Company Registration No. 03062068 (England and Wales)
BARNFIELD & HYNDBURN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BARNFIELD & HYNDBURN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BARNFIELD & HYNDBURN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,125,000
Current assets
Debtors
4
12,615
542,447
Cash at bank and in hand
211,781
519,789
224,396
1,062,236
Creditors: amounts falling due within one year
5
(69,465)
(28,849)
Net current assets
154,931
1,033,387
Total assets less current liabilities
154,931
2,158,387
Capital and reserves
Called up share capital
6
10
10
Revaluation reserve
604,249
Profit and loss reserves
154,921
1,554,128
Total equity
154,931
2,158,387
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 May 2021 and are signed on its behalf by:
T J H Webber
Director
Company Registration No. 03062068
BARNFIELD & HYNDBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Barnfield & Hyndburn Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kenyon Road, Lomeshaye Industrial Estate, Nelson, Lancashire, BB9 5SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company's parent company is Barnfield Group Limited, a company registered in England and Wales.
Barnfield Group Limited prepares group financial statements and these can be obtained from Kenyon Road, Lomeshaye Industrial Estate, Nelson, Lancashire BB9 5SP.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
The directors have given due consideration to the impact of the pandemic on the company and consider that it will have adequate resources to manage that impact.
1.3
Turnover
Turnover represents amounts receivable for rents and proceeds on the sale of properties held in stock
,
both net of VAT.
Rents are included in turnover for the period in which they are receivable. Proceeds on the sale of properties held in stock are recognised at the point of completion of sale.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
BARNFIELD & HYNDBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BARNFIELD & HYNDBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
5
3
Investment property
2020
£
Fair value
At 1 January 2020
1,125,000
Disposals
(1,125,000)
At 31 December 2020
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
10
1,769
Amounts owed by connected entities
12,000
540,000
Other debtors
605
678
12,615
542,447
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
1,460
Corporation tax
66,965
22,840
Other taxation and social security
1,442
Other creditors
2,500
3,107
69,465
28,849
BARNFIELD & HYNDBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jane Smith.
The auditor was Pierce C A Limited.
BARNFIELD & HYNDBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
8
Related party transactions
Company director Timothy Webber is also director and shareholder of fellow subsidiary Barnfield Construction Limited and one of the partners of the Barnfield & Hyndburn Partnership.
Hyndburn Borough Council is also a shareholder of the company.
At 31 December 2020 the following balances were owed to and from this company and entities:
Barnfield & Hyndburn Partnership – Connected entity
At 31 December 2020 the company was owed £12,000 (2019: £540,000) from the Barnfield & Hyndburn Development Partnership.
Hyndburn Borough Council - Shareholder
At 31 December 2020 the company was owed £3 (2019: £3) from Hyndburn Borough Council.
In the opinion of the directors there were no other material transactions which require disclosure under the Financial Reporting Standard 102.