Ballbarr Estates Limited - Period Ending 2021-01-31

Ballbarr Estates Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Ballbarr Estates Limited

Company Information

Directors

Mr S Ball Mr N Ball

Company secretary

Mrs C Ball

Registered office

40 Birnam Road London N4 3LQ

Accountants

Peplows Limited Chartered Accountants 1st Floor, 3 & 4 Cranmere Court Lustleigh Close Matford Business Park Exeter Devon EX2 8PW

Ballbarr Estates Limited

(Registration number: 09969500)
Balance Sheet as at 31 January 2021

	Note	2021  £	2020  £
Current assets
Stocks	4	1,942,802	1,932,229
Cash at bank and in hand		10	3,120
		1,942,812	1,935,349
Creditors: Amounts falling due within one year	5	(682,709)	(676,555)
Total assets less current liabilities		1,260,103	1,258,794
Creditors: Amounts falling due after more than one year	5	(1,292,850)	(1,267,500)
Net liabilities		(32,747)	(8,706)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(32,748)	(8,707)
Total equity		(32,747)	(8,706)

Ballbarr Estates Limited

(Registration number: 09969500)
Balance Sheet as at 31 January 2021

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and loss account has been taken.

Approved and authorised for issue by the Board on 27 October 2021 and signed on its behalf by:
 

.........................................

Mr S Ball
Director

.........................................

Mr N Ball
Director

Ballbarr Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Birnam Road
London
N4 3LQ

These financial statements were authorised for issue by the Board on 27 October 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling and rounded to the nearest full £.

Going concern

The financial statements have been prepared on a going concern basis, as the company continues to have the support of its directors.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements. In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when properties are sold.

Ballbarr Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ballbarr Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4

Stocks

	2021 £	2020 £
Other inventories	1,942,802	1,932,229

Ballbarr Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	6	674,354	667,630
Trade creditors		5,445	7,335
Accruals and deferred income		2,910	1,590
		682,709	676,555

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	6	1,292,850	1,267,500

6	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Other borrowings	674,354	667,630

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	1,292,850	1,267,500

Ballbarr Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

Bank borrowings

The bank loan is secured by way of a fixed charge against the company's investment property.

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £0.00 each	200,000	1.00	200,000	1.00

8	Related party transactions

Key management personnel

The Directors

Summary of transactions with key management

During the current and previous year the company benefitted from loans given by the related parties. At the balance sheet date, the amount owed by the company was £673,230 (2020: £667,630).
 
No interest has been charged on loaned amounts and there is no set repayment date.