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REGISTERED NUMBER: 02687043 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

BARLOW PROPERTIES LIMITED

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


BARLOW PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 30 September 2023







DIRECTORS: H R J Leman
R J W Leman





REGISTERED OFFICE: Units 1-5 Barlow Road
Aldermans Green
Coventry
CV2 2LD





REGISTERED NUMBER: 02687043 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2023

The directors present their strategic report of the company and the group for the year ended 30 September 2023.

REVIEW OF BUSINESS
The directors are pleased to report another profitable year. The main subsidiary, Cumberland Meat Packers Limited has continued to build on the achievements from previous years and has seen an increase in turnover and net assets as well as the gross profit margin.

The directors acknowledge that trading conditions remain challenging but remain optimistic about the prospects for the forthcoming year. Generally the results are considered to be very encouraging and reflect the effort of the directors and staff during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors believe that the principal risks and uncertainties facing the group remain similar to those in the previous period:
- Price volatility of beef supplies
- Exposure to new legislation and regulatory requirements
- Recruitment and retention of a skilled workforce

These risks are mitigated by ensuring training is offered to staff, a competitive employment package and good relationships are maintained with key suppliers and customers.

KEY PERFORMANCE INDICATORS
The board regularly monitor the management information available to them and use a number of key performance indicators to enable them to do this. These include:
- Sales within a period
- Gross margin
- Wages costs
- Working capital movements

This year has seen:
- An increase in turnover of 12.1% on the previous year
- A reduction in gross profit by £193k to £3.9m and a reduction in gross margin achieved from 10.3% to 8.6%
- A reduction in administrative costs by £11k
- A reduction of £154k in profit before tax
- An overall increase in net assets of £1.m and a £1.5m increase in net current assets

ON BEHALF OF THE BOARD:





H R J Leman - Director


15 February 2024

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 0.096 per share.

The total distribution of dividends for the year ended 30 September 2023 will be £ 411,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

H R J Leman
R J W Leman

CHARITABLE DONATIONS AND EXPENDITURE
Charitable donations of £1,167 (2022: £15,785)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H R J Leman - Director


15 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED

Opinion
We have audited the financial statements of Barlow Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;
- addressing the risks of fraud through management override of controls by performing journal entry testing;
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;
- enquiring with management concerning actual and potential litigation claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

15 February 2024

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 44,504,291 39,717,216

Cost of sales 40,642,416 35,661,897
GROSS PROFIT 3,861,875 4,055,319

Administrative expenses 1,913,201 1,938,970
1,948,674 2,116,349

Other operating income 27,247 2,500
OPERATING PROFIT 4 1,975,921 2,118,849


Interest payable and similar expenses 5 5,609 7,882
PROFIT BEFORE TAXATION 1,970,312 2,110,967

Tax on profit 6 472,853 439,537
PROFIT FOR THE FINANCIAL YEAR 1,497,459 1,671,430
Profit attributable to:
Owners of the parent 1,497,459 1,671,430

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,497,459 1,671,430


OTHER COMPREHENSIVE INCOME
Revaluation reserve 6,018 (14,892 )
Income tax relating to other comprehensive
income

-

(1,000

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

6,018

(15,892

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,503,477

1,655,538

Total comprehensive income attributable to:
Owners of the parent 1,503,477 1,655,538

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 360,000 540,000
Tangible assets 10 2,666,198 2,690,009
Investments 11 - -
3,026,198 3,230,009

CURRENT ASSETS
Stocks 12 836,882 1,150,713
Debtors 13 7,890,766 6,525,721
Cash at bank and in hand 575,767 607,175
9,303,415 8,283,609
CREDITORS
Amounts falling due within one year 14 2,355,412 2,533,261
NET CURRENT ASSETS 6,948,003 5,750,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,974,201

8,980,357

CREDITORS
Amounts falling due after more than one
year

15

-

(86,633

)

PROVISIONS FOR LIABILITIES 20 (253,000 ) (265,000 )
NET ASSETS 9,721,201 8,628,724

CAPITAL AND RESERVES
Called up share capital 21 1,000,003 1,000,003
Share premium 22 4,000,100 4,000,100
Revaluation reserve 22 494,537 488,519
Retained earnings 22 4,226,561 3,140,102
SHAREHOLDERS' FUNDS 9,721,201 8,628,724

