REGISTERED NUMBER: |
BARMAX LIMITED |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
REGISTERED NUMBER: |
BARMAX LIMITED |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BARMAX LIMITED |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Balance Sheet |
30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserve | 8 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Barmax Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the balance sheet date, the company's balance sheet shows net current liabilities. This is due in the main to shareholder loans which are deemed repayable on demand and also investment management expenses having been accrued as at the balance sheet date, which were charged to the portfolio after the balance sheet date. Given the value of the investment portfolio, the Directors consider that this is a short term timing difference and that the going concern basis of preparation is appropriate. |
Significant judgements and estimates |
The Directors exercise their expertise and judgement in the appointment of investment managers and the monitoring of their performance with regard to the company's investment portfolio. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Fixed asset investments |
The company values it's investments at fair value at each balance sheet date, such fair values being obtained by an annual report produced by the financial institution charged with managing such investments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2021 | 5,909,090 |
Valuation in 2022 | 1,185,554 |
Valuation in 2023 | (899,795 | ) |
Valuation in 2024 | 4,203,790 |
Cost | 26,791,408 |
37,190,047 |
Fixed asset investments are valued at their fair value as at the balance sheet date, based on the valuation provided by the external company with whom the investments are made. Their original cost amounted |
to £26,791,408. |
Fixed asset investments comprise several portfolio's of investments. The investments are valued at each year end to their fair value using their bid price for unit trusts. For investment trusts and company shares, the mid-price between the bid and offer price is used. After taking into account any units encashed to pay ongoing management fees, the difference between the share portfolio carrying value and the annual 30th June valuation provided by the investment managers is taken to a fair value reserve so as to include the portfolio at its fair value at the balance sheet date. Any deferred tax provision is then calculated by reference to the fair value of investments less original costs and any indexation allowance where applicable. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Taxation and social security |
Other creditors |
BARMAX LIMITED (REGISTERED NUMBER: 12575324) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans due over |
5 years | 23,700,000 | 23,800,000 |
23,700,000 | 23,800,000 |
8. | RESERVES |
Other |
reserve |
£ |
At 1 July 2023 |
Transfer profit & loss account | 3,300,540 |
At 30 June 2024 |
9. | RELATED PARTY DISCLOSURES |
As at the 30th June 2024, the company owed it's shareholders loans amounting to £24,700,000 (2023 : £24,800,000). The loans carry no interest, have no set repayment date and are unsecured. |