Company registration number 03508001 (England and Wales)
BAREHAM PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BAREHAM PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
BAREHAM PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
5,094,998
5,784,998
Investments
4
514,905
514,905
5,609,903
6,299,903
Current assets
Debtors
6
67,737
15,516
Cash at bank and in hand
142,747
13,103
210,484
28,619
Creditors: amounts falling due within one year
7
(3,335,465)
(891,115)
Net current liabilities
(3,124,981)
(862,496)
Total assets less current liabilities
2,484,922
5,437,407
Creditors: amounts falling due after more than one year
8
(2,729,467)
Provisions for liabilities
(181,959)
(220,709)
Net assets
2,302,963
2,487,231
Capital and reserves
Called up share capital
1,772,514
1,772,514
Profit and loss reserves
10
530,449
714,717
Total equity
2,302,963
2,487,231
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 31 December 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 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.
BAREHAM PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
J M Parkinson
Director
Company Registration No. 03508001
BAREHAM PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,772,514
664,116
2,436,630
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
50,601
50,601
Balance at 31 December 2022
1,772,514
714,717
2,487,231
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(184,268)
(184,268)
Balance at 31 December 2023
1,772,514
530,449
2,302,963
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Bareham Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cedars, Church Road, Ashford, Kent, TN23 1RQ.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the renting of properties.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.
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 and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
514,905
514,905
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Investment property
2023
£
Fair value
At 1 January 2023
5,784,998
Disposals
(690,000)
At 31 December 2023
5,094,998
The directors consider the fair value of investment properties to total £5,095,000 at the year end.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,171
Amounts owed by group undertakings
47,759
1,050
Other debtors
15,807
14,466
67,737
15,516
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
2,139,873
36,233
Trade creditors
28,557
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,113,068
791,398
Corporation tax
1,735
Other creditors
53,967
61,749
3,335,465
891,115
The bank loan was secured on the company's investment properties.
Bank loans include two mortgages that were fully repaid in May 2024, and have therefore been included in creditors falling due within one year. However, after the balance sheet date these loans were refinanced with a facility amount of £1,500,000 repayable by a single repayment five years after the date of first drawdown of the facility.
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
2,729,467
The bank loan was secured on the company's investment properties.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Amounts arising on investment property revaluations
181,959
220,709
2023
Movements in the year:
£
Liability at 1 January 2023
220,709
Credit to profit or loss
(38,750)
Liability at 31 December 2023
181,959
The deferred tax liability set out above relates to amounts arising on investment property revaluations that are held in the company as at 31 December 2023. This has been reflected at a rate of 25%.
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
714,717
664,116
(Loss)/profit for the year
(184,268)
50,601
At the end of the year
530,449
714,717
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Profit and loss reserves
(Continued)
- 9 -
Included within profit and loss reserves are non-distributable profits, as set out below:
2023
2022
£
£
Non-distributable profits included above
At the beginning of the year
662,128
-
Non distributable profits in the year
(71,251)
662,128
At the end of the year
590,877
662,128
Distributable profits
(60,428)
52,589
BAREHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Related party transactions
Included within creditors due within one year is an amount due to Bareham Investments (UK) Limited, a 100% subsidiary of Bareham Properties Limited. During the year, amounts due to Bareham Investments (UK) Limited from Hardy House Limited of £57,795 and Ryanham Investments Limited of £310,066, both 100% subsidiaires of Bareham Investments (UK) Limited, were reassigned to Bareham Properties Limited by way of deeds of assignment of loans.
As at 31 December 2023, Bareham Properties Limited owed Bareham Investments (UK) Limited a balance of £991,199, in addition to a balance of £2 due to Ryanham Investments Limited. These balances are repayable on demand and no interest is being charged.
As at 31 December 2023, Bareham Properties Limited was owed £47,759 by Hardy House Limited.
2023-12-312023-01-01false06 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityJ M ParkinsonS J ParkinsonL Wallfalsefalse035080012023-01-012023-12-31035080012023-12-31035080012022-12-3103508001core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103508001core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103508001core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103508001core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103508001core:CurrentFinancialInstruments2023-12-3103508001core:CurrentFinancialInstruments2022-12-3103508001core:ShareCapital2023-12-3103508001core:ShareCapital2022-12-3103508001core:RetainedEarningsAccumulatedLosses2023-12-3103508001core:RetainedEarningsAccumulatedLosses2022-12-3103508001core:ShareCapital2021-12-3103508001core:RetainedEarningsAccumulatedLosses2021-12-3103508001core:RetainedEarningsAccumulatedLosses2022-12-3103508001bus:Director12023-01-012023-12-3103508001core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31035080012022-01-012022-12-3103508001core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31035080012022-12-3103508001core:WithinOneYear2023-12-3103508001core:WithinOneYear2022-12-3103508001core:Non-currentFinancialInstruments2023-12-3103508001core:Non-currentFinancialInstruments2022-12-3103508001bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103508001bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103508001bus:FRS1022023-01-012023-12-3103508001bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103508001bus:Director22023-01-012023-12-3103508001bus:CompanySecretary12023-01-012023-12-3103508001bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP