Burnett Investments Limited Filleted accounts for Companies House (small and micro)

BURNETT INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04777142

Burnett Investments Limited

Filleted Unaudited Financial Statements

31 May 2023

Burnett Investments Limited

Financial Statements

Year ended 31 May 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Burnett Investments Limited

Statement of Financial Position

31 May 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	4	368	439
Investments	5	31,465	31,465
		--------	--------
		31,833	31,904

Current assets

Debtors	6	591	733
Cash at bank and in hand		2,154	17,659
		-------	--------
		2,745	18,392

Creditors: amounts falling due within one year	7	1,271	639
		-------	--------
Net current assets		1,474	17,753
		--------	--------
Total assets less current liabilities		33,307	49,657

Creditors: amounts falling due after more than one year	8	79,601	91,969
		--------	--------
Net liabilities		( 46,294)	( 42,312)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 46,394)	( 42,412)
	--------	--------
Shareholders deficit	( 46,294)	( 42,312)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Burnett Investments Limited

Statement of Financial Position (continued)

31 May 2023

These financial statements were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:

Mr D P Snook
Director

Company registration number: 04777142

Burnett Investments Limited

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Stonehouse Sawyers Mill, Hunstrete, Bristol, Bath and NE Somerset, BS39 4NT, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There is uncertainty with regards to the going concern of Burnett Investments Limited, however the directors have indicated that they will continue to support the business through the directors loan account

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	15% reducing balance
Fixtures and Fittings	-	15% reducing balance
Equipment	-	15-33.3% Reducing Balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible assets

	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2022 and 31 May 2023	26,865	5,439	6,138	38,442
	--------	-------	-------	--------
Depreciation
At 1 June 2022	26,865	5,182	5,956	38,003
Charge for the year	–	38	33	71
	--------	-------	-------	--------
At 31 May 2023	26,865	5,220	5,989	38,074
	--------	-------	-------	--------
Carrying amount
At 31 May 2023	–	219	149	368
	--------	-------	-------	--------
At 31 May 2022	–	257	182	439
	--------	-------	-------	--------

5. Investments

	Other investments other than loans
	£
Cost
At 1 June 2022 and 31 May 2023	31,465
	--------
Impairment
At 1 June 2022 and 31 May 2023	–
	--------

Carrying amount
At 31 May 2023	31,465
	--------
At 31 May 2022	31,465
	--------

The investment represents an 3.4% share in Gamebird Inns limited, a company registered in England and Wales. The investment was made on the 18th December 2015. Mr Snook owns 94.6% of the shares in Gamebird Inns Limited personnally.

6. Debtors

	2023	2022
	£	£
Other debtors	591	733
	----	----

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	( 529)	( 1,161)
Other creditors	1,800	1,800
	-------	-------
	1,271	639
	-------	-------

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

	2023	2022
	£	£
Other creditors	79,601	91,969
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D P Snook	91,969	–	( 12,367)	79,602
	--------	----	--------	--------

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D P Snook	83,146	8,823	–	91,969
	--------	-------	----	--------

10. Related party transactions

The company was under the control of Mr Snook throughout the current and previous year. Mr Snook is the sole director and shareholder. The income of £6,500 (2021: £Nil) is derived from Gamebird Inns, a company connected by common control. No amounts remain outstanding at the year end. No further transactions with related parties were undertaken such as are required to be disclosed under FRS102 s1A.