Barron Brothers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC309768 (Scotland)

Barron Brothers Limited

Financial Statements For The Year Ended 31 October 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

M D Barron

Mrs P A Barron

SECRETARY:

M D Barron

REGISTERED OFFICE:

48 Land Street

Keith

Banffshire

AB55 5AW

REGISTERED NUMBER:

SC309768 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Tangible assets

4

4,535

5,667

CURRENT ASSETS

Stocks

1,195

1,217

Debtors

5

192

362

Cash at bank

5,692

7,800

7,079

9,379

CREDITORS

Amounts falling due within one year

6

10,615

13,877

NET CURRENT LIABILITIES

(3,536

)

(4,498

)

TOTAL ASSETS LESS CURRENT LIABILITIES

999

1,169

PROVISIONS FOR LIABILITIES

7

862

1,077

NET ASSETS

137

92

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

135

90

SHAREHOLDERS' FUNDS

137

92

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2021 and were signed on its behalf by:

M D Barron - Director

Mrs P A Barron - Director

1.	STATUTORY INFORMATION

Barron Brothers Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 November 2019

and 31 October 2020

15,078

DEPRECIATION

At 1 November 2019

9,411

Charge for year

1,132

At 31 October 2020

10,543

NET BOOK VALUE

At 31 October 2020

4,535

At 31 October 2019

5,667

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

192

362

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

1,491

2,034

Taxation and social security

3,088

3,329

Other creditors

6,036

8,514

10,615

13,877

7.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

862

1,077

Deferred

tax

£

Balance at 1 November 2019

1,077

Credit to Income Statement during year

(215

)

Balance at 31 October 2020

862

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Retained

earnings

£

At 1 November 2019

90

Profit for the year

12,245

Dividends

(12,200

)

At 31 October 2020

135

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £12,200 (2019 - £15,400) were paid to the directors .

M D Barron

is a director in the company

A loan has been given to the company by the director. No interest is charged and no repayment terms have been agreed.

31.10.20

31.10.19

£

£

Amount due to related party at the balance sheet date

4,461

7,034

11.	ULTIMATE CONTROLLING PARTY

The directors have control of the company

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barron Brothers Limited for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Barron Brothers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Barron Brothers Limited and state those matters that we have agreed to state to the Board of Directors of Barron Brothers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barron Brothers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Barron Brothers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Barron Brothers Limited. You consider that Barron Brothers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Barron Brothers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

16 February 2021