Company Registration No. 07010557 (England and Wales)
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
80 Compair Crescent
Ipswich
Suffolk
UK
IP2 0EH
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
BALANCE SHEET
AS AT 29 OCTOBER 2023
29 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
16,083,398
14,946,169
Debtors
5
42,480
59,136
Cash at bank and in hand
45,847
23,859
16,171,725
15,029,164
Creditors: amounts falling due within one year
6
(1,499,958)
(1,517,210)
Net current assets
14,671,767
13,511,954
Creditors: amounts falling due after more than one year
7
(15,151,617)
(14,031,052)
Net liabilities
(479,850)
(519,098)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(479,950)
(519,198)
Total equity
(479,850)
(519,098)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
R Withey
Director
Company Registration No. 07010557
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Barons Keep Property Company (London) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 2).
2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 October 2022 and 29 October 2023
18,587
Depreciation and impairment
At 30 October 2022 and 29 October 2023
18,587
Carrying amount
At 29 October 2023
At 29 October 2022
BARONS KEEP PROPERTY COMPANY (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
42,480
59,136
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,948
53,297
Taxation and social security
100
300
Other creditors
1,458,910
1,463,613
1,499,958
1,517,210
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,151,617
14,031,052
Charges created on 3 August 2023, 4 December 2018, 18 November 2011, 23 September 2016, 6 March 2017 and 4 December 2018 in favour of Close Brothers Limited exists over all the property and undertaking of the company.
A Director has entered into a personal guarantee for up to £250,000 in relation to amounts outstanding to Close Brothers Limited.