Bar Products & Services Limited - Period Ending 2019-08-31

Registration number: 03066393

Bar Products & Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2019

Bar Products & Services Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Bar Products & Services Limited

(Registration number: 03066393)
Balance Sheet as at 31 August 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Tangible assets	4		186,455		219,217
Current assets
Stocks		84,433		83,075
Debtors	5	335,925		300,515
Cash at bank and in hand		146,332		70,436
		566,690		454,026
Creditors: Amounts falling due within one year	6	(334,911)		(321,536)
Net current assets			231,779		132,490
Total assets less current liabilities			418,234		351,707
Provisions for liabilities			(22,000)		(29,000)
Net assets			396,234		322,707
Capital and reserves
Called up share capital	8	100		100
Profit and loss account		396,134		322,607
Total equity			396,234		322,707

For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 March 2020
 

......................................... S Rika Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hanworth Road
Low Moor
Bradford
West Yorkshire
BD12 0SG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Page 2

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Motor vehicles	25% reducing balance basis
Furniture, fixtures and equipment	25% reducing balance basis

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 3

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2019

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 15 (2018 - 17).

Page 4

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2019

4	Tangible assets

	Plant and machinery £	Motor vehicles  £	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 September 2018	864,655	48,632	65,114	978,401
Additions	1,400	-	3,680	5,080
At 31 August 2019	866,055	48,632	68,794	983,481
Depreciation
At 1 September 2018	688,720	23,490	46,974	759,184
Charge for the year	26,551	6,286	5,005	37,842
At 31 August 2019	715,271	29,776	51,979	797,026
Carrying amount
At 31 August 2019	150,784	18,856	16,815	186,455
At 31 August 2018	175,935	25,142	18,140	219,217

5

Debtors

	2019 £	2018 £
Trade debtors	245,927	207,919
Other debtors	85,341	87,425
Prepayments	4,657	5,171
	335,925	300,515
Less non-current portion	(17,800)	(18,280)
	318,125	282,235

6

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	7,237	5,004
Trade creditors		185,461	234,222
Taxation and social security		72,536	28,768
Accruals and deferred income		68,552	52,482
Other creditors		1,125	1,060
		334,911	321,536

Page 5

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2019

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	7,237	5,004

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £85,239 (2018 - £110,424).

This commitment relates to operating leases.

10	Related party transactions

Transactions with directors

2019	At 1 September 2018 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 August 2019 £
Interest free loan	30,463	5,148	(1,840)	-	33,771

2018	At 1 September 2017 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 August 2018 £
Interest free loan	31,423	540	(1,500)	-	30,463

Page 6