REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
J.J.BARRETT & SONS LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 7 |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Fair value reserves | 9 |
Other reserves | 9 |
Retained earnings | 9 |
Shareholders' funds |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
4. | Investment properties |
Total |
£ |
Fair value |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
7. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 180,000 | 180,000 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Balance at 31 March 2023 |
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: | £ | £ |
Ordinary | £1 | 15,421 | 15,421 |
1st preference 7% | £1 | 5,000 | 5,000 |
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 | 1,870,543 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2023 | 1,875,615 |