Company registration number SC040952 (Scotland)
BARR + WRAY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BARR + WRAY LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
BARR + WRAY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr I Montgomerie
Mr L Kennedy
Mr PS Rock
(Appointed 5 December 2024)
Ms SJ Peggram
(Appointed 5 December 2024)
Secretary
Mr I Montgomerie
Company number
SC040952
Registered office
1 Buccleuch Avenue
Hillington Park
Glasgow
Scotland
G52 4NR
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
BARR + WRAY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present the strategic report for the year ended 30 September 2024.

Review of Business

The Company's principal activity is in two distinct markets - "Pools and Spas" and "Process Equipment", where it utilises its core skills in water engineering. Its experience and expertise built up over 60 years is combined with state of the art engineering to provide its customers with products and services of the highest quality.

 

The ordinary share capital of the ultimate parent company, Barr + Wray Group Limited. was acquired by Kohler Co. on 5 December 2024.

Principal Risks and Uncertainties

The directors believe the main risks facing the business are the downturn in the global economy coupled with the high levels of inflation at the current time. The healthy financial position of the business, the recognised quality of the Company brand and the strong order book at the year-end in the directors’ opinion significantly mitigates these risks.

Key Performance Indicators

Gross margin increased in the year from 15.08% in 2023 to 15.14% in 2024. The operating margin in the year also increased from 5.08% in 2023 to 5.89% in 2024. The directors believe that these margins are satisfactory and reflect the continuing profitability and success of the Company in a challenging environment.

Financial Risk Management Objectives and Policies

The Company finances its operations through its retained profits. Management's objective is to retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due.

 

Hedge accounting is not used by the Company.

 

The Company's surplus funds are held primarily in short term fixed rate deposit accounts, which the directors believe gives the Company the flexibility to release cash resources at short notice.

On behalf of the board

Mr I Montgomerie
Director
7 March 2025
BARR + WRAY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the Company in the year under review was that of providers of water engineering services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £214,000 (2023: £213,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A A MacDonald
(Resigned 5 December 2024)
Mr I Montgomerie
Mr D Barton
(Resigned 5 December 2024)
Mrs M K Johnson
(Resigned 5 December 2024)
Mr L Kennedy
Mr I McClure
(Resigned 5 December 2024)
Mr PS Rock
(Appointed 5 December 2024)
Ms SJ Peggram
(Appointed 5 December 2024)
Auditor

The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BARR + WRAY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Mr I Montgomerie
Director
7 March 2025
BARR + WRAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARR + WRAY LIMITED
- 5 -
Opinion

We have audited the financial statements of Barr + Wray Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BARR + WRAY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARR + WRAY LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, was as follows:

 

BARR + WRAY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARR + WRAY LIMITED
- 7 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Holt
Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
18 March 2025
BARR + WRAY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,170,563
13,950,491
Cost of sales
(11,176,130)
(11,846,238)
Gross profit
1,994,433
2,104,253
Administrative expenses
(1,219,293)
(1,395,770)
Operating profit
4
775,140
708,483
Interest receivable and similar income
7
262,428
198,672
Profit before taxation
1,037,568
907,155
Tax on profit
8
(252,845)
(192,286)
Profit for the financial year
784,723
714,869
Other comprehensive income
Actuarial gain on defined benefit pension schemes
317,000
211,000
Tax relating to other comprehensive income
(79,250)
(198,490)
Total comprehensive income for the year
1,022,473
727,379

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 23 form part of these financial statements.

BARR + WRAY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,311,612
1,366,763
Investments
11
14,342
14,342
1,325,954
1,381,105
Current assets
Stocks
13
195,134
334,763
Debtors
14
8,206,450
7,551,452
Cash at bank and in hand
2,220,127
2,843,043
10,621,711
10,729,258
Creditors: amounts falling due within one year
15
(5,021,823)
(5,636,963)
Net current assets
5,599,888
5,092,295
Total assets less current liabilities
6,925,842
6,473,400
Provisions for liabilities
Deferred tax liability
16
907,969
796,000
(907,969)
(796,000)
Net assets excluding pension surplus
6,017,873
5,677,400
Defined benefit pension surplus
17
3,237,000
2,769,000
Net assets
9,254,873
8,446,400
Capital and reserves
Called up share capital
18
115,000
115,000
Share premium account
82,287
82,287
Capital redemption reserve
13,000
13,000
Profit and loss reserves
9,044,586
8,236,113
Total equity
9,254,873
8,446,400

