Caseware UK (AP4) 2023.0.135 2023.0.135 2022-10-01falseThe princiapl activity of the company is that of property investment.22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08693984 2022-10-01 2023-09-30 08693984 2021-10-01 2022-09-30 08693984 2023-09-30 08693984 2022-09-30 08693984 2021-10-01 08693984 2 2022-10-01 2023-09-30 08693984 d:Director1 2022-10-01 2023-09-30 08693984 e:OfficeEquipment 2022-10-01 2023-09-30 08693984 e:OfficeEquipment 2023-09-30 08693984 e:OfficeEquipment 2022-09-30 08693984 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08693984 e:FreeholdInvestmentProperty 2023-09-30 08693984 e:FreeholdInvestmentProperty 2022-09-30 08693984 e:FreeholdInvestmentProperty 2 2022-10-01 2023-09-30 08693984 e:CurrentFinancialInstruments 2023-09-30 08693984 e:CurrentFinancialInstruments 2022-09-30 08693984 e:Non-currentFinancialInstruments 2023-09-30 08693984 e:Non-currentFinancialInstruments 2022-09-30 08693984 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 08693984 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 08693984 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 08693984 e:Non-currentFinancialInstruments e:AfterOneYear 2022-09-30 08693984 e:ShareCapital 2023-09-30 08693984 e:ShareCapital 2022-09-30 08693984 e:ShareCapital 2021-10-01 08693984 e:InvestmentPropertiesRevaluationReserve 2022-10-01 2023-09-30 08693984 e:InvestmentPropertiesRevaluationReserve 2023-09-30 08693984 e:InvestmentPropertiesRevaluationReserve 2 2022-10-01 2023-09-30 08693984 e:InvestmentPropertiesRevaluationReserve 2022-09-30 08693984 e:InvestmentPropertiesRevaluationReserve 2021-10-01 08693984 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08693984 e:RetainedEarningsAccumulatedLosses 2023-09-30 08693984 e:RetainedEarningsAccumulatedLosses 2 2022-10-01 2023-09-30 08693984 e:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 08693984 e:RetainedEarningsAccumulatedLosses 2022-09-30 08693984 e:RetainedEarningsAccumulatedLosses 2021-10-01 08693984 d:OrdinaryShareClass1 2022-10-01 2023-09-30 08693984 d:OrdinaryShareClass1 2023-09-30 08693984 d:OrdinaryShareClass1 2022-09-30 08693984 d:OrdinaryShareClass2 2022-10-01 2023-09-30 08693984 d:OrdinaryShareClass2 2023-09-30 08693984 d:OrdinaryShareClass2 2022-09-30 08693984 d:FRS102 2022-10-01 2023-09-30 08693984 d:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08693984 d:FullAccounts 2022-10-01 2023-09-30 08693984 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08693984 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 08693984 e:AcceleratedTaxDepreciationDeferredTax 2022-09-30 08693984 e:TaxLossesCarry-forwardsDeferredTax 2023-09-30 08693984 e:TaxLossesCarry-forwardsDeferredTax 2022-09-30 08693984 e:OtherDeferredTax 2023-09-30 08693984 e:OtherDeferredTax 2022-09-30 08693984 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08693984










Place Barn Property Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2023

 
Place Barn Property Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Place Barn Property Limited for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Place Barn Property Limited for the year ended 30 September 2023 which comprise  the Balance Sheet, the Statement of Changes in Equity 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Place Barn Property Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Place Barn Property Limited  and state those matters that we have agreed to state to the Board of Directors of Place Barn Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Place Barn Property Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Place Barn Property Limited 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 profit of Place Barn Property Limited. You consider that Place Barn Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Place Barn Property Limited. 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.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Date:
14 February 2024
Page 1

 
Place Barn Property Limited
Registered number: 08693984

Balance Sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
830
1,305

Investment property
 5 
1,810,000
1,590,000

  
1,810,830
1,591,305

Current assets
  

Debtors: amounts falling due within one year
 6 
3,762
3,011

Cash at bank and in hand
  
99,499
102,790

  
103,261
105,801

Creditors: amounts falling due within one year
 7 
(650,769)
(644,771)

Net current liabilities
  
 
 
(547,508)
 
 
(538,970)

Total assets less current liabilities
  
1,263,322
1,052,335

Creditors: amounts falling due after more than one year
 8 
(726,194)
(723,919)

Provisions for liabilities
  

Deferred tax
 9 
(95,555)
(43,376)

  
 
 
(95,555)
 
 
(43,376)

Net assets
  
441,573
285,040


Capital and reserves
  

Called up share capital 
 10 
100
100

Investment property reserve
 11 
356,536
191,536

Profit and loss account
 11 
84,937
93,404

  
441,573
285,040


Page 2

 
Place Barn Property Limited
Registered number: 08693984

Balance Sheet (continued)
As at 30 September 2023

The Directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J R Tilford
Director
Date: 13 February 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
Place Barn Property Limited
 

Statement of Changes in Equity
For the Year Ended 30 September 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
100
191,536
82,444
274,080


Comprehensive income for the year

Profit for the year
-
-
10,960
10,960



At 1 October 2022
100
191,536
93,404
285,040


Comprehensive income for the year

Profit for the year
-
-
156,533
156,533

Movement in investment property revaluation reserve
-
165,000
(165,000)
-


At 30 September 2023
100
356,536
84,937
441,573


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
Place Barn Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

1.


General information

Place Barn Property Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Rock Cottage 17 Seawall, Dymchurch, Romney Marsh, Kent, TN29 0LS.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue from rental income is recognised in the period in which the rental services are provided. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 5

 
Place Barn Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
Place Barn Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2022
1,899



At 30 September 2023

1,899



Depreciation


At 1 October 2022
594


Charge for the year on owned assets
475



At 30 September 2023

1,069



Net book value



At 30 September 2023
830



At 30 September 2022
1,305


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
1,590,000


Surplus on revaluation
220,000



At 30 September 2023
1,810,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,360,517
1,360,517

1,360,517
1,360,517

Page 7

 
Place Barn Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
158

Other debtors
500
2,345

Prepayments and accrued income
3,262
508

3,762
3,011



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
2,654

Other creditors
627,904
635,626

Accruals and deferred income
22,865
6,491

650,769
644,771



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
726,194
723,919

726,194
723,919


The following liabilities were secured:

2023
2022
£
£



Mortgage
726,194
723,919

726,194
723,919

Details of security provided:

The mortgages are secured on the properties, 8, 23 and 30 Orchard Close, and 12 Larkspur Drive. The mortgages are interest only. £359,012 is repayable in February 2028 and £367,182 is repayable in August 2029.

Page 8

 
Place Barn Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

9.


Deferred taxation




2023


£






At beginning of year
(43,376)


Charged to profit or loss
(52,179)



At end of year
(95,555)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(208)
(326)

Tax losses carried forward
2,703
-

Investment property
(98,050)
(43,050)

(95,555)
(43,376)


10.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



49 (2022 - 49) A Ordinary shares of £1.00 each
49
49
51 (2022 - 51) B Ordinary shares of £1.00 each
51
51

100

100



11.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve has arisen on the unrealised gains on the historic cost of the investment property net of the deferred tax on those gains. The reserve is not distributable until the gains become realised on the sale of the properties with gains recycled to the profit and loss.

Profit and loss account

The profit and loss reserve is derived from accrued post-tax profits, net of dividends declared.

Page 9