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REGISTERED NUMBER: 00374122 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

B.R. BARNES LIMITED

B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


B.R. BARNES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: N Chajet
G A Chajet





REGISTERED OFFICE: Langley House
Park Road
East Finchley
London
N2 8EY





REGISTERED NUMBER: 00374122 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,723,000 2,100,000
1,723,000 2,100,000

CURRENT ASSETS
Debtors 6 1,261 83
Cash at bank 77,752 73,968
79,013 74,051
CREDITORS
Amounts falling due within one year 7 98,973 94,310
NET CURRENT LIABILITIES (19,960 ) (20,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,703,040

2,079,741

PROVISIONS FOR LIABILITIES 224,157 284,579
NET ASSETS 1,478,883 1,795,162

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Undistributable reserves 8 1,315,564 1,632,142
Retained earnings 8 162,319 162,020
1,478,883 1,795,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

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

B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

BALANCE SHEET - continued
31 MAY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:





N Chajet - Director


B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

B.R. Barnes 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the total rent receivable for the year.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Going concern
The financial statements are prepared on the basis of going concern, which assumes that the company will be in operational existence for a foreseeable future.This depends upon the continued support of the directors and shareholders.The financial statements do not include any adjustments that would result if such support is withdrawn.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 3,250
DEPRECIATION
At 1 June 2022
and 31 May 2023 3,250
NET BOOK VALUE
At 31 May 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 2,100,000
Revaluations (377,000 )
At 31 May 2023 1,723,000
NET BOOK VALUE
At 31 May 2023 1,723,000
At 31 May 2022 2,100,000

B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. INVESTMENT PROPERTY - continued

On an historical cost basis this property would have been included at an original cost of £130,000 (2022: £130,000) and aggregate depreciation of £106,600 (2022: £104,000).

Deferred tax of £224, 157 has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value.

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2016 1,069,721
Valuation in 2017 347,000
Valuation in 2018 500,000
Valuation in 2023 (377,000 )
Cost 183,279
1,723,000

The valuation of the properties were carried out by the directors on 31 May 2023 based on prevailing market conditions in the areas where the properties are located.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 1,261 83

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Taxation and social security 19,368 16,906
Other creditors 79,605 77,404
98,973 94,310

8. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 June 2022 162,020 1,632,142 1,794,162
Deficit for the year (238,279 ) (238,279 )
Dividends (78,000 ) (78,000 )
Fair value adjustment in the
year 316,578 (316,578 ) -
At 31 May 2023 162,319 1,315,564 1,477,883

Within the reserves is an amount of £1,315,564. This represents the fair value adjustment of the investment properties and the deferred tax. FRS 102 requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend.

B.R. BARNES LIMITED (REGISTERED NUMBER: 00374122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £38,122 (2022: £35,400) due to director N D Chajet. The loan is free of interest and repayable on demand.