Barry Collen (Holdings) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01129325 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

BARRY COLLEN (HOLDINGS) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Collen

Mrs K Collen

SECRETARY:

I Catterall

REGISTERED OFFICE:

31 Northampton Road

Scunthorpe

North Lincolnshire

DN16 1UJ

REGISTERED NUMBER:

01129325 (England and Wales)

FIXED ASSETS

Tangible assets

5

96,229

99,012

Investment property

6

615,000

615,000

711,229

714,012

CURRENT ASSETS

Debtors

7

6,835

40,533

Cash at bank

332,556

314,831

339,391

355,364

CREDITORS

Amounts falling due within one year

8

34,813

129,012

NET CURRENT ASSETS

304,578

226,352

TOTAL ASSETS LESS CURRENT LIABILITIES

1,015,807

940,364

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

89,300

89,300

Retained earnings

9

925,507

850,064

SHAREHOLDERS' FUNDS

1,015,807

940,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 29 May 2018 and were signed on its behalf by:

B Collen - Director

1.	STATUTORY INFORMATION

Barry Collen (Holdings) Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these

accounting policies.

The financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS102. The

date of transition is 1 September 2015. The nature of any transitional changes and their impact on opening equity and profit

for the comparative period are explained in note 12.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates.

It also requires management to exercise judgement in applying the company's accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of fair value of investment properties in respect of the state

of the property market in the location where the property is situated and in respect of the range of reasonable fair value

estimates of the assets.

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue

can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover comprises rental income receivable by the company in respect of letting their investment and business properties

and for the hire of plant and vehicles, exclusive of value added tax.

Turnover is recognised on a time basis and is measured over the duration of each respective tenancy agreement.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and

condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their estimated residual value over their estimated useful

lives, using the straight line method

Depreciation is provided on the following bases:

Freehold property - 2% straight line

Long term leasehold property - 2% straight line

Plant and machinery - 25% straight line

Motor vehicles - 20% straight line

Office equipment - 25% straight line

Freehold land is not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or

if there is any indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in

the Statement of income and retained earnings.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value

is recognised in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

OPERATING LEASES

Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2016

139,132

57,262

196,394

Disposals

-

(57,262

)

(57,262

)

At 31 August 2017

139,132

-

139,132

DEPRECIATION

At 1 September 2016

40,120

57,262

97,382

Charge for year

2,783

-

2,783

Eliminated on disposal

-

(57,262

)

(57,262

)

At 31 August 2017

42,903

-

42,903

NET BOOK VALUE

At 31 August 2017

96,229

-

96,229

At 31 August 2016

99,012

-

99,012

All assets are held for use in operating leases.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

and 31 August 2017

615,000

NET BOOK VALUE

At 31 August 2017

615,000

At 31 August 2016

615,000

Fair value at 31 August 2017 is represented by:

£

Valuation in 2012

89,300

Cost

525,700

615,000

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

525,700

525,700

Investment properties were valued on an open market value basis on 21 July 2012 by Clerk Weightman, professional valuers

.

The directors do not consider that the values of property owned by the company has changed significantly since the 2012

professional valuation.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,652

1,734

Other debtors

2,183

38,799

6,835

40,533

Included in other debtors is an amount owing from the directors, B Collen and Mrs K Collen amounting to £NIL (2016 -

£36,049).

This amount was repaid in full on 15 May 2017.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

860

4,083

Taxation and social security

15,881

17,104

Other creditors

18,072

107,825

34,813

129,012

Other creditors include amounts due to the directors of £4,499 (2016 - £NIL).

Also included in other creditors are amounts payable to BC (Roofing Contractors) Limited amounting to £NIL (2016 -

£97,176)

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 September 2016

850,064

89,300

939,364

Profit for the year

145,443

-

145,443

Dividends

(70,000

)

-

(70,000

)

At 31 August 2017

925,507

89,300

1,014,807

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2017 and 31 August 2016:

2017

2016

£

£

B Collen and Mrs K Collen

Balance outstanding at start of year

36,049

-

Amounts advanced

47,432

92,989

Amounts repaid

(87,980

)

(56,940

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,499

)

36,049

During the year, the directors received dividends from the company as follows:

Mr B Collen - £27,860 (2016 - £26,455)

Mrs K Collen - £27,860 (2016 - £26,455)

Other creditors include amounts payable to the directors of £4,499 (2016 - £NIL).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is B Collen.

12.	FIRST YEAR ADOPTION OF FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 September 2015. The impact of the

transition is as follows:

The company was not previously required, under UK GAAP and FRS19 to provide for deferred taxation on investment

property revaluation movements unless their was a binding commitment to sell the property.

FRS 102 does not contain any such exemptions and accordingly, deferred tax has been recognised on revalued investment

properties using the 'timing difference plus' approach.

The calculations indicate that indexed cost is in excess of the investment property accounts value and so no deferred tax

provision is appropriate.