Barlow Properties Limited - Limited company accounts 20.1
Barlow Properties Limited - Limited company accounts 20.1
REGISTERED NUMBER: 02687043 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
BARLOW PROPERTIES LIMITED |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
BARLOW PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2-6 Manor Square |
Solihull |
West Midlands |
B91 3PX |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
GROUP STRATEGIC REPORT |
for the Year Ended 30 September 2022 |
The directors present their strategic report of the company and the group for the year ended 30 September 2022. |
REVIEW OF BUSINESS |
The directors are pleased to report another profitable year. The main subsidiary, Cumberland Meat Packers Limited has continued to build on the achievements from previous years and has seen an increase in turnover and net assets as well as the gross profit margin. |
The directors acknowledge that trading conditions remain challenging but remain optimistic about the prospects for the forthcoming year. Generally the results are considered to be very encouraging and reflect the effort of the directors and staff during the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors believe that the principal risks and uncertainties facing the group remain similar to those in the previous period: |
- Price volatility of beef supplies |
- Exposure to new legislation and regulatory requirements |
- Recruitment and retention of a skilled workforce |
These risks are mitigated by ensuring training is offered to staff, a competitive employment package and good relationships are maintained with key suppliers and customers. |
KEY PERFORMANCE INDICATORS |
The board regularly monitor the management information available to them and use a number of key performance indicators to enable them to do this. These include: |
- Sales within a period |
- Gross margin |
- Wages costs |
- Working capital movements |
This year has seen: |
- An increase in turnover of 34.6% on the previous year |
- An increase in gross profit by £1.2m to £4m and an increase in gross margin achieved from 9.7% to 10.3% |
- An increase in administrative costs by £88k |
- An increase of £1.1 in profit before tax |
- An overall increase in net assets of £1.3m and a £1.4m increase in net current assets |
ON BEHALF OF THE BOARD: |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 September 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2022. |
DIVIDENDS |
The following interim dividends were paid on 30 September 2022: |
9.6p per share on the ordinary shares |
£155,000 per share on the ordinary A share |
£60,000 per share on the ordinary B share |
£43,000 per share on the ordinary C share |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 September 2022 will be £354,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report. |
CHARITABLE DONATIONS AND EXPENDITURE |
Charitable donations of £15,785 (2021: £1,875) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 September 2022 |
AUDITORS |
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARLOW PROPERTIES LIMITED |
Opinion |
We have audited the financial statements of Barlow Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARLOW PROPERTIES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARLOW PROPERTIES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
- discussion with directors and management of the nature of the industry, control environment and business performance; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we have identified having reviewed the group's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: |
- reviewing balance sheet control accounts to ensure properly reconciled; |
- addressing the risks of fraud through management override of controls by performing journal entry testing; |
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud; |
- enquiring with management concerning actual and potential litigation claims |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
2-6 Manor Square |
Solihull |
West Midlands |
B91 3PX |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONSOLIDATED |
INCOME STATEMENT |
for the Year Ended 30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 39,717,216 | 29,507,426 |
Cost of sales | 35,661,897 | 26,652,747 |
GROSS PROFIT | 4,055,319 | 2,854,679 |
Administrative expenses | 1,938,970 | 1,807,853 |
2,116,349 | 1,046,826 |
Other operating income | 2,500 | 2,500 |
OPERATING PROFIT | 4 | 2,118,849 | 1,049,326 |
Interest payable and similar expenses | 5 | 7,882 | 9,521 |
PROFIT BEFORE TAXATION | 2,110,967 | 1,039,805 |
Tax on profit | 6 | 439,537 | 272,859 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,671,430 | 766,946 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,671,430 | 766,946 |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | (14,892 | ) | (14,892 | ) |
Income tax relating to other comprehensive income |
(1,000 |
) |
(29,000 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(15,892 |
) |
(43,892 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,655,538 |
723,054 |
Total comprehensive income attributable to: |
