Company registration number 04128638 (England and Wales)
BARNFIELD CONTRACTORS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BARNFIELD CONTRACTORS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BARNFIELD CONTRACTORS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
3
3
Current assets
Stocks
12,390,320
4,331,706
Debtors
5
6,084
21,927
Cash at bank and in hand
34,063
3,062,622
12,430,467
7,416,255
Creditors: amounts falling due within one year
6
(9,684,026)
(4,769,720)
Net current assets
2,746,441
2,646,535
Net assets
2,746,444
2,646,538
Capital and reserves
Called up share capital
7
374
374
Capital redemption reserve
26
26
Profit and loss reserves
2,746,044
2,646,138
Total equity
2,746,444
2,646,538
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr T J H Webber
Director
Company registration number 04128638 (England and Wales)
BARNFIELD CONTRACTORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Barnfield Contractors (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kenyon Road, Lomeshaye Industrial Estate, Nelson, Lancashire, BB9 5SP.
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 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.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
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.
Barnfield Contractors (UK) Limited is a wholly owned subsidiary of Barnfield Group Limited and the results of Barnfield Contractors (UK) Limited are included in the consolidated financial statements of that company which are available from 8 Kenyon Road, Lomeshaye Industrial Estate, Nelson.
1.2
Going concern
The company is reliant on the continued support of its bankers and fellow group companies to meet its liabilities as they fall due. The directors the company are also the directors of the group companies providing the support, and have confirmed that this support will continue for at least twelve months from the balance sheet signing date. The directors have also confirmed that they know of no reason why the bank will not continue to provide funding at the current levels.true
As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rents and proceeds on the sale of properties held in stock, both net of VAT.
Rents are included in turnover in the year in which they are receivable. Proceeds on the sale of properties held in stock are recognised at the point of completion of sale.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BARNFIELD CONTRACTORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Work in progress
Work in progress is 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 work in progress to its present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress 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.
1.6
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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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.
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.
BARNFIELD CONTRACTORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Fixed asset investments
2024
2023
£
£
Investments
3
3
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
3
Carrying amount
At 31 December 2024
3
At 31 December 2023
3
BARNFIELD CONTRACTORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Subsidiaries
These financial statements are separate company financial statements for Barnfield Contractors (UK) Limited.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Empire Business Park Management Company Ltd
1
Ordinary
100.00
Empire Business Park Management Company No.1 Limited
1
Ordinary
100.00
Empire Business Park Management Company No.3 Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Kenyon Road, Lomeshaye Industrial Estate, Nelson, Lancashire BB9 5SP
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,836
4,031
Amounts owed by group undertakings
2,154
Other debtors
94
17,896
6,084
21,927
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,179,186
Trade creditors
19,417
56,101
Amounts owed to group undertakings
7,036,955
3,535,329
Taxation and social security
35,983
117,609
Other creditors
412,485
1,060,681
9,684,026
4,769,720
The company's bank borrowings are secured by a fixed and floating charge over the assets of the company.
Included within other creditors is an amount of £400,000 (2023 - £1,045,000) due to one of the directors. This amount is secured by first legal charges over the assets of this company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
374
374
374
374
BARNFIELD CONTRACTORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Jane Smith
Statutory Auditor:
Pierce C A Limited
Date of audit report:
23 May 2025
9
Financial commitments, guarantees and contingent liabilities
The company is party to an inter company guarantee with Barnfield Group Limited and Barnfield Contractors (UK) Limited in respect of indebtedness to Handelsbanken. As at 31 December 2024 the amount of borrowings in respect of these companies was £673,411 (2023 - £852,987).