Company registration number 00819463 (England and Wales)
BARTON AND REDMAN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 OCTOBER 2024
BARTON AND REDMAN LIMITED
COMPANY INFORMATION
Directors
P S Barton
M P Barton
N J Barton
(Appointed 19 December 2023)
Secretary
N J Barton
Company number
00819463
Registered office
Strawberry House
New Smithfield Market
Whitworth Street East
Openshaw
Manchester
M11 2WJ
Auditor
Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Business address
Strawberry House
New Smithfield Market
Whitworth Street East
Openshaw
Manchester
M11 2WJ
Bankers
National Westminster Bank Plc
1 Water Lane
Bakewell
Derbyshire
DE4 1 EU
BARTON AND REDMAN LIMITED
CONTENTS
Page
Strategic report
1 - 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
Statement of cash flows
11
Notes to the financial statements
12 - 26
BARTON AND REDMAN LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 1 -

The directors present the strategic report for the period ended 25 October 2024.

Fair review of the business

The directors are pleased to announce that the company has continued to perform to its owners’ expectations during the year.

 

The turnover of the company has increased by approximately 2.2% during the year to £70.97 million (2023: £69.46 million) due to increasing demand from existing customers as well as taking on new customers in the period. The directors continue to review the impact of the current economic and political climate at the local, national, and global levels on the business and then take the appropriate measures to mitigate any such impact.

 

In a time of increasing produce and utility costs, the company's gross profit margin has remained relatively consistent with the previous year. The directors continue to monitor and tightly control the cost of purchases of direct supplies. Administrative overheads were in line with the directors' expectations reflecting inflationary pressures on salary and utility costs. These were closely monitored by management during the period. The company continues to operate well within its agreed banking facilities.

Principal risks and uncertainties

 

The directors have identified the key risks faced by the company and have put systems in place to mitigate these risks.

 

Financial Instruments - objectives and policies

 

The company finances its operations through a mixture of retained profits, and where necessary to fund expansion or capital expenditure programmes through bank borrowings and finance lease and hire purchase contracts. The managements objectives are to:

 

 

 

 

Where appropriate the company's funds are held primarily in short term variable deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise.

 

All deposits are with reputable United Kingdom banks.

 

Foreign currency risk

 

The company imports produce from around the world and consequently is subject to volatility in exchange rate movements, freight costs and continued volatility in the cost of many commodities in the world market. Exchange risks are managed by a process of daily monitoring of exchange rates to limit the company’s exposure to such exchange rate volatility.

Development and performance

The company is well funded and continues to deliver impressive performance year on year despite challenging economic conditions. The directors remain extremely confident that the company will continue to expand, and that their robust and ambitious plans will generate enhanced profitability and performance in the future. The company remains well placed to withstand future turbulence and pressure within the markets in which it operates, relying on its reputation for value, reliability, and service.

 

The company continues to actively grow both its customer and product portfolios, providing it with increasing confidence for the future.

BARTON AND REDMAN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 2 -
Key performance indicators

2024     2023

£'000's     £'000's

 

Sales                     70,975     69,458

Gross Profit             7,567     6,919

 

%        %

 

Return on capital employed         43.99%     36.07%

 

At the year end, the company had shareholders' funds of £7,099,643 including distributable profits of £7,099,085. The directors therefore believe the company’s position to be satisfactory especially as the company’s total assets exceed its current liabilities by £8,764,560.

On behalf of the board

P S Barton
Director
27 March 2025
BARTON AND REDMAN LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the period ended 25 October 2024.

Principal activities

The principal activity of the company continued to be that of the wholesale of fruit and vegetables.

Results and dividends

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

Ordinary dividends were paid amounting to £1,697,000. The directors do not recommend payment of a final dividend.

Directors

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

P S Barton
R J Barton
(Resigned 25 October 2024)
M P Barton
N J Barton
(Appointed 19 December 2023)
Future developments

The directors aim to continue the success of this year and grow their market position.

Auditor

In accordance with the company's articles, a resolution proposing that Chadwick & Company (Manchester) Limited be reappointed as auditor of the company will be put at a General Meeting.

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.

Disclosure of information in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Financial Risk Management Objectives and Policies.

BARTON AND REDMAN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 4 -
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.

On behalf of the board
P S Barton
Director
27 March 2025
BARTON AND REDMAN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARTON AND REDMAN LIMITED
- 5 -
Opinion

We have audited the financial statements of Barton and Redman Limited (the 'company') for the period ended 25 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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.

BARTON AND REDMAN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARTON AND REDMAN LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

 

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these is the UK Companies Act 2006. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

BARTON AND REDMAN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARTON AND REDMAN LIMITED
- 7 -
Audit response to risks identified

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

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.

