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REGISTERED NUMBER: 02687043 (England and Wales)


















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

BARLOW PROPERTIES LIMITED

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


BARLOW PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: H R J Leman
R J W Leman





REGISTERED OFFICE: Units 1-5 Barlow Road
Aldermans Green
Coventry
CV2 2LD





REGISTERED NUMBER: 02687043 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The directors are pleased to report another profitable year, with net profits for the group up to £1.710m (2023 - £1.497m). The main subsidiary, Cumberland Meat Packers Limited, has continued to build on the achievements from previous years, as although turnover has fallen by 9.2% following the bumper year of trading in 2023, the main operations have seen an improvement in their gross and operating margins, which has resulted in a strong increase in the net assets and cash balance at the reporting date.

The directors acknowledge that trading conditions remain challenging with the cost of living crisis and the knock on long-term impacts of a period of sustained inflation, but they remain optimistic about the prospects for the forthcoming year. Generally, the results for the 2024 year are considered to be very encouraging and reflect the effort of the directors and staff during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Price risk:
The group is exposed to a significant amount of risk in the price volatility of their beef supplies, which has a strong impact on their gross profit margin.

The directors manage this risk by maintaining strong relationships with key suppliers, as well as ensuring that the business does not become dependent on a single supplier. The directors also communicate price movements to customers in a timely manner to create a good working relationship where benefits can be shared across the supply chain.

Legislative and regulatory risk:
The group faces risks from the legislation and regulatory requirements of the meat processing industry, where new legislation or regulation may cause the business to incur significant additional costs in compliance, either internally or through increased prices from suppliers forced to bear these additional costs.

The directors carefully monitor the political and regulatory environment of the industry, making compliance a core part of the business operations.

Workforce risk:
The group, like many employers, faces risks relating to the recruitment, training and retention of a skilled workforce.

The directors mitigate this risk by continuing to offer a competitive employment package to all staff, as well as ensuring that sufficient training is offered to allow staff to develop and progress in their careers within the business.


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

KEY PERFORMANCE INDICATORS
The board regularly monitor the management information available to them and use a number of key performance indicators to assess the ongoing performance of the group. These include but are not limited to those noted below:

Key Performance Indicator (KPI) 2024 2023 Movement
Revenue (£) £40,393,574 £44,504,291 £(4,110,717)
Direct wages costs (£) £2,646,926 £2,663,037 £(16,111)
Gross profit margin (%) 11.5% 8.7% 2.8%
Administrative costs (£) £2,268,290 £1,913,201 £355,089
Operating profit (£) £2,358,426 £1,975,921 £382,505
Operating profit margin (%) 5.8% 4.4% 1.4%
Net current assets (£) £7,420,347 £6,948,003 £472,344
Net assets (£) £10,529,943 £9,721,201 £808,742

This year has seen a 9.2% fall in revenue compared to 2023, but this has been counteracted by a 2.8% increase in gross profit margin and a 1.4% increase in operating profit margin, leading to higher profits in 2024 despite the fall in revenue.

Net assets have increased by £0.47m, driven by the strong performance in the year and an increase in cash held from £576k in 2023 to £5.74m in 2024.

ON BEHALF OF THE BOARD:





H R J Leman - Director


11 February 2025

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
An interim dividend of 1.180 per share was paid on 30 September 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 877,230 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

H R J Leman
R J W Leman

CHARITABLE DONATIONS AND EXPENDITURE
Charitable donations of £3,000 (2023: £1,167).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H R J Leman - Director


11 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED

Opinion
We have audited the financial statements of Barlow Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 30 September 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARLOW PROPERTIES LIMITED


Auditors' 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 a Report of the Auditors 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:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:
- discussion with directors and management of the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the group's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety regulations.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
- reviewing balance sheet control accounts to ensure these are properly reconciled;
- addressing the risks of fraud through management override of controls by performing journal entry testing;
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud.
- enquiring with management concerning actual and potential litigation claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

11 February 2025

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 40,393,574 44,504,291

Cost of sales 35,767,408 40,642,416
GROSS PROFIT 4,626,166 3,861,875

Administrative expenses 2,268,290 1,913,201
2,357,876 1,948,674

Other operating income 550 27,247
OPERATING PROFIT 4 2,358,426 1,975,921

Interest receivable and similar income 42,129 -
2,400,555 1,975,921

Interest payable and similar expenses 5 12,203 5,609
PROFIT BEFORE TAXATION 2,388,352 1,970,312

Tax on profit 6 677,398 472,853
PROFIT FOR THE FINANCIAL YEAR 1,710,954 1,497,459
Profit attributable to:
Owners of the parent 1,710,954 1,497,459

