Company Registration No. 03176866 (England and Wales)
Hall Barn Estates Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Hall Barn Estates Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Hall Barn Estates Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
155,724
178,392
Current assets
Stocks
1,679
1,515
Debtors
5
442,909
321,198
Cash at bank and in hand
118,550
290,712
563,138
613,425
Creditors: amounts falling due within one year
7
(406,733)
(428,810)
Net current assets
156,405
184,615
Total assets less current liabilities
312,129
363,007
Creditors: amounts falling due after more than one year
8
(94,024)
(109,508)
Net assets
218,105
253,499
Capital and reserves
Called up share capital
10
177,500
177,500
Profit and loss reserves
40,605
75,999
Total equity
218,105
253,499
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 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.
Hall Barn Estates Limited
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Frederick Farncombe
Director
Company Registration No. 03176866
Hall Barn Estates Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Hall Barn Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the provision of property management and maintenance services.
1.3
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:
Property improvements
5% per annum
Plant and machinery
15-20% per annum
Computer equipment
20-33 1/3% per annum
Motor vehicles
25% per annum
Biomass boiler
10-20% per annum
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Hall Barn Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
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.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and represents cash in hand.
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 statement of financial position 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, 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, 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.
Hall Barn Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are only recognised to the extent that, on the basis of all evidence, it can be regarded as more likely than not, that there will be sufficient taxable profits from which the future reversal of underlying timing differences can be deducted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company contributes to a group pension plan. The assets of the scheme are held separately from the company in an independently administered fund. The company has an arrangement whereby an independent insurance company provides each qualifying employee, who wishes to participate, with their own personal pension plan. Contributions by the company to the scheme are charged to the profit and loss account in the year in which they are paid.
1.12
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Critical accounting 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.
Hall Barn Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
11
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
508,613
341,460
850,073
Additions
899
34,435
35,334
At 31 March 2024
509,512
375,895
885,407
Depreciation and impairment
At 1 April 2023
459,612
212,069
671,681
Depreciation charged in the year
13,550
44,452
58,002
At 31 March 2024
473,162
256,521
729,683
Carrying amount
At 31 March 2024
36,350
119,374
155,724
At 31 March 2023
49,001
129,391
178,392
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
171,742
208,714
Other debtors
234,128
87,274
405,870
295,988
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
37,039
25,210
Total debtors
442,909
321,198
Hall Barn Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
6
Tenant deposits
Included within cash at bank and in hand is £91,865 (2023 - £209,636 ) held in respect of tenant deposits which has a matching liability within other creditors. A further £193,422 (2023 - £73,268) is held as cash with agent within other debtors.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
38,871
74,931
Taxation and social security
26,326
28,204
Other creditors
331,536
315,675
406,733
428,810
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
81,524
87,008
94,024
109,508
A non interest bearing loan in the sum of £352,008 was advanced to the company in the year ended 31 March 2011 by the Hon Mrs J Farncombe, a director and sole shareholder of the company.
Since the date the initial loan was made, a further advance of £20,000 was made to the company by the Hon Mrs J Farncombe which was followed by repayments totalling £372,008 being the full balance.
A non interest bearing loan in the sum of £87,008 was advanced to the company in the year ended 31 March 2024 by Frederick Farncombe, a director of the company. Since the date the initial loan was made, repayments totalling £7,789 have been made.
9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
13,830
In two to five years
2,305
16,135
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Hall Barn Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
177,500 Ordinary shares of £1 each
177,500
177,500
11
Control
The Hon Mrs J Farncombe is the ultimate controlling party of the company.