Bar Products & Services Limited - Period Ending 2021-08-31

Bar Products & Services Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 9

Bar Products & Services Limited

(Registration number: 03066393)
Balance Sheet as at 31 August 2021

	Note	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	5		143,042		165,464
Current assets
Stocks		122,402		102,498
Debtors	6	318,803		287,848
Cash at bank and in hand		117,875		96,524
		559,080		486,870
Creditors: Amounts falling due within one year	7	(370,503)		(368,924)
Net current assets			188,577		117,946
Total assets less current liabilities			331,619		283,410
Creditors: Amounts falling due after more than one year	7		(95,392)		(126,594)
Provisions for liabilities			(20,000)		(23,000)
Net assets			216,227		133,816
Capital and reserves
Called up share capital	8	50		50
Capital redemption reserve		50		50
Profit and loss account		216,127		133,716
Total equity			216,227		133,816

Bar Products & Services Limited

(Registration number: 03066393)
Balance Sheet as at 31 August 2021

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 24 May 2022 and signed on its behalf by:
 

......................................... C J Rika Director

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

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.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

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.

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

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.

Tangible assets

Tangible assets are stated in the balance sheet 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, fittings and equipment	25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

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 directors) during the year was 17 (2020 - 16).

4	Government grants

During the year the company has received grant income of £31,686 (2020 £28,072) in respect of the Coronavirus Job Retention Scheme.

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

5	Tangible assets

	Plant and machinery £	Motor vehicles  £	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 September 2020	882,830	23,642	74,304	980,776
Additions	7,415	-	399	7,814
At 31 August 2021	890,245	23,642	74,703	988,590
Depreciation
At 1 September 2020	741,167	17,847	56,298	815,312
Charge for the year	24,211	1,449	4,576	30,236
At 31 August 2021	765,378	19,296	60,874	845,548
Carrying amount
At 31 August 2021	124,867	4,346	13,829	143,042
At 31 August 2020	141,663	5,795	18,006	165,464

6

Debtors

	2021 £	2020 £
Trade debtors	202,408	170,910
Other debtors	97,551	101,834
Prepayments	12,128	4,901
Income tax asset	6,716	10,203
	318,803	287,848
Less non-current portion	(14,863)	(18,875)
	303,940	268,973

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

7

Creditors

	2021 £	2020 £
Due within one year
Loans and borrowings	48,770	42,076
Trade creditors	200,736	297,560
Taxation and social security	3,934	-
Accruals and deferred income	114,799	28,220
Other creditors	2,264	1,068
	370,503	368,924

Included in loans and borrowings is a loan from the company's Small Self Administered Pension Scheme which is secured by a first fixed charge over the assets of the company. The aggregate amount of secured liabilities is £80,011 (2020 - £101,127).

	2021 £	2020 £
Due after one year
Loans and borrowings	95,392	126,594

	2021 £	2020 £
Due after more than five years
After more than five years by instalments	-	6,583

	-	-

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	50	50	50	50

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

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 £104,338 (2020 - £115,938).

This commitment relates to operating leases.

10	Related party transactions

Transactions with directors

2021	At 1 September 2020 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 August 2021 £
Interest free loan	75,309	3,503	(30,000)	-	48,812

2020	At 1 September 2019 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 August 2020 £
Interest free loan	33,771	41,538	-	-	75,309

Expenditure with and payables to related parties

2021	Key management £
Amounts payable to related party	16,650

2020	Key management £
Amounts payable to related party	18,460

Amounts payable to key management are interest free and repayable on demand.