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Registration number: 09030239

Barkwell Properties Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

image-name
 

Barkwell Properties Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Statement of Comprehensive Income

8

Consolidated Statement of Financial Position

9

Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 33

 

Barkwell Properties Limited

Company Information

Directors

C Barkwell

M Domaille

Registered office

Unit 2 Brayhams Yard
North Road
Okehampton
Devon
EX20 1AB

Auditors

Westcotts (SW) LLP
Chartered Accountants
80 Oxford Street
Burnham-on-Sea
Somerset
TA8 1EF

 

Barkwell Properties Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is the operation of a hotel and provision of plumbing services to property development companies.

Fair review of the business

The performance of the group is as detailed in the Statement of Comprehensive Income on page 8. The directors are pleased to report turnover of £18.2m (2023: £18.2m) for the year.

Loss for the year after tax was reported as £73k (2023: £329k) after an amortisation charge relating to the acquired goodwill of £342k (2023: £342k).

The directors are satisfied with the performance of the group during the year.

The net assets of the group as at 30 June 2024 are set out on page 9 and show a net asset position of £3.8m (2023: £3.9m).

The gross profit margin of the group was 16.5% (2023: 17.0%).

Subsequent to 30 June 2024 the group has been profitable for the three months to September 2024. The directors have considered the group's funding for the next 12 months and beyond by preparing profit and cashflow forecasts which show that adequate funding is in place.

Principal risks and uncertainties

The directors consider that the nature of the business carried on by the group is straightforward and are of the opinion that further analysis using key performance indicators, over and above the information already presented in these financial statements, is not necessary to gain an understanding of the development, performance or position of the group.

The group assesses its opportunities and risks in the market place including areas such as competition, market trends and health and safety policies in order to maintain and extend its business activities.

Non-financial and sustainability information

Environmental matters

Information about environmental matters, the group's employees, social community and human rights issues has not been provided as the directors do not believe that this is material to gain an understanding of the business.

Company employees

Of the two Directors of the company, one is female and one is male.

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 


C Barkwell
Director

 

Barkwell Properties Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

R Barkwell (until 26 September 2024)

C Barkwell

The following director was appointed after the year end:

M Domaille (appointed 5 July 2024)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 


C Barkwell
Director

 

Barkwell Properties Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Barkwell Properties Limited

Independent Auditor's Report to the Members of Barkwell Properties Limited

Opinion

We have audited the financial statements of Barkwell Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Barkwell Properties Limited

Independent Auditor's Report to the Members of Barkwell Properties Limited (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussions with the directors. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

 

Barkwell Properties Limited

Independent Auditor's Report to the Members of Barkwell Properties Limited (continued)

The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences on non-compliance could have a material impact on the amounts or disclosures within the financial statements including health and safety laws and regulations, employment laws and regulations and certain aspects of companies legislation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





David Wright FCA (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor

80 Oxford Street
Burnham-on-Sea
Somerset
TA8 1EF

23 December 2024

 

Barkwell Properties Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

18,158,690

18,233,627

Cost of sales

 

(15,157,489)

(15,136,996)

Gross profit

 

3,001,201

3,096,631

Administrative expenses

 

(3,162,898)

(3,352,842)

Other operating income

4

164,395

-

Operating profit/(loss)

6

2,698

(256,211)

Other interest receivable and similar income

7

57,696

-

Interest payable and similar expenses

8

(24,062)

(46,359)

   

33,634

(46,359)

Profit/(loss) before tax

 

36,332

(302,570)

Tax on profit/(loss)

11

(108,849)

(26,847)

Loss for the financial year

 

(72,517)

(329,417)

Profit/(loss) attributable to:

 

Owners of the company

 

(72,517)

(329,417)

The group has no recognised gains or losses for the year other than the results above.

 

Barkwell Properties Limited

(Registration number: 09030239)
Consolidated Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

768,897

1,112,278

Tangible assets

13

5,777,547

6,691,909

 

6,546,444

7,804,187

Current assets

 

Stocks

15

113,068

185,642

Debtors

16

3,992,940

3,806,760

Cash at bank and in hand

 

2,540,795

1,014,926

 

6,646,803

5,007,328

Creditors: Amounts falling due within one year

18

(9,216,911)

(8,295,195)

Net current liabilities

 

(2,570,108)

(3,287,867)

Total assets less current liabilities

 

3,976,336

4,516,320

Creditors: Amounts falling due after more than one year

18

(63,335)

(535,923)

Provisions for liabilities

19

(100,452)

(93,331)

Net assets

 

3,812,549

3,887,066

Capital and reserves

 

Called up share capital

21

200

200

Share premium reserve

22

3,999,900

3,999,900

Profit and loss account

22

(187,551)

