Barr-Tech Specialist Cars Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06120976 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Barr-Tech Specialist Cars Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Barresi

A Barresi

REGISTERED OFFICE:

90 - 92 Cowley Road

Cambridge

Cambridgeshire

CB4 0DL

REGISTERED NUMBER:

06120976 (England and Wales)

ACCOUNTANTS:

Hills Accountants Limited

Greenhill House

First Floor East Wing

Thorpe Road

Peterborough

Cambridgeshire

PE3 6RU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

94

1,125

94

1,125

CURRENT ASSETS

Stocks

25,155

13,687

Debtors

6

119,192

67,602

Cash at bank and in hand

173,555

145,139

317,902

226,428

CREDITORS

Amounts falling due within one year

7

98,256

101,891

NET CURRENT ASSETS

219,646

124,537

TOTAL ASSETS LESS CURRENT LIABILITIES

219,740

125,662

CREDITORS

Amounts falling due after more than one year

8

92,366

32,500

NET ASSETS

127,374

93,162

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

127,372

93,160

SHAREHOLDERS' FUNDS

127,374

93,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 29 November 2023 and were signed on its behalf by:

S Barresi - Director

1.	STATUTORY INFORMATION

Barr-Tech Specialist Cars Limited is a private company, limited by shares , registered in England and Wales. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

and 28 February 2023

70,000

AMORTISATION

At 1 March 2022

and 28 February 2023

70,000

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2022

and 28 February 2023

7,623

DEPRECIATION

At 1 March 2022

6,498

Charge for year

1,031

At 28 February 2023

7,529

NET BOOK VALUE

At 28 February 2023

94

At 28 February 2022

1,125

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

31,663

60,175

Other debtors

87,529

7,427

119,192

67,602

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

30,767

10,000

Trade creditors

22,642

30,847

Taxation and social security

40,507

47,043

Other creditors

4,340

14,001

98,256

101,891

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

92,366

32,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.23

28.2.22

value:

£

£

2

Ordinary

£1.00

2

2

10.

RESERVES

Retained

earnings

£

At 1 March 2022

93,160

Profit for the year

74,212

Dividends

(40,000

)

At 28 February 2023

127,372

11.	RELATED PARTY DISCLOSURES

During the financial year the company paid rent amounting to £40,000 (2022 £40,000) to the the directors, Mr S Barresi and Mr A Barresi for use of the business premises.

As at 28 February 2023 the company was owed £1,095 (2022 £491 (owed to)) from Mr S Barresi in respect of his directors loan account.

As at 28 February 2023 the company was owed £45,587 (2022 £3,082 (owed to)) from Mr A Barresi in respect of his directors loan account.