Company registration number 11388151 (England and Wales)
BARTLEY BALMORAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BARTLEY BALMORAL LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 September 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,537
79,802
Investments
4
162
162
46,699
79,964
Current assets
Debtors
5
27,480,404
22,024,525
Cash at bank and in hand
15,872,649
20,713,129
43,353,053
42,737,654
Creditors: amounts falling due within one year
6
(3,000,697)
(1,606,064)
Net current assets
40,352,356
41,131,590
Net assets
40,399,055
41,211,554
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
40,398,945
41,211,444
Total equity
40,399,055
41,211,554
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 period ended 31 March 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 period 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 21 August 2024 and are signed on its behalf by:
Mr M James
Director
Company registration number 11388151 (England and Wales)
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Bartley Balmoral Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Reporting period
The financial statements represent a period of accounts between 01 October 2022 to 31 March 2023. Therefore the figures are not directly comparable with the prior period of 12 months.
1.2
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
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:
Fixtures and fittings
5 years
Computers
5 years
Motor vehicles
4 years
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.
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.8
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.
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
3
2
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
76,630
8,303
38,444
123,377
Additions
4,337
2,603
6,940
Disposals
(35,668)
(35,668)
At 31 March 2023
45,299
10,906
38,444
94,649
Depreciation and impairment
At 1 October 2022
4,350
781
38,444
43,575
Depreciation charged in the period
5,419
1,208
6,627
Eliminated in respect of disposals
(2,090)
(2,090)
At 31 March 2023
7,679
1,989
38,444
48,112
Carrying amount
At 31 March 2023
37,620
8,917
46,537
At 30 September 2022
72,280
7,522
79,802
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
162
162
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,791,145
1,390,798
Amounts owed by group undertakings
18,804,376
18,899,708
Other debtors
5,884,883
1,734,019
27,480,404
22,024,525
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,443
132,689
Corporation tax
2,854,870
1,434,105
Other taxation and social security
541
Other creditors
66,843
39,270
3,000,697
1,606,064
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
18,804,376
18,899,708
Other information
8
Directors' transactions
At the balance sheet date, the company was owed £5,787,925 (2022: £1,638,749) by the directors of the company. Interest is charged at 4.75% per annum for the period since the loan became due to the company.
9
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Sep 2022
£
£
£
Current assets
Debtors due within one year
20,633,727
1,390,798
22,024,525
Capital and reserves
Profit and loss reserves
39,820,646
1,390,798
41,211,444
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 September 2022
£
£
£
Taxation
(1,390,798)
1,390,798
Profit for the financial period
29,405,432
1,390,798
30,796,230
BARTLEY BALMORAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
9
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 October
30 September
2021
2022
£
£
Adjustments to prior period
S455 tax treatment corrected
-
1,390,798
Equity as previously reported
10,415,324
39,820,756
Equity as adjusted
10,415,324
41,211,554
Analysis of the effect upon equity
Profit and loss reserves
-
1,390,798
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior period
S455 tax treatment corrected
1,390,798
Profit as previously reported
29,405,432
Profit as adjusted
30,796,230
Notes to reconciliation
Subsequent to finalising the 31 March 2022 accounts, the directors discovered an error in relation to the reporting of S455 tax. An amount of £1,390,798 related to S455 tax charge had been incorrectly reported as tax charge under profit and loss in the 31 March 2022.
The result of the error has reduced both current asses and associated reserves by £1,390,798 in the comparatives of the 31 March 2023 financial statements. The adjustment has resulted in a decrease of the tax charge by £1,390,798 and therefore a increase in corporation tax repayable as at 31 March 2022 from £Nil to £1,390,798.