Barilone Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00670714 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

BARILONE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Barilone

S K E Ashton

SECRETARY:

M Barilone

REGISTERED OFFICE:

Leonard House

5 - 7 Newman Road

Bromley

Kent

BR1 1RJ

REGISTERED NUMBER:

00670714 (England and Wales)

ACCOUNTANTS:

Crane & Partners

Chartered Accountants

Leonard House

5 - 7 Newman Road

Bromley

Kent

BR1 1RJ

FIXED ASSETS

Tangible assets

4

5,424

2,743

Investment property

5

7,460,000

6,000,000

7,465,424

6,002,743

CURRENT ASSETS

Debtors

6

46,286

30,823

Cash at bank

89,586

225,870

135,872

256,693

CREDITORS

Amounts falling due within one year

7

80,234

78,145

NET CURRENT ASSETS

55,638

178,548

TOTAL ASSETS LESS CURRENT LIABILITIES

7,521,062

6,181,291

PROVISIONS FOR LIABILITIES

8

890,000

580,000

NET ASSETS

6,631,062

5,601,291

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

6,630,062

5,600,291

SHAREHOLDERS' FUNDS

6,631,062

5,601,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2021 and were signed on its behalf by:

S K E Ashton - Director

1.	STATUTORY INFORMATION

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

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.

Turnover

Turnover represents rent received.

Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment - 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by 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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2019

40,257

Additions

4,035

At 30 June 2020

44,292

DEPRECIATION

At 1 July 2019

37,514

Charge for year

1,354

At 30 June 2020

38,868

NET BOOK VALUE

At 30 June 2020

5,424

At 30 June 2019

2,743

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

6,000,000

Additions

132,636

Revaluations

1,327,364

At 30 June 2020

7,460,000

NET BOOK VALUE

At 30 June 2020

7,460,000

At 30 June 2019

6,000,000

The investment properties are shown at valuation, having been revalued by Michael Rogers in March 2021. These valuations are not considered to be significantly different to the value of the properties as at the year end. The original cost of the freehold investment properties was £824,326 (2019: £691,690).

Fair value at 30 June 2020 is represented by:

£

Valuation in 2020

7,460,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

38,642

23,555

Prepayments and accrued income

7,644

7,268

46,286

30,823

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

33,718

43,153

Other creditors

46,516

34,992

80,234

78,145

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

890,000

580,000

Deferred

tax

£

Balance at 1 July 2019

580,000

Charge to Income Statement during year

310,000

Balance at 30 June 2020

890,000

9.	ULTIMATE CONTROLLING PARTY

Barilone Properties Limited is under the common control of the two directors.