundry creditors of £4,634 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward other debtors of £122,374 was incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Freehold depreciation of £10,177 was overstated, the financial statements have been adjusted in respect of this, as set out in note 2.

- Bank loan interest of £16,507 was incorrectly posted to the balance sheet, the financial statements have been adjusted in respect of this, as set out in note 2.

- Brought forward inter company balances of £122,374 were incorrectly carried forward, the financial statements have been adjusted in respect of this, as set out in note 2.

- Customer deposits held of £297,420 were incorrectly understated, the financial statements have been adjusted in respect of this, as set out in note 2.

- The corresponding corporation tax difference was also adjusted for.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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 liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings 60 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 October 2023 £ £ £
Turnover 2,792,045 (1,052,841) 1,739,204
Cost of sales (1,202,885) 44,664 (1,158,221)
Administrative expenses (487,023) (97,170) (584,193)
Interest payable (1,472) (16,507) (17,979)
Exceptional items 0 (117,740) (117,740)
Corporation tax (199,237) 199,237 0
Tangible assets 401,325 10,177 411,502
Stocks 508,627 276,354 784,981
Debtors 3,394,475 (1,219,148) 2,175,327
Creditors falling due within one year (1,048,011) (102,845) (1,150,856)
Profit and loss account 4,097,941 (1,035,462) 3,062,479

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 17 15

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2023 401,195 504,785 24,665 15,718 946,363
Additions 0 0 18,996 0 18,996
Revaluations 190,458 0 0 0 190,458
At 31 October 2024 591,653 504,785 43,661 15,718 1,155,817
Accumulated depreciation
At 01 November 2023 91,240 420,094 21,519 2,008 534,861
Charge for the financial year 413 12,704 5,140 2,057 20,314
At 31 October 2024 91,653 432,798 26,659 4,065 555,175
Net book value
At 31 October 2024 500,000 71,987 17,002 11,653 600,642
At 31 October 2023 309,955 84,691 3,146 13,710 411,502

5. Stocks

2024 2023
£ £
Stocks 256,686 317,871
Work in progress 134,900 467,110
391,586 784,981

6. Debtors

2024 2023
£ £
Trade debtors 523,795 101,961
Amounts owed by director 7,550 3,900
Prepayments and accrued income 107,498 507,598
Corporation tax 85,176 0
Other debtors 2,121,253 1,561,868
2,845,272 2,175,327

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 227,273
Trade creditors 214,651 275,242
Taxation and social security 182,615 319,474
Obligations under finance leases and hire purchase contracts 3,217 0
Other creditors 837,551 328,867
1,238,034 1,150,856

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 8,369 0

The obligations under hire purchase at the year-end are secured on the motor vehicle to which it relates.

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Mr S Goodwin 7,550 3,900

Advances

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2023, the balance owed by the director was £3,900. During the year, £6,000 was advanced to the director, and £2,350 was repaid by the director. At 31 October 2024, the balance owed by the director was £7,550.

At 1 November 2022, the balance owed by the director was £5,500. During the year, £1,000 was advanced to the director, and £2,600 was repaid by the director. At 31 October 2023, the balance owed by the director was £3,900.

Other related party transactions

The company is a wholly owned subsidiary of Silos Holding Limited, and as such has taken advantage of the exemption permitted by section 33 of 'FRS102 'Related Party Disclosures', not to provide disclosure of transactions entered into with other wholly owned members of the group.

10. Ultimate controlling party

Parent Company:

Silos Holdings Limited became the owner of 100% of the share capital of the company on 14 September 2018 and is, therefore, considered to be the controlling party of the company.