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Barry Edgar Garden Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 699655

 

Barry Edgar Garden Developments Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Barry Edgar Garden Developments Limited

(Registration number: 699655)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,970,336

1,970,336

Current assets

 

Debtors

5

4,167

10,480

Cash at bank and in hand

 

2,059

4,779

 

6,226

15,259

Creditors: Amounts falling due within one year

6

(75,040)

(74,775)

Net current liabilities

 

(68,814)

(59,516)

Total assets less current liabilities

 

1,901,522

1,910,820

Creditors: Amounts falling due after more than one year

6

(114,501)

(148,911)

Provisions for liabilities

(323,313)

(323,313)

Net assets

 

1,463,708

1,438,596

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

1,463,508

1,438,396

Shareholders' funds

 

1,463,708

1,438,596

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
Mr S E Weller
Director

 

Barry Edgar Garden Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.


The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Barry Edgar Garden Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 January

1,970,336

At 31 December

1,970,336

The Investment properties were revalued on 29 June 2015 by Lambert Smith Hampton RICS who are independent of the company and have experience of valuing similar properties. If freehold property were included in the balance sheet on a historical cost basis, then the carrying amount would be £268,690.

 

Barry Edgar Garden Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

4,167

10,480

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loan

45,000

43,200

Taxation and social security

 

16,238

18,498

Other creditors

 

13,802

13,077

 

75,040

74,775


The bank loan is secured by a fixed and floating charge over the assets of the company dated 11 February 2016.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

114,501

148,911

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200