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REGISTERED NUMBER: 01308403 (England and Wales)















Barretts Newsagents Limited

Abridged Unaudited Financial Statements for the Year Ended 31 March 2022






Barretts Newsagents Limited (Registered number: 01308403)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Barretts Newsagents Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: Mrs J E Watts
G E Watts



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 01308403 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Santander UK plc
Bridle Road
Bootle
Merseyside
GIR 0AA

Barretts Newsagents Limited (Registered number: 01308403)

Abridged Statement of Financial Position
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 350,000 350,000

CURRENT ASSETS
Debtors 198 188
Cash at bank 280,352 283,862
280,550 284,050
CREDITORS
Amounts falling due within one year 97,840 96,556
NET CURRENT ASSETS 182,710 187,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

532,710

537,494

PROVISIONS FOR LIABILITIES 48,207 48,207
NET ASSETS 484,503 489,287

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 6 286,952 286,952
Retained earnings 197,451 202,235
SHAREHOLDERS' FUNDS 484,503 489,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

Barretts Newsagents Limited (Registered number: 01308403)

Abridged Statement of Financial Position - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2022 and were signed on its behalf by:





Mrs J E Watts - Director


Barretts Newsagents Limited (Registered number: 01308403)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Barretts Newsagents 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. 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 provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is included at fair value. Where applicable, gains and losses are recognised within the income statement and held within a separate, non-distributable reserve.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

Barretts Newsagents Limited (Registered number: 01308403)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 350,000
NET BOOK VALUE
At 31 March 2022 350,000
At 31 March 2021 350,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2021 335,159
Cost 14,841
350,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.22 31.3.21
£    £   
Cost 14,841 14,841

Investment property was valued on an open market basis on 31 March 2022 by the directors of the company .

6. RESERVES
Revaluation
reserve
£   
At 1 April 2021
and 31 March 2022 286,952

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs J E Watts.