Company Registration No. 01305000 (England and Wales)
BARNES & MULLINS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
BARNES & MULLINS LIMITED
COMPANY INFORMATION
Directors
B M Cleary
S B Perrin
G J Tichopad
(Appointed 1 April 2018)
S J Finley
(Appointed 1 April 2018)
S Lewis
(Appointed 1 April 2018)
A R Mew
(Appointed 1 April 2018)
Company number
01305000
Registered office
Unit 14
Mile Oak Industrial Estate
Oswestry
Shropshire
SY10 8GA
Auditor
Arram Berlyn Gardner LLP
30 City Road
London
EC1Y 2AB
Business address
Unit 14
Mile Oak Industrial Estate
Oswestry
Shropshire
SY10 8GA
BARNES & MULLINS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 27
BARNES & MULLINS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
The directors present the strategic report for the year ended 31 December 2017.
Fair review of the business
The company performed well during the
year
and will continue to review existing activities with a view to increasing turnover and profitability.
Advertising and marketing costs are maintained
at a
similar level to prior year to ensure continued increase in sales in the UK and presence in new territories and expansion into overseas markets.
The directors consider that the key financial performance indicators are those that monitor the performance in respect of 3
matrix.
Analysis of key performance indicators
Domestic business is stable but challenging due to internet selling. The company is strong in the UK market. The directors don’t expect significant growth but will focus on export sales and commercial audio in 2018. Overheads
are
expected to remain the same but with additional costs for the new MFG facility and investment in
the we
b
site
and improved systems.
The
d
irectors
'
consider the position at the period end to be satisfactory. The directors hope the company will grow in the foreseeable future as the company is investing in a more varied product portfolio assisted by effective marketing both in the United Kingdom and overseas
.
The key financial highlights are as follows:
|
|
|
|
11,428,338
3,241,693
730,929
|
10,470,688
3,149,584
776,086
|
Principal risks and uncertainties
The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of competition mo
s
tly from international businesses and the impact of Brexit and in ensuring that the company continues to be the first choice
for
business in the UK for musical instruments. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control such as the ongoing negotiations by the UK government with
the
EU around Brexit.
The company faces a number of business risks and uncertainties due to
technological advancements in music products, changes in consumer music tastes
and new competition. In view of this, the directors are looking carefully at both existing and potential new markets to mitigate the risk. In ad
d
ition, the following points sets out how key risks relating to tech
n
ological advancements, changes in consumer tastes and new competition are being mitigated:
-
The company actively promotes its own brands and third party brands and undertakes marketing actions to raise brand awareness.
-
The company also focuses on quality, brand knowledge and detailed knowledge on number of musical instruments that are in demand to ensure customers get quality service.
-
The company has long lasting relationships with numerous suppliers of well known musical instruments which sell to the company on exclusive basis. The company’s sales team have extensive knowledge of their products which is seen as an asset.
BARNES & MULLINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Financial instruments
The company's principal financial instruments comprise invoice discounting, import loan facilities, bank balances, bank overdrafts, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company's approach to managing risks applicable to the financial instruments concerned is shown below.
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any formally designated hedging arrangements.
In respect of invoice discounting and import loan facilities, the liquidity risk is managed by ensuring there are sufficient funds to meet demands.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
In respect of loans these comprise amounts due
to
financial institutions. The interest rate on the loans from the financial institutions is variable but the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as
the
loans above.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
S B Perrin
Director
17 September 2018
BARNES & MULLINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2017.
Principal activities
The company is principally engaged in the wholesale and distribution of musical instruments.
Directors
The following directors have held office since 1 January 2015:
B M Cleary
S B Perrin
G J Tichopad
(Appointed 1 April 2018)
S J Finley
(Appointed 1 April 2018)
S Lewis
(Appointed 1 April 2018)
A R Mew
(Appointed 1 April 2018)
Results and dividends
The results for the year are set out on page 7.
The directors do not recommend payment of a final ordinary dividend.