The notes on pages 11 to 23 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
Mr I Montgomerie
Director
Company Registration No. SC040952
BARR + WRAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
115,000
82,287
13,000
7,721,734
7,932,021
Year ended 30 September 2023:
Profit for the year
-
-
-
714,869
714,869
Other comprehensive income:
Actuarial gains on defined benefit plans
17
-
-
-
211,000
211,000
Tax relating to other comprehensive income
-
-
-
(198,490)
(198,490)
Total comprehensive income for the year
-
-
-
727,379
727,379
Dividends
9
-
-
-
(213,000)
(213,000)
Balance at 30 September 2023
115,000
82,287
13,000
8,236,113
8,446,400
Year ended 30 September 2024:
Profit for the year
-
-
-
784,723
784,723
Other comprehensive income:
Actuarial gains on defined benefit plans
17
-
-
-
317,000
317,000
Tax relating to other comprehensive income
-
-
-
(79,250)
(79,250)
Total comprehensive income for the year
-
-
-
1,022,473
1,022,473
Dividends
9
-
-
-
(214,000)
(214,000)
Balance at 30 September 2024
115,000
82,287
13,000
9,044,586
9,254,873

The notes on pages 11 to 23 form part of these financial statements.

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Barr + Wray Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Buccleuch Avenue, Hillington Park, Glasgow, Scotland, G52 4NR. The company's registration number is SC040952.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Barr + Wray Group Limited. These consolidated financial statements are available from Companies House.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, net of Value Added Tax. The value of work done in respect of long term contracts and contracts for ongoing services is determined by reference to the stage of completion.

 

In respect of goods and services sold during the year turnover represents sales price, less returns received, exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable property
2% straight line
Tools and equipment
20% straight line
Office furniture and equipment
10% to 25% straight line

Tangible fixed assets are stated at cost less depreciation.

 

Cost represents purchase price together with any incidental costs of acquisition.

1.5
Fixed asset investments

Investments are stated at cost less provision for any diminution of value, if such a reduction is deemed to be of a permanent nature.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.

 

Work in progress

Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity.

 

For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

 

Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amount invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss account in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss account. Debt instruments may be designated as being measured at fair value through the profit and loss account to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

The Company operates two pension schemes; one defined benefit and one defined contribution scheme. For the defined benefit scheme, the amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Comprehensive Income if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and loss are recognised immediately in Other Comprehensive Income.

 

Defined benefit schemes are funded with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at an AA corporate bond rate. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset (to the extent that it can be recovered) or liability, is presented separately after other net assets on the face of the balance sheet. The contributions are determined by a qualified actuary on the basis of triennial valuations.

 

The defined benefit pension scheme was closed to future accrual with effect from 30 September 2006.

 

For the defined contribution scheme, the amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. The assets of the scheme are held separately from those of the Company in an independently administered fund.

1.10
Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. In preparing the financial statements the directors have made the following judgements:

 

3
Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.

 

The directors have chosen not to disclose further information on the Company's turnover on the basis that they consider it seriously prejudicial to the interests of the Company.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
29,995
113,244
Fees payable to the company's auditor for the audit of the company's financial statements
22,150
20,600
Depreciation of owned tangible fixed assets
73,783
76,843
Operating lease charges
218,615
190,340
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Production
30
31
Administration, sales and distribution
29
29
Total
59
60
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,769,524
2,581,646
Social security costs
234,047
234,526
Pension costs
98,672
90,385
3,102,243
2,906,557
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
397,373
401,626
Company pension contributions to defined contribution schemes
41,243
14,860
438,616
416,486

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
135,027
139,294
Company pension contributions to defined contribution schemes
18,282
5,141
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
111,428
69,672
Interest on the net defined benefit asset
151,000
129,000
Total income
262,428
198,672
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
220,126
166,558
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
32,719
25,728
Total tax charge
252,845
192,286

On 1 April 2023, the Corporation Tax rate increased the main rate to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate. During the year to 30 September 2023, a hybrid rate of 22% has been used to calculate the tax charge.

 

Deferred tax has been charged at 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,037,568
907,155
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
259,392
199,574
Tax effect of expenses that are not deductible in determining taxable profit
870
475
Tax effect of income not taxable in determining taxable profit
(37,750)
(28,380)
Effect of change in corporation tax rate
-
0
62
Group relief
(16,520)
(18,576)
Permanent capital allowances in excess of depreciation
12,933
-
0
Non qualifying depreciation charge
-
0
6,953
Leased cars expense not deductible
1,201
996
Enhanced capital allowances
-
0
(285)
Deferred tax movement
32,719
31,467
Taxation charge for the year
252,845
192,286

