Registered number: 03557517
A & T BARNES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024
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A & T BARNES LIMITED
COMPANY INFORMATION
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A & T BARNES LIMITED
CONTENTS
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Notes to the financial statements
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A & T BARNES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & T BARNES LIMITED
FOR THE YEAR ENDED 30 APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & T Barnes Limited for the year ended 30 April 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of A & T Barnes Limited, as a body, in accordance with the terms of our engagement letter dated 10 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of A & T Barnes Limited and state those matters that we have agreed to state to the Board of directors of A & T Barnes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & T Barnes Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that A & T Barnes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A & T Barnes Limited. You consider that A & T Barnes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of A & T Barnes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
24 January 2025
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A & T BARNES LIMITED
REGISTERED NUMBER: 03557517
BALANCE SHEET
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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A & T BARNES LIMITED
REGISTERED NUMBER: 03557517
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.
The notes on pages 4 to 9 form part of these financial statements.
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ
The Company's principal activity is that of property development and the Company's principal place of business is Norfolk.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At the balance sheet date the Company had net liabilities of £367,134. The Company is reliant upon the support of both the directors and its bankers in order to meet its day-to-day working capital requirements. The directors have provided a letter of comfort confirming that they will not seek repayment of their directors’ loan accounts until there are sufficient funds from which to do so. The Company’s bankers have also confirmed their support for the foreseeable future.
After the year end the Company expects to sell nee of its developments at a loss. However, despite this, the directors have considered a period of at least twelve months from the date of approval of the financial statements and are confident that the demand for new housing remains strong and that the Company’s remaining and future projects will be profitable. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Stock and work in progress
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Stock and work in progress comprises of residential property in development and is valued at the lower of cost and net realisable value. Cost includes all direct costs. Interest payable which is directly attributable to a development is also included within work in progress. Net realisable value represents estimated selling price less any further costs expected to be incurred to completion and disposal.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Charge for the year on owned assets
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Charge for the year on financed assets
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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A & T BARNES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Allotted, called up and fully paid
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2 Ordinary A shares of £1.00 each
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2 Ordinary B shares of £1.00 each
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2 Ordinary C shares of £1.00 each
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2 Ordinary D shares of £1.00 each
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Contributions totalling £Nil (2023: £1,000) were payable to the fund at the balance sheet date and are included in other creditors.
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Related party transactions
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At 30 April 2024 the Company owed the directors owed £73,000 (2023: £3,693). During the year interest accrued on the directors loan account balance at a rate of 8% per annum. There is no set date for repayment and the balance is included within other creditors due within one year.
At 30 April 2024 the company owed £394,907 (2023: £417,120) to A & R Developers Ltd, a company in which the directors have significant influence. No interest was charged on the loan and the balance is included within other creditors.
At 30 April 2024 the company was owed £187,500 (2023: £325,000) by Norwich Road Ltd, a company in which A & T Barnes Ltd has a participating interest.
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