Company registration number 07842885 (England and Wales)
BARTON HALL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SOMERBYS LIMITED
CHARTERED ACCOUNTANTS
30 NELSON STREET
LEICESTER
LE1 7BA
BARTON HALL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BARTON HALL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,772,356
4,700,000
Current assets
Stocks
26,839
30,376
Debtors
4
82,643
119,996
Cash at bank and in hand
148,598
125,503
258,080
275,875
Creditors: amounts falling due within one year
5
(1,238,976)
(1,971,331)
Net current liabilities
(980,896)
(1,695,456)
Total assets less current liabilities
3,791,460
3,004,544
Creditors: amounts falling due after more than one year
6
(2,046,800)
(1,434,363)
Provisions for liabilities
(289,373)
(233,066)
Net assets
1,455,287
1,337,115
Capital and reserves
Called up share capital
8
63
63
Revaluation reserve
154,254
154,254
Capital redemption reserve
37
37
Profit and loss reserves
1,300,933
1,182,761
Total equity
1,455,287
1,337,115
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BARTON HALL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
T R Hazelton
Director
Company Registration No. 07842885
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Barton Hall Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estate Office, Rushton Hall, Rushton, Northamptonshire, NN14 1RR.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods and services are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
No depreciation
Plant and machinery
20% & 50% straight line method
Fixtures, fittings & equipment
50% straight line method
Motor vehicles
25% straight line method
Freehold land and buildings are carried at valuation and are not depreciated. The directors consider that the freehold land and buildings have an unlimited useful life and that the realisable amount at the end of any useful life is expected to be in excess of the current fair value. On this basis, the cumulative impact of depreciation has no material effect of the financial statements. The directors consider that this departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated, is necessary to give a true and fair view.
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.
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its 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).
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.7
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.
1.8
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.
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
60
57
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 September 2023
4,518,820
903,588
5,422,408
Additions
61,386
143,716
205,102
Disposals
(12,377)
(33,731)
(46,108)
At 31 August 2024
4,567,829
1,013,573
5,581,402
Depreciation and impairment
At 1 September 2023
722,408
722,408
Depreciation charged in the year
87,089
87,089
Eliminated in respect of disposals
(451)
(451)
At 31 August 2024
809,046
809,046
Carrying amount
At 31 August 2024
4,567,829
204,527
4,772,356
At 31 August 2023
4,518,820
181,180
4,700,000
Land and buildings including fixtures, fittings & equipment and plant & machinery with a carrying amount of £4,772,356, were revalued to their fair value at the year end by the directors. The last professional valuation was carried out in 2023 by Colliers International, independent valuers.
If revalued assets were measured using the cost model, the carrying amounts would have been as follows:
2024
2023
£
£
Cost
4,567,829
4,364,566
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,573
11,331
Corporation tax recoverable
13,581
Amounts due from companies under common control
42,000
Other debtors
57,070
53,084
82,643
119,996
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
146,664
247,500
Trade creditors
172,544
488,569
Other taxation and social security
162,635
118,281
Other creditors
757,133
1,116,981
1,238,976
1,971,331
Bank loans of £146,664 (2023 - £247,500) are secured by fixed and floating charges over the company's assets
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,980,004
1,356,667
Other creditors
66,796
77,696
2,046,800
1,434,363
Bank loans of £1,980,004 (2023 - £1,356,667) are secured by fixed and floating charges over the company's assets
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
289,373
233,066
2024
Movements in the year:
£
Liability at 1 September 2023
233,066
Charge to profit or loss
56,307
Liability at 31 August 2024
289,373
BARTON HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
63
63
63
63
9
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee on the bank borrowings of companies under common control. At 31 August 2024 the total potential liability under this cross guarantee amounted to £5,475,000 (2023 - £5,775,000).
10
Related party transactions
Transactions with related parties
During the year, companies under common control made payments on behalf of the company and provided funds such that at the year end the company owed £274,205 (2023 - £595,000) to companies under common control.
During the year, the company made payments on behalf of companies under common control and provided funds such that at the year end the company was owed £nil (2023 - £42,000) by companies under common control.
No interest with respect to all loan balances with the above related parties is chargeable unless stated otherwise.