Michael Chadwick FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
28 March 2025
BARTON AND REDMAN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 8 -
Period
Period
ended
ended
25 October
27 October
2024
2023
Notes
£
£
Turnover
3
70,974,595
69,457,820
Cost of sales
(63,407,436)
(62,538,662)
Gross profit
7,567,159
6,919,158
Administrative expenses
(3,385,431)
(3,508,300)
Other operating income
24,510
48,000
Operating profit
4
4,206,238
3,458,858
Interest receivable and similar income
7
21,796
26,316
Interest payable and similar expenses
8
(51,394)
-
0
Profit before taxation
4,176,640
3,485,174
Tax on profit
9
(1,053,738)
(897,555)
Profit for the financial period
3,122,902
2,587,619

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

BARTON AND REDMAN LIMITED
BALANCE SHEET
AS AT 25 OCTOBER 2024
25 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
-
0
Tangible assets
12
4,486,019
4,367,051
Investments
13
31,200
31,200
4,517,219
4,398,251
Current assets
Stocks
14
490,640
565,452
Debtors
15
12,390,681
9,446,376
Cash at bank and in hand
1,900,980
1,721,057
14,782,301
11,732,885
Creditors: amounts falling due within one year
16
(10,534,960)
(8,410,622)
Net current assets
4,247,341
3,322,263
Total assets less current liabilities
8,764,560
7,720,514
Creditors: amounts falling due after more than one year
17
(1,312,359)
(231,476)
Provisions for liabilities
Deferred tax liability
20
352,558
315,297
(352,558)
(315,297)
Net assets
7,099,643
7,173,741
Capital and reserves
Called up share capital
22
234
409
Capital redemption reserve
324
149
Profit and loss reserves
7,099,085
7,173,183
Total equity
7,099,643
7,173,741
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
P S Barton
Director
Company Registration No. 00819463
BARTON AND REDMAN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
409
149
5,943,964
5,944,522
Period ended 27 October 2023:
Profit and total comprehensive income
-
-
2,587,619
2,587,619
Dividends
10
-
-
(1,358,400)
(1,358,400)
Balance at 27 October 2023
409
149
7,173,183
7,173,741
Period ended 25 October 2024:
Profit and total comprehensive income
-
-
3,122,902
3,122,902
Dividends
10
-
-
(1,697,000)
(1,697,000)
Own shares acquired
-
-
(1,500,000)
(1,500,000)
Redemption of shares
22
-
0
175
-
0
175
Other movements
(175)
-
-
(175)
Balance at 25 October 2024
234
324
7,099,085
7,099,643
BARTON AND REDMAN LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,418,184
1,840,685
Interest paid
(51,394)
-
0
Income taxes paid
(829,131)
(720,805)
Net cash inflow from operating activities
2,537,659
1,119,880
Investing activities
Purchase of tangible fixed assets
(353,358)
(384,513)
Proceeds on disposal of tangible fixed assets
450,501
-
0
Interest received
21,796
26,316
Net cash generated from/(used in) investing activities
118,939
(358,197)
Financing activities
Purchase of Ordinary shares
(1,500,000)
-
0
Proceeds of new bank loans
1,200,000
-
0
Repayment of bank loans
(29,157)
(111,805)
Payment of finance leases obligations
(685,479)
(329,159)
Dividends paid
(1,697,000)
(1,358,400)
Net cash used in financing activities
(2,711,636)
(1,799,364)
Net decrease in cash and cash equivalents
(55,038)
(1,037,681)
Cash and cash equivalents at beginning of period
807,267
1,844,948
Cash and cash equivalents at end of period
752,229
807,267
Relating to:
Cash at bank and in hand
1,900,980
1,721,057
Bank overdrafts included in creditors payable within one year
(1,148,751)
(913,790)
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 12 -
1
Accounting policies
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.

1.2
Going concern

At 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.true

1.3
Reporting period

These financial statements cover the period to 25 October 2024. The comparative period was the period 27 October 2023, which was shorter than the current period. The company changes its period end date each year to end the period on the final Friday closest to the end of October.

1.4
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.

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:

Leasehold improvements
3 years straight line
Plant and machinery
10% per annum reducing balance
Fixtures, fittings and equipment
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance

Long leasehold land is not depreciated.

 

No depreciation is charged on long leasehold land and buildings as the directors are of the opinion that the residual value of this asset is in excess to its carrying amount in the financial statements.

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.

1.7
Fixed asset investments

The fixed asset investment relates to class motor vehicle that is valued at historical cost less provision for any diminution in value.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, costs that have been incurred in bringing the stocks to their present location and condition.

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 sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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 current liabilities.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 profit or loss.

 

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 profit or loss.

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.

Classification of financial liabilities

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.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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.

