Company registration number 12119249 (England and Wales)
THIRSK LODGE BARNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THIRSK LODGE BARNS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
THIRSK LODGE BARNS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
134,817
110,301
Current assets
Stocks
24,454
32,380
Debtors
4
297,082
164,453
Cash at bank and in hand
73,537
63,191
395,073
260,024
Creditors: amounts falling due within one year
5
(635,630)
(491,195)
Net current liabilities
(240,557)
(231,171)
Total assets less current liabilities
(105,740)
(120,870)
Creditors: amounts falling due after more than one year
6
(206,802)
(137,750)
Provisions for liabilities
(33,654)
(27,443)
Net liabilities
(346,196)
(286,063)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(346,296)
(286,163)
Total equity
(346,196)
(286,063)

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 30 April 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.

THIRSK LODGE BARNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
Mr J  Bell
Mr W Hunter-Bell
Director
Director
Mrs L Hunter Bell
Director
Company registration number 12119249 (England and Wales)
THIRSK LODGE BARNS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
(219,775)
(219,675)
Effect of transition to FRS 102
-
0
(28,758)
(28,758)
As restated
100
(248,533)
(248,433)
Year ended 30 April 2023:
Loss and total comprehensive income
-
(37,630)
(37,630)
Balance at 30 April 2023
100
(286,163)
(286,063)
Year ended 30 April 2024:
Loss and total comprehensive income
-
(60,133)
(60,133)
Balance at 30 April 2024
100
(346,296)
(346,196)
THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Thirsk Lodge Barns Limited is a private company limited by shares incorporated in England and Wales. The registered office is Abel Grange, Newsham Road, Thirsk, North Yorkshire, YO7 4DB.

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.

These financial statements for the year ended 30 April 2024 are the first financial statements of Thirsk Lodge Barns Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future

1.3
Turnover

Turnover represents amounts receivable, shown where applicable net of VAT, for goods and services.

 

The turnover of the company is primarily derived from the provision of weddings and events.

Revenue from the sale of bar stock is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on provision of the items).

Rent received represents revenue earned under a contract to provide the hire of the venue. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients.

 

Administrative charges on cancelled bookings are recognised at the date of cancellation.

1.4
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:

Leasehold land and buildings
25% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
IT equipment
25% reducing balance
THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
29
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
-
0
182,372
182,372
Additions
3,528
52,378
55,906
At 30 April 2024
3,528
234,750
238,278
Depreciation and impairment
At 1 May 2023
-
0
72,071
72,071
Depreciation charged in the year
273
31,117
31,390
At 30 April 2024
273
103,188
103,461
Carrying amount
At 30 April 2024
3,255
131,562
134,817
At 30 April 2023
-
0
110,301
110,301
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
53,066
38,419
Other debtors
244,016
126,034
297,082
164,453
THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
68,765
41,211
Taxation and social security
43,689
22,324
Other creditors
523,176
427,660
635,630
491,195
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
206,802
137,750
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
18,000
-
0
8
Parent company

The company's immediate and ultimate parent undertaking is Crosslands Hill Farming Company Limited. The registered office is Abel Grange, Newsham Road, Thirsk, North Yorkshire, YO7 4DB.

 

The group to which the parent belongs is exempt from preparing consolidated accounts.

9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May
30 April
2022
2023
Notes
£
£
Equity as reported under previous UK GAAP
(219,675)
(258,620)
Adjustments arising from transition to FRS 102:
Deferred Taxation
1
(28,758)
(27,443)
Equity reported under FRS 102
(248,433)
(286,063)
THIRSK LODGE BARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Notes to reconciliations on adoption of FRS 102
Deferred tax

The recognition of deferred tax on transition to FRS102 gives rise to an adjustment for temporary timing differences arising in the prior period,

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