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





H R J Leman - Director


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

COMPANY BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 888,781 910,490
Investments 11 5,000,000 5,000,000
5,888,781 5,910,490

CURRENT ASSETS
Debtors 13 572,671 560,241
Cash at bank 61,168 71,359
633,839 631,600
CREDITORS
Amounts falling due within one year 14 25,629 47,765
NET CURRENT ASSETS 608,210 583,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,496,991

6,494,325

PROVISIONS FOR LIABILITIES 20 117,000 138,000
NET ASSETS 6,379,991 6,356,325

CAPITAL AND RESERVES
Called up share capital 21 1,000,000 1,000,000
Share premium 4,000,100 4,000,100
Revaluation reserve 509,519 488,519
Retained earnings 870,372 867,706
SHAREHOLDERS' FUNDS 6,379,991 6,356,325

Company's profit for the financial year 98,666 107,528

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





H R J Leman - Director


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2021 1,000,000 1,822,672 4,000,100 504,411 7,327,183

Changes in equity
Issue of share capital 3 - - - 3
Dividends - (354,000 ) - - (354,000 )
Total comprehensive income - 1,671,430 - (15,892 ) 1,655,538
Balance at 30 September 2022 1,000,003 3,140,102 4,000,100 488,519 8,628,724

Changes in equity
Dividends - (411,000 ) - - (411,000 )
Total comprehensive income - 1,497,459 - 6,018 1,503,477
Balance at 30 September 2023 1,000,003 4,226,561 4,000,100 494,537 9,721,201

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2021 1,000,000 856,178 4,000,100 504,411 6,360,689

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - 107,528 - (15,892 ) 91,636
Balance at 30 September 2022 1,000,000 867,706 4,000,100 488,519 6,356,325

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - 98,666 - 21,000 119,666
Balance at 30 September 2023 1,000,000 870,372 4,000,100 509,519 6,379,991

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 840,760 841,376
Interest paid (3,218 ) (5,491 )
Interest element of hire purchase payments
paid

(2,391

)

(2,391

)
Tax paid (131,585 ) (428,931 )
Net cash from operating activities 703,566 404,563

Cash flows from investing activities
Purchase of tangible fixed assets (213,605 ) (143,904 )
Sale of tangible fixed assets - 4,000
Net cash from investing activities (213,605 ) (139,904 )

Cash flows from financing activities
Loan repayments in year (92,628 ) (90,357 )
Capital repayments in year (38,295 ) (38,295 )
Amount introduced by directors 54,800 -
Amount withdrawn by directors (34,246 ) (116,076 )
Share issue - 3
Equity dividends paid (411,000 ) (354,000 )
Net cash from financing activities (521,369 ) (598,725 )

Decrease in cash and cash equivalents (31,408 ) (334,066 )
Cash and cash equivalents at beginning of
year

2

607,175

941,241

Cash and cash equivalents at end of year 2 575,767 607,175

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,970,312 2,110,967
Depreciation charges 417,416 408,789
Profit on disposal of fixed assets - (4,000 )
Gain on revaluation of fixed assets (14,982 ) (14,892 )
Decrease in deferred income 2,500 2,500
Government grants (2,500 ) (2,500 )
Finance costs 5,609 7,882
2,378,355 2,508,746
Decrease/(increase) in stocks 313,831 (547,746 )
Increase in trade and other debtors (1,349,884 ) (1,396,959 )
(Decrease)/increase in trade and other creditors (501,542 ) 277,335
Cash generated from operations 840,760 841,376

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 575,767 607,175
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 607,175 941,241


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 607,175 (31,408 ) 575,767
607,175 (31,408 ) 575,767
Debt
Finance leases (39,735 ) 38,295 (1,440 )
Debts falling due within 1 year (86,400 ) 7,435 (78,965 )
Debts falling due after 1 year (85,193 ) 85,193 -
(211,328 ) 130,923 (80,405 )
Total 395,847 99,515 495,362

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Barlow Properties 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 General 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 (FRS102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain assets and to include certain items at fair value, where required by FRS 102.

