Tom Barron Estates Limited
Tom Barron Estates Limited
Registered number: 00838695
Unaudited Financial Statements
For The Year Ended
31 December 2022
Tom Barron Estates Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Tom Barron Estates Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
00838695
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,861,455 | 6,055,836 | |||
Tom Barron Estates Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Tom Barron Estates Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Tom Barron Estates Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00838695
. The registered office is The Poultry Farm, Catforth, Preston, Lancashire, PR4 0HQ.
Tom Barron Estates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover represents the rents receivable from the letting of properties.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures and fittings |
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No depreciation is provided on freehold land
2.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tom Barron Estates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2021: 5)
4.
Tangible Assets
| Land & Property | ||||
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| Freehold land | Investment properties | Fixtures and fittings | Total | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
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| Disposals |
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| Depreciation | ||||
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| Net Book Value | ||||
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Cost or valuation as at
31 December 2022
represented by:
| Land & Property | ||||
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| Freehold land | Investment properties | Fixtures and fittings | Total | |
| £ | £ | £ | £ | |
| At cost | 102,493 | 130,158 | 26,640 | 259,291 |
| At valuation | 2,468,204 | 3,197,502 | - | 5,665,706 |
| 2,570,697 | 3,327,660 | 26,640 | 5,924,997 | |
The total freehold land valuation of £2,570,697 includes land at professional valuation of £2,428,290 and director valued land of £142,407.
The total Investment Properties valuation of £3,327,660 includes properties at professional valuation of £2,842,560 and director valued properties of £485,100.
The professional valuations were dated 21st March 2018 and 28th January 2020 and obtained from Messers P. Wilson and Company, Chartered Surveyors and Armitstead Barnett, Chartered Surveyors. In the opinion of the directors these valuations represent a fair valuation at 31st December 2022.
Tom Barron Estates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
| Land & Property | |||
|---|---|---|---|
| Freehold land | Investment properties | Total | |
| £ | £ | £ | |
| Cost | 102,493 | 130,158 | 232,651 |
5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 58,056 | 610,558 | |
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| Due after more than one year | |||
| Other debtors | - | 2,444,317 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 7,350 | 8,381 | |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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Of the creditors falling due after more than one year the following amounts are due after more than five years.
Tom Barron Estates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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8.
Secured Creditors
Of the creditors the following bank loans amounts below are from The Agricultural Mortgage Corporation PLC and are secured over certain freehold land and investment properties of the company and carry an interest at between 0.90% and 2.85% over bank's base rate.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 2,513,730 | 2,444,317 |
10.
Related Party Transactions
The following company was a related party by virtue of the fact that N. W. Leeming, M. B. Tomlinson, F. B. Leeming, and D. Harrison were directors.
Transactions during the year to 31st December 2022 are set out below:
Tom Barron Limited
£74,892 - Interest receivable
£9,620 - Rent recevable
£3,058,492 - Provision for irrecoverable loan from related party
On 1st June 2023 Tom Barron Limited, entered into a voluntary liquidation. The directors anticipate that the balance of £3,058,492 will not be recovered and this has been written-off as an exceptional item during the period.
The following companies are related parties by virtue of the fact that N. W. Leeming and M. B. Tomlinson were directors.
Transactions and balances at 31st December 2022 are set out below:
Tom Barron Farms Limited
£37,000 - Staff costs
£395 - Interest receivable
£16,620 - Rent recevable
£44,743 - Other debtors
Clifton Dairies Limited
£11,500 - Other debtors