Burnley Savings and Loans Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07640762

Financial Statements

for the Year Ended 31 August 2018

for

Burnley Savings and Loans Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Fishwick

REGISTERED OFFICE:

30 Keirby Walk

Burnley

Lancashire

BB11 2DE

REGISTERED NUMBER:

07640762

FIXED ASSETS

Tangible assets

5

12,425

11,114

Investments

6

164,324

125,000

176,749

136,114

CURRENT ASSETS

Debtors

7

6,489,753

7,401,664

Investments

8

18,075

15,827

Cash at bank and in hand

857,298

742,621

7,365,126

8,160,112

CREDITORS

Amounts falling due within one year

9

4,678,625

4,034,315

NET CURRENT ASSETS

2,686,501

4,125,797

TOTAL ASSETS LESS CURRENT LIABILITIES

2,863,250

4,261,911

CREDITORS

Amounts falling due after more than one year

10

2,201,016

4,403,669

NET ASSETS/(LIABILITIES)

662,234

(141,758

)

CAPITAL AND RESERVES

Called up share capital

11

1,783,387

375,365

Retained earnings

(1,121,153

)

(517,123

)

SHAREHOLDERS' FUNDS

662,234

(141,758

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 31 May 2019 and were signed by:

D Fishwick - Director

1.	STATUTORY INFORMATION

Burnley Savings and Loans Limited is a private company, limited by shares , registered in Not specified/Other.

The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

The Company's financial statements have been prepared in compliance with Part 15 of the Companies Act 2006

and FRS102 as they apply to small entities for the period ended 31st August 2017. The Company has also made

disclosures relevant to financial institutions in accordance with this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The shareholder has given a letter of support to the company, committing to provide additional resources to meet

any shortfall and has demonstrated that he has the financial resources to meet any shortfall that may arise. On the

basis that these additional financial resources are available the Director considered it appropriate to prepare the

accounts on a going concern basis.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for

revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ

from those estimates.

Key estimates and uncertainties are in respect of the recoverability of loans to customers and the related provision

for impairment in the value of those loans.

Turnover

Turnover represents interest and fees receivable during the accounting period in respect of loans outstanding from

clients.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Current Asset Investments are shown at fair value and any diminution in value shown in the Profit and Loss

Account.

Impairment

The company incurs losses for bad debts and these costs are recorded in the Profit and Loss Account as and when

any remaining balance on the loan is deemed irrecoverable and is written off. At the Balance Sheet Date, an

assessment is made of the impairment that is likely to occur and which has not yet been incurred, for existing

loans. Provision is made for an anticipated level of default and loss, based on lending and default experience.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 September 2017

18,933

Additions

3,461

At 31 August 2018

22,394

DEPRECIATION

At 1 September 2017

7,819

Charge for year

2,150

At 31 August 2018

9,969

NET BOOK VALUE

At 31 August 2018

12,425

At 31 August 2017

11,114

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2017

125,000

Additions

39,324

At 31 August 2018

164,324

NET BOOK VALUE

At 31 August 2018

164,324

At 31 August 2017

125,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

BSAL Trading Limited

Registered office: 30 Keirby Walk, Burnley, Lancashire. BB11 2DE

Nature of business: Financial Services

%

Class of shares:

holding

Ordinary

100.00

31.8.18

31.8.17

£

£

Aggregate capital and reserves

164,324

125,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

as restated

£

£

Trade debtors

5,885,153

6,730,262

Other debtors

604,600

671,402

6,489,753

7,401,664

Trade debtors are shown after an impairment provision of £199,031 (2017-£238,587).

8.	CURRENT ASSET INVESTMENTS

31.8.18

31.8.17

as restated

£

£

Listed investments

18,075

15,827

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

as restated

£

£

Trade creditors

1,287,343

627,825

Taxation and social security

10,427

9,137

Other creditors

3,380,855

3,397,353

4,678,625

4,034,315

Other Creditors comprise amounts payable in respect of clients' monies that are due within twelve months.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

as restated

£

£

Other creditors

2,201,016

4,403,669

Other Creditors comprise amounts payable in respect of clients' monies that are due after more than twelve

months.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

as restated

£

£

1,783,387

Ordinary

1

1,783,387

375,365

12.	RELATED PARTY DISCLOSURES

Creditors include current account balances owed to the the Director totalling £2, 238(2017:£360,022. No interest

has been charged on these balances and there are no fixed repayment terms attached to them.

Creditors also include an amount of £1,093,991 (2017-£294,571) due to BSAL Trading Limited. The balance

includes an amount in respect of third party finance liabilities of £929,667 (2017-£169571).

13.	ULTIMATE CONTROLLING PARTY

The controlling party is D Fishwick.

14.	UNRECOGNISED DEFERRED TAX ASSET

The company has carried forward trading losses of £1,031,354 (2017: £426,972). A deferred tax asset has not

been recognised as future utilisation is dependent on future taxable profits which are uncertain.

15.	EVENTS SINCE THE BALANCE SHEET DATE

There have been no post balance sheet events affecting the financial statements.