Company No: 13925495 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,623,868		1,552,676
		1,623,868		1,552,676
Current assets
Stocks	4	252,343		273,239
Debtors	5	543,209		513,765
Cash at bank and in hand		1,392,580		876,241
		2,188,132		1,663,245
Creditors: amounts falling due within one year	6	( 2,104,534)		( 2,121,000)
Net current assets/(liabilities)		83,598		(457,755)
Total assets less current liabilities		1,707,466		1,094,921
Creditors: amounts falling due after more than one year	7	0		( 22,088)
Provision for liabilities		( 402,964)		( 373,946)
Net assets		1,304,502		698,887
Capital and reserves
Called-up share capital		120		120
Profit and loss account		1,304,382		698,767
Total shareholders' funds		1,304,502		698,887

For the financial year ending 31 December 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Barnes Contracting Ltd (registered number: 13925495) were approved and authorised for issue by the Board of Directors on 18 September 2025. They were signed on its behalf by:

Mr A R Barnes Director		Mrs S M Barnes Director
Mr B F Barnes Director		Mr M A Barnes Director
Mr R P Barnes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Barnes Contracting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services, such as grain, shed fabrication and agricultural contracting, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	not depreciated
Plant and machinery	15 % reducing balance
Vehicles	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks comprising harvested grain, construction materials, fuel and arable inputs are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Current biological assets of tillages are recognised within stock.

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise tillages and are recognised within stock.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	18		16

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2024	5,491		881,052		1,064,475		1,951,018
Additions	2,400		171,146		194,000		367,546
Disposals	0		( 43,150)		( 1,125)		( 44,275)
Transfers	0		( 35,000)		35,000		0
	0		0		0		0
At 31 December 2024	7,891		974,048		1,292,350		2,274,289
Accumulated depreciation
At 01 January 2024	0		168,863		229,479		398,342
Charge for the financial year	0		107,375		153,589		260,964
Disposals	0		( 8,491)		( 394)		( 8,885)
Transfers	0		( 3,937)		3,937		0
At 31 December 2024	0		263,810		386,611		650,421
Net book value
At 31 December 2024	7,891		710,238		905,739		1,623,868
At 31 December 2023	5,491		712,189		834,996		1,552,676

4. Stocks

	2024		2023
	£		£
Crops	252,343		273,239

5. Debtors

	2024		2023
	£		£
Trade debtors	387,486		513,765
Other debtors	155,723		0
	543,209		513,765

Other debtors include amounts loaned to BMR Barnes Ltd.

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	186,808		232,662
Amounts owed to directors	1,482,298		1,358,690
Accruals and deferred income	171,790		206,783
Taxation and social security	239,439		231,661
Obligations under finance leases and hire purchase contracts (secured)	22,088		89,899
Other creditors	2,111		1,305
	2,104,534		2,121,000

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts (secured)	0		22,088

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.