Company registration number 00416996 (England and Wales)
BARBARA (AYLESBURY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BARBARA (AYLESBURY) LIMITED
COMPANY INFORMATION
Directors
J B Dennis
J A Dennis
S J Dennis
P P E Dennis
Secretary
J A Dennis
Company number
00416996
Registered office
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
Auditor
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
BARBARA (AYLESBURY) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9 - 10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
BARBARA (AYLESBURY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The Business continues to move away from the diverse trading businesses that Barbara Aylesbury Limited has operated in over the last 10 years.
A sale was agreed for Lakeside Care Home in June 2023. Most of last year was spent with the Buyer carrying out due diligence during which time trading was fairly strong which helped the sale progress smoothly. After nearly ten months Lakeside Care Home was sold to Portman Care on 25 March 2024.
During the process of the Care Home sale the Walton Road development under BAL Property came near completion. The build started in April 23 and is due for completion July 24. This solidifies Barbara Aylesbury Limited further moving into the property redevelopment and buy to let market.
In the five years since we purchased the site we were originally looking to redevelop and sell on. However, rental markets have become so strong over the last two years we have decided to rent the properties and as we stand, they're all fully let, generating an income for the business.
We continue to search for a buyer for Lucca restaurant to complete the sale of the trading businesses. That has proved difficult as behind the scenes work really needed to be done improving the infrastructure. Over the last 12 months we have been spending money trying to do that looking to relaunch with Christies early next year.
Once the sale of the restaurant happens, all of Barbara Aylesbury Limited's focus will be in the property business continually looking for new investments. Some of the funds from the care home have been put towards the purchase of 10 flats and three commercial units in the centre of Aylesbury. This along with the Walton Road development will ensure that Barbara Aylesbury Limited has income to replace that lost by the sale of Lakeside.
With a solid asset base in the property market and healthy income this will enable the business to grow in the future further in this sector.
J B Dennis
Director
16 January 2025
BARBARA (AYLESBURY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of property rental and management, together with the provision of management services to related companies. The company also runs a restaurant and a care home.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J B Dennis
J A Dennis
S J Dennis
P P E Dennis
Auditor
In accordance with the company's articles, a resolution proposing that Richardsons be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J B Dennis
Director
16 January 2025
BARBARA (AYLESBURY) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors are responsible 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 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 then 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BARBARA (AYLESBURY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARBARA (AYLESBURY) LIMITED
- 4 -
Opinion
We have audited the financial statements of Barbara (Aylesbury) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 April 2024 and of the group's profit 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 directors' 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BARBARA (AYLESBURY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARBARA (AYLESBURY) LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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.
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BARBARA (AYLESBURY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARBARA (AYLESBURY) LIMITED
- 6 -
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.
Bernard Hawkes (Senior Statutory Auditor)
For and on behalf of Richardsons
16 January 2025
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
BARBARA (AYLESBURY) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
3,037,253
2,595,498
Cost of sales
(267,039)
(253,030)
Gross profit
2,770,214
2,342,468
Administrative expenses
(2,663,083)
(2,660,517)
Other operating income
-
250
Operating profit/(loss)
4
107,131
(317,799)
Interest receivable and similar income
7
66,082
12,552
Interest payable and similar expenses
8
(28,277)
(23,158)
Amounts written off investments
9
-
(59,309)
Fair value gains and losses on investment properties
(6,724)
(545,312)
Profit/(loss) before taxation
138,212
(933,026)
Tax on profit/(loss)
10
145,385
(493,755)
Profit/(loss) for the financial year
283,597
(1,426,781)
Other comprehensive income
Revaluation of tangible fixed assets
(545,312)
Tax relating to other comprehensive income
(474,092)
Total comprehensive income for the year
283,597
(2,446,185)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BARBARA (AYLESBURY) LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
692,999
6,104,004
Investments
12
1,207,286
692,999
7,311,290
Current assets
Stocks
14
1,924,818
826,196
Debtors
15
477,008
475,578
Investments
16
4,547,698
Cash at bank and in hand
871,686
135,680
7,821,210
1,437,454
Creditors: amounts falling due within one year
17
(700,467)
(740,435)
Net current assets
