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REGISTERED NUMBER: 12575324 (England and Wales)















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: Samuel W Griggs
Stephen W Griggs





SECRETARY: Samuel W Griggs





REGISTERED OFFICE: Studio 2
Diamond Business Centre
Attley Way
Irthlingborough
Northamptonshire
NN9 5GF





REGISTERED NUMBER: 12575324 (England and Wales)






BARMAX LIMITED (REGISTERED NUMBER: 12575324)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 37,190,047 30,488,301

CURRENT ASSETS
Debtors 5 4,546 1,508
Cash at bank 191,760 1,824,294
196,306 1,825,802
CREDITORS
Amounts falling due within one year 6 269,192 229,610
NET CURRENT (LIABILITIES)/ASSETS (72,886 ) 1,596,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,117,161

32,084,493

CREDITORS
Amounts falling due after more than one year 7 (24,500,000 ) (24,600,000 )

PROVISIONS FOR LIABILITIES (2,599,660 ) (1,696,410 )
NET ASSETS 10,017,501 5,788,083

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserve 8 7,798,980 4,498,440
Retained earnings 2,218,421 1,289,543
10,017,501 5,788,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2025 and were signed on its behalf by:




Samuel W Griggs - Director



Stephen W Griggs - Director


BARMAX LIMITED (REGISTERED NUMBER: 12575324)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Barmax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 30,488,301
Additions 8,750,323
Disposals (6,252,367 )
Revaluations 4,203,790
At 30 June 2024 37,190,047
NET BOOK VALUE
At 30 June 2024 37,190,047
At 30 June 2023 30,488,301

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 4,546 1,508

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Taxation and social security 43,422 -
Other creditors 225,770 229,610
269,192 229,610

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 24,500,000 24,600,000

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 4,498,440
Transfer profit & loss account 3,300,540

At 30 June 2024 7,798,980

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.