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COMPANY REGISTRATION NUMBER: 06034168
Long Barn Winchester Ltd.
Filleted Unaudited Financial Statements
31 December 2023
Long Barn Winchester Ltd.
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Long Barn Winchester Ltd.
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
99,884
100,494
Current assets
Stocks
259,071
232,258
Debtors
7
43,833
20,348
Cash at bank and in hand
685,656
729,184
---------
---------
988,560
981,790
Creditors: amounts falling due within one year
8
470,451
492,746
---------
---------
Net current assets
518,109
489,044
---------
---------
Total assets less current liabilities
617,993
589,538
Creditors: amounts falling due after more than one year
9
53,125
90,625
---------
---------
Net assets
564,868
498,913
---------
---------
Capital and reserves
Called up share capital
533
533
Share premium account
310,951
310,951
Profit and loss account
253,384
187,429
---------
---------
Shareholders funds
564,868
498,913
---------
---------
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 income and retained earnings has not been delivered.
For the 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 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 .
Long Barn Winchester Ltd.
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr R Norris
Director
Company registration number: 06034168
Long Barn Winchester Ltd.
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Sheep Fair, Bishops Sutton Road, Alresford, Hampshire, SO24 9EJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Land and buildings
-
20% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 58 (2022: 64 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
17,324
--------
Amortisation
At 1 January 2023 and 31 December 2023
17,324
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
254,411
46,997
122,904
424,312
Additions
10,364
9,946
3,203
23,513
---------
--------
---------
---------
At 31 December 2023
264,775
56,943
126,107
447,825
---------
--------
---------
---------
Depreciation
At 1 January 2023
227,764
11,794
84,260
323,818
Charge for the year
7,746
8,349
8,028
24,123
---------
--------
---------
---------
At 31 December 2023
235,510
20,143
92,288
347,941
---------
--------
---------
---------
Carrying amount
At 31 December 2023
29,265
36,800
33,819
99,884
---------
--------
---------
---------
At 31 December 2022
26,647
35,203
38,644
100,494
---------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
38,694
14,590
Other debtors
5,139
5,758
--------
--------
43,833
20,348
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
37,500
37,500
Trade creditors
123,773
157,051
Corporation tax
51,166
11,489
Social security and other taxes
141,605
127,127
Gift vouchers
10,749
7,994
Other creditors
105,658
151,585
---------
---------
470,451
492,746
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
53,125
90,625
--------
--------
National Westminster Bank PLC has a fixed and floating charge over the companies assets as security for the bank loan in place.
10. Related party transactions
At the balance sheet date, the directors owed the company £nil (2022: £nil).