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Barr Property Limited

Annual Report and Unaudited Financial Statements

for the Period from 2 December 2020 to 31 December 2021

 

Barr Property Limited

(Registration number: 13058596)
Balance Sheet as at 31 December 2021

Note

2021
£

Fixed assets

 

Investment property

4

353,997

Current assets

 

Cash at bank and in hand

 

75,753

Creditors: Amounts falling due within one year

5

(207,761)

Net current liabilities

 

(132,008)

Total assets less current liabilities

 

221,989

Creditors: Amounts falling due after more than one year

5

(230,050)

Net liabilities

 

(8,061)

Capital and reserves

 

Called up share capital

100

Retained earnings

(8,161)

Shareholders' deficit

 

(8,061)

For the financial period 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 accounts for the period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

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

Mrs K Robinson

Director

 

Barr Property Limited

Notes to the Unaudited Financial Statements for the Period from 2 December 2020 to 31 December 2021

1

General information

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

The address of its registered office is:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
England

These financial statements were authorised for issue by the Board on 13 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Barr Property Limited

Notes to the Unaudited Financial Statements for the Period from 2 December 2020 to 31 December 2021

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investment properties

2021
£

Additions

353,997

At 31 December

353,997

There has been no valuation of investment property by an independent valuer.

 

Barr Property Limited

Notes to the Unaudited Financial Statements for the Period from 2 December 2020 to 31 December 2021

5

Creditors

Creditors: amounts falling due within one year

Note

2021
£

Due within one year

 

Bank loans and overdrafts

6

206,561

Other creditors

 

1,200

 

207,761

Creditors: amounts falling due after more than one year

Note

2021
£

Due after one year

 

Loans and borrowings

6

230,050

6

Loans and borrowings

2021
£

Non-current loans and borrowings

Bank borrowings

230,050

2021
£

Current loans and borrowings

Other borrowings

206,561