MONTEAGLE_BARLOW_TRUST_LI - Accounts

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.

Monteagle Barlow Trust Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Duke Street, St James's, London, SW1Y 6BN.

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 amounts 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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover is recognised at the fair value of the consideration received or receivable in respect of rental income and associated income and sales of trading and development properties. Profits on sales of trading and development properties are recognised on unconditional exchange.

Rental income is recognised on an accruals basis. Rent increases arising from rent reviews are taken into account when such reviews have been settled with tenants.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Stocks represent the purchase and associated costs of properties held for trading and development purposes and are valued at the lower of cost and net realisable value. Cost includes development costs specifically attributable to properties in the course of development.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, 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.

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.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments 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. Amounts 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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred 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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 5).

Their aggregate remuneration comprised:

There were no Investment Properties revalued through the profit and loss in the year.

On 29th July 2022, shares were acquired in Water Street Propco Investment Limited totalling £258,434

Investment properties comprise:

1. 2-4 The Pavement with a carrying value of £5,801,382 (2022 - £5,685,000)

2. 5-9 Stanhope Mews with a carrying value of £4,900,000 (2022 - £4,900,000)

3. 920 Aztec West with a carrying value of £7,389,523 (2022 - £7,313,093)

4. 75 Barton Road, Cambridge with a carrying value of £2,050,000 (2022 - £2,050,000)

5. 108 Banbury Road, Oxford with a carrying value of £2,873,283 (2022 - £2,873,283)

6. Melita House,124 Bridge Road, Chertsey with a carrying value of £4,921,570 (2022 - £4,906,504).

7. Brackley Office Campus with a carrying value of £6,461,813 (2022 - £6,461,813).

Investment property comprises the portfolio outlined above. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Additions in the year comprise of new properties and improvements to existing properties.

Details of the company's subsidiaries at 31 March 2023 are as follows:

In June 2018, Squarestone Educational Portfolio Limited began the process of liquidation. At the year end, this process was still ongoing.

All amounts shown under debtors fall due for payment within one year.

Amounts owed by group undertakings comprise amounts due from Hub Birmingham Limited.

Included in stock is Canberra House, Lydiard Fields, Swindon, with a carrying value of £5,392,078 (2022 - £5,302,044) During the year office refurbishment costs totalling £90,034 (2022 - £115,548) were incurred.

Shareholder loans

Included in Other creditors are shareholder loans. As at 31 March 2023, there was £1,035,000 of shareholder loans in issue with an interest rate of 4% per annum. The loans commenced on 1 January 2023. They are fully repayable by 31 December 2023. As at 31 March 2022, there was £880,000 of shareholder loans in issue.

Bank loan

The bank loan is secured by fixed charges formally charged to the bank as follows:

2 to 4 The Pavement London, 5 to 9 Stanhope Mews London, 920 Aztec West Bristol, Canberra House Swindon, 75 Barton Road Cambridge, 108 Banbury Road Oxford, Land near Adderley Street Digbeth, Office Campus Brackley and Melita House Surrey.

The loan is repayable at a rate of 1.95% per annum over the Relevant Reference Rate with a term expiry date of 22 July 2025.

Profit and loss reserves (Page 8) includes distributable reserves and non-distributable reserves (i.e. amounts that are not available for distribution as dividends).

As at 31 March 2023, Profit and loss reserves include £9,347,820 (2022 - £9,347,820) relating to non-distributable reserves which relates to revaluations to fair value on investment properties.

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.

There have been no significant events after the reporting date.

Tim Barlow is a director and shareholder of Monteagle Barlow Trust Limited and Squarestone Property Investment Management Limited.

During the year, Monteagle Barlow Trust Limited was charged fees totalling £ 207,143 (2022 - £204,678) by Squarestone Property Investment Management Limited.

Dividends totalling £59,521 (2022 - £56,946) were paid in the year in respect of shares held by the company's directors.

The directors consider that there is no controlling party.