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REGISTERED NUMBER: 11837914 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Burnett & Burnett Ltd

Burnett & Burnett Ltd (Registered number: 11837914)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Burnett & Burnett Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: R Burnett
Mrs J Burnett





REGISTERED OFFICE: 24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ





REGISTERED NUMBER: 11837914 (England and Wales)





ACCOUNTANTS: Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Burnett & Burnett Ltd (Registered number: 11837914)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,131 2,664
Investment property 5 191,877 191,877
194,008 194,541

CURRENT ASSETS
Cash at bank 31,217 49,938

CREDITORS
Amounts falling due within one year 6 82,189 101,367
NET CURRENT LIABILITIES (50,972 ) (51,429 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

143,036

143,112

CREDITORS
Amounts falling due after more than one
year

7

(123,025

)

(123,025

)

PROVISIONS FOR LIABILITIES (4,750 ) (4,750 )
NET ASSETS 15,261 15,337

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 8 20,250 20,250
Retained earnings (4,991 ) (4,915 )
SHAREHOLDERS' FUNDS 15,261 15,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Burnett & Burnett Ltd (Registered number: 11837914)

Balance Sheet - continued
29 February 2024


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 Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:




R Burnett - Director



Mrs J Burnett - Director


Burnett & Burnett Ltd (Registered number: 11837914)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Burnett & Burnett 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Significant judgements and estimates
The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of these financial statements.

Turnover
Turnover represents the invoiced value of goods and services supplied by the company, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in revaluation reserve.

Taxation
Taxation for the year 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.


Burnett & Burnett Ltd (Registered number: 11837914)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023
and 29 February 2024 3,082
DEPRECIATION
At 1 March 2023 418
Charge for year 533
At 29 February 2024 951
NET BOOK VALUE
At 29 February 2024 2,131
At 28 February 2023 2,664

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 191,877
NET BOOK VALUE
At 29 February 2024 191,877
At 28 February 2023 191,877

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2020 20,000
Valuation in 2021 5,000
Cost 166,877
191,877

Burnett & Burnett Ltd (Registered number: 11837914)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other creditors 82,189 101,367

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 123,025 123,025

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 123,025 123,025

8. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 20,250

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the Directors were owed £81,354 (2023: £100,647) by the company.