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,710,954 1,497,459


OTHER COMPREHENSIVE INCOME
Revaluation reserve (24,982 ) 6,018
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(24,982

)

6,018
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,685,972

1,503,477

Total comprehensive income attributable to:
Owners of the parent 1,685,972 1,503,477

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 180,000 360,000
Tangible assets 10 3,186,596 2,666,198
Investments 11 - -
3,366,596 3,026,198

CURRENT ASSETS
Stocks 12 653,058 836,882
Debtors 13 3,881,792 7,890,767
Cash at bank and in hand 5,741,078 575,767
10,275,928 9,303,416
CREDITORS
Amounts falling due within one year 14 2,855,581 2,355,413
NET CURRENT ASSETS 7,420,347 6,948,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,786,943

9,974,201

PROVISIONS FOR LIABILITIES 19 257,000 253,000
NET ASSETS 10,529,943 9,721,201

CAPITAL AND RESERVES
Called up share capital 20 1,000,003 1,000,003
Share premium 21 4,000,100 4,000,100
Revaluation reserve 21 469,555 494,537
Retained earnings 21 5,060,285 4,226,561
SHAREHOLDERS' FUNDS 10,529,943 9,721,201

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





H R J Leman - Director


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,615,397 888,781
Investments 11 5,000,000 5,000,000
6,615,397 5,888,781

CURRENT ASSETS
Debtors 13 110,418 572,672
Cash at bank 75,715 61,168
186,133 633,840
CREDITORS
Amounts falling due within one year 14 322,536 25,630
NET CURRENT (LIABILITIES)/ASSETS (136,403 ) 608,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,478,994

6,496,991

PROVISIONS FOR LIABILITIES 19 127,000 117,000
NET ASSETS 6,351,994 6,379,991

CAPITAL AND RESERVES
Called up share capital 20 1,000,000 1,000,000
Share premium 4,000,100 4,000,100
Revaluation reserve 499,519 509,519
Retained earnings 852,375 870,372
SHAREHOLDERS' FUNDS 6,351,994 6,379,991

Company's profit for the financial year 114,853 98,666

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





H R J Leman - Director


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 1,000,003 3,140,102 4,000,100 488,519 8,628,724

Changes in equity
Dividends - (411,000 ) - - (411,000 )
Total comprehensive income - 1,497,459 - 6,018 1,503,477
Balance at 30 September 2023 1,000,003 4,226,561 4,000,100 494,537 9,721,201

Changes in equity
Dividends - (877,230 ) - - (877,230 )
Total comprehensive income - 1,710,954 - (24,982 ) 1,685,972
Balance at 30 September 2024 1,000,003 5,060,285 4,000,100 469,555 10,529,943

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 1,000,000 867,706 4,000,100 488,519 6,356,325

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - 98,666 - 21,000 119,666
Balance at 30 September 2023 1,000,000 870,372 4,000,100 509,519 6,379,991

Changes in equity
Dividends - (132,850 ) - - (132,850 )
Total comprehensive income - 114,853 - (10,000 ) 104,853
Balance at 30 September 2024 1,000,000 852,375 4,000,100 499,519 6,351,994

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,361,078 840,761
Interest paid (12,259 ) (3,218 )
Interest element of hire purchase payments
paid

56

(2,391

)
Tax paid (592,149 ) (131,585 )
Net cash from operating activities 6,756,726 703,567

Cash flows from investing activities
Purchase of tangible fixed assets (954,118 ) (213,605 )
Sale of tangible fixed assets 5,751 -
Interest received 42,129 -
Net cash from investing activities (906,238 ) (213,605 )

Cash flows from financing activities
Loan repayments in year (78,965 ) (92,628 )
Capital repayments in year (1,440 ) (38,295 )
Amount introduced by directors 813,863 54,799
Amount withdrawn by directors (541,405 ) (34,246 )
Equity dividends paid (877,230 ) (411,000 )
Net cash from financing activities (685,177 ) (521,370 )

Increase/(decrease) in cash and cash equivalents 5,165,311 (31,408 )
Cash and cash equivalents at beginning of
year

2

575,767

607,175

Cash and cash equivalents at end of year 2 5,741,078 575,767

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,388,352 1,970,312
Depreciation charges 475,954 417,416
Loss on disposal of fixed assets 132,016 -
Gain on revaluation of fixed assets (14,982 ) (14,982 )
Decrease in deferred income 2,499 2,500
Government grants (2,500 ) (2,500 )
Finance costs 12,203 5,609
Finance income (42,129 ) -
2,951,413 2,378,355
Decrease in stocks 183,824 313,831
Decrease/(increase) in trade and other debtors 3,993,813 (1,349,884 )
Increase/(decrease) in trade and other creditors 232,028 (501,541 )
Cash generated from operations 7,361,078 840,761

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 5,741,078 575,767
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 575,767 607,175


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 575,767 5,165,311 5,741,078
575,767 5,165,311 5,741,078
Debt
Finance leases (1,440 ) 1,440 -
Debts falling due within 1 year (78,965 ) 78,965 -
(80,405 ) 80,405 -
Total 495,362 5,245,716 5,741,078

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Barlow Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain assets and to include certain items at fair value, where required by FRS 102.

