Burton Latimer Estates Limited
Unaudited Financial Statements
For the Period ended 31 March 2024
Pages for filing with registrar
Company Registration No. 02270152 (England and Wales)
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
Accountants Report to the Board of Directors on the Unaudited Financial Statements of Burton Latimer Estates Limited
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burton Latimer Estates Limited for the Period ended 31 March 2024 set out on the following pages from the company’s accounting records and from information and explanations you have given us.

 

This report is made solely to the Board of Directors of Burton Latimer Estates Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Burton Latimer Estates Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burton Latimer Estates Limited and Board of Directors as a body, for our work or for this report.

 

It is your duty to ensure that Burton Latimer 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 Burton Latimer Estates Limited. You consider that Burton Latimer Estates Limited is exempt from the statutory audit requirement for the Period.

 

We have not been instructed to carry out an audit or a review of the financial statements of Burton Latimer 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.

Churchgate Accountants Limited
6 February 2025
Accountants
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,840,251
7,453,463
Investment property
4
2,495,259
2,218,743
Investments
5
681,034
681,034
12,016,544
10,353,240
Current assets
Debtors
6
191,331
203,641
Cash at bank and in hand
3,308,722
5,377,306
3,500,053
5,580,947
Creditors: amounts falling due within one year
7
(174,965)
(848,049)
Net current assets
3,325,088
4,732,898
Total assets less current liabilities
15,341,632
15,086,138
Provisions for liabilities
(210,472)
(142,514)
Net assets
15,131,160
14,943,624
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
5,717,256
5,717,256
Non-distributable profits reserve
8
926,171
718,784
Distributable profit and loss reserves
8,477,733
8,497,584
Total equity
15,131,160
14,943,624
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

For the financial Period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
P H L Harpur
Director
Company registration number 02270152 (England and Wales)
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Burton Latimer Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lamb & Holmes Solicitors, West Street, KETTERING, Northants, NN16 0AZ.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

These financial statements have been prepared for a 6 month period to 31 March 2024. The reason for the change to the reporting period is because the company is a member of a partnership and the partnership has prepared its accounts to 31 March 2024.

1.3
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.

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. There are assets included within plant and machinery that are under construction and therefore no depreciation is being charged in the year.

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:

Land and buildings Freehold
2% straight line
Freehold Improvements
4% straight line
Plant and machinery
15 - 20% straight line
Computer equipment
15 - 25% straight line

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.

BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

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.

1.8
Cash at bank and in hand

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.

BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.9
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.

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.

1.10
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
7,236,596
782,675
8,019,271
Additions
1,318,328
19,329
1,337,657
At 31 March 2024
8,554,924
802,004
9,356,928
Depreciation and impairment
At 1 October 2023
452,096
113,712
565,808
Depreciation charged in the Period
51,354
7,743
59,097
Other changes
(108,228)
-
0
(108,228)
At 31 March 2024
395,222
121,455
516,677
Carrying amount
At 31 March 2024
8,159,702
680,549
8,840,251
At 30 September 2023
6,784,500
668,963
7,453,463

The 'other changes' within the depreciation and impairment heading relate to a reversal of depreciation previously calculated on land and buildings.

4
Investment property
2024
£
Fair value
At 1 October 2023
2,218,743
Revaluations
276,516
At 31 March 2024
2,495,259

The investment properties were revalued by the director on an open market basis as at 31 March 2024.

BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
5
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
999
999
Investments in associates
680,000
680,000
Unlisted investments
35
35
681,034
681,034
Fixed asset investments not carried at market value

 

Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 October 2023 & 31 March 2024
680,999
35
681,034
Carrying amount
At 31 March 2024
680,999
35
681,034
At 30 September 2023
680,999
35
681,034
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,796
11,971
Corporation tax recoverable
10,066
-
0
Amounts owed by group undertakings and undertakings in which the company has a participating interest
158,677
178,999
Other debtors
19,792
12,671
191,331
203,641
BURTON LATIMER ESTATES LIMITED
Burton Latimer Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,230
7,205
Amounts owed to group undertakings and undertakings in which the company has a participating interest
128,665
129,215
Corporation tax
10,045
10,045
Other creditors
25,025
701,584
174,965
848,049
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the Period
718,784
718,784
Non distributable profits in the Period
207,387
-
At the end of the Period
926,171
718,784
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