Bernard Barrett Associates Limited
Unaudited Financial Statements
For the year ended 31 December 2021
Pages for Filing with Registrar
Company Registration No. 02686396 (England and Wales)
Bernard Barrett Associates Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Bernard Barrett Associates Limited
Balance Sheet
As at 31 December 2021
31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,998
13,798
Current assets
Stock
1,500
10,678
Debtors
5
14,750
22,105
Cash at bank and in hand
311,759
226,802
328,009
259,585
Creditors: amounts falling due within one year
6
(206,092)
(152,189)
Net current assets
121,917
107,396
Net assets
134,915
121,194
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
124,915
111,194
Total equity
134,915
121,194
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
17 February 2022 and are signed on its behalf by:
2022-02-17
B J Barrett
Director
Company Registration No. 02686396
Bernard Barrett Associates Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
Bernard Barrett Associates Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
The Company made a profit for the year after taxation of £233,721 (2020: £165,533) and had net assets at the 31 December of £134,915 (2020: £121,194). These financial statements are prepared on the going concern basis. The director has considered the impact that Covid-19 will have on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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:
Fixtures, fittings & equipment
10% straight line basis
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
.
Bernard Barrett Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Stock
Work in progress is recognised on contracts which are in progress at the year end. Work in progress is valued at the lower of cost and net realisable value.
1.7
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.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable
.
Bernard Barrett Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
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.
1.11
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.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
5
3
Directors' remuneration and dividends
2021
2020
£
£
Remuneration paid to directors
131,993
133,387
Dividends paid to directors
220,000
162,500
Bernard Barrett Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
94,353
Additions
1,690
At 31 December 2021
96,043
Depreciation and impairment
At 1 January 2021
80,555
Depreciation charged in the year
2,490
At 31 December 2021
83,045
Carrying amount
At 31 December 2021
12,998
At 31 December 2020
13,798
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
14,750
22,105
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,436
3,436
Corporation tax
56,676
41,695
Other taxation and social security
5,463
6,524
Other creditors
140,517
100,534
206,092
152,189
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Bernard Barrett Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 6
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
31,561
31,561
Between two and five years
39,451
71,012
In over five years
71,012
102,573
9
Related party transactions
B J Barrett, a director of the company, was issued dividends of £176,000 (2020: £130,000) during the year. At the year end the company owed him £87,859 (2020: £67,325).
S Bates, a director of the company, was issued dividends of £44,000 (2020: £32,500) during the year. At the year end the company owed him £24,000 (2020: £16,500).
10
Controlling party
The ultimate controlling party is B J Barrett, a director of the company, by virtue of his majority shareholding.