Bar Products & Services Limited - Period Ending 2023-08-31

Bar Products & Services Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Bar Products & Services Limited

(Registration number: 03066393)
Balance Sheet as at 31 August 2023

	Note	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	4		172,248		176,665
Current assets
Stocks		145,275		144,217
Debtors	5	715,199		652,262
Cash at bank and in hand		100,464		55,603
		960,938		852,082
Creditors: Amounts falling due within one year	6	(625,114)		(680,518)
Net current assets			335,824		171,564
Total assets less current liabilities			508,072		348,229
Creditors: Amounts falling due after more than one year	6		(52,702)		(97,674)
Provisions for liabilities			(32,000)		(36,000)
Net assets			423,370		214,555
Capital and reserves
Called up share capital	7	50		50
Capital redemption reserve		50		50
Retained earnings		423,270		214,455
Shareholders' funds			423,370		214,555

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Bar Products & Services Limited

(Registration number: 03066393)
Balance Sheet as at 31 August 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2024 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 2023

1	General information

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

The address of its registered office is:
Unit 2
Thornhill Beck Lane
Brighouse
HD6 4AH

These financial statements were authorised for issue by the Board on 14 May 2024.

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.

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

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.

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

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
Leasehold improvement	Over term of lease
Plant and machinery	15% reducing balance basis
Furniture, fittings and equipment	25% reducing balance basis
Motor vehicles	25% reducing balance basis

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 2023

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.

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 16 (2022 - 15).

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

4	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 September 2022	-	942,660	23,642	90,371	1,056,673
Additions	10,408	14,150	-	3,936	28,494
At 31 August 2023	10,408	956,810	23,642	94,307	1,085,167
Depreciation
At 1 September 2022	-	794,615	20,383	65,010	880,008
Charge for the year	-	25,332	815	6,764	32,911
At 31 August 2023	-	819,947	21,198	71,774	912,919
Carrying amount
At 31 August 2023	10,408	136,863	2,444	22,533	172,248
At 31 August 2022	-	148,045	3,259	25,361	176,665

5

Debtors

	2023 £	2022 £
Trade debtors	479,568	474,929
Amounts owed by related parties	56,709	111,199
Prepayments	5,563	11,134
Other debtors	173,359	55,000
	715,199	652,262
Less non-current portion	-	(13,725)
	715,199	638,537

Bar Products & Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Loans and borrowings	86,255	93,905
Trade creditors	326,658	386,734
Taxation and social security	116,416	19,736
Accruals and deferred income	88,442	179,276
Other creditors	7,343	867
	625,114	680,518

Included in loans and borrowings is a loan from the company's Small Self Administrated Pension Scheme of £24,271 (2022: £23,170) which is secured by a first fixed charge over the assets of the company.

Included in loans and borrowings are hire purchase liabilities of £10,700 (2022: £9,719) which is secured against the asset in which is relates.

Creditors: amounts falling due after more than one year

	2023 £	2022 £
Due after one year
Loans and borrowings	52,702	97,674

Included in loans and borrowings is a loan from the company's Small Self Administrated Pension Scheme of £10,450 (2022: £34,721) which is secured by a first fixed charge over the assets of the company.

Included in loans and borrowings are hire purchase liabilities of £24,752 (2022: £35,452) which is secured against the asset in which is relates.

7	Share capital

Allotted, called up and fully paid shares

	2023		2022
	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 2023

8	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 £171,539 (2022 - £204,841).

This commitment relates to operating leases.

9	Related party transactions

Transactions with directors

Expenditure with and payables to related parties

2023	Key management £
Amounts payable to related party	41,283

2022	Key management £
Amounts payable to related party	33,360

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