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REGISTERED NUMBER: 14163641 (England and Wales)












BURNS RETAIL AND HOSPITALITY LTD

FINANCIAL STATEMENTS

FOR THE PERIOD

10 JUNE 2022 TO 31 JULY 2023






BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BURNS RETAIL AND HOSPITALITY LTD

COMPANY INFORMATION
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023







DIRECTOR: L J Burns



SECRETARY: J Burns



REGISTERED OFFICE: 99 Ferry Road
Kidwelly
Carmarthenshire
SA17 5EJ



REGISTERED NUMBER: 14163641 (England and Wales)



SENIOR STATUTORY AUDITOR: Llinos Williams



AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

BALANCE SHEET
31 JULY 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 1,893,578
Investments 5 3,333
Investment property 6 1,995,562
3,892,473

CURRENT ASSETS
Stocks 163,899
Debtors 7 874,688
Cash at bank and in hand 88,450
1,127,037
CREDITORS
Amounts falling due within one year 8 301,054
NET CURRENT ASSETS 825,983
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,718,456

CAPITAL AND RESERVES
Called up share capital 10 1
Retained earnings 4,718,455
SHAREHOLDERS' FUNDS 4,718,456

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

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 8 February 2024 and were signed by:





L J Burns - Director


BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

1. STATUTORY INFORMATION

Burns Retail and Hospitality Ltd 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Presentational and Functional currency
The presentational and functional currency is £ sterling.

Going Concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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.

Significant judgements and estimates
The director is 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 reviewed if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.

i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

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

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

Revenue is recognised on the company's primary operation of sale of goods in shops premises when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the Company retains no involvement or control over the goods; (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity; and (e) when the specific criteria relating to each of the Company's sales channels have been met.

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 25% on cost, 20% on cost, 5% on cost, 2% on cost and in accordance with the property lease
Plant and machinery etc - 50% on cost, 25% on cost, 20% on cost and 10% on cost

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight-line method.

Under construction fixed assets
Depreciation of an asset begins when an asset is available for use, therefore no depreciation is charged whilst an asset is within the under construction phase. Once an asset is completed and is ready to use, the asset is transferred to the appropriate fixed asset category, and the asset depreciated based on the deprecation policy.

Impairment of fixed assets
The Company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Leased assets
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and regards incidental to ownership are classified as finance leases.

Finance leases are capitlaised at commencement of the lease as assets at the fair value of the leased asset or, of lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the Company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of the lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method to produce a constant rate of charge on the balance of the capital repayments outstanding.

(ii) Operating leased assets
Leases that do not benefit from all the risk and rewards of ownership are classified as operating leases. Payments under operating leases are charges to the statement of comprehensive income on a straight line basis over the period of the lease.

Investments in associates
Investments in associate 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.

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued

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
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and the other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in no-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amoritsed cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at marker rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amoritised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 period 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.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 50 .

4. TANGIBLE FIXED ASSETS
Assets
Freehold Short under
property leasehold construction
£    £    £   
COST
Additions - - 288,467
Disposals (195,000 ) - (54,546 )
Impairments (218,900 ) - (1,099,764 )
Purchase from group company 1,671,000 485,001 1,530,843
Reclassification/transfer 199,438 - (665,000 )
At 31 July 2023 1,456,538 485,001 -
DEPRECIATION
Charge for period 70,863 92,207 -
Eliminated on disposal (4,063 ) - -
At 31 July 2023 66,800 92,207 -
NET BOOK VALUE
At 31 July 2023 1,389,738 392,794 -

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
Machinery fittings vehicles Totals
£    £    £    £   
COST
Additions 259 4,624 4,003 297,353
Disposals - (8,899 ) (10,481 ) (268,926 )
Impairments - - - (1,318,664 )
Purchase from group company 76,649 36,053 37,478 3,837,024
Reclassification/transfer - - - (465,562 )
At 31 July 2023 76,908 31,778 31,000 2,081,225
DEPRECIATION
Charge for period 16,090 6,227 8,943 194,330
Eliminated on disposal - - (2,620 ) (6,683 )
At 31 July 2023 16,090 6,227 6,323 187,647
NET BOOK VALUE
At 31 July 2023 60,818 25,551 24,677 1,893,578

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 3,333
At 31 July 2023 3,333
NET BOOK VALUE
At 31 July 2023 3,333

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 24,223
Assets transferred to held for sale (255,500 )
Revaluations 116,901
Purchase from group company 1,644,376
Reclassification/transfer 465,562
At 31 July 2023 1,995,562
NET BOOK VALUE
At 31 July 2023 1,995,562

Included in fair value of investment property is freehold land of £ 285,000 which is not depreciated.

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 141,401
Cost 1,854,161
1,995,562

The investment property were valued in July 2023 by external valuer Sean Thomas B.S.c (Hons) MRICS of Astleys Chartered Surveyors.

The valuation was prepared on the basis of market value as defined in the Royal Institution of Chartered Surveyors Valuation.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 13,462
Amounts owed by associates 104,775
Assets held for sale 255,500
Other debtors 500,951
874,688

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 107,065
Amounts owed to group undertakings 31,312
Taxation and social security 82,591
Other creditors 80,086
301,054

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 66,654
Between one and five years 50,801
117,455

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1 Ordinary £1 1

BURNS RETAIL AND HOSPITALITY LTD (REGISTERED NUMBER: 14163641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 JUNE 2022 TO 31 JULY 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We were unable to satisfy ourselves of the valuation of the stock held at 31 July 2023, due to the lack of audit trail in relation to the cost price. We were unable to satisfy ourselves by alternate means concerning the stock valuation, which is stated in the statement of financial position at £163,899.

Consequently, we were unable to determine whether any adjustment to this amount was necessary in respect to the recorded value of stock and elements making up the profit and loss accounts and balance sheet.

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 company 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 qualified opinion.

Matters required to report by exception

Llinos Williams (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 July 2023:

£   
J Burns
Balance outstanding at start of period -
Amounts advanced 492,758
Amounts repaid (100,000 )
Amounts written off -
Amounts waived -
Balance outstanding at end of period 392,758

Included within other debtors is an amount owed from the director. This amount is repaid within 9 months of the year end.

13. RELATED PARTY DISCLOSURES

Entities with control, joint control, or significant influence over the entity
2023
£   
Rental Income 21,934
Sale of Equipment 65,455


14. ULTIMATE CONTROLLING PARTY

The controlling party is JB Retail Midco Ltd.

The ultimate controlling party is BRH Holdings Limited.

BRH Holdings Limited is regarded by the director as being the company's ultimate parent company.

As of 2 November 2023, 100% of the issued share capital of JB Midco Limited was transferred to BRH Holdings Limited.

J Burns remains the ultimate controlling party by virtue of his 100% share holding in the parent company.