7,120,743
697,019
Total assets less current liabilities
7,813,742
8,008,309
Creditors: amounts falling due after more than one year
18
(174,778)
(283,463)
Provisions for liabilities
Deferred tax liability
20
1,240
570,719
(1,240)
(570,719)
Net assets
7,637,724
7,154,127
Capital and reserves
Called up share capital
22
707,500
507,500
Revaluation reserve
536,061
5,737,927
Profit and loss reserves
6,394,163
908,700
Total equity
7,637,724
7,154,127
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
16 January 2025
J B Dennis
Director
Company registration number 00416996 (England and Wales)
BARBARA (AYLESBURY) LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
692,999
6,104,004
Investments
12
3
1,207,289
693,002
7,311,293
Current assets
Stocks
14
8,298
10,319
Debtors
15
2,155,357
1,073,427
Investments
16
4,547,698
Cash at bank and in hand
862,874
126,519
7,574,227
1,210,265
Creditors: amounts falling due within one year
17
(603,105)
(672,097)
Net current assets
6,971,122
538,168
Total assets less current liabilities
7,664,124
7,849,461
Creditors: amounts falling due after more than one year
18
(174,778)
(283,463)
Provisions for liabilities
Deferred tax liability
20
1,240
570,719
(1,240)
(570,719)
Net assets
7,488,106
6,995,279
Capital and reserves
Called up share capital
22
707,500
507,500
Revaluation reserve
536,061
5,737,927
Profit and loss reserves
6,244,545
749,852
Total equity
7,488,106
6,995,279
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £292,827 (2023 - £1,437,854 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
BARBARA (AYLESBURY) LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
16 January 2025
J B Dennis
Director
Company registration number 00416996 (England and Wales)
BARBARA (AYLESBURY) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
507,500
6,757,331
1,316,077
8,580,908
Year ended 30 April 2023:
Loss for the year
-
-
(1,426,781)
(1,426,781)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(545,312)
-
(545,312)
Tax relating to other comprehensive income
-
(474,092)
(474,092)
Total comprehensive income
-
(1,019,404)
(1,426,781)
(2,446,185)
Other movements
-
-
1,019,404
1,019,404
Balance at 30 April 2023
507,500
5,737,927
908,700
7,154,127
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
283,597
283,597
Issue of share capital
22
200,000
-
-
200,000
Other movements
-
(5,201,866)
5,201,866
-
Balance at 30 April 2024
707,500
536,061
6,394,163
7,637,724
BARBARA (AYLESBURY) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
507,500
6,757,331
1,168,302
8,433,133
Year ended 30 April 2023:
Loss for the year
-
-
(1,437,854)
(1,437,854)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(545,312)
-
(545,312)
Tax relating to other comprehensive income
-
(474,092)
(474,092)
Total comprehensive income
-
(1,019,404)
(1,437,854)
(2,457,258)
Other movements
-
-
1,019,404
1,019,404
Balance at 30 April 2023
507,500
5,737,927
749,852
6,995,279
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
292,827
292,827
Issue of share capital
22
200,000
-
-
200,000
Other movements
-
(5,201,866)
5,201,866
-
Balance at 30 April 2024
707,500
536,061
6,244,545
7,488,106
BARBARA (AYLESBURY) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(1,051,026)
(161,360)
Interest paid
(28,277)
(23,158)
Net cash outflow from operating activities
(1,079,303)
(184,518)
Investing activities
Purchase of tangible fixed assets
(1,160)
(12,408)
Proceeds on disposal of tangible fixed assets
5,189,781
-
Proceeds on disposal of fixed asset investments
1,207,286
-
Proceeds from other investments and loans
-
186,080
Interest received
66,082
12,321
Dividends received
156
Other investment income received
75
Net cash generated from investing activities
6,461,989
186,224
Financing activities
Proceeds from issue of shares
200,000
-
Repayment of borrowings
(266,594)
26,820
Repayment of bank loans
(32,388)
(7,851)
Net cash (used in)/generated from financing activities
(98,982)
18,969
Net increase in cash and cash equivalents
5,283,704
20,675
Cash and cash equivalents at beginning of year
135,680
115,005
Cash and cash equivalents at end of year
5,419,384
135,680
Relating to:
Cash at bank and in hand
871,686
135,680
Short term deposits included in current asset investments
4,547,698
-
BARBARA (AYLESBURY) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(1,050,677)
(162,723)
Interest paid
(28,277)
(23,158)
Net cash outflow from operating activities
(1,078,954)
(185,881)
Investing activities
Purchase of tangible fixed assets
(1,160)
(12,408)
Proceeds on disposal of tangible fixed assets
5,189,781
Proceeds on disposal of fixed asset investments
1,207,286
Proceeds from other investments and loans
-
186,080
Interest received
66,082
12,321
Dividends received
156
Other investment income received
75
Net cash generated from investing activities
6,461,989
186,224
Financing activities
Proceeds from issue of shares
200,000
-
Repayment of borrowings
(266,594)
26,820
Repayment of bank loans
(32,388)
(7,851)
Net cash (used in)/generated from financing activities
(98,982)
18,969
Net increase in cash and cash equivalents
5,284,053
19,312
Cash and cash equivalents at beginning of year
126,519
107,207
Cash and cash equivalents at end of year
5,410,572
126,519
Relating to:
Cash at bank and in hand
862,874
126,519
Short term deposits included in current asset investments
4,547,698
-
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information
Barbara (Aylesbury) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
The group consists of Barbara (Aylesbury) Limited and all of its subsidiaries.
