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Registration number: 09482990

The Old Kent Barn Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

The Old Kent Barn Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Old Kent Barn Ltd

Company Information

Directors

Mr AWK Weedon

Mrs C Weedon

Registered office

The Old Kent Barn
Smersole Farm
Swingfield
Dover
Kent
CT15 7HF

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

The Old Kent Barn Ltd

(Registration number: 09482990)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,593,642

2,510,440

Current assets

 

Stocks

5

7,500

7,500

Debtors

6

28,369

30,497

Cash at bank and in hand

 

510,187

554,665

 

546,056

592,662

Creditors: Amounts falling due within one year

7

(1,134,407)

(1,113,084)

Net current liabilities

 

(588,351)

(520,422)

Total assets less current liabilities

 

2,005,291

1,990,018

Creditors: Amounts falling due after more than one year

7

(1,113,813)

(1,170,311)

Provisions for liabilities

9

(12,713)

-

Net assets

 

878,765

819,707

Capital and reserves

 

Called up share capital

900

900

Retained earnings

877,865

818,807

Shareholders' funds

 

878,765

819,707

 

The Old Kent Barn Ltd

(Registration number: 09482990)
Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 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 Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr AWK Weedon
Director

   
     
 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
The Old Kent Barn
Smersole Farm
Swingfield
Dover
Kent
CT15 7HF

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 sale of goods and provision of services 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.

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

not provided

Plant and machinery etc

10-25% on reducing balance

Motor vehicles

25% on reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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 39 (2022 - 43).

4

Tangible assets

Land and buildings
£

Plant and machinery etc
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

2,428,015

358,277

2,500

2,788,792

Additions

-

42,968

78,938

121,906

At 30 September 2023

2,428,015

401,245

81,438

2,910,698

Depreciation

At 1 October 2022

-

278,352

-

278,352

Charge for the year

-

22,000

16,704

38,704

At 30 September 2023

-

300,352

16,704

317,056

Carrying amount

At 30 September 2023

2,428,015

100,893

64,734

2,593,642

At 30 September 2022

2,428,015

79,925

2,500

2,510,440

Included within the net book value of land and buildings above is £2,428,015 (2022 - £2,428,015) in respect of freehold land and buildings.
 

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

7,500

7,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,910

-

Prepayments

23,459

28,401

Other debtors

-

2,096

 

28,369

30,497

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

88,627

87,347

Trade creditors

 

71,006

78,574

Taxation and social security

 

194,839

232,909

Accruals and deferred income

 

10,050

6,000

Other creditors

 

769,885

708,254

 

1,134,407

1,113,084

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,113,813

1,170,311

2023
£

2022
£

Due after more than five years

After more than five years by instalments

760,176

831,313

-

-

Creditors include bank loans which are secured of £1,132,910 (2022 - £1,208,930).

The bank loans are secured on the freehold land and property of the company along with other assets.

 

The Old Kent Barn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,090,844

1,170,311

HP and finance lease liabilities

22,969

-

1,113,813

1,170,311

2023
£

2022
£

Current loans and borrowings

Bank borrowings

82,667

84,749

Hire purchase liabilities

5,710

-

Directors current account

250

2,598

88,627

87,347

9

Provisions for liabilities

Deferred tax
£

Total
£

Additional provisions

12,713

12,713

At 30 September 2023

12,713

12,713

10

Ultimate controlling party

Mr W and Mrs C Weedon are the ultimate controlling parties by virtue of their shareholdings.