Company registration number 02872708 (England and Wales)
BARTON INDUSTRIAL ESTATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
BARTON INDUSTRIAL ESTATE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
BARTON INDUSTRIAL ESTATE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,691
3,567
Investment property
4
31,900,000
32,750,000
Investments
5
27,527,700
14,876,240
59,430,391
47,629,807
Current assets
Debtors
7
933,363
1,153,343
Cash at bank and in hand
1,456,171
315,794
2,389,534
1,469,137
Creditors: amounts falling due within one year
8
(1,293,459)
(1,347,916)
Net current assets
1,096,075
121,221
Total assets less current liabilities
60,526,466
47,751,028
Creditors: amounts falling due after more than one year
9
(381,703)
(663,316)
Provisions for liabilities
(5,905,852)
(3,249,863)
Net assets
54,238,911
43,837,849
Capital and reserves
Called up share capital
11
5,735,000
5,735,000
Capital redemption reserve
5,600,000
5,600,000
Other reserves
13,997,244
14,634,744
Profit and loss reserves
28,906,667
17,868,105
Total equity
54,238,911
43,837,849
BARTON INDUSTRIAL ESTATE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
R A Brainin
Director
Company registration number 02872708 (England and Wales)
BARTON INDUSTRIAL ESTATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
5,735,000
5,600,000
14,430,458
15,927,596
41,693,054
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
2,144,795
2,144,795
Transfers
-
-
204,286
(204,286)
-
Balance at 31 December 2023
5,735,000
5,600,000
14,634,744
17,868,105
43,837,849
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
10,401,062
10,401,062
Transfers
-
-
(637,500)
637,500
-
Balance at 31 December 2024
5,735,000
5,600,000
13,997,244
28,906,667
54,238,911
Other reserves include all current year and prior years revaluation gains and losses on investment properties net of deferred taxation. This reserve is non distributable.
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Barton Industrial Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northbank House, 144 Totteridge lane, London, UK, N20 8JJ.
1.1
Basis of preparation
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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 as a result of large reserves. 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 rental income.
Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Lease incentives such as rent free period are recognised on a straight line basis over the lease term.
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:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% 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.
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.
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
Fixed asset investments, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
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 and cash equivalents
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.
1.9
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 statement of financial position 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.
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
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.
1.10
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 income statement 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
427,398
23,734
451,132
Disposals
(23,734)
(23,734)
At 31 December 2024
427,398
427,398
Depreciation and impairment
At 1 January 2024
423,831
23,734
447,565
Depreciation charged in the year
876
876
Eliminated in respect of disposals
(23,734)
(23,734)
At 31 December 2024
424,707
424,707
Carrying amount
At 31 December 2024
2,691
2,691
At 31 December 2023
3,567
3,567
4
Investment property
2024
£
Fair value
At 1 January 2024
32,750,000
Revaluations
(850,000)
At 31 December 2024
31,900,000
The historical cost of the investment properties are £14,473,970.
The investment properties were revalued by the directors on 31 December 2024 to open market value. The directors are qualified to value these properties by experience.
The investment property portfolio is revalued by the directors of the company using estimated rental value and market yields appropriate to the region in which the property is situated.
Any gain or loss arising from a change in fair value is recognised in the income statement.
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
190,250
190,250
Listed investments
27,337,450
14,685,990
27,527,700
14,876,240
Fixed asset investments revalued
Listed investments represents an investment portfolio revalued at its current market value. The historical cost of these investments is £17,281,718 (2023: £16,104,214).
Movements in fixed asset investments
Shares in subsidiaries
Investments
Total
£
£
£
Cost or valuation
At 1 January 2024
190,250
14,685,990
14,876,240
Additions
-
1,177,504
1,177,504
Reclassification
-
11,473,956
11,473,956
At 31 December 2024
190,250
27,337,450
27,527,700
Carrying amount
At 31 December 2024
190,250
27,337,450
27,527,700
At 31 December 2023
190,250
14,685,990
14,876,240
6
Subsidiaries
These financial statements are separate company financial statements for Barton Industrial Estate Limited.
Separate company financial statements are required to be prepared by law.
Consolidated financial statements for the Barton Group are prepared and publicly available.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held Direct
Lingfield Property Investment Ltd
United Kingdom
Property investment
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Lingfield Property Investment Ltd
6,892,218
(73,429)
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
434,990
515,707
Amounts owed by group undertakings
63,434
91,784
Other debtors
434,939
545,852
933,363
1,153,343
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12
Corporation tax
222,452
220,504
Other taxation and social security
109,369
104,101
Other creditors
961,638
1,023,299
1,293,459
1,347,916
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
381,703
663,316
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
6,603,628
7,429,765
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
835,000
835,000
835,000
835,000
ordinary redeemable of £1 each
4,900,000
4,900,000
4,900,000
4,900,000
5,735,000
5,735,000
5,735,000
5,735,000
BARTON INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
12
Related party transactions
At the year end, the company owed R A Brainin, a director of the company £381,703 (2023: £663,316 ). The balance is interest free and has no set repayment date. This has been included with creditors due more than one year as per note 12.
The balance owed by Lingfield Property Investment Ltd is £63,434 (2023: £91,784) which is included with debtors as per note 10.
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