Barlow Properties Limited meets the definition of a qualifying entity under FRS102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All intergroup transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
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 revision and future periods where the revision affects both current and future periods.

It is the opinion of the directors that there are no material estimates or judgements.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of 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.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Straight line over 20 years and 2% per annum of cost
Plant and machinery - 10% per annum of cost
Fixtures and fittings - 10% per annum of cost
Motor vehicles - 20% straight line

Freehold land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset

Any revaluation increase in the carrying amounts of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original costs is transferred from revaluation reserve to retained earnings.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,976,982 2,934,449
Social security costs 280,456 284,534
Other pension costs 79,119 76,825
3,336,557 3,295,808

The average number of employees during the year was as follows:
2024 2023

Indirect 8 9
Production 80 85
Directors 3 3
91 97

2024 2023
£    £   
Directors' remuneration 238,138 132,750
Directors' pension contributions to money purchase schemes 25,000 5,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
2024
£   
Emoluments etc 113,591
Pension contributions to money purchase schemes 5,000

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 292,293 237,416
Depreciation - assets on hire purchase contracts 3,660 -
Loss on disposal of fixed assets 132,016 -
Goodwill amortisation 180,000 180,000
Auditors' remuneration 11,995 7,780
Foreign exchange differences 24,113 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 3,218
Interest payable 12,259 -
Hire purchase (56 ) 2,391
12,203 5,609

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 683,398 463,853

Deferred tax (6,000 ) 9,000
Tax on profit 677,398 472,853

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,388,352 1,970,312
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.010 %)

597,088

433,666

Effects of:
Expenses not deductible for tax purposes 12,259 429
Income not taxable for tax purposes (2,500 ) (3,298 )
Depreciation in excess of capital allowances 19,551 4,897
Adjustments to tax charge in respect of previous periods - (41 )
Amortisation on assets not qualifying for tax allowances 45,000 34,200
Deferred tax adjustments in respect of prior years - 3,000
Deferred tax adjustments due to changes in prevailing tax rates 6,000 -
Total tax charge 677,398 472,853

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation reserve (24,982 ) - (24,982 )

2023
Gross Tax Net
£    £    £   
Revaluation reserve 6,018 - 6,018

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS

2023 2022
£    £   
Ordinary shares of £1 each 96,000 96,000
96,000 96,000

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 1,793,885
AMORTISATION
At 1 October 2023 1,433,885
Amortisation for year 180,000
At 30 September 2024 1,613,885
NET BOOK VALUE
At 30 September 2024 180,000
At 30 September 2023 360,000

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 October 2023 144,000 2,278,416 2,020,503
Additions 748,325 - 57,160
Disposals - - (1,177,819 )
At 30 September 2024 892,325 2,278,416 899,844
DEPRECIATION
At 1 October 2023 - 669,720 1,359,299
Charge for year - 85,120 106,165
Eliminated on disposal - - (1,040,052 )
At 30 September 2024 - 754,840 425,412
NET BOOK VALUE
At 30 September 2024 892,325 1,523,576 474,432
At 30 September 2023 144,000 1,608,696 661,204

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 18,251 541,323 5,002,493
Additions - 148,633 954,118
Disposals - (105,470 ) (1,283,289 )
At 30 September 2024 18,251 584,486 4,673,322
DEPRECIATION
At 1 October 2023 9,027 298,249 2,336,295
Charge for year 1,825 102,843 295,953
Eliminated on disposal - (105,470 ) (1,145,522 )
At 30 September 2024 10,852 295,622 1,486,726
NET BOOK VALUE
At 30 September 2024 7,399 288,864 3,186,596
At 30 September 2023 9,224 243,074 2,666,198

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2023 36,600
Disposals (36,600 )
At 30 September 2024 -
DEPRECIATION
At 1 October 2023 13,115
Charge for year 3,660
Eliminated on disposal (16,775 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 23,485

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 144,000 960,000 120,590 1,224,590
Additions 748,325 - - 748,325
At 30 September 2024 892,325 960,000 120,590 1,972,915
DEPRECIATION
At 1 October 2023 - 235,291 100,518 335,809
Charge for year - 19,200 2,509 21,709
At 30 September 2024 - 254,491 103,027 357,518
NET BOOK VALUE
At 30 September 2024 892,325 705,509 17,563 1,615,397
At 30 September 2023 144,000 724,709 20,072 888,781

Included in cost or valuation of land and buildings is freehold land of £ 144,000 (2023 - £ 144,000 ) which is not depreciated.

