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Registration number: 10756424

Barge East Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Barge East Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Barge East Limited

Company Information

Directors

Mr S Thomson

Mr R A Bland

Registered office

Barge East (C/O Skuna Boats) St Peters Barge
Hertsmere Road
West India Quay
London
E14 4AL

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Barge East Limited

(Registration number: 10756424)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

465,684

469,214

Current assets

 

Stocks

5

15,000

15,000

Debtors

6

58,701

100,412

Cash at bank and in hand

 

115,744

232,804

 

189,445

348,216

Creditors: Amounts falling due within one year

7

(333,150)

(530,759)

Net current liabilities

 

(143,705)

(182,543)

Total assets less current liabilities

 

321,979

286,671

Creditors: Amounts falling due after more than one year

7

(265,928)

(205,276)

Provisions for liabilities

-

(1,729)

Net assets

 

56,051

79,666

Capital and reserves

 

Called up share capital

60

60

Share premium reserve

24,990

24,990

Capital redemption reserve

40

40

Retained earnings

30,961

54,576

Shareholders' funds

 

56,051

79,666

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
Mr S Thomson
Director

   
     
 

Barge East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Barge East (C/O Skuna Boats) St Peters Barge
Hertsmere Road
West India Quay
London
E14 4AL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Barge East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Boat

Straight line 2.00%

Plant & machinery

Reducing balance 25.00%

Computer equipment

Straight line 25.00%

Fixtures and fittings

Reducing balance 25.00%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Barge East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 36).

 

Barge East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

304,217

379,777

25,494

709,488

Additions

-

75,459

-

75,459

Disposals

-

(10,713)

-

(10,713)

At 31 May 2024

304,217

444,523

25,494

774,234

Depreciation

At 1 June 2023

21,741

207,379

11,154

240,274

Charge for the year

5,649

59,042

3,585

68,276

At 31 May 2024

27,390

266,421

14,739

308,550

Carrying amount

At 31 May 2024

276,827

178,102

10,755

465,684

At 31 May 2023

282,476

172,398

14,340

469,214

Included within the net book value of land and buildings above is £186,073 (2023 - £189,870) in respect of freehold land and buildings and £90,754 (2023 - £92,607) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

15,000

15,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,957

38,860

Prepayments

28,332

5,958

Other debtors

26,412

55,594

 

58,701

100,412

 

Barge East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

117,938

195,562

Amounts owed to related parties

21,634

22,234

Taxation and social security

 

104,470

118,249

Other creditors

 

89,108

194,714

 

333,150

530,759

Due after one year

 

Loans and borrowings

8

265,928

205,276

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,758

75,121

Other borrowings

215,170

130,155

265,928

205,276