(113,034)

Equity attributable to owners of the company

 

3,812,549

3,887,066

Shareholders' funds

 

3,812,549

3,887,066

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 


C Barkwell
Director

 

Barkwell Properties Limited

(Registration number: 09030239)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

4,997,027

6,032,632

Investments

14

300

300

 

4,997,327

6,032,932

Current assets

 

Debtors

16

901,069

649,410

Cash at bank and in hand

 

10,296

1,835

 

911,365

651,245

Creditors: Amounts falling due within one year

18

(4,834,669)

(5,534,908)

Net current liabilities

 

(3,923,304)

(4,883,663)

Total assets less current liabilities

 

1,074,023

1,149,269

Creditors: Amounts falling due after more than one year

18

-

(293,876)

Provisions for liabilities

19

-

(30,612)

Net assets

 

1,074,023

824,781

Capital and reserves

 

Called up share capital

21

200

200

Profit and loss account

1,073,823

824,581

Shareholders' funds

 

1,074,023

824,781

The company made a profit after tax for the financial year of £251,242 (2023 - profit of £154,919).

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 


C Barkwell
Director

 

Barkwell Properties Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 July 2023

200

3,999,900

(113,034)

3,887,066

Loss for the year

-

-

(72,517)

(72,517)

Dividends

-

-

(2,000)

(2,000)

At 30 June 2024

200

3,999,900

(187,551)

3,812,549

Total equity
£

At 1 July 2023

3,887,066

Loss for the year

(72,517)

Dividends

(2,000)

At 30 June 2024

3,812,549

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 July 2022

200

3,999,900

220,383

4,220,483

Loss for the year

-

-

(329,417)

(329,417)

Dividends

-

-

(4,000)

(4,000)

At 30 June 2023

200

3,999,900

(113,034)

3,887,066

Total equity
£

At 1 July 2022

4,220,483

Loss for the year

(329,417)

Dividends

(4,000)

At 30 June 2023

3,887,066

 

Barkwell Properties Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

200

824,581

824,781

Profit for the year

-

251,242

251,242

Dividends

-

(2,000)

(2,000)

At 30 June 2024

200

1,073,823

1,074,023

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

200

673,662

673,862

Profit for the year

-

154,919

154,919

Dividends

-

(4,000)

(4,000)

At 30 June 2023

200

824,581

824,781

 

Barkwell Properties Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(72,517)

(329,417)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

536,599

571,407

Loss/(profit) on disposal of tangible assets

5

11,175

(16,177)

Finance income

7

(57,696)

-

Finance costs

8

24,062

46,359

Income tax expense

11

108,849

26,847

 

550,472

299,019

Working capital adjustments

 

Decrease in stocks

15

72,574

565,853

(Increase)/decrease in debtors

16

(186,180)

1,333,101

Increase/(decrease) in creditors

18

964,195

(1,749,198)

Cash generated from operations

 

1,401,061

448,775

Income taxes (paid)/received

11

(9,839)

13,811

Net cash flow from operating activities

 

1,391,222

462,586

Cash flows from investing activities

 

Interest received

57,696

-

Acquisitions of tangible assets

(337,720)

(153,561)

Proceeds from sale of tangible assets

 

1,047,689

69,883

Net cash flows from investing activities

 

767,665

(83,678)

Cash flows from financing activities

 

Interest paid

8

(24,062)

(46,359)

Proceeds from bank borrowing draw downs

 

(538,923)

(117,977)

Payments to finance lease creditors

 

(68,033)

31,770

Dividends paid

(2,000)

(4,000)

Net cash flows from financing activities

 

(633,018)

(136,566)

Net increase in cash and cash equivalents

 

1,525,869

242,342

Cash and cash equivalents at 1 July

 

1,014,926

772,584

Cash and cash equivalents at 30 June

 

2,540,795

1,014,926

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 2 Brayhams Yard
North Road
Okehampton
Devon
EX20 1AB
England

These financial statements were authorised for issue by the Board on 19 December 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Subsequent to 30 June 2023 the group has been profitable for the six months to December 2023. The directors have considered the funding for the next 12 months and beyond by preparing profit and cashflow forecasts which show that adequate funding is in place. The directors have thus continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024 using the acquisition or merger method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The acquisition method of accounting is used for business combinations from purchase of shares in new subsidiaries. The consideration for this acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Where merger accounting is used, the investment is recorded in the company's balance sheet at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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

Investment properties

No depreciation

Short leasehold properties

Over term of lease

Fixtures, fittings and equipment

15% reducing balance/15% straight line

Plant and machinery

15% reducing balance/25% reducing balance

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of comprehensive income 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,312,345

