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Registered number: 04550304
Ancient Barn Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04550304
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 26,630 30,022
26,630 30,022
CURRENT ASSETS
Stocks 9,760 17,352
Debtors 6 1,791 1,487
Cash at bank and in hand 101,868 83,930
113,419 102,769
Creditors: Amounts Falling Due Within One Year 7 (37,260 ) (40,590 )
NET CURRENT ASSETS (LIABILITIES) 76,159 62,179
TOTAL ASSETS LESS CURRENT LIABILITIES 102,789 92,201
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,190 ) (4,835 )
NET ASSETS 98,599 87,366
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 98,597 87,364
SHAREHOLDERS' FUNDS 98,599 87,366
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Perry Michael Cane
Director
8 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ancient Barn 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 (£)
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised 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.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Acquired goodwill is stated at cost less amortisation. The goodwill in the company has been fully amortised.
2.5. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold 0%
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
2.7. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost 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 profit or loss.
...CONTINUED
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2.7. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. 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 market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
2.9. Pensions
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 6)
7 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 55,000
As at 31 December 2023 55,000
Amortisation
As at 1 January 2023 55,000
As at 31 December 2023 55,000
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 4,576 78,349 23,608 106,533
Additions - 3,960 - 3,960
As at 31 December 2023 4,576 82,309 23,608 110,493
Depreciation
As at 1 January 2023 - 62,862 13,649 76,511
Provided during the period - 4,862 2,490 7,352
As at 31 December 2023 - 67,724 16,139 83,863
Net Book Value
As at 31 December 2023 4,576 14,585 7,469 26,630
As at 1 January 2023 4,576 15,487 9,959 30,022
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 187 -
Other debtors 1,604 1,487
1,791 1,487
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,236 9,114
Other creditors 5,759 6,305
Taxation and social security 26,265 25,171
37,260 40,590
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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