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REGISTERED NUMBER: 10333760 (England and Wales)


Barnet (Albert Road) Developments Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2023






Barnet (Albert Road) Developments Ltd (Registered number: 10333760)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Barnet (Albert Road) Developments Ltd

Company Information
for the year ended 31 March 2023







DIRECTOR: Mr I Dinc





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 10333760 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Barnet (Albert Road) Developments Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barnet (Albert Road) Developments Ltd for the year ended 31 March 2023 which comprise the Abridged Income Statement, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Barnet (Albert Road) Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Barnet (Albert Road) Developments Ltd and state those matters that we have agreed to state to the director of Barnet (Albert Road) Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barnet (Albert Road) Developments Ltd and its director for our work or for this report.

It is your duty to ensure that Barnet (Albert Road) Developments Ltd 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 loss of Barnet (Albert Road) Developments Ltd. You consider that Barnet (Albert Road) Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Barnet (Albert Road) Developments Ltd. 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.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


31 January 2024

Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 6,096,538 6,000,000
6,096,638 6,000,100

CURRENT ASSETS
Debtors 6 4,087 1,654
Cash at bank 18,884 17,864
22,971 19,518
CREDITORS
Amounts falling due within one year 7 134,010 98,769
NET CURRENT LIABILITIES (111,039 ) (79,251 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,985,599

5,920,849

CREDITORS
Amounts falling due after more than one
year

8

(4,767,964

)

(4,642,035

)

PROVISIONS FOR LIABILITIES 10 (302,982 ) (302,982 )
NET ASSETS 914,653 975,832

Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Statement of Financial Position - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 230 230
Non-distributable reserves 12 1,291,660 1,291,660
Retained earnings 12 (377,237 ) (316,058 )
SHAREHOLDERS' FUNDS 914,653 975,832

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 January 2024 and were signed by:





Mr I Dinc - Director


Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Barnet (Albert Road) Developments 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

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.

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

Investments in subsidiaries
Investments in subsidiary 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.

Going concern
The Financial Statements have been prepared on the going concern basis on the grounds that the director will continue to provide sufficient finance to the company to meets its liabilities as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 100
NET BOOK VALUE
At 31 March 2023 100
At 31 March 2022 100

Shares in group undertakings represent the cost of investing in the 100% holding of Barnet Property Limited- an unquoted company registered in England.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,000,000
Additions 96,538
At 31 March 2023 6,096,538
NET BOOK VALUE
At 31 March 2023 6,096,538
At 31 March 2022 6,000,000


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,426 1,124
Other debtors 661 530
4,087 1,654

Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1 -
Trade creditors 5,227 3,637
Other creditors 128,782 95,132
134,010 98,769

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 4,100,954 4,100,954
Other creditors 667,010 541,081
4,767,964 4,642,035

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 4,100,954 4,100,954

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Business loans 4,050,000 4,050,000

Business loans are secured on property known as 9 Albert Road, Barnet EN4 9SH by way of fixed charge.



Unsecured debts:

Bounce back loan government -backed loan.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 302,982 302,982

Barnet (Albert Road) Developments Ltd (Registered number: 10333760)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 302,982
Balance at 31 March 2023 302,982

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
230 Ordinary £1 230 230

12. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 April 2022 (316,058 ) 1,291,660 975,602
Deficit for the year (61,179 ) (61,179 )
At 31 March 2023 (377,237 ) 1,291,660 914,423

13. RELATED PARTY DISCLOSURES

Transactions with related parties:

Loans due to member of key management personnel at balance sheet date is £125,183 (2022:£92,132).
Interest free loan payable on demand.

Loans due to entities under common and joint control undertakings at balance sheet date is £667,010(2022:£541,081). Loans bear interest at market rate and have no fixed repayment terms.