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Company registration number: 11371741
Burns Estates Limited
Unaudited filleted financial statements
for the year ended
31 May 2024
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Burns Estates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Burns Estates Limited
Directors and other information
Directors Timothy Burns
Susan Burns
William Burns
Alfred Burns
Harriet Shaw
Georgina Rees
Company number 11371741
Registered office 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address Stoneleigh
Pool Furlong
Clent
Stourbridge
DY9 9RE
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Burns Estates Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Burns Estates Limited
Year ended 31 May 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 Burns Estates Limited for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Burns Estates Limited, as a body, in accordance with the terms of our engagement letter dated 9 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Burns Estates Limited and state those matters that we have agreed to state to the board of directors of Burns Estates Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burns Estates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Burns Estates 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 profit of Burns Estates Limited. You consider that Burns Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Burns Estates 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.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
31 January 2025
Burns Estates Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 267,737 252,888
_______ _______
267,737 252,888
Current assets
Debtors 6 43 1,451
Cash at bank and in hand 1,088 1,230
_______ _______
1,131 2,681
Creditors: amounts falling due
within one year 7 ( 235,753) ( 230,310)
_______ _______
Net current liabilities ( 234,622) ( 227,629)
_______ _______
Total assets less current liabilities 33,115 25,259
Provisions for liabilities ( 8,766) ( 7,166)
_______ _______
Net assets 24,349 18,093
_______ _______
Capital and reserves
Called up share capital 8 100 100
Investment property revaluation reserve 35,522 24,272
Profit and loss account ( 11,273) ( 6,279)
_______ _______
Shareholders funds 24,349 18,093
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Timothy Burns
Director
Company registration number: 11371741
Burns Estates Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Investment property revaluation Profit and loss account Total
£ £ £ £
At 1 June 2022 100 24,272 ( 525) 23,847
(Loss) for the year - - ( 5,754) ( 5,754)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 5,754) ( 5,754)
_______ _______ _______ _______
At 31 May 2023 and 1 June 2023 100 24,272 ( 6,279) 18,093
Profit for the year - - 6,256 6,256
Reclassification from investment property revaluation to profit and loss account - 11,250 (11,250) -
_______ _______ _______ _______
Total comprehensive income for the year - 11,250 ( 4,994) 6,256
_______ _______ _______ _______
At 31 May 2024 100 35,522 ( 11,273) 24,349
_______ _______ _______ _______
Burns Estates Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents income from property ownership and management. The company is not registered for VAT.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment property - not depreciated
Fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Investment property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 June 2023 250,000 3,944 253,944
Additions - 310 310
Revaluation 15,000 - 15,000
_______ _______ _______
At 31 May 2024 265,000 4,254 269,254
_______ _______ _______
Depreciation
At 1 June 2023 - 1,056 1,056
Charge for the year - 461 461
_______ _______ _______
At 31 May 2024 - 1,517 1,517
_______ _______ _______
Carrying amount
At 31 May 2024 265,000 2,737 267,737
_______ _______ _______
At 31 May 2023 250,000 2,888 252,888
_______ _______ _______
Investment property
The investment property has been measured at fair value at £265,000 (2024 £250,000). This was determined by the directors valuation, based on current market prices of comparable properties.
6. Debtors
2024 2023
£ £
Trade debtors - 1,323
Other debtors 43 128
_______ _______
43 1,451
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 1,230
Other creditors 235,753 229,080
_______ _______
235,753 230,310
_______ _______
8. Called up share capital
Issued and called up
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 40 40 40 40
Ordinary B shares of £ 1.00 each 40 40 40 40
Ordinary C. D, E & F shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
Issued and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 40 40 40 40
Ordinary B shares of £ 1.00 each 40 40 40 40
_______ _______ _______ _______
80 80 80 80
_______ _______ _______ _______
Issued and unpaid
2024 2023
No £ No £
Ordinary C. D, E & F shares of £ 1.00 each - £ - paid 20 - 20 -
_______ _______ _______ _______