BARNETT_DM_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Barnett DM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchill House, 59 Lichfield Street, Walsall, West Midlands, WS4 2BX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The immediate parent company is Baldwins Holdings Limited, a company registered in England and Wales. The largest and smallest group in which the company is consolidated is Cogital Topco Limited. Copies of the group financial statements can be obtained at 2 Babmaes Street (1st floor), St James, London, SW1Y 6HD. The ultimate controlling company is Hg Capital 7 Nominees Limited, a company registered in England and Wales.

On 1 July 2019 there was a wider restructuring within the Baldwins group of companies which resulted in the trade and net assets held within the majority of the subsidiary undertakings of Baldwins Holdings Limited being transferred to that company, with the subsidiary undertakings ceasing to trade on that date. As a result, a basis other than that of a going concern has been applied in preparing these financial statements. No adjustments have been recorded as a result of the application of this basis of preparation as the directors have obtained a letter of support from the company’s ultimate parent which will provides the directors with a reasonable expectation that the company has adequate resources to continue in operational existence up to the point of transfer and expect the transfer of trade and net assets to be completed at, or above, book value.true

Financial statements are presented for the year1 July 2018 to 30 June 2019. The comparative period figures are for the period 27 October 2017 to 30 June 2018.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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, 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.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

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.

Certain directors are also directors of the wider Baldwins group of companies, and the emoluments relating to these directors are borne by other undertakings in the group. In any given year the directors do not spend a significant portion of their time on the company.

In the normal course of business the company has a number of transactions with companies that are wholly owned by the Baldwins group of companies. This includes intercompany recharges, management recharges and sales and purchases between these related parties made at market prices. Where balances are outstanding at the year end these have been settled. Outstanding balances are unsecured, interest free and cash settlement is expected in line with normal trading terms. The company is not required to disclose transactions with wholly owned members of the same group.