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No description of principal activity
2024-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2,007,859
842,141
2,850,000
2,850,000
2,007,859
xbrli:pure
xbrli:shares
iso4217:GBP
00275032
2024-04-01
2025-03-31
00275032
2025-03-31
00275032
2024-03-31
00275032
2023-04-01
2024-03-31
00275032
2024-03-31
00275032
2023-03-31
00275032
bus:Director1
2024-04-01
2025-03-31
00275032
core:WithinOneYear
2025-03-31
00275032
core:WithinOneYear
2024-03-31
00275032
core:LandBuildings
core:OwnedOrFreeholdAssets
2025-03-31
00275032
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
00275032
core:ShareCapital
2025-03-31
00275032
core:ShareCapital
2024-03-31
00275032
core:RevaluationReserve
2024-03-31
00275032
core:HedgingReserve
2025-03-31
00275032
core:HedgingReserve
2024-03-31
00275032
core:RetainedEarningsAccumulatedLosses
2025-03-31
00275032
core:RetainedEarningsAccumulatedLosses
2024-03-31
00275032
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
00275032
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-04-01
2025-03-31
00275032
bus:SmallEntities
2024-04-01
2025-03-31
00275032
bus:AuditExemptWithAccountantsReport
2024-04-01
2025-03-31
00275032
bus:SmallCompaniesRegimeForAccounts
2024-04-01
2025-03-31
00275032
bus:PrivateLimitedCompanyLtd
2024-04-01
2025-03-31
00275032
bus:FullAccounts
2024-04-01
2025-03-31
COMPANY REGISTRATION NUMBER:
00275032
|
J.J.Barrett & Sons Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
J.J.Barrett & Sons Limited |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
5 |
2,850,000 |
2,007,859 |
|
|
|
|
Current assets
|
Debtors |
6 |
5,705 |
25,625 |
|
Cash at bank and in hand |
74,233 |
57,616 |
|
-------- |
-------- |
|
79,938 |
83,241 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
44,511 |
30,120 |
|
-------- |
-------- |
|
Net current assets |
35,427 |
53,121 |
|
------------ |
------------ |
|
Total assets less current liabilities |
2,885,427 |
2,060,980 |
|
|
|
|
|
Provisions |
410,000 |
180,000 |
|
------------ |
------------ |
|
Net assets |
2,475,427 |
1,880,980 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
28,846 |
28,846 |
|
Special reserve |
– |
204,512 |
|
Fair value reserve |
1,928,701 |
1,316,560 |
|
Profit and loss account |
517,880 |
331,062 |
|
------------ |
------------ |
|
Shareholders funds |
2,475,427 |
1,880,980 |
|
------------ |
------------ |
|
|
|
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.
For the year ending 31 March 2025 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
.
|
J.J.Barrett & Sons Limited |
|
|
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
board of directors
and authorised for issue on
23 May 2025
, and are signed on behalf of the board by:
Company registration number:
00275032
|
J.J.Barrett & Sons Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Regent House, Bath Avenue, Wolverhampton, WV1 4EG, 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.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental properties, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2024:
2
).
5.
Tangible assets
|
Investment properties |
|
£ |
|
Valuation |
|
|
At 1 April 2024 |
2,007,859 |
|
Revaluations |
842,141 |
|
------------ |
|
At 31 March 2025 |
2,850,000 |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2025 |
2,850,000 |
|
------------ |
|
At 31 March 2024 |
2,007,859 |
|
------------ |
|
|
Included within the above is investment property as follows:
|
£ |
|
At 1 April 2024 |
2,007,859 |
|
Fair value adjustments |
842,141 |
|
------------ |
|
At 31 March 2025 |
2,850,000 |
|
------------ |
|
|
The historical cost of investment properties as at 31 March 2025 was £511,299. The fair value of these properties at the reporting date was £2,850,000, resulting in a fair value gain of £2,338,701. A deferred tax liability of £410,000 has been recognised in respect of this gain.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Investment properties |
|
£ |
|
At 31 March 2025 |
|
|
Aggregate cost |
511,299 |
|
Aggregate depreciation |
– |
|
--------- |
|
Carrying value |
511,299 |
|
--------- |
|
|
|
At 31 March 2024 |
|
|
Aggregate cost |
511,299 |
|
Aggregate depreciation |
– |
|
--------- |
|
Carrying value |
511,299 |
|
--------- |
|
|
6.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
5,705 |
25,625 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Accruals and deferred income |
19,450 |
3,300 |
|
Corporation tax |
19,815 |
20,043 |
|
Social security and other taxes |
120 |
120 |
|
Other creditors |
5,126 |
6,657 |
|
-------- |
-------- |
|
44,511 |
30,120 |
|
-------- |
-------- |
|
|
|