Company registration number 01305000 (England and Wales)
BARNES & MULLINS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BARNES & MULLINS LIMITED
COMPANY INFORMATION
Directors
B M Cleary
G J Tichopad
S J Finley
S Lewis
A R Mew
Company number
01305000
Registered office
Unit 14
Mile Oak Industrial Estate
Oswestry
Shropshire
SY10 8GA
Auditor
Gravita ABG 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 - 7
Statement of comprehensive income
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 25
BARNES & MULLINS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Fair review of the business
Under the circumstances brought on by the Covid epidemic the company performed better than its revised forecast. Both Turnover and profitability increased.
All costs were reviewed and curtailed where possible.
The directors consider that the key financial performance indicators are those that monitor the performance in respect of the below matrix.
Analysis of key performance indicators
Domestic business continued to improve after the reopening of shops after lockdowns and the return of live music. UK business returned to the high street at a pre Covid level due to the removal of all UK restrictions as expected.
Internet sales continue to be buoyant and the company continues to be well placed in the UK market.
Export sales for manufactured goods continue to be strong, recent investments in this sector is generating more turnover and profit.
Wholesale distribution into Europe was impacted by Covid and BREXIT in relation to import and export duties which led to a delayed recovery but since being VAT registered in various European territories there has been a return to pre BREXIT levels and further growth is expected.
The key financial highlights are as follows:
| | | | 11,322,137 3,470,921 990,314 | 10,255,397 3,120,528 883,366 |
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 mostly 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 trade deals with other countries post BREXIT.
In view of this, the directors are looking carefully at both existing and potential new markets to mitigate the risk. In addition, the following points sets out how key risks relating to technological 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 2022
- 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 short term trade loans these comprise amounts due to financial institutions. The interest rate on the loans from the financial institutions are at a fixed rate and repayable on a 90 day period. 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.
B M Cleary
Director
9 June 2023
BARNES & MULLINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The company is principally engaged in the wholesale and distribution of musical instruments.
Results and dividends
The results for the year are set out on .
Ordinary dividends were paid amounting to £370,000. 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:
B M Cleary
G J Tichopad
S J Finley
S Lewis
A R Mew
Future developments
Investment in in-house manufacturing for its own brands and for OEM products is expected to continue a significant increase in profits. A continued focus on export is also expected to show growth.
Auditor
The auditor, Gravita ABG LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
BARNES & MULLINS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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
B M Cleary
Director
9 June 2023
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 2022 which comprise , the statement of financial position, 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 December 2022 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
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. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 3, 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
The extent to which the audit was considered capable of detecting irregularities including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the distribution of musical instruments;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and Health and Safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the business model as part of the control and business environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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.
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 Gravita ABG LLP
19 June 2023
Chartered Accountants
Statutory Auditor
30 City Road
London
EC1Y 2AB
BARNES & MULLINS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
12
7,034
8,039
Tangible assets
13
122,298
75,848
Investments
14
10,300
300
139,632
84,187
Current assets
Stocks
16
3,796,491
2,689,996
Debtors
17
1,473,914
1,103,686
Cash at bank and in hand
711,802
1,645,090
5,982,207
5,438,772
Creditors: amounts falling due within one year
18
(1,142,416)
(983,193)
Net current assets
4,839,791
4,455,579
Net assets
4,979,423
4,539,766
Capital and reserves
Called up share capital
20
352,916
352,916
Profit and loss reserves
21
4,626,507
4,186,850
Total equity
4,979,423
4,539,766
The financial statements were approved by the board of directors and authorised for issue on 9 June 2023 and are signed on its behalf by:
B M Cleary
Director
Company Registration No. 01305000
BARNES & MULLINS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
352,916
3,719,345
4,072,261
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
707,822
707,822
Dividends
11
-
(240,317)
(240,317)
Balance at 31 December 2021
352,916
4,186,850
4,539,766
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
809,657
809,657
Dividends
11
-
(370,000)
(370,000)
Balance at 31 December 2022
352,916
4,626,507
4,979,423
BARNES & MULLINS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(262,750)
941,314
Interest paid
(21,578)
(20,942)
Income taxes paid
(173,379)
(129,191)
Net cash (outflow)/inflow from operating activities
(457,707)
791,181
Investing activities
Purchase of tangible fixed assets
(96,171)
(16,155)
Proceeds from disposal of tangible fixed assets
8,000
Proceeds from disposal of subsidiaries
(10,000)
Interest received
490
243
Net cash used in investing activities
(105,681)
(7,912)
Financing activities
Repayment of bank loans
100
6,564
Payment of finance leases obligations
(8,917)
Dividends paid
(370,000)
(240,317)
Net cash used in financing activities
(369,900)
(242,670)
Net (decrease)/increase in cash and cash equivalents
(933,288)
540,599
Cash and cash equivalents at beginning of year
1,645,090
1,104,491
Cash and cash equivalents at end of year
711,802
1,645,090
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 amounts 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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the 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
Intangible fixed assets other than goodwill
Amortisation 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:
Patents
Over the period of the patent license
Brand name
8 years straight line
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
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:
Leasehold improvements
Over the remaining life of the lease
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.
