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COMPANY REGISTRATION NUMBER: 13741229
Barrel Properties Limited
Unaudited Financial Statements
30 November 2022
Barrel Properties Limited
Directors' Report
Year ended 30 November 2022
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2022 .
Incorporation
The company was incorporated on 12 November 2021 and commenced to trade on 26 April 2021.
Directors
The directors who served the company during the year were as follows:
Mr Carey
Mrs Kyriakou-Carey
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 September 2023 and signed on behalf of the board by:
Mr Carey
Mrs Kyriakou-Carey
Director
Director
Registered office:
29 Waterloo Road
Wolverhampton
West Midlands
WV14DJ
Barrel Properties Limited
Statement of Comprehensive Income
Year ended 30 November 2022
2022
Note
£
Turnover
4
15,834
---------
Gross profit
15,834
Administrative expenses
17,417
---------
Operating loss
( 1,583)
---------
Loss before taxation
( 1,583)
Tax on loss
---------
Loss for the financial year and total comprehensive income
( 1,583)
---------
All the activities of the company are from continuing operations.
Barrel Properties Limited
Statement of Financial Position
30 November 2022
2022
Note
£
Fixed assets
Tangible assets
5
388,835
Creditors: amounts falling due within one year
6
390,318
---------
Net current liabilities
390,318
---------
Total assets less current liabilities
( 1,483)
---------
Net liabilities
( 1,483)
---------
Capital and reserves
Called up share capital
7
100
Profit and loss account
( 1,583)
---------
Shareholders deficit
( 1,483)
---------
For the year ending 30 November 2022 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 .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr Carey
Mrs Kyriakou-Carey
Director
Director
Company registration number: 13741229
Barrel Properties Limited
Statement of Cash Flows
Year ended 30 November 2022
2022
£
Cash flows from operating activities
Loss for the financial year
( 1,583)
Adjustments for:
Accrued expenses
600
Changes in:
Trade and other creditors
96,000
---------
Cash generated from operations
95,017
---------
Net cash from operating activities
95,017
---------
Cash flows from investing activities
Purchase of tangible assets
( 388,835)
---------
Net cash used in investing activities
( 388,835)
---------
Cash flows from financing activities
Proceeds from issue of ordinary shares
100
Proceeds from borrowings
293,718
---------
Net cash from financing activities
293,818
---------
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
---------
Cash and cash equivalents at end of year
---------
Barrel Properties Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV14DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
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 property rentals.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Turnover
Turnover arises from:
2022
£
Property rentals
15,834
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Tangible assets
Freehold property
£
Cost
At 1 December 2021
Additions
388,835
---------
At 30 November 2022
388,835
---------
Depreciation
At 1 December 2021 and 30 November 2022
---------
Carrying amount
At 30 November 2022
388,835
---------
6. Creditors: amounts falling due within one year
2022
£
Accruals and deferred income
600
Director loan accounts
293,718
Related company
96,000
---------
390,318
---------
7. Called up share capital
Issued, called up and fully paid
2022
No
£
Ordinary shares of £ 1 each
100
100
---------
---------
8. Analysis of changes in net debt
At 1 Dec 2021
Cash flows
At 30 Nov 2022
£
£
£
Debt due within one year
(293,718)
(293,718)
---------
---------
---------
9. Directors' advances, credits and guarantees
The amount due to directors at the balance sheet date was £293,718.