Company No:
Contents
DIRECTOR | Brian Summerhayes |
SECRETARY | Maxine Michele Patricia Baughan |
REGISTERED OFFICE | The Loft St Clair's Farm |
Wickham Road | |
Droxford | |
SO32 3PW | |
United Kingdom |
COMPANY NUMBER | 02618872 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
Investments | 5 |
|
|
|
80,867 | 28,993 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
990,008 | 650,707 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 544,026 | 139,843 | ||
Total assets less current liabilities | 624,893 | 168,836 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
|
|
|
Provisions for liabilities | 9, 10 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Share premium account |
|
|
||
Capital redemption reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Barnes International Limited (registered number:
Brian Summerhayes
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Barnes International Limited (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 The Loft St Clair's Farm, Wickham Road, Droxford, SO32 3PW, 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.
The functional currency of Barnes International Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have considered the potential impact of the coronavirus pandemic on all income streams and have reviewed the level of core overheads of the business, to determine if there is sufficient working capital to meet these requirements, along with scheduled borrowing repayments, for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on the information available to date the directors are satisfied that the company has sufficient cash balances to meet these requirements and, accordingly, the directors continue to adopt the going concern basis of presentation.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
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 corporation 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.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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.
Fixtures and Fittings - 25%
Computers and Computer Peripherals - 25%
Telephones and Other Equipment - 25%
Motor Vehicles - 25%
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.
Research and development
Research and development expenditure is written off as incurred
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
2021 | 2020 | ||
£ | £ | ||
Current tax on profit/(loss) | |||
UK corporation tax | (
|
(
|
|
Adjustments in respect of prior years | |||
UK corporation tax |
|
(
|
|
Total current tax | (
|
(
|
|
Deferred tax | |||
Origination and reversal of timing differences |
|
|
|
Total deferred tax |
|
|
|
Total tax on profit/(loss) | (
|
(
|
The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023. This rate has not been substantively enacted at the Balance Sheet date, as result deferred tax balances as at 31 March 2021 continue to be measured at 19%.
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2020 |
|
|
|
Additions |
|
|
|
At 31 March 2021 |
|
|
|
Accumulated depreciation | |||
At 01 April 2020 |
|
|
|
Charge for the financial year |
|
|
|
At 31 March 2021 |
|
|
|
Net book value | |||
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 April 2020 |
|
At 31 March 2021 |
|
Carrying value at 31 March 2021 |
|
Carrying value at 31 March 2020 |
|
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
Other taxation and social security |
|
|
|
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans |
|
|
|
Other creditors |
|
|
|
279,755 | 0 |
Deferred taxation | Total | ||
£ | £ | ||
At 01 April 2020 |
|
3,476 | |
Charged to the Statement of Income and Retained Earnings |
|
9,402 | |
At 31 March 2021 |
|
12,878 | |
Deferred tax
2021 | 2020 | ||
£ | £ | ||
Accelerated capital allowances |
|
|
|
Provision for deferred tax |
|
|
2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year | (
|
(
|
|
Charged to the Statement of Income and Retained Earnings | (
|
(
|
|
At the end of financial year | (
|
(
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
|
|
|
- between one and five years |
|
|
|
|
|