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.
1.6
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.
1.7
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.
1.8
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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.
1.9
Cash and cash equivalents
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.
1.10
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.
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.
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments 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. Amounts 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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
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.
1.13
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.
1.14
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.
1.15
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 profit or loss 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 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 leases asset are consumed.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.16
Government grants
Government grant represents the fair value of the income received or receivable from the furlough scheme introduced by the UK government due to the pandemic caused by COVID-19.
Income from the furlough scheme is recognised in the period the furlough income relates to and recorded as ‘other income’.
1.17
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
1.18
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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
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 16 for the net carrying amount of the stock and associated provision.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Sale of goods - musical instruments
11,322,137
10,255,397
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
9,269,505
8,615,798
EU
1,220,006
917,314
Rest of the world
832,626
722,285
11,322,137
10,255,397
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 17 -
2022
2021
£
£
Other revenue
Interest income
490
243
Grants received
19,054
All turnover is derived from one activity, being the company's principal activity in sale of musical instruments.
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(99,227)
21,390
Government grants
(19,054)
Depreciation of owned tangible fixed assets
49,721
30,355
(Profit)/loss on disposal of tangible fixed assets
2,928
Amortisation of intangible assets
1,005
1,148
Operating lease charges
105,000
106,449
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
45,000
41,008
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Sales and distribution
8
7
Administration
13
12
Drivers and yard staff
18
18
Total
39
37
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,486,173
1,305,765
Social security costs
163,952
140,316
Pension costs
70,467
87,220
1,720,592
1,533,301
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
488,179
486,927
Company pension contributions to defined contribution schemes
36,319
39,583
524,498
526,510
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2021 - 6).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
127,410
112,833
Company pension contributions to defined contribution schemes
13,751
15,000
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
490
243
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
490
243
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
24
Interest on invoice finance arrangements
21,554
20,477
21,578
20,477
Other finance costs:
Interest on finance leases and hire purchase contracts
465
21,578
20,942
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
180,657
175,544
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:
2022
2021
£
£
Profit before taxation
990,314
883,366
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
188,160
167,840
Tax effect of expenses that are not deductible in determining taxable profit
4,505
6,116
Permanent capital allowances in excess of depreciation
(14,697)
1,032
(Profit)/Loss on disposal of tangible fixed assets
556
Over/(under) provision
2,689
Taxation charge for the year
180,657
175,544
11
Dividends
2022
2021
£
£
Interim paid
370,000
240,317
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
12
Intangible fixed assets
Goodwill
Patents
Brand name
Total
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
146,500
41,080
10,500
198,080
Amortisation and impairment
At 1 January 2022
146,500
41,080
2,461
190,041
Amortisation charged for the year
1,005
1,005
At 31 December 2022
146,500
41,080
3,466
191,046
Carrying amount
At 31 December 2022
7,034
7,034
At 31 December 2021
8,039
8,039
Brand name relates to the acquisition of Thibouville-Lamy and Huber.
