Barnes Smart Solutions Limited - Period Ending 2022-03-31

Barnes Smart Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Barnes Smart Solutions Limited

Company Information

Directors

G Oosthuizen B C J Summerhayes S M Higgo

Company secretary

M M P Baughan

Registered office

The Loft, St Clair's Farm Wickham Road Droxford Southampton Hampshire SO32 3PW

Accountants

PKF Francis Clark Hitchcock House Hilltop Park Devizes Road Salisbury Road Wiltshire SP3 4UF

Barnes Smart Solutions Limited

Balance Sheet

31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	3,959	3,579
Current assets
Debtors	6	547,690	451,844
Cash at bank and in hand		209,092	251,375
		756,782	703,219
Creditors: Amounts falling due within one year	7	(708,635)	(631,739)
Net current assets		48,147	71,480
Net assets		52,106	75,059
Capital and reserves
Called up share capital		100	100
Profit and loss account		52,006	74,959
Shareholders' funds		52,106	75,059

Barnes Smart Solutions Limited

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 December 2022 and signed on its behalf by:
 

......................................... S M Higgo Director

Company Registration Number: 11123823

Barnes Smart Solutions Limited

Notes to the Financial Statements

Year Ended 31 March 2022

1	General information

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

The address of its registered office is:
The Loft, St Clair's Farm
Wickham Road
Droxford
Southampton
Hampshire
SO32 3PW

These financial statements were authorised for issue by the Board on 22 December 2022.

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 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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Barnes Smart Solutions Limited

Notes to the Financial Statements

Year Ended 31 March 2022

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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Computer equipment	20% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Barnes Smart Solutions Limited

Notes to the Financial Statements

Year Ended 31 March 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2022  £	2021  £
Current taxation
UK corporation tax adjustment to prior periods	-	(3,225)
Deferred taxation
Arising from origination and reversal of timing differences	-	(932)
Tax receipt in the income statement	-	(4,157)

Barnes Smart Solutions Limited

Notes to the Financial Statements

Year Ended 31 March 2022

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2021	6,628	6,628
Additions	2,132	2,132
At 31 March 2022	8,760	8,760
Depreciation
At 1 April 2021	3,049	3,049
Charge for the year	1,752	1,752
At 31 March 2022	4,801	4,801
Carrying amount
At 31 March 2022	3,959	3,959
At 31 March 2021	3,579	3,579

6

Debtors

	2022 £	2021 £
Trade debtors	329,660	212,985
Prepayments	192,751	205,670
Other debtors	25,279	33,189
	547,690	451,844

Barnes Smart Solutions Limited

Notes to the Financial Statements

Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	136,779	197,575
Taxation and social security	2,184	6,158
Other creditors	3,499	1,944
Accruals and deferred income	566,173	426,062
	708,635	631,739