Company Registration No. 02696989 (England and Wales)
Barrington Metal Works Limited
Filleted accounts
for the year ended 31 March 2019
Barrington Metal Works Limited
Filleted accounts
Contents
Barrington Metal Works Limited
Company Information
for the year ended 31 March 2019
Directors
C G Robertson
M Robertson
Company Number
02696989 (England and Wales)
Registered Office
Stephenson Way
Barrington Ind. Est.
Bedlington
Northumberland
NE22 7DQ
Accountants
Tony Turner Accountants
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
Barrington Metal Works Limited
Statement of financial position
as at
31 March 2019
Tangible assets
282,973
329,929
Inventories
15,000
20,000
Cash at bank and in hand
4,669
51,471
Creditors: amounts falling due within one year
(457,823)
(373,294)
Net current assets
139,686
70,240
Total assets less current liabilities
422,659
400,169
Creditors: amounts falling due after more than one year
(89,451)
(137,360)
Provisions for liabilities
Deferred tax
(7,299)
(41,420)
Net assets
325,909
221,389
Called up share capital
976
976
Profit and loss account
324,933
220,413
Shareholders' funds
325,909
221,389
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 12 December 2019.
C G Robertson
Director
Company Registration No. 02696989
Barrington Metal Works Limited
Notes to the Accounts
for the year ended 31 March 2019
Barrington Metal Works Limited is a private company, limited by shares, registered in England and Wales, registration number 02696989. The registered office is Stephenson Way, Barrington Ind. Est., Bedlington, Northumberland, NE22 7DQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Barrington Metal Works Limited
Notes to the Accounts
for the year ended 31 March 2019
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2018
757,919
5,700
7,497
771,116
Additions
3,000
2,500
-
5,500
Disposals
-
(4,500)
-
(4,500)
At 31 March 2019
760,919
3,700
7,497
772,116
At 1 April 2018
432,586
3,148
5,453
441,187
Charge for the year
49,190
1,055
510
50,755
On disposals
-
(2,799)
-
(2,799)
At 31 March 2019
481,776
1,404
5,963
489,143
At 31 March 2019
279,143
2,296
1,534
282,973
At 31 March 2018
325,333
2,552
2,044
329,929
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
137,364
151,105
Raw materials
15,000
20,000
Trade debtors
498,126
365,420
Accrued income and prepayments
3,000
6,643
Barrington Metal Works Limited
Notes to the Accounts
for the year ended 31 March 2019
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
-
26,207
Obligations under finance leases and hire purchase contracts
47,908
49,323
Trade creditors
115,723
103,695
Taxes and social security
207,017
114,989
Other creditors
11,833
3,738
Loans from directors
71,842
71,842
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
29,451
77,360
Other creditors
60,000
60,000
Obligations under finance lease and hire purchase contracts are secured upon the fixed assets to which they relate. Bank loans and overdrafts are secured by way of a fixed and floating charge over all of the company's assets.
9
Deferred taxation
2019
2018
Accelerated capital allowances
45,652
52,793
Tax losses carried forward
(38,353)
(11,373)
Provision at start of year
41,420
32,272
(Credited)/charged to the profit and loss account
(34,121)
9,148
Provision at end of year
7,299
41,420
Due to retrospective R&D claims deferred tax on tax losses has been effected in the current period.
10
Share capital
2019
2018
Allotted, called up and fully paid:
976 Ordinary shares of £1 each
976
976
11
Transactions with related parties
During the year the company incurred rent charges of £12,600 (2018: £12,600) from a director and shareholder of the company.
During the year the company incurred costs of sales of £35,640 (2018: £34,995) from a close family member of the directors of the company who also became a director and shareholder in the year.
Barrington Metal Works Limited
Notes to the Accounts
for the year ended 31 March 2019
12
Average number of employees
During the year the average number of employees was 24 (2018: 24).