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Company No: 08693984 (England and Wales)

PLACE BARN PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PLACE BARN PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PLACE BARN PROPERTY LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
PLACE BARN PROPERTY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
Directors M Tilford
J Tilford
Registered office Rock Cottage
17 Seawall
Dymchurch
Romney Marsh
Kent
TN29 0LS
United Kingdom
Company number 08693984 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
PLACE BARN PROPERTY LIMITED

BALANCE SHEET

As at 30 September 2024
PLACE BARN PROPERTY LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 355 830
Investment property 4 1,810,000 1,810,000
1,810,355 1,810,830
Current assets
Debtors 5 3,821 3,762
Cash at bank and in hand 67,186 99,499
71,007 103,261
Creditors: amounts falling due within one year 6 ( 606,032) ( 650,769)
Net current liabilities (535,025) (547,508)
Total assets less current liabilities 1,275,330 1,263,322
Creditors: amounts falling due after more than one year 7 ( 737,090) ( 726,194)
Provision for liabilities 8 ( 95,833) ( 95,555)
Net assets 442,407 441,573
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 356,536 356,536
Profit and loss account 85,771 84,937
Total shareholders' funds 442,407 441,573

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Place Barn Property Limited (registered number: 08693984) were approved and authorised for issue by the Board of Directors on 27 May 2025. They were signed on its behalf by:

J Tilford
Director
PLACE BARN PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PLACE BARN PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Place Barn Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rock Cottage, 17 Seawall, , Dymchurch, Romney Marsh, Kent, TN29 0LS, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover from rental income is recognised in the period in which the rental services are provided. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 October 2023 1,899 1,899
At 30 September 2024 1,899 1,899
Accumulated depreciation
At 01 October 2023 1,069 1,069
Charge for the financial year 475 475
At 30 September 2024 1,544 1,544
Net book value
At 30 September 2024 355 355
At 30 September 2023 830 830

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,810,000
As at 30 September 2024 1,810,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,360,517 1,360,517

5. Debtors

2024 2023
£ £
Prepayments 2,966 3,262
Other debtors 855 500
3,821 3,762

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 582,676 627,854
Accruals 23,306 22,865
Other creditors 50 50
606,032 650,769

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 737,090 726,194

The bank loans are secured on the properties, 8, 23 and 30 Orchard Close, and 12 Larkspur Drive. The bank loans are interest only. £367,376 is repayable in February 2028 and £369,714 is repayable in August 2029.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 95,555) ( 43,376)
Charged to the Profit and Loss Account ( 278) ( 52,179)
At the end of financial year ( 95,833) ( 95,555)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 89) ( 208)
Revaluation of investment property ( 98,050) ( 98,050)
Tax losses carry forward 2,306 2,703
( 95,833) ( 95,555)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
49 Class A ordinary shares of £ 1.00 each 49 49
51 Class B ordinary shares of £ 1.00 each 51 51
100 100