Future developments
The directors consider that the company is well placed to develop its activities in the foreseeable future. The company will manufacture Champion woodwind accessories and Hidersine string accessories. In addition the company has the rights to manufacture and sell Hill & Sons products worldwide. Investment in in-house manufacturing is expected to significantly increase profits in these brands.
Emphasis on Export sales is supported with a newly created position of Export Manager
d
uring 2017 and the two year investment in the Commercial Audio market is expected to start showing a return during 2018/19
.
Auditor
In accordance with the company's articles, a resolution proposing that Arram Berlyn Gardner LLP be reappointed as auditor of the company will be put forward at a General Meeting.
Statement of directors' responsibilities
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;
-
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.
BARNES & MULLINS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
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
S B Perrin
Director
17 September 2018
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 5 -
Opinion
We have audited the financial statements of Barnes & Mullins Limited
(the 'company')
for the year ended 31 December 2017 which comprise
the Statement of Comprehensive Income, the Statement Of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 December 2017 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.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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' Report 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.
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 6 -
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' Responsibilities Statement
set out on page 4
, 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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.
John Donohoe FCA (Senior Statutory Auditor)
for and on behalf of Arram Berlyn Gardner LLP
26 September 2018
Chartered Accountants
Statutory Auditor
30 City Road
London
EC1Y 2AB
BARNES & MULLINS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
2017
2016
Notes
£
£
Turnover
3
11,428,338
10,470,688
Cost of sales
(8,186,645)
(7,321,104)
Gross profit
3,241,693
3,149,584
Administrative expenses
(2,479,983)
(2,338,718)
Other operating income
16,728
16,266
Operating profit
4
778,438
827,132
Interest receivable and similar income
8
38
36
Interest payable and similar expenses
9
(47,547)
(51,082)
Profit before taxation
730,929
776,086
Tax on profit
10
(141,471)
(162,943)
Profit for the financial year
589,458
613,143
The Income Statement has been prepared on the basis that all operations are continuing operations.
BARNES & MULLINS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 8 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
13
108,271
156,389
Investments
14
300
300
108,571
156,689
Current assets
Stocks
17
3,909,564
3,433,054
Debtors
18
1,680,210
1,557,296
Cash at bank and in hand
303,878
165,171
5,893,652
5,155,521
Creditors: amounts falling due within one year
19
(2,600,741)
(2,125,167)
Net current assets
3,292,911
3,030,354
Total assets less current liabilities
3,401,482
3,187,043
Creditors: amounts falling due after more than one year
20
(5,534)
(25,464)
Net assets
3,395,948
3,161,579
Capital and reserves
Called up share capital
23
352,916
352,916
Profit and loss reserves
24
3,043,032
2,808,663
Total equity
3,395,948
3,161,579
The financial statements were approved by the board of directors and authorised for issue on 17 September 2018 and are signed on its behalf by:
B M Cleary
S B Perrin
Director
Director
Company Registration No. 01305000
BARNES & MULLINS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2016
352,916
2,587,084
2,940,000
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
613,143
613,143
Dividends
11
-
(391,564)
(391,564)
Balance at 31 December 2016
352,916
2,808,663
3,161,579
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
589,458
589,458
Dividends
11
-
(355,089)
(355,089)
Balance at 31 December 2017
352,916
3,043,032
3,395,948
BARNES & MULLINS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 10 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
594,143
624,485
Interest paid
(47,547)
(51,082)
Income taxes paid
(159,501)
(127,438)
Net cash inflow from operating activities
387,095
445,965
Investing activities
Purchase of tangible fixed assets
(9,112)
(4,284)
Proceeds on disposal of tangible fixed assets
47,639
10,000
Interest received
38
36
Net cash generated from investing activities
38,565
5,752
Financing activities
Repayment of bank loans
142,322
(122,555)
Payment of finance leases obligations
(64,154)
(35,169)
Dividends paid
(355,089)
(391,564)
Net cash used in financing activities
(276,921)
(549,288)
Net increase/(decrease) in cash and cash equivalents
148,739
(97,571)
Cash and cash equivalents at beginning of year
155,139
252,710
Cash and cash equivalents at end of year
303,878
155,139
Relating to:
Cash at bank and in hand
303,878
165,171
Bank overdrafts included in creditors payable within one year
-
(10,032)
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 11 -
1
Accounting policies
Company information
Barnes & Mullins Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 14, Mile Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA.
