Company No: 06775508 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Investment property	4	2,480,000		2,480,000
Investments	5	173,108		181,097
		2,653,108		2,661,097
Current assets
Debtors
- due within one year	6	4,875		59,452
- due after more than one year	6	1,550,000		1,250,000
Cash at bank and in hand		228,443		402,293
		1,783,318		1,711,745
Creditors: amounts falling due within one year	7	( 2,039,299)		( 2,030,702)
Net current liabilities		(255,981)		(318,957)
Total assets less current liabilities		2,397,127		2,342,140
Creditors: amounts falling due after more than one year	8	( 687,501)		( 771,615)
Provision for liabilities		( 29,525)		( 27,353)
Net assets		1,680,101		1,543,172
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		1,680,001		1,543,072
Total shareholders' funds		1,680,101		1,543,172

For the financial year ending 31 December 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Burlton Estates Limited (registered number: 06775508) were approved and authorised for issue by the Director on 03 April 2023. They were signed on its behalf by:

M R Ellis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Burlton Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor Wilson's Chambers, 13 Commercial Street, Hereford, HR1 2DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery

10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 January 2022	24,291		24,291
At 31 December 2022	24,291		24,291
Accumulated depreciation
At 01 January 2022	24,291		24,291
At 31 December 2022	24,291		24,291
Net book value
At 31 December 2022	0		0
At 31 December 2021	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2022	2,480,000
As at 31 December 2022	2,480,000

Assumptions

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2022 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

	2022		2021
	£		£
Historic cost	2,346,508		2,346,508

5. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	181,097		181,097
Additions	23,652		23,652
Disposals	( 17,030)		( 17,030)
At 31 December 2022	187,719		187,719
Provisions for impairment
At 01 January 2022	0		0
Impairment	14,611		14,611
At 31 December 2022	14,611		14,611
Carrying value at 31 December 2022	173,108		173,108
Carrying value at 31 December 2021	181,097		181,097

6. Debtors

	2022		2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	3,125		5,549
Prepayments	1,750		53,903
	4,875		59,452
Debtors: amounts falling due after more than one year
Amounts owed by associates	1,550,000		1,250,000

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans (secured)	83,333		83,333
Amounts owed to directors	1,895,000		1,895,000
Accruals and deferred income	18,850		13,200
Taxation and social security	42,116		39,169
	2,039,299		2,030,702

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans (secured)	687,501		771,615

The bank loan is secured on freehold properties of the Company with a carrying value of £2,480,000 (2021: £2,480,000).

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100