Barkess & Co Limited - Period Ending 2017-04-30

Registration number: 6772024

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Barkess & Co Limited

trading as Barkess & Co

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Chris Barkess FCA
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

Barkess & Co Limited

trading as Barkess & Co

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 15

Barkess & Co Limited

trading as Barkess & Co

Company Information

Director

Chris Barkess

Registered office

53 Greens Grove Hartburn Stockton on Tees TS18 5AW

Bankers

National Westminster Bank 123 High Street Stockton on Tees TS18 INW

Accountants

Chris Barkess FCA Stockton Business Centre 70-74 Brunswick Street Stockton on Tees TS18 1DW

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Barkess & Co Limited

trading as Barkess & Co
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Barkess & Co Limited for the year ended 30 April 2017 as set out on pages 3 to 15 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

It is your duty to ensure that Barkess & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Barkess & Co Limited. You consider that Barkess & Co 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 accounts of Barkess & Co 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 accounts.

......................................

Chris Barkess FCA
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

26 January 2018

Page 2

Barkess & Co Limited

trading as Barkess & Co

Statement of Comprehensive Income for the Year Ended 30 April 2017

	Note	2017 £	2016 £
Profit/(loss) for the year		7,378	(639)
Total comprehensive income for the year		7,378	(639)

The notes on pages 7 to 15 form an integral part of these financial statements.

Page 3

Barkess & Co Limited

trading as Barkess & Co

(Registration number: 6772024)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	10,000	15,000
Tangible assets	5	4,506	4,203
Other financial assets	6	300	300
		14,806	19,503
Current assets
Debtors	7	132,958	107,056
Creditors: Amounts falling due within one year	8	(111,602)	(97,835)
Net current assets		21,356	9,221
Total assets less current liabilities		36,162	28,724
Provisions for liabilities		(901)	(841)
Net assets		35,261	27,883
Capital and reserves
Called up share capital		10	10
Profit and loss account		35,251	27,873
Total equity		35,261	27,883

For the financial year ending 30 April 2017 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.

The notes on pages 7 to 15 form an integral part of these financial statements.

Page 4

Barkess & Co Limited

trading as Barkess & Co

(Registration number: 6772024)
Balance Sheet as at 30 April 2017

Approved and authorised by the director on 26 January 2018
 

.........................................

Chris Barkess

Director

The notes on pages 7 to 15 form an integral part of these financial statements.

Page 5

Barkess & Co Limited

trading as Barkess & Co

Statement of Changes in Equity for the Year Ended 30 April 2017

	Share capital £	Profit and loss account £	Total £
At 1 May 2016	10	27,873	27,883
Profit for the year	-	7,378	7,378
Total comprehensive income	-	7,378	7,378
At 30 April 2017	10	35,251	35,261

	Share capital £	Profit and loss account £	Total £
At 1 May 2015	10	28,512	28,522
Loss for the year	-	(639)	(639)
Total comprehensive income	-	(639)	(639)
At 30 April 2016	10	27,873	27,883

The notes on pages 7 to 15 form an integral part of these financial statements.

Page 6

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

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

The address of its registered office is:
53 Greens Grove
Hartburn
Stockton on Tees
TS18 5AW

The principal place of business is:
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

These financial statements were authorised for issue by the director on 26 January 2018.

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

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
Office equipment	25% reducing balance
Furniture, fixtures & fittings	15% reducing balance

Page 7

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 8

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 5).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2016	50,000	50,000
At 30 April 2017	50,000	50,000
Amortisation
At 1 May 2016	35,000	35,000
Amortisation charge	5,000	5,000
At 30 April 2017	40,000	40,000
Carrying amount
At 30 April 2017	10,000	10,000
At 30 April 2016	15,000	15,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 9

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2016	14,129	14,129
Additions	1,096	1,096
At 30 April 2017	15,225	15,225
Depreciation
At 1 May 2016	9,926	9,926
Charge for the year	793	793
At 30 April 2017	10,719	10,719
Carrying amount
At 30 April 2017	4,506	4,506
At 30 April 2016	4,203	4,203

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 May 2016	300	300
At 30 April 2017	300	300
Impairment
Carrying amount
At 30 April 2017	300	300

7

Debtors

Page 10

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

	2017 £	2016 £
Trade debtors	46,766	38,803
Other debtors	86,192	68,253
Total current trade and other debtors	132,958	107,056

8

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	9	19,050	10,004
Trade creditors		3,679	3,903
Taxation and social security		61,998	61,293
Other creditors		26,875	22,635
		111,602	97,835

9	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	2,474	(1,465)
Bank overdrafts	16,576	11,469
	19,050	10,004

10	Related party transactions

Transactions with directors

2017	At 1 May 2016 £	Advances to directors £	Repayments by director £	At 30 April 2017 £
Chris Barkess
Director's current account	9,066	12,249	(19,198)	2,117

2016	At 1 May 2015 £	Advances to directors £	Repayments by director £	At 30 April 2016 £
Chris Barkess
Director's current account	9,591	18,940	(19,466)	9,066

Page 11

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	15,062	13,635

Summary of transactions with associates

Backoffice eSolutions Limited and/or its subsidiaries
 Short term loans to the related parties
 Interest free, repayable on demand
 

Loans to related parties

2017	Associates £
At start of period	45,355
Advanced	8,831
At end of period	54,186

2016	Associates £
At start of period	40,284
Advanced	5,071
At end of period	45,355

11	Transition to FRS 102

Balance Sheet at 1 May 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Intangible assets		20,000	-	-	20,000
Tangible assets		4,302	-	-	4,302
Investments		300	-	-	300
		24,602	-	-	24,602
Current assets
Debtors		102,082	-	-	102,082
Creditors: Amounts falling due within one year		(97,243)	-	-	(97,243)
Net current assets		4,839	-	-	4,839

Page 12

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Total assets less current liabilities		29,441	-	-	29,441
Provisions for liabilities		(920)	-	-	(920)
Net assets		28,521	-	-	28,521
Capital and reserves
Called up share capital		10	-	-	10
Profit and loss account		28,511	-	-	28,511
Total equity		28,521	-	-	28,521

Page 13

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

Balance Sheet at 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Intangible assets		15,000	-	-	15,000
Tangible assets		4,203	-	-	4,203
Investments		300	-	-	300
		19,503	-	-	19,503
Current assets
Debtors		107,053	-	-	107,053
Creditors: Amounts falling due within one year		(97,834)	-	-	(97,834)
Net current assets		9,219	-	-	9,219
Total assets less current liabilities		28,722	-	-	28,722
Provisions for liabilities		(840)	-	-	(840)
Net assets		27,882	-	-	27,882
Capital and reserves
Called up share capital		10	-	-	10
Profit and loss account		27,872	-	-	27,872
Total equity		27,882	-	-	27,882

Page 14

Barkess & Co Limited

trading as Barkess & Co

Notes to the Financial Statements for the Year Ended 30 April 2017

Profit and Loss Account for the year ended 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		106,594	-	-	106,594
Cost of sales		(11,497)	-	-	(11,497)
Gross profit		95,097	-	-	95,097
Administrative expenses		(94,902)	-	-	(94,902)
Operating profit		195	-	-	195
Interest payable and similar expenses		(914)	-	-	(914)
		(914)	-	-	(914)
Loss before tax		(719)	-	-	(719)
Taxation		80	-	-	80
Loss for the financial year		(639)	-	-	(639)

Page 15