Owners of the parent | 1,655,538 | 723,054 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONSOLIDATED BALANCE SHEET |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 540,000 | 720,000 |
Tangible assets | 10 | 2,690,009 | 2,774,894 |
Investments | 11 | - | - |
3,230,009 | 3,494,894 |
CURRENT ASSETS |
Stocks | 12 | 1,150,713 | 602,967 |
Debtors | 13 | 6,525,721 | 5,128,762 |
Cash at bank and in hand | 607,175 | 941,241 |
8,283,609 | 6,672,970 |
CREDITORS |
Amounts falling due within one year | 14 | 2,533,261 | 2,367,997 |
NET CURRENT ASSETS | 5,750,348 | 4,304,973 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,980,357 |
7,799,867 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(86,633 |
) |
(217,684 |
) |
PROVISIONS FOR LIABILITIES | 20 | (265,000 | ) | (255,000 | ) |
NET ASSETS | 8,628,724 | 7,327,183 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,000,003 | 1,000,000 |
Share premium | 22 | 4,000,100 | 4,000,100 |
Revaluation reserve | 22 | 488,519 | 504,411 |
Retained earnings | 22 | 3,140,102 | 1,822,672 |
SHAREHOLDERS' FUNDS | 8,628,724 | 7,327,183 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2022 and were signed on its behalf by: |
H R J Leman - Director |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
COMPANY BALANCE SHEET |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 107,528 | 292,078 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2020 | 1,000,000 | 1,331,726 | 4,000,100 | 548,303 | 6,880,129 |
Changes in equity |
Dividends | - | (276,000 | ) | - | - | (276,000 | ) |
Total comprehensive income | - | 766,946 | - | (43,892 | ) | 723,054 |
Balance at 30 September 2021 | 1,000,000 | 1,822,672 | 4,000,100 | 504,411 | 7,327,183 |
Changes in equity |
Issue of share capital | 3 | - | - | - | 3 |
Dividends | - | (354,000 | ) | - | - | (354,000 | ) |
Total comprehensive income | - | 1,671,430 | - | (15,892 | ) | 1,655,538 |
Balance at 30 September 2022 | 1,000,003 | 3,140,102 | 4,000,100 | 488,519 | 8,628,724 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2020 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 30 September 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 30 September 2022 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 841,375 | 941,169 |
Interest paid | (5,491 | ) | (7,071 | ) |
Interest element of hire purchase payments paid |
(2,391 |
) |
(2,450 |
) |
Tax paid | (428,931 | ) | (261,264 | ) |
Net cash from operating activities | 404,562 | 670,384 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (143,904 | ) | (122,191 | ) |
Sale of tangible fixed assets | 4,000 | - |
Net cash from investing activities | (139,904 | ) | (122,191 | ) |
Cash flows from financing activities |
Loan repayments in year | (90,356 | ) | (80,800 | ) |
Capital repayments in year | (38,295 | ) | 63,630 |
Amount introduced by directors | - | 108,466 |
Amount withdrawn by directors | (116,076 | ) | - |
Share issue | 3 | - |
Equity dividends paid | (354,000 | ) | (276,000 | ) |
Net cash from financing activities | (598,724 | ) | (184,704 | ) |
(Decrease)/increase in cash and cash equivalents | (334,066 | ) | 363,489 |
Cash and cash equivalents at beginning of year |
2 |
941,241 |
577,752 |
Cash and cash equivalents at end of year | 2 | 607,175 | 941,241 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 30 September 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 2,110,967 | 1,039,805 |
Depreciation charges | 408,789 | 617,266 |
(Profit)/loss on disposal of fixed assets | (4,000 | ) | 8,444 |
Gain on revaluation of fixed assets | (14,892 | ) | (14,892 | ) |
Decrease in deferred income | 2,500 | 2,500 |
Government grants | (2,500 | ) | (2,500 | ) |
Finance costs | 7,882 | 9,521 |
2,508,746 | 1,660,144 |
(Increase)/decrease in stocks | (547,746 | ) | 65,234 |
Increase in trade and other debtors | (1,396,959 | ) | (1,110,291 | ) |
Increase in trade and other creditors | 277,334 | 326,082 |
Cash generated from operations | 841,375 | 941,169 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 607,175 | 941,241 |
Year ended 30 September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 941,241 | 577,752 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 941,241 | (334,066 | ) | 607,175 |
941,241 | (334,066 | ) | 607,175 |
Debt |
Finance leases | (78,030 | ) | 38,295 | (39,735 | ) |
Debts falling due within 1 year | (84,000 | ) | (2,400 | ) | (86,400 | ) |
Debts falling due after 1 year | (177,949 | ) | 92,756 | (85,193 | ) |
(339,979 | ) | 128,651 | (211,328 | ) |
Total | 601,262 | (205,415 | ) | 395,847 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Barlow Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain assets and to include certain items at fair value, where required by FRS 102. |
Barlow Properties Limited meets the definition of a qualifying entity under FRS102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2022 each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. |
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All intergroup transactions, balances, income and expenses are eliminated on consolidation. |
Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