17,306,290

Rendering of services

818,252

869,389

Rental income from investment property

(3,500)

22,000

Other revenue

31,593

35,948

18,158,690

18,233,627

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Profit on disposal of property

164,395

-

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

(Loss)/gain on disposal of tangible assets

(11,175)

16,177

6

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

193,218

228,025

Amortisation expense

343,381

343,382

Operating lease expense - plant and machinery

11,293

11,621

Loss/(profit) on disposal of property, plant and equipment

11,175

(16,177)

7

Other interest receivable and similar income

2024
£

2023
£

Other finance income

57,696

-

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

18,665

43,189

Interest on obligations under finance leases and hire purchase contracts

5,397

3,170

24,062

46,359

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

6,257,065

6,606,977

Pension costs, defined contribution scheme

19,297

17,906

Redundancy costs

-

22,360

Other employee expense

43,031

22,668

6,319,393

6,669,911

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

75

95

Administration and support

35

40

Sales, marketing and distribution

40

46

150

181

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

13,000

13,000


 

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

11

Taxation

Tax charged/(credited) in the consolidated statement of comprehensive income

2024
£

2023
£

Current taxation

UK corporation tax

101,728

9,839

Deferred taxation

Arising from origination and reversal of timing differences

7,121

17,008

Tax expense in the income statement

108,849

26,847

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit/(loss) before tax

36,332

(302,570)

Corporation tax at standard rate

9,083

(57,488)

Effect of expense not deductible in determining taxable profit (tax loss)

579

(6,275)

Deferred tax expense on origination and reversal of timing differences

7,121

17,008

Tax increase from effect of capital allowances and depreciation

56,689

80,503

Tax decrease from effect of tax losses utilised

(29,746)

(6,901)

Tax increase from chargeable gains

62,634

-

Tax increase from effect of unrelieved loss on cessation of operations

2,489

-

Total tax charge

108,849

26,847

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

12

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

3,417,320

8,249

3,425,569

At 30 June 2024

3,417,320

8,249

3,425,569

Amortisation

At 1 July 2023

2,306,691

6,600

2,313,291

Amortisation charge

341,732

1,649

343,381

At 30 June 2024

2,648,423

8,249

2,656,672

Carrying amount

At 30 June 2024

768,897

-

768,897

At 30 June 2023

1,110,629

1,649

1,112,278

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Tangible assets

Group

Land and buildings
£

Short leasehold land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

6,030,637

64,308

809,172

154,058

12,155

832,639

7,902,969

Additions

-

321,625

14,762

500

-

833

337,720

Disposals

(1,033,610)

(2,500)

(74,566)

(2,769)

-

(19,844)

(1,133,289)

At 30 June 2024

4,997,027

383,433

749,368

151,789

12,155

813,628

7,107,400

Depreciation

At 1 July 2023

-

43,833

508,228

81,180

12,155

565,664

1,211,060

Charge for the year

-

11,113

105,929

10,979

-

65,197

193,218

Eliminated on disposal

-

(1,500)

(57,594)

(2,769)

-

(12,562)

(74,425)

At 30 June 2024

-

53,446

556,563

89,390

12,155

618,299

1,329,853

Carrying amount

At 30 June 2024

4,997,027

329,987

192,805

62,399

-

195,329

5,777,547

At 30 June 2023

6,030,637

20,475

300,944

72,878

-

266,975

6,691,909

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Tangible assets (continued)

Included within the net book value of land and buildings above is £4,997,027 (2023 - £6,030,637) in respect of freehold land and buildings and £329,987 (2023 - £20,475) in respect of short leasehold land and buildings.
 

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Tangible assets (continued)

Company

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2023

6,030,637

6,838

6,037,475

Disposals

(1,033,610)

(6,838)

(1,040,448)

At 30 June 2024

4,997,027

-

4,997,027

Depreciation

At 1 July 2023

-

4,843

4,843

Eliminated on disposal

-

(4,843)

(4,843)

At 30 June 2024

-

-

-

Carrying amount

At 30 June 2024

4,997,027

-

4,997,027

At 30 June 2023

6,030,637

1,995

6,032,632

Included within the net book value of land and buildings above is £4,997,027 (2023 - £6,030,637) in respect of freehold land and buildings.
 

