REGISTERED NUMBER: |
Barnet (Albert Road) Developments Ltd |
Abridged Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Barnet (Albert Road) Developments Ltd |
Abridged Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Barnet (Albert Road) Developments Ltd |
Company Information |
for the year ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Barnet (Albert Road) Developments Ltd |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barnet (Albert Road) Developments Ltd for the year ended 31 March 2023 which comprise the Abridged Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Barnet (Albert Road) Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Barnet (Albert Road) Developments Ltd and state those matters that we have agreed to state to the director of Barnet (Albert Road) Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barnet (Albert Road) Developments Ltd and its director for our work or for this report. |
It is your duty to ensure that Barnet (Albert Road) Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Barnet (Albert Road) Developments Ltd. You consider that Barnet (Albert Road) Developments Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Barnet (Albert Road) Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Statement of Financial Position - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non-distributable reserves | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Barnet (Albert Road) Developments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Going concern |
The Financial Statements have been prepared on the going concern basis on the grounds that the director will continue to provide sufficient finance to the company to meets its liabilities as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Shares in group undertakings represent the cost of investing in the 100% holding of Barnet Property Limited- an unquoted company registered in England. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 4,100,954 | 4,100,954 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Business loans | 4,050,000 | 4,050,000 |
Business loans are secured on property known as 9 Albert Road, Barnet EN4 9SH by way of fixed charge. |
Unsecured debts: |
Bounce back loan government -backed loan. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 302,982 | 302,982 |
Barnet (Albert Road) Developments Ltd (Registered number: 10333760) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Balance at 31 March 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 230 | 230 |
12. | RESERVES |
Retained | Non-distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | ( |
) | 975,602 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2023 | ( |
) | 914,423 |
13. | RELATED PARTY DISCLOSURES |
Transactions with related parties: |
Loans due to member of key management personnel at balance sheet date is £125,183 (2022:£92,132). |
Interest free loan payable on demand. |
Loans due to entities under common and joint control undertakings at balance sheet date is £667,010(2022:£541,081). Loans bear interest at market rate and have no fixed repayment terms. |