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Registration number: 04184496

Barrowell Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Barrowell Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Barrowell Limited

(Registration number: 04184496)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7

10

Investment property

6

5,000,000

5,000,000

 

5,000,007

5,000,010

Current assets

 

Debtors

7

590,084

565,693

Creditors: Amounts falling due within one year

8

(584,355)

(559,923)

Net current assets

 

5,729

5,770

Total assets less current liabilities

 

5,005,736

5,005,780

Creditors: Amounts falling due after more than one year

8

(2,003,015)

(2,002,185)

Provisions for liabilities

(538,973)

(409,620)

Net assets

 

2,463,748

2,593,975

Capital and reserves

 

Called up share capital

10

2

2

Other reserves

2,458,917

2,588,270

Retained earnings

4,829

5,703

Shareholders' funds

 

2,463,748

2,593,975

 

Barrowell Limited

(Registration number: 04184496)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2024
 

.........................................
Mr George Philippou
Director

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN
England

These financial statements were authorised for issue by the director on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rental income from tenants.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable 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.

Trade creditors

Creditors with no stated interest rate and payables 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.

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

129,353

-

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,934

1,934

At 31 March 2024

1,934

1,934

Depreciation

At 1 April 2023

1,924

1,924

Charge for the year

3

3

At 31 March 2024

1,927

1,927

Carrying amount

At 31 March 2024

7

7

At 31 March 2023

10

10

6

Investment properties

2024
£

At 1 April

5,000,000

At 31 March

5,000,000

The freehold property was valued by the director at 31 March 2024 at market value of £5,000,000. The historic cost of the property was £2,002,109 (2023 - £2,002,109).

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

586,353

562,802

Prepayments

 

3,728

2,888

Other debtors

 

3

3

   

590,084

565,693

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,690

6,728

Accruals and deferred income

3,000

3,000

Other creditors

578,665

550,195

584,355

559,923

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,003,015

2,002,185

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,003,015

2,002,185

The company's loans are secured against the company's assets by way of a fixed and floating charge.

 

Barrowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

11

Financial commitments, guarantees and contingencies

The company has provided security for a loan held in W Residence Limited.