1.18
Company information

Barton and Redman Limited is a private company limited by shares incorporated in England and Wales. The registered office is Strawberry House, New Smithfield Market, Whitworth Street East, Openshaw, Manchester, M11 2WJ.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:-

Depreciation of long leasehold buildings

No depreciation is charged on long leasehold land and buildings as the directors are of the opinion that the residual value of this asset is in excess to its carrying amount in the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
70,934,184
69,415,217
Rendering of services
40,411
42,603
70,974,595
69,457,820
2024
2023
£
£
Other revenue
Interest income
21,796
26,316
Rental income
24,510
48,000

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(25,426)
(13,507)
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
17,500
Depreciation of owned tangible fixed assets
69,791
69,787
Depreciation of tangible fixed assets held under finance leases
252,217
210,277
Loss on disposal of tangible fixed assets
162,273
-
Operating lease charges
49,995
59,492
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 18 -
5
Employees

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

2024
2023
Number
Number
Employees
75
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,944,731
2,458,830
Social security costs
295,303
252,973
Pension costs
221,823
252,687
3,461,857
2,964,490
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
81,659
60,516
Company pension contributions to defined contribution schemes
41,054
54,933
122,713
115,449

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
21,796
26,029
Other interest income
-
0
287
Total income
21,796
26,316
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
21,796
26,029
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,039
-
Other finance costs:
Interest on finance leases and hire purchase contracts
33,393
-
Other interest
962
-
0
51,394
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,016,477
729,131
Adjustments in respect of prior periods
-
0
52,252
Total current tax
1,016,477
781,383
Deferred tax
Origination and reversal of timing differences
37,261
40,501
Changes in tax rates
-
0
75,671
Total deferred tax
37,261
116,172
Total tax charge
1,053,738
897,555

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

2024
2023
£
£
Profit before taxation
4,176,640
3,485,174
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.49%)
1,044,160
783,816
Tax effect of expenses that are not deductible in determining taxable profit
9,578
2,641
Adjustments in respect of prior years
-
0
52,252
Permanent capital allowances in excess of depreciation
-
0
(16,825)
Change in rate of deferred tax
-
0
75,671
Taxation charge for the period
1,053,738
897,555
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 20 -
10
Dividends
2024
2023
£
£
Interim paid
1,697,000
1,358,400
11
Intangible fixed assets
Goodwill
£
Cost
At 28 October 2023 and 25 October 2024
239,965
Amortisation and impairment
At 28 October 2023 and 25 October 2024
239,965
Carrying amount
At 25 October 2024
-
0
At 27 October 2023
-
0
12
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 28 October 2023
3,208,379
97,818
447,808
242,983
1,584,419
5,581,407
Additions
-
0
-
0
13,888
26,832
1,013,030
1,053,750
Disposals
-
0
-
0
-
0
(85,824)
(915,950)
(1,001,774)
At 25 October 2024
3,208,379
97,818
461,696
183,991
1,681,499
5,633,383
Depreciation and impairment
At 28 October 2023
-
0
97,818
265,626
150,361
700,551
1,214,356
Depreciation charged in the period
-
0
-
0
19,607
16,462
285,939
322,008
Eliminated in respect of disposals
-
0
-
0
-
0
(76,115)
(312,885)
(389,000)
At 25 October 2024
-
0
97,818
285,233
90,708
673,605
1,147,364
Carrying amount
At 25 October 2024
3,208,379
-
0
176,463
93,283
1,007,894
4,486,019
At 27 October 2023
3,208,379
-
0
182,182
92,622
883,868
4,367,051
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 21 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
906,734
698,267
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
31,200
31,200

The fixed asset investment held by the company relates to a classic lorry which is included in these financial statements at its original cost price.

 

14
Stocks
2024
2023
£
£
Raw materials and consumables
490,640
565,452
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,251,490
6,958,897
Other debtors
4,799,643
2,433,191
Prepayments and accrued income
339,548
54,288
12,390,681
9,446,376
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 22 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
1,261,928
913,790
Obligations under finance leases
19
325,836
334,140
Trade creditors
5,251,196
5,783,128
Corporation tax
616,422
429,076
Other taxation and social security
27,695
43,207
Other creditors
697,158
80,979
Accruals and deferred income
2,354,725
826,302
10,534,960
8,410,622

Obligations under finance lease and hire purchase contracts are secured on the assets which they relate to.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
18
1,057,666
-
0
Obligations under finance leases
19
254,693
231,476
1,312,359
231,476

Obligations under finance lease and hire purchase contracts are secured on the assets which they relate to.

Amounts included above which fall due after five years are as follows:
Payable by instalments
604,958
-
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 23 -
18
Loans and overdrafts
2024
2023
£
£
Bank loans
1,170,843
-
0
Bank overdrafts
1,148,751
913,790
2,319,594
913,790
Payable within one year
1,261,928
913,790
Payable after one year
1,057,666
-
0

The bank loan and overdraft are secured by a debenture dated 3 November 1997 over all the assets of the company and a legal charge dated 3 December 2019 over the company's property.

