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COMPANY REGISTRATION NUMBER: 13897729
Great House Barns Limited
Filleted Financial Statements
30 June 2023
Great House Barns Limited
Financial Statements
Period from 7 February 2022 to 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Great House Barns Limited
Statement of Financial Position
30 June 2023
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
5
1,133,567
Current assets
Debtors
6
2,844
Cash at bank and in hand
11,208
--------
14,052
Creditors: amounts falling due within one year
7
1,161,965
------------
Net current liabilities
1,147,913
------------
Total assets less current liabilities
( 14,346)
--------
Net liabilities
( 14,346)
--------
Capital and reserves
Called up share capital
8
100
Profit and loss account
( 14,446)
--------
Shareholders deficit
( 14,346)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
J P Rumsey
Director
Company registration number: 13897729
Great House Barns Limited
Notes to the Financial Statements
Period from 7 February 2022 to 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis. The director is of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts. The director has also received a letter of support from the parent company confirming that day to day financial support in addition to the long term loan will continue to be provided for at least 12 months after these financial statements are approved and therefore the director considers it appropriate to prepare the financial statements on the going concern basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20%-33% Straight line
Investment property
Investment property, which is an asset under construction, is being developed to be held for holiday rentals. The asset is currently being measured at cost, and will be valued using the fair value model upon completion.
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 7 February 2022
Additions
1,071,048
74,797
1,145,845
------------
--------
------------
At 30 June 2023
1,071,048
74,797
1,145,845
------------
--------
------------
Depreciation
At 7 February 2022
Charge for the period
12,278
12,278
------------
--------
------------
At 30 June 2023
12,278
12,278
------------
--------
------------
Carrying amount
At 30 June 2023
1,071,048
62,519
1,133,567
------------
--------
------------
Investment property, which is an asset under construction, is being developed to be held for holiday rentals. The asset is currently being measured at cost, and will be valued using the fair value model upon completion.
6. Debtors
30 Jun 23
£
Amounts owed by group undertakings
331
Other debtors
2,513
-------
2,844
-------
7. Creditors: amounts falling due within one year
30 Jun 23
£
Trade creditors
1,962
Amounts owed to group undertakings
1,159,003
Accruals and deferred income
1,000
------------
1,161,965
------------
8. Called up share capital
Issued, called up and fully paid
30 Jun 23
No.
£
Ordinary shares of £ 1 each
100
100
----
----
9. Summary audit opinion
The auditor's report for the period dated 6 November 2023 was unqualified .
The senior statutory auditor was Stephen Drain , for and on behalf of Edmund Carr LLP .
10. Controlling party
The ultimate parent company is Ortus Technology Limited, a company registered in England and Wales at the registered office, 146 New London Road, Chelmsford, Essex, CM2 0AW. The ultimate controlling party is J P Rumsey by virtue of his shareholding in the ultimate parent undertaking.