Registered number
07465497
Barmont Ventures Limited
Filleted Accounts
31 December 2023
Barmont Ventures Limited
Registered number: 07465497
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 687 999
Investment property 4 3,545,000 3,545,000
Investments 5 867 867
3,546,554 3,546,866
Current assets
Cash at bank and in hand 16,977 3,527
Creditors: amounts falling due within one year 6 (524,923) (532,723)
Net current liabilities (507,946) (529,196)
Total assets less current liabilities 3,038,608 3,017,670
Creditors: amounts falling due after more than one year 7 (1,702,000) (1,702,000)
Provisions for liabilities (37,500) (37,500)
Net assets 1,299,108 1,278,170
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 693,966 693,966
Profit and loss account 605,042 584,104
Shareholders' funds 1,299,108 1,278,170
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rory Barlow
Director
Approved by the board on 26 September 2024
Barmont Ventures Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
. the amount of revenue can be measured reliably;
. it is probable that the Company will receive the consideration due under the contract;
. the stage of completion of the contract at the end of the reporting period can be measured reliably; and
. the costs incurred and the costs to complete the contract can be measured reliably.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25%
Investment property
Investment property is carried at fair value determined annually by the Director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Fixtures & fittings etc
£
Cost
At 1 January 2023 16,226
At 31 December 2023 16,226
Depreciation
At 1 January 2023 15,227
Charge for the year 312
At 31 December 2023 15,539
Net book value
At 31 December 2023 687
At 31 December 2022 999
4 Investment property 2023
£
B/fwd 3,545,000
C/fwd 3,545,000
In 2020 valuations were made by the Director, on an open market value for existing use basis and in 2021 part of the portfolio was professionally revalued.
Historical cost
At 1 January 2023 2,850,980
At 31 December 2023 2,850,980
5 Investments
Other
investments
£
Cost
At 1 January 2023 867
At 31 December 2023 867
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 45 48
Other creditors 524,878 532,675
524,923 532,723
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,702,000 1,702,000
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 693,966 693,976
Gain on revaluation of investments - (10)
At 31 December 2023 693,966 693,966
9 Related party transactions
Barmont Properties Limited is a related party by virtue of having shareholders in common. At the year end the Company was owed £474.076 (2022: At the previous year end the Company was owed £305,353) by Barmont Properties Limited.
Included within other creditors is a balance of £Nil owed to a director. In the previous year £92,618 was owed by the Company to a Director. No interest is charged on this balance and it is repayable on demand.
Included within other creditors is a balance of £6,596, (2022: £8,219), owed by the Company to a Director. No interest is charged on this balance and it is repayable on demand.
Included within other creditors is a balance of £Nil owed to a director. In the previous year £92,618 was owed by the Company to a Director. No interest is charged on this balance and it is repayable on demand.
Included within other creditors is a balance of £20,277 (2022: £14,864), owed by the Company to a Director. No interest is charged on this balance and it is repayable on demand.
10 Other information
Barmont Ventures Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bakehouse
Downs Park East
Bristol
BS6 7QD
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