REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st December 2022 |
for |
Barrie Beard Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st December 2022 |
for |
Barrie Beard Limited |
Barrie Beard Limited (Registered number: 01770104) |
Contents of the Financial Statements |
for the Year Ended 31st December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 8 |
Balance Sheet | 9 |
Notes to the Financial Statements | 10 |
Barrie Beard Limited |
Company Information |
for the Year Ended 31st December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
WR1 1RU |
Barrie Beard Limited (Registered number: 01770104) |
Strategic Report |
for the Year Ended 31st December 2022 |
The directors present their strategic report for the year ended 31st December 2022. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
The Company's principal activities during the year have remained unchanged. |
We consider that our key finance performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and return on equity. |
The turnover of the Company relates to the principal activity. The turnover, when compared to the previous year increased by 7.19%. |
The increase in turnover is a result of continued recovery from the impact of the Coronavirus pandemic, along with steady growth. |
The gross profit for the year amounted to £2,979,671 compared to £2,954,032 in the previous year, this represents a gross margin of 15.42% as compared with 16.39% for the previous year. |
There was an operating profit for the year of £615,587, compared to £1,235,361 in the previous year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a variety of business risks arising from operating within the construction industry. The Directors manage risk associated with general market conditions through knowledge of the industry and monthly management accounts. It is subject to the usual credit and cashflow risks and manages this through credit control procedures. |
In line with the rest of the sector the Directors have identified the following as the more significant risks and uncertainties faced by the Company: customer retention, margin pressures arising from price sensitivity of contracts, along with increases in labour costs and increases in material costs, and ultimately profitability. |
The Directors believe that robust internal control processes in place, strong customer relationships, and excellent levels of customer service, provide the Company with very good protection in relation to the principle risks and uncertainties faced. |
RESEARCH AND DEVELOPMENT ACTIVITIES |
Technology is transforming the way that buildings and infrastructure are designed, constructed and operated. It is helping to improve decision making and performance across collaborative partnerships. Barrie Beard Ltd have a dedicated in-house design team using BIM, AUTOCAD, HEVACOMP & AMTECH. |
BIM facilitates collaborative project delivery, generating opportunities for model data and project information to be modified, shared and managed throughout a project’s entirety.BIM (Building Information Modelling) is an intelligent 3D model-based process that gives architecture, engineering and construction the insight and tools to more efficiently plan, design, construct and manage buildings and infrastructure. |
With the high level of analytical thinking, BIM enables Barrie Beard Ltd the ability to problem solve quickly & effectively. BIM enables us to speedily evaluate alternative solutions to create a positive impact on projects to ensure a successful completion. |
BIM enables the client to experience an in-depth visualisation experience into Structural, Mechanical, Electrical and Plumbing design. |
ON BEHALF OF THE BOARD: |
Barrie Beard Limited (Registered number: 01770104) |
Report of the Directors |
for the Year Ended 31st December 2022 |
The directors present their report with the financial statements of the company for the year ended 31st December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electrical contractor. |
DIVIDENDS |
£ |
Ordinary A shares of £1.00 each | - |
Ordinary B shares of £1.00 each | 111,642 |
Ordinary C shares of £1.00 each | 113,842 |
Ordinary D shares of £1.00 each | 113,858 |
Total | 339,342 |
The above dividend payments relate to interim dividends paid to the shareholders during the year to 31 December 2022. |
The directors do not recommend a final dividend be issued in regard to the current financial year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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. |
Barrie Beard Limited (Registered number: 01770104) |
Report of the Directors |
for the Year Ended 31st December 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Barrie Beard Limited |
Opinion |
We have audited the financial statements of Barrie Beard Limited (the 'company') for the year ended 31st December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 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 31st 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. |
Basis for opinion |
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 Auditors' 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. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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 Report of the Directors. |
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. |
Report of the Independent Auditors to the Members of |
Barrie Beard Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have: |
- | obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; and |
- | inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud. |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 (and related legislation), and laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008. |
We performed audit procedures to detect non-compliance which may have a material impact on the financial statements, which included reviewing the financial statement disclosures and testing a sample of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs. |
We identified the areas of the financial statements most susceptible to fraud to be management's judgement in estimating the stage of completion of contracts as at the year end (calculated based on total costs to date compared to total expected costs). We have tested a sample of contracts ongoing at the year end and tested the calculation of costs to date, reviewed managements assumptions in estimating total expected costs and checking the calculation involved for this sample of contracts. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Barrie Beard Limited |