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.
Group accounts
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
.
Barnes & Mullins Limited is a wholly owned subsidiary of Troubadour Investments Limited and the results of Barnes & Mullins Limited are included in the consolidated financial statements of Troubadour Investments Limited which are available from 30 City Road, London, EC1Y 2AB.
1.2
Going concern
A
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
Turnover is recognised at the fair value of the consideration received or receivable for goods
sold
in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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
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:
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% 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
.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 12 -
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
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.
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.
Cost is determined on the first-in, first-out (FIFO) method.
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.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments
The company has
chosen
to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 14 -
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.
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.
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 direct issue 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
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.12
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 15 -
1.13
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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 are included in the income statement for the period.
1.16
The company recognises a trade debtor on sales and a
invoice discounting
liability due to a third party when it has transferred substantially all of the risks and rewards of the ownership of the trade debtors and has an obligation to pay the received cash flows in full without any material delays.
As the company has an obligation to buy back debts over a certain ageing, a debtor and corresponding creditor is recognised.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 16 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Tangible assets
Accounting for tangible assets involves the use of estimates and judgements for determining the useful lives over which these are to be depreciated and the existence and amount of any impairment.
Tangible assets are depreciated on a straight line basis over their estimated useful lives and taking into account their expected residual values. When the Company estimates useful lives, various factors are considered including expected technological obsolescence and the expected usage of the asset.
The Directors regularly review these asset lives and change them as necessary to reflect the estimated current remaining lives in light of technological changes, future economic utilisation and physical condition of the assets concerned. A significant change in asset lives can have a significant change on depreciation and amortisation charges for the period.
Stock
The company wholesales and distributes musical instruments and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note 17 for the net carrying amount of the stock and associated provision.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors.
When assessing impairment of trade and other debtors, management considers
factors including the current credit rating of the debtor, the ageing profile of debtors
and historical experience.
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. This obligation may be legal or constructive deriving from regulations, contracts, normal practices or public commitments that lead third parties to reasonably expect that the Company will assume certain responsibilities. The amount of the provision is determined based on the best estimate of the outflow of resources required to settle the obligation, taking into account all available information.
No provision is recognised if the amount of liability cannot be estimated reliably. In this case, the relevant information is disclosed in the notes to the financial statements.
Given the uncertainties inherent in the estimates used to determine the amount of provision, actual outflows of resources may differ from the amounts recognised originally on the basis of the estimates.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 17 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2017
2016
£
£
Turnover analysed by class of business
Sale of goods - musical instruments
11,428,338
10,470,688
2017
2016
£
£
Other significant revenue
Interest income
38
36
Commissions received
5,314
4,387
2017
2016
£
£
Turnover analysed by geographical market
United Kingdom
10,018,940
9,241,646
EU
823,724
744,403
Rest of the world
585,674
484,639
11,428,338
10,470,688
All turnover is derived from one activity, being the company's principal activity in sale of musical instruments.
4
Operating profit
2017
2016
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
20,899
(9,415)
Depreciation of owned tangible fixed assets
21,451
29,818
Depreciation of tangible fixed assets held under finance leases
14,639
25,785
Loss on disposal of tangible fixed assets
8,038
422
Cost of stocks recognised as an expense
8,186,645
7,321,104
Operating lease charges
109,806
111,319
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £20,899 (2016 - £9,415).
