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COMPANY REGISTRATION NUMBER: 00339647
Barrett's of St. Neots Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Barrett's of St. Neots Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,500,000
1,503,648
Current assets
Debtors
6
23,168
18,010
Cash at bank and in hand
51,773
65,989
--------
--------
74,941
83,999
Creditors: amounts falling due within one year
7
324,664
80,171
---------
--------
Net current (liabilities)/assets
( 249,723)
3,828
------------
------------
Total assets less current liabilities
1,250,277
1,507,476
Creditors: amounts falling due after more than one year
8
747,500
1,012,500
Provisions
Taxation including deferred tax
58,688
57,251
------------
------------
Net assets
444,089
437,725
------------
------------
Capital and reserves
Called up share capital
27,406
27,406
Share premium account
235,724
235,724
Revaluation reserve
363,774
363,774
Capital redemption reserve
12,232
12,232
Profit and loss account
( 195,047)
( 201,411)
---------
---------
Shareholders funds
444,089
437,725
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Barrett's of St. Neots Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
A P Huckle
Director
Company registration number: 00339647
Barrett's of St. Neots Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 High Street, Abbotsley, St Neots, Cambs, PE19 6UJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense.
Tangible assets other than investment property
Tangible assets other than investment property are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% per annum straight line
Motor vehicles
-
25% per annum reducing balance
Fixtures and fittings
-
15% per annum reducing balance or 10% per annum straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Unrealised changes to the fair value of the investment property together with the related deferred taxation are transferred from the profit and loss reserve to the revaluation reserve each year.
Going concern
The company is reliant on the continued support of its bankers and the directors. The directors are confident that these facilities will be sufficient to meet the requirements of the company.
The financial statements have been prepared on a going concern basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Investment property
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 February 2023
1,500,000
457
7,250
1,507,707
Disposals
( 7,250)
( 7,250)
------------
----
-------
------------
At 31 January 2024
1,500,000
457
1,500,457
------------
----
-------
------------
Depreciation
At 1 February 2023
381
3,678
4,059
Charge for the year
76
535
611
Disposals
( 4,213)
( 4,213)
------------
----
-------
------------
At 31 January 2024
457
457
------------
----
-------
------------
Carrying amount
At 31 January 2024
1,500,000
1,500,000
------------
----
-------
------------
At 31 January 2023
1,500,000
76
3,572
1,503,648
------------
----
-------
------------
The investment property has been valued as at 31 January 2023 and 2024 by the directors on an open market value, based upon a professional valuations carried out in December 2021 and November 2022.
6. Debtors
2024
2023
£
£
Trade debtors
9,142
8,044
Other debtors
14,026
9,966
--------
--------
23,168
18,010
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,000
50,000
Accruals and deferred income
45,072
27,347
Social security and other taxes
141
Director loan accounts
249,541
Other creditors
51
2,683
---------
--------
324,664
80,171
---------
--------
The bank loans and overdrafts are secured by a fixed charge over the undertaking and all property and assets present and future and by personal guarantees from the directors totalling £350,000.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
747,500
1,012,500
---------
------------
The bank loans and overdrafts are secured by a fixed charge over the undertaking and all property and assets present and future and by personal guarantees from the directors totalling £350,000.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £812,500) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
58,688
57,251
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
( 4,578)
( 4,836)
Revaluation of tangible assets
68,706
68,706
Unused tax losses
( 5,440)
( 6,619)
--------
--------
58,688
57,251
--------
--------
10. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
17,969
28,750
Later than 1 year and not later than 5 years
17,969
--------
--------
17,969
46,719
--------
--------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
137,250
141,000
Later than 1 year and not later than 5 years
338,750
344,750
---------
---------
476,000
485,750
---------
---------