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COMPANY REGISTRATION NUMBER: 08547559
The Barn Community Enterprise Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 May 2024
The Barn Community Enterprise Limited
Company Limited by Guarantee
Financial Statements
Year Ended 31 May 2024
Contents
Page
Directors' Report
1
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Financial Position
4
Notes to the Financial Statements
6
The Barn Community Enterprise Limited
Company Limited by Guarantee
Directors' Report
Year Ended 31 May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2024 .
Principal Activities
The principal activity of the company during the year was the running of a cafe and to make grants towards community cohesion. The company changed its name on 6th March 2018 from Cielo Meanwood Limited.
Directors
The directors who served the company during the year were as follows:
G Brownlee
C Laxton
A MacBean
C MacBean
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 February 2025 and signed on behalf of the board by:
A MacBean
Director
Company Secretary
Registered office:
Meanwood Valley Urban Farm
Sugarwell Road
Leeds
LS7 2QG
The Barn Community Enterprise Limited
Company Limited by Guarantee
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of The Barn Community Enterprise 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 The Barn Community Enterprise Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of The Barn Community Enterprise Limited, as a body, in accordance with the terms of our engagement letter dated 5 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of The Barn Community Enterprise Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Barn Community Enterprise Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Barn Community Enterprise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Barn Community Enterprise Limited. You consider that The Barn Community Enterprise 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 The Barn Community Enterprise 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.
WYATT & CO Chartered Accountants
125 Main Street Garforth Leeds LS25 1AF
14 February 2025
The Barn Community Enterprise Limited
Company Limited by Guarantee
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
6
7,862
11,365
Current Assets
Debtors
7
7,320
6,196
Cash at bank and in hand
19,675
26,795
---------
---------
26,995
32,991
Creditors: amounts falling due within one year
8
13,163
12,819
---------
---------
Net Current Assets
13,832
20,172
---------
---------
Total Assets Less Current Liabilities
21,694
31,537
---------
---------
Net Assets
21,694
31,537
---------
---------
Capital and Reserves
Profit and loss account
21,694
31,537
---------
---------
Members Funds
21,694
31,537
---------
---------
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 income and retained earnings has not been delivered.
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 .
The Barn Community Enterprise Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
A MacBean
Director
Company registration number: 08547559
The Barn Community Enterprise Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year Ended 31 May 2024
1. General Information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Meanwood Valley Urban Farm, Sugarwell Road, Leeds, LS7 2QG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold alterations
-
20% straight line
Fixtures fittings and equipment
-
25% reducing balance
Impairment of Fixed Assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company Limited by Guarantee
The company is limited by guarantee, and not having a share capital.
5. Employee Numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
6. Tangible Assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
8,644
25,765
34,409
--------
---------
---------
Depreciation
At 1 June 2023
4,374
18,670
23,044
Charge for the year
1,729
1,774
3,503
--------
---------
---------
At 31 May 2024
6,103
20,444
26,547
--------
---------
---------
Carrying amount
At 31 May 2024
2,541
5,321
7,862
--------
---------
---------
At 31 May 2023
4,270
7,095
11,365
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,197
6,007
Other debtors
6,123
189
--------
--------
7,320
6,196
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
9,132
7,327
Other creditors
4,031
5,492
---------
---------
13,163
12,819
---------
---------
9. Related Party Transactions
There were no related party transactions during the year.