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COMPANY REGISTRATION NUMBER: 06034168
Long Barn Winchester Ltd.
Filleted Unaudited Financial Statements
31 December 2021
Long Barn Winchester Ltd.
Financial Statements
Year ended 31 December 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Long Barn Winchester Ltd.
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
5,774
Tangible assets
6
70,457
77,699
--------
--------
70,457
83,473
Current assets
Stocks
222,547
171,984
Debtors
7
8,144
15,630
Cash at bank and in hand
736,149
698,005
---------
---------
966,840
885,619
Creditors: amounts falling due within one year
8
382,709
600,433
---------
---------
Net current assets
584,131
285,186
---------
---------
Total assets less current liabilities
654,588
368,659
Creditors: amounts falling due after more than one year
9
130,680
---------
---------
Net assets
523,908
368,659
---------
---------
Capital and reserves
Called up share capital
533
533
Share premium account
310,951
310,951
Profit and loss account
212,424
57,175
---------
---------
Shareholders funds
523,908
368,659
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Long Barn Winchester Ltd.
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
R Norris
J P Marsden
Director
Director
Company registration number: 06034168
Long Barn Winchester Ltd.
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Sheep Fair, Bishops Sutton Road, Alresford, Hampshire, SO24 9EJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
20% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 51 (2020: 63 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2021 and 31 December 2021
17,324
--------
Amortisation
At 1 January 2021
11,550
Charge for the year
5,774
--------
At 31 December 2021
17,324
--------
Carrying amount
At 31 December 2021
--------
At 31 December 2020
5,774
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2021
224,357
16,318
112,462
353,137
Additions
13,298
964
6,901
21,163
---------
--------
---------
---------
At 31 December 2021
237,655
17,282
119,363
374,300
---------
--------
---------
---------
Depreciation
At 1 January 2021
202,250
7,562
65,626
275,438
Charge for the year
17,501
1,304
9,600
28,405
---------
--------
---------
---------
At 31 December 2021
219,751
8,866
75,226
303,843
---------
--------
---------
---------
Carrying amount
At 31 December 2021
17,904
8,416
44,137
70,457
---------
--------
---------
---------
At 31 December 2020
22,107
8,756
46,836
77,699
---------
--------
---------
---------
7. Debtors
2021
2020
£
£
Trade debtors
5,029
13,260
Other debtors
3,115
2,370
-------
--------
8,144
15,630
-------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
19,320
150,000
Trade creditors
101,548
135,890
Corporation tax
40,551
4,570
Social security and other taxes
106,033
153,930
Gift vouchers
7,722
8,935
Other creditors
107,535
147,108
---------
---------
382,709
600,433
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
130,680
---------
----
National Westminster Bank PLC has a fixed and floating charge over the companies assets as security for the bank loan in place.