Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr T R Ibbotson 27/12/2018 Mr C D Ramsden 27/12/2018 04 November 2024 The principal activity of the Company during the financial year was the letting of residential property. 11742261 2024-03-31 11742261 bus:Director1 2024-03-31 11742261 bus:Director2 2024-03-31 11742261 2023-03-31 11742261 core:CurrentFinancialInstruments 2024-03-31 11742261 core:CurrentFinancialInstruments 2023-03-31 11742261 core:Non-currentFinancialInstruments 2024-03-31 11742261 core:Non-currentFinancialInstruments 2023-03-31 11742261 core:ShareCapital 2024-03-31 11742261 core:ShareCapital 2023-03-31 11742261 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 11742261 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 11742261 core:RetainedEarningsAccumulatedLosses 2024-03-31 11742261 core:RetainedEarningsAccumulatedLosses 2023-03-31 11742261 2023-04-01 2024-03-31 11742261 bus:FilletedAccounts 2023-04-01 2024-03-31 11742261 bus:SmallEntities 2023-04-01 2024-03-31 11742261 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11742261 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11742261 bus:Director1 2023-04-01 2024-03-31 11742261 bus:Director2 2023-04-01 2024-03-31 11742261 2022-04-01 2023-03-31 11742261 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 11742261 (England and Wales)

ONE BARREL PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ONE BARREL PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ONE BARREL PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
ONE BARREL PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 485,000 488,000
485,000 488,000
Current assets
Debtors 4 1,134 734
Cash at bank and in hand 70,872 72,215
72,006 72,949
Creditors: amounts falling due within one year 5 ( 68,590) ( 103,274)
Net current assets/(liabilities) 3,416 (30,325)
Total assets less current liabilities 488,416 457,675
Creditors: amounts falling due after more than one year 6 ( 411,583) ( 383,522)
Provision for liabilities ( 14,134) ( 11,312)
Net assets 62,699 62,841
Capital and reserves
Called-up share capital 2 2
Fair value reserve 42,403 48,225
Profit and loss account 20,294 14,614
Total shareholders' funds 62,699 62,841

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.

Directors' responsibilities:

The financial statements of One Barrel Properties Limited (registered number: 11742261) were approved and authorised for issue by the Board of Directors on 04 November 2024. They were signed on its behalf by:

Mr T R Ibbotson
Director
Mr C D Ramsden
Director
ONE BARREL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ONE BARREL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

One Barrel Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House East Wing Ground, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of rents receivable.

The company recognises revenue when;
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

The company is run and administered by the directors of the company for whom no formal contracts of service are in place.

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 488,000
Fair value movement (3,000)
As at 31 March 2024 485,000

Valuation

The investment properties class of fixed assets is carried at fair value and valued as at 31 March 2024 by Mr T Ibbotson and Mr C Ramsden who are internal to the company.

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 428,463 428,463

4. Debtors

2024 2023
£ £
Other debtors 1,134 734

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,431 39,352
Trade creditors 0 1,457
Taxation and social security 1,801 1,314
Other creditors 61,358 61,151
68,590 103,274

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 411,583 383,522

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

During the year the directors maintained interest free loan accounts with the company which are repayable on demand. At the balance sheet date the amount due to the directors was £60,106 (2023 - £60,106).