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REGISTERED NUMBER: 08581259 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Barnes & Fadden Ltd

Barnes & Fadden Ltd (Registered number: 08581259)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Barnes & Fadden Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D J Barnes
D J Barnes
C J Barnes
D P Fadden





REGISTERED OFFICE: 1.24-1.26 St Nicholas Centre
St Nicholas Way
Sutton
Surrey
SM1 1AW





REGISTERED NUMBER: 08581259 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Barnes & Fadden Ltd (Registered number: 08581259)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 65,554 26,915

CURRENT ASSETS
Stocks 581,206 517,452
Debtors 5 128,899 93,457
Cash at bank and in hand (336 ) 4,677
709,769 615,586
CREDITORS
Amounts falling due within one year 6 (574,709 ) (612,556 )
NET CURRENT ASSETS 135,060 3,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

200,614

29,945

CREDITORS
Amounts falling due after more than one year 7 (156,853 ) (25,391 )

PROVISIONS FOR LIABILITIES 10 (1,931 ) (1,251 )
NET ASSETS 41,830 3,303

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 11 41,825 3,298
41,830 3,303

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

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

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Barnes & Fadden Ltd (Registered number: 08581259)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





C J Barnes - Director


Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of retailing quality furnishings.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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:

Fixtures, fittings & equipment25% Straight Line
Motor vehicle 25% Straight Line
Display (Merchandising) Items25% Straight Line

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.

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

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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 is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PENSIONS
DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 20 ) .

Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Display Fixtures
Long (Merchandising) and Motor
leasehold Items fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 - 5,231 17,520 39,190 61,941
Additions 22,958 - 7,595 26,000 56,553
Disposals - - - (10,500 ) (10,500 )
At 30 June 2024 22,958 5,231 25,115 54,690 107,994
DEPRECIATION
At 1 July 2023 - 2,236 10,934 21,856 35,026
Charge for year - 1,308 4,016 12,590 17,914
Eliminated on disposal - - - (10,500 ) (10,500 )
At 30 June 2024 - 3,544 14,950 23,946 42,440
NET BOOK VALUE
At 30 June 2024 22,958 1,687 10,165 30,744 65,554
At 30 June 2023 - 2,995 6,586 17,334 26,915

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,097 48,640
Other debtors 64,802 44,817
128,899 93,457

The directors consider the carrying value of trade and other receivables approximate to their fair values.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 66,494 125,734
Trade creditors 255,934 295,105
Taxation and social security 48,584 39,814
Other creditors 203,697 151,903
574,709 612,556

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Charge has been registered at Companies House by Lloyds Bank PLC for the overdraft facility taken by company, which has negative pledge and fixed and floating charges over all the property and undertakings of the company.

Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 156,853 25,391

The directors consider the carrying amounts of long-term liabilities approximate to their fair values.

Charge has been registered at Companies House by Lloyds Bank PLC for the overdraft facility taken by company, which has negative pledge and fixed and floating charges over all the property and undertakings of the company.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 359,696 241,750
Between one and five years 1,083,979 458,250
In more than five years 957,716 180,000
2,401,391 880,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Loan less than 1 year 10,000 78,881
Loan loans - 2-5 years 142,445 25,391
152,445 104,272

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,931 1,251

Deferred
tax
£   
Balance at 1 July 2023 1,251
Provided during year 680
Balance at 30 June 2024 1,931

Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,742 (2023 - £7,170).

Contributions totalling Nil (2023 - £392) were payable to fund at the balance sheet date and are included in creditors.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
D J Barnes
Balance outstanding at start of year (35,316 ) (35,097 )
Amounts advanced 32,000 23,500
Amounts repaid (21,054 ) (23,719 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (24,370 ) (35,316 )

C J Barnes
Balance outstanding at start of year (65,765 ) (64,199 )
Amounts advanced 32,000 23,500
Amounts repaid (22,599 ) (25,066 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (56,364 ) (65,765 )

D J Barnes
Balance outstanding at start of year (14,659 ) (13,687 )
Amounts advanced 32,000 23,500
Amounts repaid (22,293 ) (24,472 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,952 ) (14,659 )

Barnes & Fadden Ltd (Registered number: 08581259)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D P Fadden
Balance outstanding at start of year (14,582 ) (12,774 )
Amounts advanced 32,000 23,500
Amounts repaid (22,645 ) (25,308 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,227 ) (14,582 )

14. RELATED PARTY DISCLOSURES

At the balance sheet date, included in other creditors are amounts payable to following directors. This loan is interest free and repayable on demand.

Caroline Barnes £56,364 (2023 - £65,765)
David Joseph Barnes £24,370 (2023 - £35,316)
Declan James Barnes - £4,952 (2023 - £14,659)
Daniel Fadden £5,227 (2023 - £14,582)