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COMPANY REGISTRATION NUMBER: 13897729
Great House Barns Limited
Filleted Financial Statements
30 June 2024
Great House Barns Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Great House Barns Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
624,973
1,133,567
Current assets
Debtors
6
2,816
2,844
Cash at bank and in hand
5,748
11,208
-------
--------
8,564
14,052
Creditors: amounts falling due within one year
7
1,269,784
1,161,965
------------
------------
Net current liabilities
1,261,220
1,147,913
------------
------------
Total assets less current liabilities
( 636,247)
( 14,346)
Provisions
13,067
---------
--------
Net liabilities
( 649,314)
( 14,346)
---------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 649,414)
( 14,446)
---------
--------
Shareholders deficit
( 649,314)
( 14,346)
---------
--------
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 comprehensive income has not been delivered.
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 were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
J P Rumsey
Director
Company registration number: 13897729
Great House Barns Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
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.
Going concern
These accounts have been prepared on the going concern basis. The director is of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts. The director has also received a letter of support from the ultimate controlling party confirming that day to day financial support in addition to the long term loan will continue to be provided for at least 12 months after these financial statements are approved and therefore the director considers it appropriate to prepare the financial statements on the going concern basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Plant and machinery
-
20%-33% Straight line
Investment property
Investment property, which is an asset under construction, is being developed to be held for holiday rentals. The asset is currently being measured at cost less impairments, and will be valued using the fair value model upon completion.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023
1,071,048
74,797
1,145,845
Additions
75,716
49,915
125,631
Disposals
( 29,109)
( 29,109)
------------
--------
------------
At 30 June 2024
1,146,764
95,603
1,242,367
------------
--------
------------
Depreciation
At 1 July 2023
12,278
12,278
Charge for the year
13,189
13,189
Disposals
( 4,837)
( 4,837)
Impairment losses
596,764
596,764
------------
--------
------------
At 30 June 2024
596,764
20,630
617,394
------------
--------
------------
Carrying amount
At 30 June 2024
550,000
74,973
624,973
------------
--------
------------
At 30 June 2023
1,071,048
62,519
1,133,567
------------
--------
------------
Investment property, which is an asset under construction, is being developed to be held for holiday rentals. The asset is currently being measured at cost less impairment, and will be valued using the fair value model upon completion.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings
331
Other debtors
2,816
2,513
-------
-------
2,816
2,844
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,997
1,962
Amounts owed to group undertakings
1,264,709
1,159,003
Accruals and deferred income
1,000
1,000
Director loan accounts
78
------------
------------
1,269,784
1,161,965
------------
------------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Summary audit opinion
The auditor's report dated 24 March 2025 was unqualified .
The senior statutory auditor was Stephen Drain , for and on behalf of Edmund Carr LLP .
10. Controlling party
The ultimate parent company is Ortus Technology Limited, a company registered in England and Wales at the registered office, 146 New London Road, Chelmsford, Essex, CM2 0AW. The ultimate controlling party is J P Rumsey by virtue of his shareholding in the ultimate parent undertaking.