It is the opinion of the directors that there are no material estimates or judgements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset |
Any revaluation increase in the carrying amounts of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original costs is transferred from revaluation reserve to retained earnings. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 2,665,728 | 2,289,836 |
Social security costs | 265,190 | 208,584 |
Other pension costs | 65,931 | 61,250 |
2,996,849 | 2,559,670 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Indirect | 9 | 9 |
Production | 80 | 75 |
Directors | 3 | 2 |
2022 | 2021 |
£ | £ |
Directors' remuneration | 129,417 | 122,750 |
Directors' pension contributions to money purchase schemes | 5,000 | 5,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets | 225,129 | 262,202 |
Depreciation - assets on hire purchase contracts | 3,660 | 3,660 |
(Profit)/loss on disposal of fixed assets | (4,000 | ) | 8,444 |
Goodwill amortisation | 180,000 | 180,000 |
Auditors' remuneration | 8,650 | 8,650 |
Foreign exchange differences | 6,581 | (5,912 | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank interest | - | 12 |
Bank loan interest | 5,491 | 7,059 |
Hire purchase | 2,391 | 2,450 |
7,882 | 9,521 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 431,585 | 269,112 |
Under/(over) provision in prior years | (1,048 | ) | 3,747 |
Total current tax | 430,537 | 272,859 |
Deferred tax | 9,000 | - |
Tax on profit | 439,537 | 272,859 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax | 2,110,967 | 1,039,805 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
401,084 |
197,563 |
Effects of: |
Expenses not deductible for tax purposes | 114 | 142 |
Income not taxable for tax purposes | (475 | ) | (3,304 | ) |
Capital allowances in excess of depreciation | (3,337 | ) | - |
Depreciation in excess of capital allowances | - | 40,511 |
Adjustments to tax charge in respect of previous periods | (1,049 | ) | 3,747 |
Amortisation on assets not qualifying for tax allowances | 34,200 | 34,200 |
Deferred tax adjustments in respect of prior years | 9,000 | - |
Total tax charge | 439,537 | 272,859 |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | (14,892 | ) | (1,000 | ) | (15,892 | ) |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | (14,892 | ) | (29,000 | ) | (43,892 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each | 96,000 | 276,000 |
Ordinary A shares of £1 each | 155,000 | - |
Ordinary B shares of £1 each | 60,000 | - |
Ordinary C shares of £1 each | 43,000 | - |
354,000 | 276,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 | 1,793,885 |
AMORTISATION |
At 1 October 2021 | 1,073,885 |
Amortisation for year | 180,000 |
At 30 September 2022 | 1,253,885 |
NET BOOK VALUE |
At 30 September 2022 | 540,000 |
At 30 September 2021 | 720,000 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 October 2021 | 144,000 | 2,278,416 | 2,217,753 |
Additions | - | - | 70,404 |
Disposals | - | - | (347,906 | ) |
At 30 September 2022 | 144,000 | 2,278,416 | 1,940,251 |
DEPRECIATION |
At 1 October 2021 | - | 499,538 | 1,530,157 |
Charge for year | - | 85,090 | 85,726 |
Eliminated on disposal | - | - | (347,906 | ) |
At 30 September 2022 | - | 584,628 | 1,267,977 |
NET BOOK VALUE |
At 30 September 2022 | 144,000 | 1,693,788 | 672,274 |
At 30 September 2021 | 144,000 | 1,778,878 | 687,596 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2021 | 132,938 | 441,625 | 5,214,732 |
Additions | - | 73,500 | 143,904 |
Disposals | (114,687 | ) | (107,155 | ) | (569,748 | ) |
At 30 September 2022 | 18,251 | 407,970 | 4,788,888 |
DEPRECIATION |
At 1 October 2021 | 119,868 | 290,275 | 2,439,838 |
Charge for year | 2,023 | 55,950 | 228,789 |
Eliminated on disposal | (114,687 | ) | (107,155 | ) | (569,748 | ) |
At 30 September 2022 | 7,204 | 239,070 | 2,098,879 |
NET BOOK VALUE |
At 30 September 2022 | 11,047 | 168,900 | 2,690,009 |
At 30 September 2021 | 13,070 | 151,350 | 2,774,894 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 | 36,600 |
DEPRECIATION |
At 1 October 2021 | 9,455 |
Charge for year | 3,660 |
At 30 September 2022 | 13,115 |
NET BOOK VALUE |
At 30 September 2022 | 23,485 |
At 30 September 2021 | 27,145 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Long | Plant and |
property | leasehold | machinery | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 144,000 (2021 - £ 144,000 ) which is not depreciated. |
Cost or valuation at 30 September 2022 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery | Totals |
£ | £ | £ | £ |
Valuation in 2015 | - | 744,603 | - | 744,603 |
Cost | 144,000 | 215,397 | 120,590 | 479,987 |
144,000 | 960,000 | 120,590 | 1,224,590 |
If leasehold property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 215,397 | 215,397 |
Aggregate depreciation | 98,007 | 93,699 |
Land and buildings with a carrying amount of £743,909 were revalued at 1 April 2015 on the adoption of FRS102. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties. |
The directors did not consider there to be a material increase in land and buildings during the year. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Cumberland Meat Packers Limited |
