Company registration number 01226016 (England and Wales)
BARRIER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
BARRIER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BARRIER LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
43,200
48,600
Tangible assets
5
645,434
819,519
Investment properties
6
163,933
163,933
Investments
7
4
4
852,571
1,032,056
Current assets
Stocks
18,134
3,277
Debtors
8
2,253,909
2,727,056
Cash at bank and in hand
238,216
328,160
2,510,259
3,058,493
Creditors: amounts falling due within one year
9
(887,502)
(737,591)
Net current assets
1,622,757
2,320,902
Total assets less current liabilities
2,475,328
3,352,958
Creditors: amounts falling due after more than one year
10
(378,941)
(491,309)
Net assets
2,096,387
2,861,649
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,095,387
2,860,649
Total equity
2,096,387
2,861,649
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 30 March 2023 and are signed on its behalf by:
Mr AE Nightingale
Director
Company Registration No. 01226016
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
1
Accounting policies
Company information
Barrier Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Pearl Buildings, Stephenson Street, Willington Quay, Wallsend, Tyne and Wear, NE28 6UE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Barrier Limited is a wholly owned subsidiary of
Barrier Group Limited
and the results of Barrier Limited are included in the consolidated financial statements of
Barrier Group Limited
which are available from
Pearl Buildings, Stephenson Street, Willington Quay, Wallsend, Tyne and Wear
.
1.2
Turnover
Turnover on long-term contracts is recognised as contract activity progresses.
1.3
Intangible fixed assets other than goodwill
Intangible
assets are
measured at cost less accumulated amortisation and accumulated impairment losses.
Patents and licenses are being amortised evenly over their estimated useful life of ten years.
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:
Freehold land and buildings
Land not depreciated
Plant and equipment
at varying rates on cost
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Stocks
Stocks
and work in progress, other than long term contracts,
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.
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
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.
1.10
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.
1.11
Amounts recoverable on contract
Amounts recoverable on contracts represent turnover which has not yet been invoiced to customers on long-term contracts. Amounts in respect of contracts included in turnover, net of payments received on account separately disclosed within debtors. Cash received in excess of the value of work done is shown in creditors as payments on account.
Profits are recognised on long-term contracts where the final outcome can be assessed with reasonable certainty. Full provision is made for all known or anticipated losses on each contract immediately such losses are forecast.
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.12
Short-term debtors and creditors
Debtors and creditors with no interest rate which are receivable or payable within one year are recorded at transaction price. Any loss arising from impairment are recognised immediately in profit and loss.
1.13
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
61
63
3
Directors' remuneration
2022
2021
£
£
Remuneration paid to directors
106,462
201,728
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).
4
Intangible fixed assets
Other
£
Cost
At 1 November 2021 and 31 October 2022
54,000
Amortisation and impairment
At 1 November 2021
5,400
Amortisation charged for the year
5,400
At 31 October 2022
10,800
Carrying amount
At 31 October 2022
43,200
At 31 October 2021
48,600
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2021
377,357
4,872,144
5,249,501
Additions
34,500
34,500
Disposals
(3,619,282)
(3,619,282)
At 31 October 2022
377,357
1,287,362
1,664,719
Depreciation and impairment
At 1 November 2021
4,429,982
4,429,982
Depreciation charged in the year
51,950
51,950
Eliminated in respect of disposals
(3,462,647)
(3,462,647)
At 31 October 2022
1,019,285
1,019,285
Carrying amount
At 31 October 2022
377,357
268,077
645,434
At 31 October 2021
377,357
442,162
819,519
6
Investment property
2022
£
Fair value
At 1 November 2021 and 31 October 2022
163,933
The directors consider that the market value of the investment property at the end of the year is not significantly different to its carrying value.
7
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
4
4
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
708,564
1,185,772
Amounts owed by group undertakings
1,137,531
655,881
Other debtors
289
666,669
Prepayments and accrued income
205,621
47,003
2,052,005
2,555,325
Deferred tax asset (note )
201,904
171,731
2,253,909
2,727,056
9
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under finance leases
13,787
23,484
Other borrowings
111,761
81,460
Trade creditors
337,878
294,061
Amounts owed to group undertakings
53,601
Taxation and social security
143,419
238,601
Other creditors
143,227
57,470
Accruals and deferred income
83,829
42,515
887,502
737,591
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
7,115
7,722
Other borrowings
371,826
483,587
378,941
491,309
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael T Moran BA FCA
Statutory Auditor:
Robson Laidler Accountants Limited
12
Related party transactions
BARRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
12
Related party transactions
(Continued)
- 7 -
Related party transactions with non group companies in which the company's directors have an interest were as follows:
Included within creditors at the year end is a pension fund balance of £
483,587
(20
21
: £
565,047
) owed to Robert Charles Freeman Bowles and MW Trustees Limited, a scheme under common control.
During the year the company paid rent of £40,000 (20
21
: £40,000) to RCF Bowles and A Nightingale, directors of the company.
13
Parent company
The ultimate controlling party is Barrier Group Limited.