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

300

300

Subsidiaries

£

Cost or valuation

At 1 July 2022 and 30 June 2024

300

Provision

At 1 July 2022 and 30 June 2024

-

Carrying amount

At 30 June 2024

300

At 30 June 2023

300

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

St Enodoc Hotel Limited

Unit 2 Brayhams Yard
North Road
Okehampton
EX20 1AB

England

Ordinary

100%

100%

Barkwell Developments Limited

Unit 2 Brayhams Yard
North Road
Okehampton
Devon
EX20 1AB

England

Ordinary

100%

100%

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

14

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Barkwell Plumbing & Heating Limited

Unit 2 Brayhams Yard
Okehampton
Devon
EX20 1AB

England

Ordinary

100%

100%

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

104,000

175,300

-

-

Finished goods and goods for resale

9,068

10,342

-

-

113,068

185,642

-

-

16

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

3,187,172

2,768,676

12,000

7,200

Amounts owed by group undertakings

-

-

782,623

581,369

Other debtors

628,977

886,947

-

-

Prepayments

7,000

7,000

-

-

Accrued income

106,446

60,841

106,446

60,841

Gross amount due from customers for contract work

63,345

83,296

-

-

 

3,992,940

3,806,760

901,069

649,410

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

2,540,795

1,014,926

10,296

1,835

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

23

59,156

193,524

-

46,297

Trade creditors

 

4,929,999

3,277,818

-

253

Amounts due to group undertakings

 

-

-

1,531,033

1,477,364

Social security and other taxes

 

406,721

406,087

28,665

135,033

Other creditors

 

3,371,713

4,046,412

3,197,736

3,849,412

Accruals

 

341,346

355,267

10,314

16,710

Income tax liability

11

107,976

16,087

66,921

9,839

 

9,216,911

8,295,195

4,834,669

5,534,908

Due after one year

 

Loans and borrowings

23

63,335

535,923

-

293,876

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

93,331

93,331

Increase (decrease) in existing provisions

37,733

37,733

Decrease (increase) through disposals

(30,612)

(30,612)

At 30 June 2024

100,452

100,452

Company

Deferred tax
£

Total
£

At 1 July 2023

30,612

30,612

Decrease (increase) through disposals

(30,612)

(30,612)

At 30 June 2024

-

-

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £19,297 (2023 - £17,906).

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

22

Reserves

Company

Profit and loss account

This reserve records retained earnings and accumulated losses. The reserve includes £Nil (2023: £172,661) which is not distributable.

23

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

36,076

470,790

-

293,876

Hire purchase contracts

27,259

65,133

-

-

63,335

535,923

-

293,876

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

23

Loans and borrowings (continued)

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

21,288

125,497

-

46,297

Hire purchase contracts

37,868

68,027

-

-

59,156

193,524

-

46,297

Group

Bank borrowings

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £33,186) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank facilities are secured by a debenture including fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future dated 28 February 2018.

Bank loans of £57,364 (2023: £76,114) have been guaranteed up to 100% of the capital value by the UK Government.

Obligations under finance leases are secured against the asset to which they relate.

24

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

89,213

98,812

Later than one year and not later than five years

207,824

8,715

Later than five years

175,500

-

472,537

107,527

The amount of non-cancellable operating lease payments recognised as an expense during the year was £42,543 (2023 - £11,621).

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

25

Dividends

2024

2023

£

£

Interim dividend of £10.00 (2023 - £20.00) per ordinary share

2,000

4,000

 

 

26

Related party transactions

Group

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

R & C Barkwell

(3,779,412)

713,676

(2,000)

(3,067,736)

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

R & C Barkwell

(4,015,251)

235,839

(3,779,412)

Other transactions with directors

During the year the group made sales of £Nil (2023: £50,000) to R Barkwell, a director of the company.

Summary of transactions with entities with joint control or significant interest

R Barkwell is also a director of Moor Training Limited in the year. During the year the company made sales of goods, services and assets of £Nil (2023: £9,796) to Moor Training Limited and made purchases of goods and services of £Nil (2023: £63,308) from Moor Training Limited. Creditors at 30 June 2024 include £53,185 (2023: £78,362) owed to Moor Training Limited.

C Barkwell is a director of Made Well Community Interest Company. During the year the company made sales of goods and services of £Nil (2023: £15,000) to Made Well Community Interest Company. Debtors at 30 June 2024 include £Nil (2023: £15,000) due from Made Well Community Interest Company.

 

Barkwell Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

26

Related party transactions (continued)

Company

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

R & C Barkwell

(3,779,412)

713,676

(2,000)

(3,067,736)

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

R & C Barkwell

(4,015,251)

235,839

(3,779,412)

       
     

 

Dividends paid to directors

2024
£

2023
£

R Barkwell

1,000

2,000

 

 

C Barkwell

1,000

2,000

 

 

27

Parent and ultimate parent undertaking

As at 30 June 2024, the ultimate controlling parties are R Barkwell and C Barkwell by virtue of their combined holding of 100% of the issued share capital of the company