5
Auditor's remuneration
2017
2016
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
29,925
28,325
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Sales and distribution
13
13
Administration
13
12
Drivers and yard staff
17
16
43
41
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
1,210,678
1,174,022
Social security costs
133,605
126,601
Pension costs
137,027
100,948
1,481,310
1,401,571
7
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
68,613
54,468
Company pension contributions to defined contribution schemes
34,029
40,025
102,642
94,493
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2016 - 2).
8
Interest receivable and similar income
2017
2016
£
£
Interest income
Interest on bank deposits
38
36
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
38
36
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 19 -
9
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,144
14,231
Interest on finance leases and hire purchase contracts
1,055
1,073
Interest on invoice finance arrangements
36,348
35,778
47,547
51,082
10
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
141,471
159,501
Adjustments in respect of prior periods
-
3,442
Total current tax
141,471
162,943
UK Corporation tax rates were substantively enacted as
part of the Finance Bill 201
5
on
15 July 2015
.
This reduced
the main rate to
19
% from
1 April 201
7. Further reductions to the UK Corporation tax rates were substantially enacted as part of the Finance Bill 2016 on 16 March 2016, and remain in place as part of Finance Bill 2017. This will reduce the main rate to 17% on 1 April 2020.
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:
2017
2016
£
£
Profit before taxation
730,929
776,086
Expected tax charge based on the standard rate of corporation tax in the UK of 19.25% (2016: 20.00%)
140,704
155,217
Tax effect of expenses that are not deductible in determining taxable profit
(1,336)
10,589
Permanent capital allowances in excess of depreciation
581
(6,390)
Under/(over) provided in prior years
-
3,442
Other tax adjustments
(25)
-
Loss on disposal of tangible fixed assets
1,547
85
Taxation charge for the year
141,471
162,943
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 20 -
11
Dividends
2017
2016
£
£
Interim paid
355,089
391,564
12
Intangible fixed assets
Goodwill
Patents
Total
£
£
£
Cost
At 1 January 2017 and 31 December 2017
146,500
41,080
187,580
Amortisation and impairment
At 1 January 2017 and 31 December 2017
146,500
41,080
187,580
Carrying amount
At 31 December 2017
-
-
-
At 31 December 2016
-
-
-
13
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2017
3,250
354,506
228,734
586,490
Additions
5,700
3,412
34,537
43,649
Disposals
(3,250)
-
(95,918)
(99,168)
At 31 December 2017
5,700
357,918
167,353
530,971
Depreciation and impairment
At 1 January 2017
3,250
325,997
100,854
430,101
Depreciation charged in the year
1,425
7,980
26,685
36,090
Eliminated in respect of disposals
(3,250)
-
(40,241)
(43,491)
At 31 December 2017
1,425
333,977
87,298
422,700
Carrying amount
At 31 December 2017
4,275
23,941
80,055
108,271
At 31 December 2016
-
28,509
127,880
156,389
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
13
Tangible fixed assets
(Continued)
- 21 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Motor vehicles
43,918
77,355
Depreciation charge for the year in respect of leased assets
14,639
25,785
14
Fixed asset investments
2017
2016
Notes
£
£
Investments in subsidiaries
15
300
300
Fixed asset investments compromise equity shares in subsidiary undertakings which are not publicly traded. They are held at cost less accumulated impairment.
The company has not designated any financial assets that are classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 December 2017
300
Carrying amount
At 31 December 2017
300
At 31 December 2016
300
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 22 -
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Barnes & Mullins (Manufacturing) Limited
1
Dormant
Ordinary
100.00
-
Terry Gould International Limited
1
Dormant
Ordinary
99.00
-
The Hidersine Company Limited
1
Dormant
Ordinary
99.00
-
Registered Office addresses:
1
Grays Inn House Unit 14 Mile, Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Barnes & Mullins (Manufacturing) Limited
-
(148,318)
Terry Gould International Limited
-
869
The Hidersine Company Limited
-
100
Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.