Registered office: England and Wales |
Nature of business: Meat |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves | 6,732,395 | 5,426,493 |
Profit for the year | 1,839,902 | 930,867 |
12. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Stocks | 1,150,713 | 602,967 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 5,824,479 | 4,440,132 |
Amounts owed by group undertakings | - | - |
Other debtors | 123,678 | 120,687 |
Directors' current accounts | 325,000 | 325,000 | - | - |
Tax | 105,625 | 105,625 |
VAT | 135,963 | 119,023 |
Prepayments | 10,976 | 18,295 |
6,525,721 | 5,128,762 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 86,400 | 84,000 |
Hire purchase contracts (see note 17) | 38,295 | 38,295 |
Trade creditors | 1,793,444 | 1,530,025 |
Corporation tax | 131,585 | 129,979 |
Social security & other taxes | 94,634 | 52,910 |
VAT | - | - | - | 2,287 |
Other creditors | 55,404 | 53,893 |
Directors' loan accounts | 230,946 | 347,022 | - | - |
Accrued expenses | 102,553 | 131,873 |
2,533,261 | 2,367,997 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Bank loans (see note 16) | 85,193 | 177,949 |
Hire purchase contracts (see note 17) | 1,440 | 39,735 |
86,633 | 217,684 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 86,400 | 84,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 85,193 | 81,600 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 96,349 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 38,295 | 38,295 |
Between one and five years | 1,440 | 39,735 |
39,735 | 78,030 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2022 | 2021 |
£ | £ |
Bank loans | 171,593 | 261,949 |
Hire purchase contracts | 39,735 | 78,030 |
211,328 | 339,979 |
The long term loans are secured by fixed charges over the land and buildings at Barlow Road, Coventry and an unlimited guarantee given by the group companies. |
The group has one bank loan, held by the subsidiary company Cumberland Meat Packers Limited. The bank loan relating to Cumberland Meat Packers Limited is due for repayment in June 2024 and interest is charged at a rate of 2.5%. Barlow Properties Limited has given an unlimited guarantee in respect of the loan. |
Obligations under hire purchase contracts are secured on the assets to which they relate. |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
19. | FINANCIAL INSTRUMENTS |
The carrying values of the group and company's financial assets and liabilities are summarised by category below: |
Group |
2022 | 2021 |
£ | £ |
Financial assets |
Measured at undiscounted amounts receivable | 6,552,772 | 5,128,762 |
Financial liabilities |
Measured at amortised cost | 211,328 | 339,979 |
Measured at undiscounted amounts payable | 2,177,620 | 2,245,702 |
2,388,948 | 2,585,681 |
Company |
2022 | 2021 |
£ | £ |
Financial assets |
Measured at cost less impairment | 5,000,000 | 5,000,000 |
Measured at undiscounted amounts receivable | 560,241 | 564,710 |
5,560,241 | 5,564,710 |
Financial liabilities |
Measured at amortised cost | - | - |
Measured at undiscounted amounts payable | 47,765 | 25,436 |
47,765 | 25,436 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 118,000 | 118,000 |
Deferred tax | 147,000 | 137,000 | 138,000 | 137,000 |
265,000 | 255,000 | 138,000 | 137,000 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2021 | 255,000 |
Provided during year | 10,000 |
Balance at 30 September 2022 | 265,000 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2021 |
Provided during year |
Balance at 30 September 2022 |
21. | CALLED UP SHARE CAPITAL |
Allotted. issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
1,000,000 | Ordinary | £1 | 1,000,000 | 1,000,000 |
1 | Ordinary A | £1 | 1 | - |
1 | Ordinary B | £1 | 1 | - |
1 | Ordinary C | £1 | 1 | - |
During the year, the group issued £1 Ordinary A, Ordinary B and Ordinary C shares. |
22. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2021 | 1,822,672 | 4,000,100 | 504,411 | 6,327,183 |
Profit for the year | 1,671,430 | 1,671,430 |
Dividends | (354,000 | ) | (354,000 | ) |
Deferred tax on revaluation | - | - | (1,000 | ) | (1,000 | ) |
Transfer | - | - | (14,892 | ) | (14,892 | ) |
At 30 September 2022 | 3,140,102 | 4,000,100 | 488,519 | 7,628,721 |
BARLOW PROPERTIES LIMITED (REGISTERED NUMBER: 02687043) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2022 |
22. | RESERVES - continued |
Company |
Revaluation |
reserve |
£ |
At 1 October 2021 |
Deferred tax on revaluation | (1,000 | ) |
Transfer | (14,892 | ) |
At 30 September 2022 |
The revaluation reserve represents cumulative revaluations of the freehold property less the associated deferred taxation provision arising on this revaluation. |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021: |
2022 | 2021 |
£ | £ |
H R J Leman |
Balance outstanding at start of year | 325,000 | 325,000 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 325,000 | 325,000 |
24. | RELATED PARTY DISCLOSURES |
At the year end £100,000 (2021: £100,000) was owed to the company and group in respect of a loan from the father of the director H R J Leman. |