Company registration number 01223957 (England and Wales)
M. BARNWELL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
M. BARNWELL SERVICES LIMITED
COMPANY INFORMATION
DIRECTORS
Mrs C J Barnwell
Mr S M Barnwell
Mr M A Barnwell
Mr D S H Barnwell
COMPANY NUMBER
01223957
REGISTERED OFFICE
Reginald Road
Smethwick
West Midlands
B67 5AS
AUDITOR
JW Hinks LLP
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
M. BARNWELL SERVICES LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of cash flows
10
Statement of changes in equity
9
Notes to the financial statements
11 - 22
M. BARNWELL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

REVIEW OF THE BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As distributors of oil seals we consider that our key performance indicators are gross profit and operating profits.

Turnover has in creased this year by £440,003 to £14,697,230 from £14,257,227 in 20 24. There has been a de crease in operating profits to £309,244 (20 24: £1,450,396). Closing net assets as at 31 October 2025 amounted to £12,003,088 an increase of £235,286 on the prior year.

As for many businesses of our size we believe the trading environment that we operate in continues to be challenging and as such are constantly looking for ways to increase the level of trading.

On behalf of the board

Mr S M Barnwell
DIRECTOR
24 February 2026
M. BARNWELL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of distributors of oil seals and related products.

RESULTS AND DIVIDENDS

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs C J Barnwell
Mr S M Barnwell
Mr M A Barnwell
Mr D S H Barnwell
AUDITOR

In accordance with the company's articles, a resolution proposing that JW Hinks LLP be reappointed as auditor of the company will be put at a General Meeting.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S M Barnwell
DIRECTOR
24 February 2026
M. BARNWELL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M. BARNWELL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. BARNWELL SERVICES LIMITED
- 4 -
OPINION

We have audited the financial statements of M. Barnwell Services Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 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.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

M. BARNWELL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. BARNWELL SERVICES LIMITED (CONTINUED)
- 5 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

- Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.

- Evaluating and understanding the internal control system.

- Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.

- Testing documentation supporting account balances or classes of transactions.

- Observing the physical stock count.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

M. BARNWELL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. BARNWELL SERVICES LIMITED (CONTINUED)
- 6 -
USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

MARCUS ROSE FCA CTA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF JW HINKS LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
24 February 2026
M. BARNWELL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
2025
2024
Notes
£
£
TURNOVER
3
14,697,230
14,257,227
Cost of sales
(7,059,044)
(6,862,396)
GROSS PROFIT
7,638,186
7,394,831
Administrative expenses
(7,331,442)
(5,944,435)
Other operating income
2,500
-
0
OPERATING PROFIT
4
309,244
1,450,396
Interest receivable and similar income
7
16,202
2,952
PROFIT BEFORE TAXATION
325,446
1,453,348
Tax on profit
8
(90,160)
(375,498)
PROFIT FOR THE FINANCIAL YEAR
235,286
1,077,850

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

M. BARNWELL SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 8 -
2025
2024
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
10
856,608
981,582
CURRENT ASSETS
Stocks
11
3,225,969
3,635,099
Debtors
12
3,202,516
2,819,071
Cash at bank and in hand
6,706,917
6,317,931
13,135,402
12,772,101
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13
(1,965,794)
(1,948,325)
NET CURRENT ASSETS
11,169,608
10,823,776
TOTAL ASSETS LESS CURRENT LIABILITIES
12,026,216
11,805,358
PROVISIONS FOR LIABILITIES
(23,128)
(37,556)
NET ASSETS
12,003,088
11,767,802
CAPITAL AND RESERVES
Called up share capital
16
20,000
20,000
Other reserves
298,050
331,167
Profit and loss reserves
18
11,685,038
11,416,635
TOTAL EQUITY
12,003,088
11,767,802
The financial statements were approved by the board of directors and authorised for issue on 24 February 2026 and are signed on its behalf by:
Mr S M Barnwell
Mr M A Barnwell
Mr D S H Barnwell
DIRECTOR
DIRECTOR
DIRECTOR
COMPANY REGISTRATION NO. 01223957
M. BARNWELL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
BALANCE AT 1 NOVEMBER 2023
20,000
364,284
10,305,668
10,689,952
YEAR ENDED 31 OCTOBER 2024:
Profit and total comprehensive income for the year
-
-
1,077,850
1,077,850
Revaluation movement
-
(33,117)
33,117
-
BALANCE AT 31 OCTOBER 2024
20,000
331,167
11,416,635
11,767,802
YEAR ENDED 31 OCTOBER 2025:
Profit and total comprehensive income for the year
-
-
235,286
235,286
Revaluation movement
-
(33,117)
33,117
-
BALANCE AT 31 OCTOBER 2025
20,000
298,050
11,685,038
12,003,088
M. BARNWELL SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
23
799,979
2,006,866
Income taxes paid
(382,342)
(447,951)
NET CASH INFLOW FROM OPERATING ACTIVITIES
417,637
1,558,915
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(54,660)
(369,478)
Proceeds from disposal of tangible fixed assets
9,807
65,214
Interest received
16,202
2,952
NET CASH USED IN INVESTING ACTIVITIES
(28,651)
(301,312)
NET INCREASE IN CASH AND CASH EQUIVALENTS
388,986
1,257,603
Cash and cash equivalents at beginning of year
6,317,931
5,060,328
CASH AND CASH EQUIVALENTS AT END OF YEAR
6,706,917
6,317,931
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