13
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
46,586
5,700
383,636
102,410
538,332
Additions
43,081
53,090
96,171
At 31 December 2022
46,586
5,700
426,717
155,500
634,503
Depreciation and impairment
At 1 January 2022
26,863
4,347
365,055
66,219
462,484
Depreciation charged in the year
11,647
338
15,415
22,321
49,721
At 31 December 2022
38,510
4,685
380,470
88,540
512,205
Carrying amount
At 31 December 2022
8,076
1,015
46,247
66,960
122,298
At 31 December 2021
19,723
1,353
18,581
36,191
75,848
14
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
15
10,300
300
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
14
Fixed asset investments
(Continued)
- 21 -
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 subsidiaries
£
Cost or valuation
At 1 January 2022
74,337
Additions
10,000
At 31 December 2022
84,337
Impairment
At 1 January 2022 & 31 December 2022
74,037
Carrying amount
At 31 December 2022
10,300
At 31 December 2021
300
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Barnes & Mullins (Manufacturing) Limited
1
Dormant
Ordinary
100.00
Terry Gould International Limited
1
Dormant
Ordinary
100.00
The Hidersine Company Limited
1
Dormant
Ordinary
99.00
Shergold Guitars London Limited
1
Dormant
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
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
Capital and Reserves
Profit/(Loss)
£
£
Barnes & Mullins (Manufacturing) Limited
(148,318)
Terry Gould International Limited
869
The Hidersine Company Limited
100
Shergold Guitars London Limited
100
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
15
Subsidiaries
(Continued)
- 22 -
Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.
16
Stocks
2022
2021
£
£
Raw materials and consumables
210,496
160,141
Finished goods and goods for resale
3,585,995
2,529,855
3,796,491
2,689,996
Stock is stated after provisions for impairment of £284,382 (2021: £284,382).
There is no significant difference between the replacement cost of finished goods and their carrying amounts.
17
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,354,910
1,020,754
Amounts owed by group undertakings
200
200
Other debtors
11,280
12,955
Prepayments and accrued income
107,524
69,777
1,473,914
1,103,686
Trade debtors disclosed above are measured at amortised cost.
Trade debtors are stated after provisions for impairment of £44,768 (2021: £50,598).
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 £746,406 (2021: £727,645) that have been factored.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
18
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
572,823
366,599
Amounts owed to group undertakings
111,554
1,554
Corporation tax
182,822
175,544
Other taxation and social security
77,228
257,011
Other creditors
1
Accruals and deferred income
197,989
182,484
1,142,416
983,193
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 which £2,713 (2021: £2,613) is utilised.
There is also a £40,000 guarantee in the favour of HM Customs and Excise.
The aggregate of secured liabilities is £2,713 (2021: £2,613).
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,467
87,220
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.
20
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 12.5p each
2,428,064
2,428,064
303,508
303,508
Ordinary B shares of 12.5p each
395,264
395,264
49,408
49,408
2,823,328
2,823,328
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
21
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
22
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:
2022
2021
£
£
Within one year
105,000
105,000
Between two and five years
315,000
420,000
420,000
525,000
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Dividend and rental expense
2022
2021
£
£
Entities with control, joint control or significant influence over the company
370,000
240,317
Other related parties
105,000
105,000
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
110,000
-
Entities over which the entity has control, joint control or significant influence
1,554
1,554
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
200
200
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
23
Related party transactions
(Continued)
- 25 -
Other information
There is a group settlement arrangement guarantee in favour of the bank between the company an entity which has significant control over the company.
24
Ultimate controlling party
The ultimate parent company is Troubadour Investments Limited, which is incorporated in England and Wales.
Director B M Cleary is the ultimate controlling party 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.
25
Cash (absorbed by)/generated from operations
2022
2021
£
£
Profit for the year after tax
809,657
707,822
Adjustments for:
Taxation charged
180,657
175,544
Finance costs
21,578
20,942
Investment income
(490)
(243)
(Gain)/loss on disposal of tangible fixed assets
2,928
Amortisation and impairment of intangible assets
1,005
1,148
Depreciation and impairment of tangible fixed assets
49,721
30,355
Movements in working capital:
(Increase)/decrease in stocks
(1,106,495)
295,817
Increase in debtors
(370,228)
(52,742)
Increase/(decrease) in creditors
151,845
(240,257)
Cash (absorbed by)/generated from operations
(262,750)
941,314
26
Analysis of changes in net funds
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,645,090
(933,288)
711,802
Borrowings excluding overdrafts
(2,613)
(100)
(2,713)
1,642,477
(933,388)
709,089
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