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Registration number: 12084488

Barnes Holdings (SW) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 January 2025

Barnes Holdings (SW) Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Barnes Holdings (SW) Limited

Company Information

Directors | K Barnes T.A Barnes

Registered office | 28 Alexandra Terrace Exmouth Devon EX8 1BD

Accountants | Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Barnes Holdings (SW) Limited

(Registration number: 12084488)
Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | - | 12,150
Tangible assets | 5 | 369,932 | 417,040
|  | 369,932 | 429,190
Current assets |  |  |
Stocks | 6 | 24,408 | 30,370
Debtors | 7 | 128,196 | 72,897
Cash at bank and in hand |  | 60,886 | 83,707
|  | 213,490 | 186,974
Creditors: Amounts falling due within one year | 8 | (340,439) | (345,268)
Net current liabilities |  | (126,949) | (158,294)
Total assets less current liabilities |  | 242,983 | 270,896
Creditors: Amounts falling due after more than one year | 8 | (174,715) | (187,580)
Provisions for liabilities |  | (53,524) | (45,325)
Net assets |  | 14,744 | 37,991
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 14,644 | 37,891
Shareholders' funds |  | 14,744 | 37,991

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Barnes Holdings (SW) Limited

(Registration number: 12084488)
Balance Sheet as at 31 January 2025

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

Approved and authorised by the Board on 13 November 2025 and signed on its behalf by:

......................................... T.A Barnes Director

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 current and 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.

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.

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
Plant and machinery | 15% reducing balance basis (n.b. assets held under a finance lease are depreciated over the lease term)
Fixtures and fittings | 15% reducing balance basis
Motor vehicles | 25% reducing balance basis
Office Equipment | 33% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | Over 5 years

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.

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.

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.

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 74 (2024 - 73).

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 February 2024 | 121,500 | 121,500
At 31 January 2025 | 121,500 | 121,500
Amortisation
At 1 February 2024 | 109,350 | 109,350
Amortisation charge | 12,150 | 12,150
At 31 January 2025 | 121,500 | 121,500
Carrying amount
At 31 January 2025 | - | -
At 31 January 2024 | 12,150 | 12,150

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant & machinery £ | Total £
Cost or valuation
At 1 February 2024 | 73,736 | 48,975 | 145,455 | 445,933 | 714,099
Additions | 6,000 | 2,304 | 49,267 | 4,227 | 61,798
Disposals | - | - | (65,865) | - | (65,865)
At 31 January 2025 | 79,736 | 51,279 | 128,857 | 450,160 | 710,032
Depreciation
At 1 February 2024 | 9,521 | 23,024 | 41,461 | 223,053 | 297,059
Charge for the year | 7,974 | 5,525 | 26,111 | 26,973 | 66,583
Eliminated on disposal | - | - | (23,542) | - | (23,542)
At 31 January 2025 | 17,495 | 28,549 | 44,030 | 250,026 | 340,100
Carrying amount
At 31 January 2025 | 62,241 | 22,730 | 84,827 | 200,134 | 369,932
At 31 January 2024 | 64,215 | 25,951 | 103,994 | 222,880 | 417,040

Included within the net book value of land and buildings above is £62,241 (2024 - £64,215) in respect of short leasehold land and buildings.

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

6 | Stocks

| 2025 £ | 2024 £
Other stocks | 24,408 | 30,370

7 | Debtors

| Note | 2025 £ | 2024 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 10 | 3,074 | 3,074
Other debtors |  | 117,667 | 49,771
Prepayments and accrued income |  | 7,455 | 20,052
Total current trade and other debtors |  | 128,196 | 72,897

8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 147,074 | 145,474
Trade creditors |  | 77,544 | 79,119
Taxation and social security |  | 97,128 | 72,905
Other creditors |  | 15,411 | 44,850
Accrued expenses |  | 3,282 | 2,920
|  | 340,439 | 345,268

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 174,715 | 187,580

Creditors include bank loans and overdrafts secured by a fixed and floating charge over the assets of the company.
The finance leases are secured on the assets concerned, and have a NBV of £126,180 as of 31 January 2025.

Barnes Holdings (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 40,000 | 75,591
Hire purchase contracts | 57,192 | 35,141
Finance lease liabilities | 19,546 | 34,742
Other borrowings | 30,336 | -
| 147,074 | 145,474

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 80,890 | 76,667
Hire purchase contracts | 15,795 | 57,671
Finance lease liabilities | 33,646 | 53,242
Other borrowings | 44,384 | -
| 174,715 | 187,580

10 | Related party transactions

Transactions with directors

2025 | At 1 February 2024 £ | Advances to director £ | Repayments by director £ | At 31 January 2025 £
Interest free loan repayable on demand | 21,002 | 69,603 | (13,699) | 76,907
Interest free loan repayable on demand | 21,002 | 69,603 | (13,699) | 76,907

2024 | At 1 February 2023 £ | Advances to director £ | Repayments by director £ | At 31 January 2024 £
Interest free loan repayable on demand | - | 34,839 | (13,837) | 21,002
Interest free loan repayable on demand | - | 34,839 | (13,837) | 21,002