M. Barnwell Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reginald Road, Smethwick, West Midlands, B67 5AS.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
GOING CONCERN

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
TURNOVER

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
INTANGIBLE FIXED ASSETS - GOODWILL

Goodwill represents the excess of the cost of acquisition of a businesses over the fair value of net assets acquired in 2002. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 12 -
1.5
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:

Freehold property
5% on cost
Plant and machinery
20% on reducing balance
Fixtures and fittings
at varying rates
Motor vehicles
25% on reducing balance

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.

1.6
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 cost and replacement 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.

Every year provisions are made for slow moving, and non moving stocks in line with BSI standards governing the expected useful life of the goods in stock.

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 13 -
1.8
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 current liabilities.

1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 14 -
Basic financial 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 paymen ts 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.12
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
LEASES

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
TURNOVER AND OTHER REVENUE

An analysis of the company's turnover is as follows:

2025
2024
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Product sales
14,697,230
14,257,227
2025
2024
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
10,830,691
10,804,278
EEC Countries
2,335,408
2,414,661
Other Countries
1,531,131
1,038,288
14,697,230
14,257,227
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
3
TURNOVER AND OTHER REVENUE
(Continued)
- 16 -
2025
2024
£
£
OTHER REVENUE
Interest income
16,202
2,952
4
OPERATING PROFIT
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(43,250)
16,293
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
9,750
Depreciation of tangible fixed assets
157,057
149,721
Loss/(profit) on disposal of tangible fixed assets
12,770
(29,835)
Operating lease charges
107,264
113,961
5
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales, administration and distribution
90
89

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,242,594
3,827,948
Social security costs
528,855
424,591
Pension costs
115,640
141,660
4,887,089
4,394,199
6
DIRECTORS' REMUNERATION
2025
2024
£
£
Remuneration for qualifying services
1,235,351
951,177
Company pension contributions to defined contribution schemes
29,789
59,789
1,265,140
1,010,966

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
6
DIRECTORS' REMUNERATION
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
390,837
310,198
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2025
2024
£
£
INTEREST INCOME
Interest on bank deposits
12,860
-
0
Other interest income
3,342
2,952
Total income
16,202
2,952
8
TAXATION
2025
2024
£
£
CURRENT TAX
UK corporation tax on profits for the current period
106,245
334,540
Adjustments in respect of prior periods
(1,657)
-
0
Total current tax
104,588
334,540
DEFERRED TAX
Origination and reversal of timing differences
(14,428)
40,958
Total tax charge
90,160
375,498
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
8
TAXATION
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
325,446
1,453,348
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
81,362
363,337
Tax effect of expenses that are not deductible in determining taxable profit
5,231
3,564
Tax effect of income not taxable in determining taxable profit
(134)
(7,459)
Adjustments in respect of prior years
(1,657)
-
0
Permanent capital allowances in excess of depreciation
19,786
(24,902)
Movement in deferred tax
(14,428)
40,958
Taxation charge for the year
90,160
375,498
9
INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2024 and 31 October 2025
205,217
AMORTISATION AND IMPAIRMENT
At 1 November 2024 and 31 October 2025
205,217
CARRYING AMOUNT
At 31 October 2025
-
0
At 31 October 2024
-
0
10
TANGIBLE FIXED ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
COST
At 1 November 2024
800,000
574,000
798,340
513,127
2,685,467
Additions
-
0
-
0
20,100
34,560
54,660
Disposals
-
0
-
0
(536)
(66,834)
(67,370)
At 31 October 2025
800,000
574,000
817,904
480,853
2,672,757
DEPRECIATION AND IMPAIRMENT
At 1 November 2024
331,170
440,900
731,398
200,417
1,703,885
Depreciation charged in the year
33,117
26,622
13,754
83,564
157,057
Eliminated in respect of disposals
-
0
-
0
(536)
(44,257)
(44,793)
At 31 October 2025
364,287
467,522
744,616
239,724
1,816,149
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
10
TANGIBLE FIXED ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
(Continued)
- 19 -
CARRYING AMOUNT
At 31 October 2025
435,713
106,478
73,288
241,129
856,608
At 31 October 2024
468,830
133,100
66,942
312,710
981,582

