REGISTERED NUMBER: 00048669 (England and Wales)

BARRY ISLAND COTTAGE COMPANY LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Chairman's Statement

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G E C Rogers

P B Kelly

S P Thorpe

SECRETARY:

G E C Rogers

REGISTERED OFFICE:

2nd Floor Office Suite

Agincourt House

Agincourt Square

MONMOUTH

Monmouthshie

NP25 3BT

REGISTERED NUMBER:

00048669 (England and Wales)

ACCOUNTANTS:

MHA (trading name of MHA Advisory Ltd)

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

I have pleasure, on behalf of your Board of Directors, in presenting the financial statements for the year ended 31 December 2025 and upon which I make the following comments.

Results

The company achieved pre-tax profits of £22,457 compared with £249,915 in the previous year. There was a loss from disposals and a loss on the revaluation of the investment properties but a gain of £485,353 from the sale of fixed asset investments creating a small profit.

Income

Turnover was down as a net result of losing rental income from vacancies prior to sales and from the subsequent sale of properties.

Establishment costs

Vacant properties have attracted rates payable. The high cost of repairs reflects the completion of the works referred to in last year's statement.

Administrative costs

These have risen reflecting ongoing costs of managing the property disposal programme.

Property performance

The total return was a negative 9% as a result of the fall of both capital values and net rents.

Fixed assets

The market value of investment properties recorded a loss of £190,500 at the year end. There were no property additions during the year and seven disposals which resulted in a loss on disposal of £24,056. Furniture, fixtures and fittings saw no additions but there were disposals costing £27,322 which related to those assets in the properties that were sold. Depreciation of £356 has been charged for the year. Fixed asset investments changed in the year with the disposal of shares for a gain of £486,335.

Current assets

Such assets have increased in the year by a net of £172,280 to £994,403, with debtors decreasing by £2,402 and bank balances increasing by £174,682.

Creditors

Overall, there has been an increase in creditors of £136,583 with a reduction in trade creditors but an increase in corporation tax due on the disposal of the properties.

Provisions

The reduction of the provision for deferred tax results from the sale of properties and a reduction in the revaluation of the remaining investment properties.

Shareholders' funds

These fell by £1,673,000 to £3,237,504. Of this decrease, £1,377,172 related to the share buy back..

Dividends

The bank balance is healthy, reflecting receipts from the property disposals. An interim and second interim dividend amounting to 110.5p have been paid. A final of 8.5p (2024 - 20.5p) is declared, making a total for the year of 119p (2024 - 31p).

FIXED ASSETS

Tangible assets

4

276

1,267

Investments

5

100

6,512

Investment property

6

2,596,500

4,377,000

2,596,876

4,384,779

CURRENT ASSETS

Debtors

7

83,987

86,389

Cash at bank

910,416

735,734

994,403

822,123

CREDITORS

Amounts falling due within one year

8

(224,981

)

(88,398

)

NET CURRENT ASSETS

769,422

733,725

TOTAL ASSETS LESS CURRENT LIABILITIES

3,366,298

5,118,504

PROVISIONS FOR LIABILITIES

9

(128,794

)

(208,000

)

NET ASSETS

3,237,504

4,910,504

CAPITAL AND RESERVES

Called up share capital

10

145,120

215,700

Non-distributable reserve

11

936,197

1,809,641

Capital reserve

11

944,273

1,704,784

Capital redemption reserve

11

70,580

-

Retained earnings

11

1,141,334

1,180,379

SHAREHOLDERS' FUNDS

3,237,504

4,910,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

S P Thorpe - Director

1.	STATUTORY INFORMATION

Barry Island Cottage Company Limited is a private company, limited by shares and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There have been no material departures from Financial Reporting Standard 102 1A.

Preparation of consolidated financial statements

The financial statements contain information about Barry Island Cottage Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

The turnover shown in the profit and loss account represents gross rent receivable for the year.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture, fixtures & fittings

20% / 33.33% per annum straight line

Investments

Investments are recorded at cost less any provision required for diminution in value.

