REGISTERED NUMBER:
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Barric Limited |
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Unaudited Financial Statements |
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for the year ended |
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30 September 2020 |
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REGISTERED NUMBER:
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Barric Limited |
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Unaudited Financial Statements |
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for the year ended |
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30 September 2020 |
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Barric Limited (Registered number: 04239530) |
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Contents of the Financial Statements |
for the year ended 30 September 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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Barric Limited |
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Company Information |
for the year ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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8 Hopper Way |
Diss |
Norfolk |
IP22 4GT |
Barric Limited (Registered number: 04239530) |
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Balance Sheet |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Barric Limited (Registered number: 04239530) |
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Balance Sheet - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Barric Limited (Registered number: 04239530) |
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Notes to the Financial Statements |
for the year ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Barric Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Sale of goods |
Revenue from the manufacture and sale of electrical components is recognised when all of the following conditions are satisfied: |
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- The company has transferred the significant risks and rewards of ownership to the buyer; |
- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold; |
- The amount of revenue can be measured reliably; |
- It is probable that the company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Barric Limited (Registered number: 04239530) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. |
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At each balance sheet date, stocks are assessed for impairment. If the stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Barric Limited (Registered number: 04239530) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2019 |
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Disposals | ( |
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At 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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Eliminated on disposal | ( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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Disposals |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Barric Limited (Registered number: 04239530) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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COST |
At 1 October 2019 |
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Transfer to ownership | (162,022 | ) | - | (162,022 | ) |
At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Transfer to ownership | (61,488 | ) | - | (61,488 | ) |
At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Payments on account |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Barric Limited (Registered number: 04239530) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | 1 | 1,000 | 1,000 |