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REGISTERED NUMBER: 00275032 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

J.J.BARRETT & SONS LIMITED

J.J.BARRETT & SONS LIMITED (REGISTERED NUMBER: 00275032)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


J.J.BARRETT & SONS LIMITED

Company Information
for the year ended 31 March 2023







Directors: Mr J Barrett
Mrs S C Smith





Secretary: Mrs T V Dennis





Registered office: Juniper House
Warley Hill Business Park
The Drive
Brentwood
Essex
CM13 3BE





Registered number: 00275032 (England and Wales)





Accountants: Haines Watts Essex LLP
Chartered Accountants
Juniper House
Warley Hill Business Park
The Drive
Brentwood
Essex
CM13 3BE

J.J.BARRETT & SONS LIMITED (REGISTERED NUMBER: 00275032)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Investment properties 4 2,007,859 2,007,859

Current assets
Debtors 5 12,384 6,441
Cash at bank and in hand 91,089 94,598
103,473 101,039
Creditors
Amounts falling due within one year 6 26,871 29,509
Net current assets 76,602 71,530
Total assets less current liabilities 2,084,461 2,079,389

Provisions for liabilities 7 180,000 180,000
Net assets 1,904,461 1,899,389

Capital and reserves
Called up share capital 8 28,846 28,846
Fair value reserves 9 1,316,560 1,316,560
Other reserves 9 204,512 204,512
Retained earnings 9 354,543 349,471
Shareholders' funds 1,904,461 1,899,389

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

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

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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 August 2023 and were signed on its behalf by:





Mr J Barrett - Director


J.J.BARRETT & SONS LIMITED (REGISTERED NUMBER: 00275032)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

J.J.Barrett & Sons 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

Rents receivable
The rents receivable are recognised at the dates due and appropriate provision made for any prepayment or accrual at the balance sheet date.

Investment properties
The investment properties are shown at the most recent valuation. There were no surplus or deficit arising as the market value is the same as the previous year..

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

The deferred taxation includes the tax liability that would arise if the investment properties were disposed of at valuation.

J.J.BARRETT & SONS LIMITED (REGISTERED NUMBER: 00275032)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

4. Investment properties
Total
£   
Fair value
At 1 April 2022
and 31 March 2023 2,007,859
Net book value
At 31 March 2023 2,007,859
At 31 March 2022 2,007,859

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2009 1,096,560
Valuation in 2016 400,000
Cost 511,299
2,007,859

The directors carried out a revaluation of the fair value of the investment properties at 31st March 2023. There has been no change in the valuation brought forward at 1st April 2022.
.

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 12,384 6,441

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Taxation and social security 17,215 19,853
Other creditors 9,656 9,656
26,871 29,509

7. Provisions for liabilities
2023 2022
£    £   
Deferred tax 180,000 180,000

Deferred
tax
£   
Balance at 1 April 2022 180,000
Balance at 31 March 2023 180,000

J.J.BARRETT & SONS LIMITED (REGISTERED NUMBER: 00275032)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,421 Ordinary £1 15,421 15,421
5,000 1st preference 7% £1 5,000 5,000
8,425 2nd preference 4.55% £1 8,425 8,425
28,846 28,846

9. Reserves
Fair
Retained value Other
earnings reserves reserves Totals
£    £    £    £   

At 1 April 2022 349,471 1,316,560 204,512 1,870,543
Profit for the year 71,855 71,855
Dividends (66,783 ) (66,783 )
At 31 March 2023 354,543 1,316,560 204,512 1,875,615