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.
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
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Barbara (Aylesbury) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
BAL Property Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of BAL Property Limited. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.6
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:
Freehold property
2% on cost unless revalued
Plant and machinery
20% straight line basis
Fixtures and fittings
8% or 15% straight line basis
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.10
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 current liabilities.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group 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 group.
1.13
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 group’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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 leased asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
3,037,253
2,595,498
2024
2023
£
£
Other revenue
Interest income
66,082
12,321
Dividends received
-
156
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
6,000
6,000
Depreciation of owned tangible fixed assets
154,999
191,936
Loss on disposal of tangible fixed assets
67,385
-
Operating lease charges
9,922
9,450
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
79
83
79
83
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,676,368
1,878,879
1,676,368
1,878,879
Social security costs
139,737
147,198
139,737
147,198
Pension costs
29,656
28,952
29,656
28,952
1,845,761
2,055,029
1,845,761
2,055,029
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
86,883
56,973
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
66,082
12,321
Other income from investments
Dividends received
156
66,082
12,477
Income from fixed asset investments
Income from other fixed asset investments
75
Total income
66,082
12,552
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
28,277
23,158
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to/(written off) fair value through profit or loss
(59,309)
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
424,094
Deferred tax
Origination and reversal of timing differences
(569,479)
493,755
Total tax (credit)/charge
(145,385)
493,755
The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
138,212
(933,026)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
34,553
(177,275)
Tax effect of expenses that are not deductible in determining taxable profit
96,408
177,275
Tax effect of utilisation of tax losses not previously recognised
(109,281)
Deferred tax movement
(569,479)
493,755
16,521
385,893
Taxation (credit)/charge
(145,385)
493,755
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
474,092
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Tangible fixed assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 May 2023
6,854,691
42,111
447,484
7,344,286
Additions
1,160
1,160
Disposals
(6,054,688)
(27,629)
(385,199)
(6,467,516)
At 30 April 2024
800,003
14,482
63,445
877,930
Depreciation and impairment
At 1 May 2023
888,000
41,951
310,331
1,240,282
Depreciation charged in the year
116,911
39
38,049
154,999
Eliminated in respect of disposals
(892,911)
(27,508)
(289,931)
(1,210,350)
At 30 April 2024
112,000
14,482
58,449
184,931
Carrying amount
At 30 April 2024
688,003
4,996
692,999
At 30 April 2023
5,966,691
160
137,153
6,104,004
Company
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 May 2023
6,854,691
42,111
447,484
7,344,286
Additions
1,160
1,160
Disposals
(6,054,688)
(27,629)
(385,199)
(6,467,516)
At 30 April 2024
800,003
14,482
63,445
877,930
Depreciation and impairment
At 1 May 2023
888,000
41,951
310,331
1,240,282
Depreciation charged in the year
116,911
39
38,049
154,999
Eliminated in respect of disposals
(892,911)
(27,508)
(289,931)
(1,210,350)
At 30 April 2024
112,000
14,482
58,449
184,931
Carrying amount
At 30 April 2024
688,003
4,996
692,999
At 30 April 2023
5,966,691
160
137,153
6,104,004
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
- 25 -
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
688,000
6,512,003
688,000
6,512,003
Land and buildings were revalued at 30 April 2023 by the directors on the basis of market value. The valuation was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £117,252 (2023 - £1,304,043), being cost £2,382,379 (2023 - £2,382,379) deducting disposals £2,118,439 (2023 - £nil) and depreciation £146,688 (2023 - £1,078,336).
