Company registration number 01407381 (England and Wales)
BARNFIELD HUGHES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BARNFIELD HUGHES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BARNFIELD HUGHES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,846
14,573
Investments
4
3,065,653
2,303,179
3,075,499
2,317,752
Current assets
Stocks
1,046,279
1,045,847
Debtors
5
1,633,499
1,163,086
Cash at bank and in hand
2,144,030
3,841,357
4,823,808
6,050,290
Creditors: amounts falling due within one year
6
(4,241,871)
(4,422,128)
Net current assets
581,937
1,628,162
Net assets
3,657,436
3,945,914
Capital and reserves
Called up share capital
61,000
61,000
Capital redemption reserve
39,000
39,000
Profit and loss reserves
3,557,436
3,845,914
Total equity
3,657,436
3,945,914

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 30 September 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:

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.

BARNFIELD HUGHES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr O C D Hughes
Director
Company registration number 01407381 (England and Wales)
BARNFIELD HUGHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Barnfield Hughes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9QP.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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:

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.

1.3
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.4
Stocks

Stock comprises land acquired for development and is stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of stock includes professional fees in relation to the development of the land.

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BARNFIELD HUGHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
BARNFIELD HUGHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Motor vehicles
£
Cost or valuation
At 1 October 2022 and 30 September 2023
18,906
Depreciation and impairment
At 1 October 2022
4,333
Depreciation charged in the year
4,727
At 30 September 2023
9,060
Carrying amount
At 30 September 2023
9,846
At 30 September 2022
14,573
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,536,845
1,536,845
Other investments other than loans
1,528,808
766,334
3,065,653
2,303,179
Fixed asset investments revalued

The investments are listed on the Canadian Stock Exchange and have been revalued at market rate at the year end. The historical cost was CAD$2,078,886 translates to £1,252,341 (2022: CAD$829,110 translated to £496,764).

BARNFIELD HUGHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2022
1,536,845
766,334
2,303,179
Additions
-
1,008,693
1,008,693
Valuation changes
-
(181,146)
(181,146)
Loss on foreign exchange
-
(65,073)
(65,073)
At 30 September 2023
1,536,845
1,528,808
3,065,653
Carrying amount
At 30 September 2023
1,536,845
1,528,808
3,065,653
At 30 September 2022
1,536,845
766,334
2,303,179
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
31,572
-
0
Other debtors
1,422,359
1,010,555
1,453,931
1,010,555
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
179,568
152,531
Total debtors
1,633,499
1,163,086
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
4,053,088
4,149,189
Corporation tax
179,568
267,739
Other creditors
9,215
5,200
4,241,871
4,422,128
BARNFIELD HUGHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
7
Related party transactions

At 30 September 2023 the company had amounts due to related parties of £4,053,088 (2022: £4,149,189). This balance is disclosed in other creditors.

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