Included in Freehold Property is land amounting to £137,663 for which depreciation is not provided.

11
STOCKS
2025
2024
£
£
Finished goods and goods for resale
3,225,969
3,635,099
12
DEBTORS
2025
2024
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
2,785,771
2,635,607
Corporation tax recoverable
208,467
-
0
Other debtors
9,948
12,996
Prepayments and accrued income
198,330
170,468
3,202,516
2,819,071
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
£
£
Trade creditors
1,290,732
1,188,111
Corporation tax
-
0
69,287
Other taxation and social security
347,199
445,917
Accruals and deferred income
327,863
245,010
1,965,794
1,948,325

Lloyds Bank Plc hold an unlimited debenture dated 4 July 2001 incorporating a fixed and floating charge.

M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
14
RETIREMENT BENEFIT SCHEMES
2025
2024
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
115,640
141,660

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the period end, there was a balance due of £13,704 (20 24: £1 3,169) to the pension provider.

15
DEFERRED TAXATION

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
BALANCES:
£
£
Accelerated capital allowances
23,128
37,556
2025
MOVEMENTS IN THE YEAR:
£
Liability at 1 November 2024
37,556
Credit to profit or loss
(14,428)
Liability at 31 October 2025
23,128
16
SHARE CAPITAL
2025
2024
2025
2024
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
20,000
20,000
20,000
20,000

17
OTHER RESERVES
2025
2024
£
£
At the beginning of the year
331,167
364,284
Other movements
(33,117)
(33,117)
At the end of the year
298,050
331,167
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
18
PROFIT AND LOSS RESERVES
2025
2024
£
£
At the beginning of the year
11,416,635
10,305,668
Adjusted balance
11,416,635
10,305,668
Profit for the year
235,286
1,077,850
Transfer to reserves
33,117
33,117
At the end of the year
11,685,038
11,416,635

During the year there has been a transfer of £33,117 (2024: £33,117) from other reserves to the profit and loss accounts reserves.

19
OPERATING LEASE COMMITMENTS
AS LESSEE

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
87,608
64,546
Years 2-5
22,706
11,847
110,314
76,393
20
CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
33,539
42,660
21
RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY MANAGEMENT PERSONNEL

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
1,265,140
1,010,966
M. BARNWELL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
21
RELATED PARTY TRANSACTIONS
(Continued)
- 22 -
OTHER INFORMATION

M Barnwell Services Limited Directors' Retirement Benefits Scheme

Mrs C J Barnwell, Mr S M Barnwell, Mr D H S Barnwell and Mr M A Barnwell are all trustees and members of the scheme, as well as directors of M Barnwell Services Limited.

During the year M Barnwell Services Limited paid the scheme rent amounting to £52,550 (202 4: £52,550).

22
ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs Carol Barnwell.

23
CASH GENERATED FROM OPERATIONS
2025
2024
£
£
Profit after taxation
235,286
1,077,850
ADJUSTMENTS FOR:
Taxation charged
90,160
375,498
Investment income
(16,202)
(2,952)
Loss/(gain) on disposal of tangible fixed assets
12,770
(29,835)
Depreciation and impairment of tangible fixed assets
157,057
149,721
MOVEMENTS IN WORKING CAPITAL:
Decrease in stocks
409,130
413,953
(Increase)/decrease in debtors
(174,978)
11,816
Increase in creditors
86,756
10,815
CASH GENERATED FROM OPERATIONS
799,979
2,006,866
24
ANALYSIS OF CHANGES IN NET FUNDS
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
6,317,931
388,986
6,706,917
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