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COMPANY REGISTRATION NUMBER: SC037771
P. R. Barrett (Commission Agents) Limited
Filleted Unaudited Financial Statements
31 January 2024
P. R. Barrett (Commission Agents) Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
P. R. Barrett (Commission Agents) Limited
Officers and Professional Advisers
Director
Mrs K Meikle
Registered office
109 East Main Street
Uphall
West Lothian
EH52 5JA
Accountants
Gibson McKerrell Burrows Limited
Chartered Accountants
28 Rutland Square
Edinburgh
EH1 2BW
P. R. Barrett (Commission Agents) Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
196,000
196,000
Current assets
Debtors
5
160,500
120,000
Cash at bank and in hand
23,125
60,976
----------
----------
183,625
180,976
Creditors: amounts falling due within one year
6
2,451
2,652
----------
----------
Net current assets
181,174
178,324
----------
----------
Total assets less current liabilities
377,174
374,324
----------
----------
Net assets
377,174
374,324
----------
----------
P. R. Barrett (Commission Agents) Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
377,074
374,224
----------
----------
Shareholders funds
377,174
374,324
----------
----------
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 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mrs K Meikle
Director
Company registration number: SC037771
P. R. Barrett (Commission Agents) Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 109 East Main Street, Uphall, West Lothian, EH52 5JA.
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 represents property income receivable in the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Investment properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
196,000
8,555
204,555
----------
-------
----------
Depreciation
At 1 February 2023 and 31 January 2024
8,555
8,555
----------
-------
----------
Carrying amount
At 31 January 2024
196,000
196,000
----------
-------
----------
At 31 January 2023
196,000
196,000
----------
-------
----------
The company's properties were revalued on 31 January 2021. The director is of the opinion that there has been no change in value since that date.
5. Debtors
2024
2023
£
£
Loan to The Executors of J Barrett
120,000
120,000
Other debtors
40,500
----------
----------
160,500
120,000
----------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,573
1,693
Corporation tax
725
806
Director loan accounts
153
153
-------
-------
2,451
2,652
-------
-------
7. Related party transactions
The company was under the control of J P Barrett until his death on 24 October 2020. From that date, K Meikle took control of the company. Mrs K Meikle is the majority shareholder. One of the company's properties is occupied by a relative of the director on a fair market rent. The company provided a Loan to the Executors of J Barrett. This loan is interest free and will be repaid when the Executors have the funds to do so.