Use of our 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 a Report of the Auditors 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. |
for and on behalf of |
(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
WR1 1RU |
Barrie Beard Limited (Registered number: 01770104) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
590,587 | 1,160,497 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 9 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Barrie Beard Limited (Registered number: 01770104) |
Balance Sheet |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements |
for the Year Ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Barrie Beard Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
KEY SOURCES OF ESTIMATION UNCERTAINTY |
Measurement of amounts recoverable under contract |
The group recognises contract revenue and costs associated with professional service contracts by reference to the estimated stage of completion of contracts at the year end. The estimated stage of completion of contracts is calculated based on total costs to date compared to total expected costs. Total expected costs of contracts could potentially vary significantly from the amounts used in calculating the year end estimated stage of completion of contract. |
The carrying value of amounts recoverable on contract at the year end can be found in note 12 of the financial statements. |
TURNOVER |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales. |
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that can be measured reliably and its receipt is considered probable. |
Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses: |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
Plant and machinery | - | 15% Reducing Balance |
Property Improvements | - | 5% on cost |
Computer equipment | - | 25% on cost |
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 an asset, and is credited or charged to the profit or loss. |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
At each reporting date, an assessment is made for impairment. any excess of the carrying amounts of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss (if any). |
FINANCIAL INSTRUMENTS |
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
Financial assets are offset, with the net amounts presented in the accounts where 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 trade and other receivables 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. |
Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
PENSION COSTS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
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). |
STAFF REDUNDANCY COSTS |
The company has made staff redundancies during the year, where redundancy takes places, the company has adopted the correct redundancy procedures. The amounts paid as redundancy are in line with the statutory requirements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Employees |
All staff pension costs relate only to defined contribution pension schemes. |
5. | DIRECTORS' EMOLUMENTS |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Redundancy costs |
Government grant income | ( |
) | ( |
) |
Rent - operating leases |
Broadband - operating lease |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2022 | 2021 |
£ | £ |
Bank interest |
Corporation tax interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
R&D tax relief | (120,027 | ) | (101,444 | ) |
Total current tax |
Deferred tax: |
Origination and reversal of |
timing differences | ( |
) |
Tax on profit |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
R&D enhanced deduction | (120,027 | ) | (101,444 | ) |
Super deduction allowance on fixed asset additions | (3,503 | ) | (8,386 | ) |
Total tax charge | 17,539 | 132,634 |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
9. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Interim dividends |
Ordinary A shares of £1.00 each | - | 45,000 |
Ordinary B shares of £1.00 each | 111,642 | 94,087 |
Ordinary C shares of £1.00 each | 113,842 | 100,087 |
Ordinary D shares of £1.00 each | 113,858 | 107,126 |
339,342 | 346,300 |
10. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
11. | STOCKS |
2022 | 2021 |
£ | £ |
Raw materials |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Amounts owed to related parties | 42,904 | 29,325 |
Directors' loan accounts | 2,121 | - |
Corporation tax |
VAT |
Prepayments |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Pension control | 22,439 | 21,875 |
Directors' loan accounts | 217,296 | 158,728 |
Accrued expenses |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdraft |
Bank loans are secured by way of fixed and floating charges over all assets and undertakings of the company. |
17. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st January 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31st December 2022 |
Barrie Beard Limited (Registered number: 01770104) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
25 | Ordinary A | £1.00 | 25 | 25 |
25 | Ordinary B | £1.00 | 25 | 25 |
25 | Ordinary C | £1.00 | 25 | 25 |
25 | Ordinary D | £1.00 | 25 | 25 |
100 | 100 |
All shares rank pari passu, except for the distribution of the profits of the company there the directors determine the amounts and manner of dividends to be issued for each individual class of share. |
19. | IMMEDIATE AND ULTIMATE PARENT COMPANY |
Barrie Beard Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The registered office address of Barrie Beard Holdings Limited is Worcester Road, Upton Warren, Bromsgrove, B61 7ET. Where a copy of the group accounts can be obtained. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st December 2022 and 31st December 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Amounts advances to directors are repayable on demand. No interest has been charged on the basis that the value of any such interest would be inconsequential. |
21. | RELATED PARTY DISCLOSURES |
The company invoiced directors £nil in the year (2021 - £142,639), in respect of work completed on a private residences. |
Beard Bedford Developments, a related business in which four of the directors of the company are partners of, owed £29,655 to the company at the year end (2021 - £3,882). |
Beard Bedford Properties Ltd, a related company in which four of the directors of the company are directors and shareholders of, owed £13,250 to the company at the year end (2021 - £25,443). |
22. | ULTIMATE CONTROLLING PARTY |
Mrs J Beard, Mr W Beard, Mr R Beard and Mr L Beard are considered to be the ultimate controlling parties of the company, by virtue of their equal shareholding in the parent company. |