Within the Statement of Comprehensive Income, the following amounts relating to tax have been recognised:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
79,250
198,490
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
9
Dividends
2024
2023
£
£
Final paid
214,000
213,000
10
Tangible fixed assets
Heritable property
Tools and equipment
Office furniture and equipment
Total
£
£
£
£
Cost
At 1 October 2023
1,588,110
171,207
1,378,665
3,137,982
Additions
-
0
6,886
11,746
18,632
At 30 September 2024
1,588,110
178,093
1,390,411
3,156,614
Depreciation and impairment
At 1 October 2023
501,757
160,105
1,109,357
1,771,219
Depreciation charged in the year
35,938
6,379
31,466
73,783
At 30 September 2024
537,695
166,484
1,140,823
1,845,002
Carrying amount
At 30 September 2024
1,050,415
11,609
249,588
1,311,612
At 30 September 2023
1,086,353
11,102
269,308
1,366,763
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
14,342
14,342
12
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Barr + Wray FZE
Office No. 401, Le Solarium, Dubai Silicon Oasis, Dubai, U.A.E.
Provision of water engineering services
Ordinary
100.00
Barr & Wray (H.K.) Limited
Units 1603-4. 16th Floor, Causeway Bay Plaza I, No. 489 Hennessy Road, Hong Kong
Dormant
Ordinary
100.00
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Stocks
2024
2023
£
£
Raw materials and consumables
34,702
59,663
Work in progress
160,432
275,100
195,134
334,763
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
859,533
1,389,391
Gross amounts owed by contract customers
3,042,640
1,403,471
Amounts owed by group undertakings
4,230,288
4,605,720
Other debtors
12,758
93,211
Prepayments and accrued income
61,231
59,659
8,206,450
7,551,452
15
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
95,290
156,374
Trade creditors
2,096,139
2,351,343
Corporation tax
125,238
86,420
Other taxation and social security
84,506
98,313
Other creditors
2,227,836
2,533,761
Accruals and deferred income
392,814
410,752
5,021,823
5,636,963
16
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
97,959
102,990
Retirement benefit obligations
810,010
693,010
907,969
796,000
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 October 2023
796,000
Charge to profit or loss
32,719
Charge to other comprehensive income
79,250
Liability at 30 September 2024
907,969
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
98,672
90,385

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The Company operates a pension scheme for certain employees providing benefits based on final pensionable pay. The scheme closed to further accrual in September 2006. The scheme is a funded scheme.

2024
2023
Key assumptions
%
%
Discount rate
4.95
5.45
Consumer price inflation
2.75
2.80
Retail price inflation
3.15
3.20
2024
2023

Amounts recognised in the Statment of Other Comprehensive Income

£
£
Net interest on net defined benefit (asset)/liability
(151,000)
(129,000)
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(1,241,000)
(313,000)
Less: calculated interest element
491,000
484,000
Return on scheme assets excluding interest income
(750,000)
171,000
Actuarial changes related to obligations
433,000
(382,000)
Total (income)
(317,000)
(211,000)
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Retirement benefit schemes
(Continued)
- 21 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
(6,780,000)
(6,463,000)
Fair value of plan assets
10,017,000
9,232,000
Surplus in scheme
3,237,000
2,769,000
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 October 2023
6,463,000
Benefits paid
(456,000)
Actuarial gains
433,000
Interest cost
340,000
At 30 September 2024
6,780,000
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 October 2023
9,232,000
Interest income
491,000
Return on plan assets (excluding amounts included in net interest)
750,000
Benefits paid
(456,000)
At 30 September 2024
10,017,000
2024
2023

Fair value of plan assets at the reporting period end

£
£
Equity instruments
3,489,000
3,507,000
Bonds
2,895,000
2,306,000
Cash and other
3,633,000
3,419,000
10,017,000
9,232,000
18
Share capital
2024
2023
2024
2023
Number
Number
£
£
Ordinary share capital
Issued and fully paid
Ordinary shares of £1 each
115,000
115,000
115,000
115,000
BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
118,945
110,637
Between two and five years
132,162
156,969
251,107
267,606
20
Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

21
Ultimate controlling party

During the year

 

The immediate parent company was Barr + Wray Holdings Limited.

 

The ultimate parent company was Barr + Wray Group Limited.

 

The Company was under control of the shareholders of the ultimate parent company Barr + Wray Group Limited. There is no overall controlling party.

 

Post year end

 

Following the year end, the company was acquired by Kohler Co. No individual shareholder has a controlling interest.

 

The financial statements contain information about Barr + Wray Limited as an individual company. Barr + Wray Limited and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent company, Barr + Wray Group Limited, a company registered in Scotland.

 

Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

 

BARR + WRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
22
Contingent Liabilities

The Company has a cross company guarantee arrangement with the other group and related companies under which the Company guarantees the obligations of the others to the groups bankers without limit. As at the balance sheet date other group company obligations amounted to £613,037 (2023: £786,720). The charge was satisfied post year end on 16 December 2024.

 

In addition, amounts due in relation to loan notes in a fellow group entity are secured by a cross company guarantee. At the balance sheet date the other group company obligations amounted to £53,200 (2023: £266,000). The charge was satisfied post year end on 5 November 2024.

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