Barlow Properties Limited meets the definition of a qualifying entity under FRS102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All intergroup transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

It is the opinion of the directors that there are no material estimates or judgements.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Straight line over 20 years and 2% per annum of cost
Plant and machinery - 10% per annum of cost
Fixtures and fittings - 10% per annum of cost
Motor vehicles - 20% straight line

Freehold land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset

Any revaluation increase in the carrying amounts of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original costs is transferred from revaluation reserve to retained earnings.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,934,449 2,665,728
Social security costs 284,534 265,190
Other pension costs 76,825 65,931
3,295,808 2,996,849

The average number of employees during the year was as follows:
2023 2022

Indirect 9 9
Production 85 80
Directors 3 3
97 92

2023 2022
£    £   
Directors' remuneration 132,750 129,417
Directors' pension contributions to money purchase schemes 5,000 5,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 237,416 225,129
Depreciation - assets on hire purchase contracts - 3,660
Profit on disposal of fixed assets - (4,000 )
Goodwill amortisation 180,000 180,000
Auditors' remuneration 7,780 8,650
Foreign exchange differences - 6,581

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 3,218 5,491
Hire purchase 2,391 2,391
5,609 7,882

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 463,853 431,585
Under/(over) provision in prior years - (1,048 )
Total current tax 463,853 430,537

Deferred tax 9,000 9,000
Tax on profit 472,853 439,537

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,970,312 2,110,967
Profit multiplied by the standard rate of corporation tax in the UK of
22.010 % (2022 - 19 %)

433,666

401,084

Effects of:
Expenses not deductible for tax purposes 429 114
Income not taxable for tax purposes (3,298 ) (475 )
Capital allowances in excess of depreciation - (3,337 )
Depreciation in excess of capital allowances 4,897 -
Adjustments to tax charge in respect of previous periods (41 ) (1,049 )
Amortisation on assets not qualifying for tax allowances 34,200 34,200
Deferred tax adjustments in respect of prior years 3,000 9,000
Total tax charge 472,853 439,537

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation reserve 6,018 - 6,018


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

6. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Revaluation reserve (14,892 ) (1,000 ) (15,892 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS

2023 2022
£    £   
Ordinary shares of £1 each 96,000 96,000
96,000 96,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 1,793,885
AMORTISATION
At 1 October 2022 1,253,885
Amortisation for year 180,000
At 30 September 2023 1,433,885
NET BOOK VALUE
At 30 September 2023 360,000
At 30 September 2022 540,000

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 October 2022 144,000 2,278,416 1,940,251
Additions - - 80,252
At 30 September 2023 144,000 2,278,416 2,020,503
DEPRECIATION
At 1 October 2022 - 584,628 1,267,977
Charge for year - 85,092 91,322
At 30 September 2023 - 669,720 1,359,299
NET BOOK VALUE
At 30 September 2023 144,000 1,608,696 661,204
At 30 September 2022 144,000 1,693,788 672,274

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2022 18,251 407,970 4,788,888
Additions - 133,353 213,605
At 30 September 2023 18,251 541,323 5,002,493
DEPRECIATION
At 1 October 2022 7,204 239,070 2,098,879
Charge for year 1,823 59,179 237,416
At 30 September 2023 9,027 298,249 2,336,295
NET BOOK VALUE
At 30 September 2023 9,224 243,074 2,666,198
At 30 September 2022 11,047 168,900 2,690,009

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022
and 30 September 2023 36,600
DEPRECIATION
At 1 October 2022
and 30 September 2023 13,115
NET BOOK VALUE
At 30 September 2023 23,485
At 30 September 2022 23,485

Company
Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2022
and 30 September 2023 144,000 960,000 120,590 1,224,590
DEPRECIATION
At 1 October 2022 - 216,091 98,009 314,100
Charge for year - 19,200 2,509 21,709
At 30 September 2023 - 235,291 100,518 335,809
NET BOOK VALUE
At 30 September 2023 144,000 724,709 20,072 888,781
At 30 September 2022 144,000 743,909 22,581 910,490

Included in cost or valuation of land and buildings is freehold land of £ 144,000 (2022 - £ 144,000 ) which is not depreciated.

Cost or valuation at 30 September 2023 is represented by:

Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
Valuation in 2015 144,000 744,603 - 888,603
Cost - 215,397 120,590 335,987
144,000 960,000 120,590 1,224,590

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

10. TANGIBLE FIXED ASSETS - continued

Company

If leasehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 215,397 215,397
Aggregate depreciation 98,007 98,007

Land and buildings with a carrying amount of £743,909 were revalued at 1 April 2015 on the adoption of FRS102. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties.