Investment property

Investment properties are carried at fair value determined annually by independent professional valuers. Revaluation surpluses and deficits are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold, or the deferred tax liability is settled, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Current tax

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Furniture,

fixtures

& fittings

£

COST

At 1 January 2025

64,197

Disposals

(27,322

)

At 31 December 2025

36,875

DEPRECIATION

At 1 January 2025

62,930

Charge for year

356

Eliminated on disposal

(26,687

)

At 31 December 2025

36,599

NET BOOK VALUE

At 31 December 2025

276

At 31 December 2024

1,267

5.	FIXED ASSET INVESTMENTS

Shares in

group

Participating

Unlisted

undertakings

interests

investments

Totals

£

£

£

£

COST

At 1 January 2025

100

4,808

1,604

6,512

Disposals (see below)

-

(4,808

)

(1,604

)

(6,412

)

At 31 December 2025

100

-

-

100

NET BOOK VALUE

At 31 December 2025

100

-

-

100

At 31 December 2024

100

4,808

1,604

6,512

The investments consist wholly of equity share capital in unquoted companies incorporated in England and Wales as follows:

Company

Cost of shares

Size of holding (%)

Year end of latest accounts

Capital & reserves

Profit/ (loss) for year

£

£

£

Group undertakings

Barry Island Investments Limited *

100

100

31/12/2024

100

-

*Non trading

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

4,377,000

Disposals

(1,590,000

)

Revaluations

(190,500

)

At 31 December 2025

2,596,500

NET BOOK VALUE

At 31 December 2025

2,596,500

At 31 December 2024

4,377,000

Investment property held at 31 December 2025 is included at its independent professional valuation at that date. The valuations have been carried out by Westbury Real Estate Limited on a market value basis in accordance with The RICS Valuation Global Standards Manual 2020 (Red Book Global Standards). The historic cost equivalent of these assets is £1,533,760 (2024: £2,361,609).

The methods and significant assumptions used to ascertain the fair values are as follows:

-

Recent rental and sales prices of comparative properties in similar areas

-

Properties have been valued on an individual stand alone basis and not on the basis of a

sale as part of a portfolio.

Revaluation loss of £190,500 (2024: gain of £241,900) has been recognised in the profit and loss account.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,996

2,394

Other debtors

38,376

48,995

Prepayments and accrued income

43,615

35,000

83,987

86,389

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

7,938

38,550

Amounts owed to group undertakings

100

100

Corporation tax

178,609

11,292

Tenants' property bonds

1,400

1,400

Accruals and deferred income

36,934

37,056

224,981

88,398

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

128,794

208,000

Deferred

tax

£

Balance at 1 January 2025

208,000

Credit to Profit and Loss Account during year

(79,206

)

Balance at 31 December 2025

128,794

The deferred tax liability is calculated on the revaluation of the investment property portfolio.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

145,120

Ordinary shares

£1

145,120

215,700

(2024 - 215,700 )

During the year the company purchased 70,580 of its own shares for a total consideration of £1,377,172 and these shares were subsequently cancelled.

11.

RESERVES

Capital

Retained

Non-distributable

Capital

redemption

earnings

reserve

reserve

reserve

Totals

£

£

£

£

£

At 1 January 2025

1,180,379

1,809,641

1,704,784

-

4,694,804

Deficit for the year

(76,946

)

(76,946

)

Dividends

(211,987

)

(211,987

)

Purchase of own shares

-

-

(1,384,067

)

70,580

(1,313,487

)

Revaluation of investment

properties

190,500

(190,500

)

-

-

-

Deferred tax on investment

properties

(79,206

)

79,206

-

-

-

Transfer to capital reserve on disposal

138,594

(762,150

)

623,556

-

-

At 31 December 2025

1,141,334

936,197

944,273

70,580

3,092,384

12.	RELATED PARTY DISCLOSURES

Details of the company's related parties, where there were transactions during the year such as require disclosure under Financial Reporting Standard 102 1A are:

Name

Nature of relationship

Glamorgan Investments Limited (in 2024)

Significant influence over Barry Island Cottage Company Limited

The Cathays Cottage Company Limited (in 2024)

Significant influence over Barry Island Cottage Company Limited

The Cardiff Exchange and Office Company

Significant influence by Barry Island Cottage Company Limited

Limited (in 2024)

During the year the company entered into the following transactions with its related parties, which require disclosure under Financial Reporting Standard 102 1A:

2025

2024

£

£

Entities with significant influence over the company

Dividends received

613

3,617

Dividend paid

21,880

19,762

Accruals

-

2,267

Creditor balance

-

-

Other debtor

-

3,004

Entities with significant influence

by the company

Debtor balance

38,376

36,896

Key management personnel

Dividend paid

13,525

2,356