COMPANY REGISTRATION NUMBER:
09913793
Barwick Properties Limited
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Filleted Unaudited Financial Statements
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Barwick Properties Limited
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Year ended 31 December 2021
Statement of financial position
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1
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Notes to the financial statements
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3
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Barwick Properties Limited
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Statement of Financial Position
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31 December 2021
Current assets
Stocks
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2,109,813
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1,813,755
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Debtors
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5
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36,414
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27,127
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Cash at bank and in hand
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91,788
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23,844
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------------
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------------
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2,238,015
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1,864,726
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Creditors: amounts falling due within one year
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6
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2,232,692
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1,829,170
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Net current assets
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5,323
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35,556
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-------
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--------
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Total assets less current liabilities
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5,323
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35,556
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Creditors: amounts falling due after more than one year
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7
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35,259
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50,000
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--------
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--------
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Net liabilities
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(
29,936)
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(
14,444)
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--------
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--------
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Capital and reserves
Called up share capital
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100
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100
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Profit and loss account
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(
30,036)
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(
14,544)
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--------
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Shareholders deficit
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(
29,936)
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(
14,444)
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--------
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--------
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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 income and retained earnings has not been delivered.
For the year ending 31 December 2021 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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Barwick Properties Limited
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Statement of Financial Position (continued)
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31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
17 August 2022
, and are signed on behalf of the board by:
Company registration number:
09913793
Barwick Properties Limited
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Notes to the Financial Statements
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Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wellhead Farm, Wingham Well, Canterbury, Kent, CT3 1NS, United Kingdom.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and is stated net of discounts and of Value Added Tax. Revenue from the sale of housing stock is recognised on exchange of unconditional contracts for sale.
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.
Stocks
Stocks and work in progress are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The company had no employees other than the directors throughout the current and previous year.
5.
Debtors
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2021
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2020
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£
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£
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Other debtors
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36,414
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27,127
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--------
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--------
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6.
Creditors:
amounts falling due within one year
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2021
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2020
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£
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£
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Bank loans and overdrafts
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8,908
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–
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Trade creditors
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276
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1,285
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Corporation tax
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1,073
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–
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Social security and other taxes
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698
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557
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Other creditors
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46,570
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–
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Other creditors
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2,175,167
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1,827,328
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2,232,692
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1,829,170
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------------
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7.
Creditors:
amounts falling due after more than one year
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2021
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2020
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£
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£
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Bank loans and overdrafts
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35,259
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50,000
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--------
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8.
Directors' advances, credits and guarantees
During the period the company made advances to a director of nil and received repayments of £624. No interest was charged on the loan. At the year end, a director owed the company £3,301 (2020: 3,925).
9.
Related party transactions
At the year end, the company owed £2,173,942 (2020: £1,826,103) to a company under common control. At the year end the, company was owed £17,374 (2020: 18,694) by companies under common control.