The directors did not consider there to be a material increase in land and buildings during the year.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 5,000,000
NET BOOK VALUE
At 30 September 2023 5,000,000
At 30 September 2022 5,000,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cumberland Meat Packers Limited
Registered office: England and Wales
Nature of business: Meat
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 8,277,209 6,732,395
Profit for the year 1,640,811 1,839,902


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

12. STOCKS

Group
2023 2022
£    £   
Stocks 836,882 1,150,713

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 7,148,921 5,824,479 9,670 9,670
Amounts owed by group undertakings - - 447,840 447,840
Other debtors 124,878 123,678 100,000 100,000
Directors' current accounts 340,161 325,000 15,161 -
Tax 105,625 105,625 - -
VAT 128,023 135,963 - 2,731
Prepayments 43,158 10,976 - -
7,890,766 6,525,721 572,671 560,241

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 78,965 86,400 - -
Hire purchase contracts (see note 17) 1,440 38,295 - -
Trade creditors 1,224,699 1,793,444 - 30,107
Corporation tax 463,853 131,585 5,717 158
Social security & other taxes 89,184 94,634 - -
VAT - - 2,412 -
Other creditors 131,608 55,404 - -
Directors' loan accounts 266,661 230,946 - -
Accrued expenses 99,002 102,553 17,500 17,500
2,355,412 2,533,261 25,629 47,765

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) - 85,193
Hire purchase contracts (see note 17) - 1,440
- 86,633

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 78,965 86,400
Amounts falling due between one and two years:
Bank loans - 1-2 years - 85,193

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,440 38,295
Between one and five years - 1,440
1,440 39,735

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 78,965 171,593
Hire purchase contracts 1,440 39,735
80,405 211,328

The long term loans are secured by fixed charges over the land and buildings at Barlow Road, Coventry and an unlimited guarantee given by the group companies.

The group has one bank loan, held by the subsidiary company Cumberland Meat Packers Limited. The bank loan relating to Cumberland Meat Packers Limited is due for repayment in June 2024 and interest is charged at a rate of 2.5%. Barlow Properties Limited has given an unlimited guarantee in respect of the loan.

Obligations under hire purchase contracts are secured on the assets to which they relate.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

19. FINANCIAL INSTRUMENTS

The carrying values of the group and company's financial assets and liabilities are summarised by category below:

Group

2023 2022
£ £
Financial assets
Measured at undiscounted amounts receivable 7,890,766 6,552,772
Financial liabilities
Measured at amortised cost 80,405 211,328
Measured at undiscounted amounts payable 1,930,596 2,177,620
2,011,001 2,388,948

Company

2023 2022
£ £
Financial assets
Measured at cost less impairment 5,000,000 5,000,000
Measured at undiscounted amounts receivable 572,671 560,241
5,572,671 5,560,241

Financial liabilities
Measured at amortised cost - -
Measured at undiscounted amounts payable 25,629 47,765
25,629 47,765






20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 127,000 118,000 - -
Deferred tax 126,000 147,000 117,000 138,000
253,000 265,000 117,000 138,000

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2022 265,000
Utilised during year (12,000 )
Balance at 30 September 2023 253,000

Company
Deferred
tax
£   
Balance at 1 October 2022 138,000
Provided during year (21,000 )
Balance at 30 September 2023 117,000

21. CALLED UP SHARE CAPITAL

Allotted. issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000


22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2022 3,140,102 4,000,100 488,519 7,628,721
Profit for the year 1,497,459 1,497,459
Dividends (411,000 ) (411,000 )
Deferred tax on revaluation - - 21,000 21,000
Transfer - - (14,982 ) (14,982 )
At 30 September 2023 4,226,561 4,000,100 494,537 8,721,198

Company
Revaluation
reserve
£   
At 1 October 2022 488,519
Deferred tax on revaluation 21,000

At 30 September 2023 509,519

The revaluation reserve represents cumulative revaluations of the freehold property less the associated deferred taxation provision arising on this revaluation.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
H R J Leman
Balance outstanding at start of year 325,000 325,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 325,000 325,000

24. RELATED PARTY DISCLOSURES

At the year end £100,000 (2022: £100,000) was owed to the company and group in respect of a loan from the father of the director H R J Leman.