 

The bank loan is repayable in monthly instalments at £9,431.31 over twenty years at a rate equivalent to 2.0% per annum above the bank's base rate.

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
325,836
334,140
In two to five years
254,693
231,476
580,529
565,616

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
352,558
315,297
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
20
Deferred taxation
(Continued)
- 24 -
2024
Movements in the period:
£
Liability at 28 October 2023
315,297
Charge to profit or loss
37,261
Liability at 25 October 2024
352,558
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
221,823
252,687

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.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
55
110
55
110
Ordinary 'B' shares of £1 each
100
100
100
100
Ordinary 'D' shares of £1 each
-
120
-
120
Ordinary 'E' shares of £1 each
29
29
29
29
Ordinary 'F' shares of £1 each
40
40
40
40
Ordinary 'G' shares of £1 each
10
10
10
10
234
409
234
409

On 17 May 2024, 55 Ordinary 'A' shares of £1 each were repurchased and cancelled by the company. The consideration paid was £1,000,000. The shares purchased represented 13.45% of the total issued share capital of the company at that time.

 

On 18 October 2024, 120 Ordinary 'D' shares of £1 each were repurchased and cancelled by the company. The consideration paid was £500,000. The shares purchased represented 33.90% of the total issued share capital of the company at that time.

All shares rank pari passu and have equal voting rights and rights to distributions with the exception of the Ordinary 'G' shares of £1 each which entitle to the holders thereof to a dividend of capital for the time being paid up thereon at such percentage rate per annum as the holders of the Ordinary 'A' to Ordinary 'F' shares shall determine in a general meeting by ordinary resolution. On a winding up involving a return of capital to a sum representing 0.1% of the value of surplus assets available for distribution to the members and in the case of a sale of the shares to 0.1% of the total consideration paid. The Ordinary 'G' shares of £1 each are non-voting shares.

BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 25 -
23
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee in place between Barton And Redman Limited and E & E Barton Estates Limited. As at 25 October 2024, the amount guaranteed was £1,098,626 (2023: £nil).

24
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
30,716
30,716
Between two and five years
15,358
46,074
46,074
76,790
25
Related party transactions

During the year, the company entered into the following transactions with related parties:-

 

During the year, the company made fruit and vegetable sales to Strawberry Catering Limited amounting to £1,837,725 (2023 - £1,890,195) and purchases of £6,271 (2023 - £16,366). Strawberry Catering Limited also rented a warehouse from the company during the year for £24,510 (2023 - £48,000).

 

Strawberry Catering Limited is a limited company that is controlled by a sibling of one of the directors of the company. As at 25 October 2024, the balance owed by Strawberry Catering Limited to the company was £72,819 (2023 - £53,732), and the balance owed to Strawberry Catering Limited was £400,114 (2023 - £1,204).

 

Included in other debtors falling due within one year is a loan balance due from E & E Barton Estates Limited amounting to £4,049,211 (2023 - £1,696,211). The loan is unsecured and repayable on demand. E & E Barton Estates Limited has common directors and shareholders with Barton and Redman Limited.

26
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
P S Barton -
-
(5,416)
1,200,261
(1,499,189)
(304,344)
R J Barton -
-
(3,000)
39,565
(36,565)
-
M P Barton -
-
(30,000)
728,434
(698,434)
-
N J Barton -
-
-
19,028
(10,105)
8,923
(38,416)
1,987,288
(2,244,293)
(295,421)
BARTON AND REDMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 OCTOBER 2024
- 26 -
27
Ultimate controlling party

The company is controlled by its directors by virtue of their controlling shareholding.

28
Cash generated from operations
2024
2023
£
£
Profit for the period after tax
3,122,902
2,587,619
Adjustments for:
Taxation charged
1,053,738
897,555
Finance costs
51,394
-
0
Investment income
(21,796)
(26,316)
Loss on disposal of tangible fixed assets
162,273
-
Depreciation and impairment of tangible fixed assets
322,008
280,064
Movements in working capital:
Decrease/(increase) in stocks
74,812
(47,200)
Increase in debtors
(2,944,305)
(1,624,866)
Increase/(decrease) in creditors
1,597,158
(226,171)
Cash generated from operations
3,418,184
1,840,685
29
Analysis of changes in net funds/(debt)
28 October 2023
Cash flows
New finance leases
25 October 2024
£
£
£
£
Cash at bank and in hand
1,721,057
179,923
-
1,900,980
Bank overdrafts
(913,790)
(234,961)
-
(1,148,751)
807,267
(55,038)
-
752,229
Borrowings excluding overdrafts
-
(1,170,843)
-
(1,170,843)
Obligations under finance leases
(565,616)
685,479
(700,392)
(580,529)
241,651
(540,402)
(700,392)
(999,143)
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