Cost or valuation at 30 September 2024 is represented by:

Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
Valuation in 2015 144,000 744,603 - 888,603
Cost 748,325 215,397 120,590 1,084,312
892,325 960,000 120,590 1,972,915

If leasehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 215,397 215,397
Aggregate depreciation 98,007 98,007

Land and buildings with a carrying amount of £743,909 were revalued at 1 April 2015 on the adoption of FRS102. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties.

The directors did not consider there to be a material increase in land and buildings during the year.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 5,000,000
NET BOOK VALUE
At 30 September 2024 5,000,000
At 30 September 2023 5,000,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cumberland Meat Packers Limited
Registered office: England and Wales
Nature of business: Meat
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 9,317,455 8,277,209
Profit for the year 2,126,901 1,640,811


12. STOCKS

Group
2024 2023
£    £   
Stocks 653,058 836,882

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,175,053 7,148,921 10,418 9,670
Amounts owed by group undertakings - 1 - 447,841
Other debtors 115,088 124,878 100,000 100,000
Directors' current accounts 325,000 340,161 - 15,161
Tax 105,625 105,625 - -
VAT 111,977 128,023 - -
Prepayments 49,049 43,158 - -
3,881,792 7,890,767 110,418 572,672

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) - 78,965 - -
Hire purchase contracts (see note 16) - 1,440 - -
Trade creditors 1,368,210 1,224,700 - -
Amounts owed to group undertakings - - 302,159 -
Corporation tax 555,102 463,853 871 5,717
Social security & other taxes 64,900 89,184 - -
VAT - - 2,006 2,412
Other creditors 247,914 131,608 - -
Directors' loan accounts 523,957 266,661 - -
Accrued expenses 95,498 99,002 17,500 17,501
2,855,581 2,355,413 322,536 25,630

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 78,965

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 1,440

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans - 78,965
Hire purchase contracts - 1,440
- 80,405

The long term loans are secured by fixed charges over the land and buildings at Barlow Road, Coventry and an unlimited guarantee given by the group companies.

The group had one bank loan, held by the subsidiary company Cumberland Meat Packers Limited. The bank loan relating to Cumberland Meat Packers Limited was repaid in full in June 2024 and interest was charged at a rate of 2.5%. Barlow Properties Limited had given an unlimited guarantee in respect of the loan.

Obligations under hire purchase contracts are secured on the assets to which they relate.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. FINANCIAL INSTRUMENTS

The carrying values of the group and company's financial assets and liabilities are summarised by category below:

Group

2024 2023
£ £
Financial assets
Measured at undiscounted amounts receivable 3,906,450 7,890,766
Financial liabilities
Measured at amortised cost - 80,405
Measured at undiscounted amounts payable 2,440,907 1,930,596
2,011,001 2,011,001

Company

2023 2023
£ £
Financial assets
Measured at cost less impairment 5,000,000 5,000,000
Measured at undiscounted amounts receivable 132,207 572,671
5,572,671 5,572,671

Financial liabilities
Measured at amortised cost - -
Measured at undiscounted amounts payable 326,676 25,629
25,629 25,629






19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 136,000 127,000 - -
Deferred tax 121,000 126,000 127,000 117,000
257,000 253,000 127,000 117,000

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2023 253,000
Provided during year 4,000
Balance at 30 September 2024 257,000

Company
Deferred
tax
£   
Balance at 1 October 2023 117,000
Provided during year 10,000
Balance at 30 September 2024 127,000

20. CALLED UP SHARE CAPITAL

Allotted. issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000


21. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 4,226,561 4,000,100 494,537 8,721,198
Profit for the year 1,710,954 1,710,954
Dividends (877,230 ) (877,230 )
Deferred tax on revaluation - - (10,000 ) (10,000 )
Transfer - - (14,982 ) (14,982 )
At 30 September 2024 5,060,285 4,000,100 469,555 9,529,940

Company
Revaluation
reserve
£   
At 1 October 2023 509,519
Deferred tax on revaluation (10,000 )

At 30 September 2024 499,519

The revaluation reserve represents cumulative revaluations of the freehold property less the associated deferred taxation provision arising on this revaluation.

BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
H R J Leman
Balance outstanding at start of year 325,000 325,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 325,000 325,000

23. RELATED PARTY DISCLOSURES

At the year end £100,000 (2023: £100,000) was owed to the company and group in respect of a loan from the father of the director H R J Leman.