Freehold land and buildings with a carrying amount of £688,000 (2023 - £704,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
The debenture is secured by a fixed charge over all property and assets, both present and future. This is including goodwill, uncalled capital buildings fixtures and plant and machinery.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
3
3
Unlisted investments
1,207,286
1,207,286
1,207,286
3
1,207,289
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2023
1,207,286
Disposals
(1,207,286)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
1,207,286
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
3
1,207,286
1,207,289
Disposals
-
(1,207,286)
(1,207,286)
At 30 April 2024
3
-
3
Carrying amount
At 30 April 2024
3
-
3
At 30 April 2023
3
1,207,286
1,207,289
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
13
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BAL Property Limited
30 Upper High Street, Thame, Oxon, OX9 3EZ
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
1,924,818
826,196
8,298
10,319
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
198,810
195,468
198,810
194,968
Other debtors
3
3
Prepayments and accrued income
5,296
5,296
198,813
200,767
198,810
200,264
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,678,352
598,352
Other debtors
278,195
274,811
278,195
274,811
278,195
274,811
1,956,547
873,163
Total debtors
477,008
475,578
2,155,357
1,073,427
16
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
4,547,698
-
4,547,698
-
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
11,536
11,536
Other borrowings
19
62,120
240,881
62,120
240,881
Trade creditors
94,084
77,256
46,812
59,118
Other taxation and social security
448,061
59,589
448,061
59,589
Other creditors
71,202
178,304
21,112
128,104
Accruals and deferred income
25,000
172,869
25,000
172,869
700,467
740,435
603,105
672,097
The debenture is secured by a charge, incorporating a fixed charge over all assets in the company.
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
20,852
20,852
Other borrowings
19
174,778
262,611
174,778
262,611
174,778
283,463
174,778
283,463
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
32,388
32,388
Other loans
236,898
503,492
236,898
503,492
236,898
535,880
236,898
535,880
Payable within one year
62,120
252,417
62,120
252,417
Payable after one year
174,778
283,463
174,778
283,463
The other loan is by a debenture over all the assets of the company.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,240
96,627
Revaluations
-
474,092
1,240
570,719
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,240
96,627
Revaluations
-
474,092
1,240
570,719
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
570,719
570,719
Credit to profit or loss
(569,479)
(569,479)
Liability at 30 April 2024
1,240
1,240
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,656
28,952
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,500
7,500
7,500
7,500
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference of £1 each
700,000
500,000
700,000
500,000
Preference shares classified as equity
700,000
500,000
Total equity share capital
707,500
507,500
As at 26th October 2023, a total of 200,000 preference shares were issued at a nominal value of £1 per share.
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
86,883
71,203
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
278,195
274,811
Company
Other related parties
278,195
274,811
During a previous year, the company issued an unsecured loan of £500,000 to an entity controlled by a director/shareholder of Barbara (Aylesbury) Limited. The loan was made on normal commercial terms and is payable on demand. At the year end, the balance of £278,195 (2023: 274,811) including £13,492 (2023: £11,943) of accrued interest was owed by the related party.
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
24
Cash absorbed by group operations
2024
2023
£
£
Profit/(loss) after taxation
276,873
(1,426,781)
Adjustments for:
Taxation (credited)/charged
(145,385)
493,755
Finance costs
28,277
23,158
Investment income
(66,082)
(12,552)
Loss on disposal of tangible fixed assets
67,385
-
Fair value loss on investment properties
6,724
545,312
Depreciation and impairment of tangible fixed assets
154,999
191,936
Other gains and losses
-
59,309
Movements in working capital:
Increase in stocks
(1,098,622)
(110,278)
Increase in debtors
(1,430)
(31,153)
(Decrease)/increase in creditors
(273,765)
105,934
Cash absorbed by operations
(1,051,026)
(161,360)
25
Cash absorbed by operations - company
2024
2023
£
£
Profit/(loss) after taxation
286,103
(1,437,854)
Adjustments for:
Taxation (credited)/charged
(145,385)
493,755
Finance costs
28,277
23,158
Investment income
(66,082)
(12,552)
Loss on disposal of tangible fixed assets
67,385
-
Fair value loss on investment properties
6,724
545,312
Depreciation and impairment of tangible fixed assets
154,999
191,936
Other gains and losses
-
59,309
Movements in working capital:
Decrease/(increase) in stocks
2,021
(1,703)
Increase in debtors
(1,081,930)
(112,373)
(Decrease)/increase in creditors
(302,789)
88,289
Cash absorbed by operations
(1,050,677)
(162,723)
BARBARA (AYLESBURY) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
26
Analysis of changes in net funds/(debt) - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash and cash equivalents
135,680
5,283,704
5,419,384
Borrowings excluding overdrafts
(535,880)
298,982
(236,898)
(400,200)
5,582,686
5,182,486
27
Analysis of changes in net funds/(debt) - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash and cash equivalents
126,519
5,284,053
5,410,572
Borrowings excluding overdrafts
(535,880)
298,982
(236,898)
(409,361)
5,583,035
5,173,674
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