16
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,915,460
1,634,566
Equity instruments measured at cost less impairment
300
300
Carrying amount of financial liabilities
Measured at amortised cost
1,839,189
1,302,100
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 23 -
17
Stocks
2017
2016
£
£
Finished goods and goods for resale
3,909,564
3,433,054
Stock is stated after provisions for impairment of £284,382 (2016: £284,382).
There is no significant difference between the replacement cost of finished goods and their carrying amounts.
18
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,599,066
1,457,806
Amounts owed by group undertakings
200
200
Other debtors
12,316
11,389
Prepayments and accrued income
68,628
87,901
1,680,210
1,557,296
Trade debtors disclosed above are measured at amortised cost.
Trade debtors are stated after provisions for impairment of £67,274 (2016: £85,378).
Included within amounts owed by group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Included within trade debtors are debts of £1,068,545 (2016: £1,167,879) that have been factored.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 24 -
19
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
363,857
231,567
Obligations under finance leases
21
16,287
25,974
Trade creditors
1,243,767
1,009,351
Amounts due to group undertakings
201,554
1,554
Corporation tax
141,471
159,501
Other taxation and social security
308,636
311,811
Other creditors
8,190
8,190
Accruals and deferred income
316,979
377,219
2,600,741
2,125,167
Included within amounts due to group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Bank loans and overdrafts and other bank facilities are secured by way of a fixed and floating charge on the company's assets in favour of HSBC Bank Plc.
Included within trade creditors is an invoice discount facility of £291,821 (2016: £679,092).
There is also a £40,000 guarantee in the favour of HM Customs and Excise.
The aggregate of secured liabilities is £671,965 (2016: £936,633).
20
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Obligations under finance leases
21
5,534
25,464
The aggregate of secured liabilities is £5,534 (2016: £25,464 ).
21
Finance lease obligations
2017
2016
Future minimum lease payments due under finance leases:
£
£
Within one year
16,287
25,974
In two to five years
5,534
25,464
21,821
51,438
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 25 -
22
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,027
100,948
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.
23
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2,428,064 Ordinary A shares of 12.5p each
303,508
303,508
395,264 Ordinary B shares of 12.5p each
49,408
49,408
352,916
352,916
There are 2 classes of Ordinary shares; ordinary A shares and ordinary B shares. There are no restrictions on the distribution of dividends and repayment of capital.
24
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating rental leases, which fall due as follows:
2017
2016
£
£
Within one year
105,000
105,000
Between two and five years
315,000
420,000
420,000
525,000
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 26 -
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, who are also directors, is as follows.
2017
2016
£
£
Aggregate compensation
106,435
97,690
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Dividend and rental expense
2017
2016
£
£
Entities with control, joint control or significant influence over the company
355,089
470,314
Other related parties
105,000
26,250
460,089
496,564
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
200,000
-
Entities over which the entity has control, joint control or significant influence
1,554
1,554
201,554
1,554
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
200
2016
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
200
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
26
Related party transactions
(Continued)
- 27 -
There is a group settlement arrangement guarantee in favour of the bank between the company an entity which has significant control over the company.
27
Controlling party
The ultimate parent company is Troubadour Investments Limited, which is incorporated in England and Wales.
Directors S B Perrin and B M Cleary are the ultimate controlling parties of Troubadour Investments Limited.
Troubadour Investments Limited prepares group financial statements and copies can be obtained from 30 City Road, London EC1Y 2AB.
The parent company's registered office is Unit 14 Mile Oak Industrial Estate, Maesbury Road, Oswestry, SY10 8GA.
28
Cash generated from operations
2017
2016
£
£
Profit for the year after tax
589,458
613,143
Adjustments for:
Taxation charged
141,471
162,943
Finance costs
47,547
51,082
Investment income
(38)
(36)
Loss on disposal of tangible fixed assets
8,038
422
Depreciation and impairment of tangible fixed assets
36,090
55,603
Movements in working capital:
(Increase) in stocks
(476,510)
(349,464)
(Increase) in debtors
(122,914)
(41,152)
Increase in creditors
371,001
131,944
Cash generated from operations
594,143
624,485
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