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

REGISTERED NUMBER: 07640762

Unaudited Financial Statements

for the Year Ended 31 August 2020

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

ACCOUNTANTS:

Dymond Ashworth

Chartered Certified Accountants

1st Floor

98-100 Gisburn Road

Barrowford

Lancashire

BB9 6EW

FIXED ASSETS

Tangible assets

4

31,821

11,117

Investments

5

164,324

164,324

196,145

175,441

CURRENT ASSETS

Debtors

6

4,599,922

6,066,661

Investments

7

18,075

18,075

Cash at bank and in hand

1,145,299

308,987

5,763,296

6,393,723

CREDITORS

Amounts falling due within one year

8

4,898,292

3,724,516

NET CURRENT ASSETS

865,004

2,669,207

TOTAL ASSETS LESS CURRENT LIABILITIES

1,061,149

2,844,648

CREDITORS

Amounts falling due after more than one year

9

1,008,724

2,692,708

NET ASSETS

52,425

151,940

CAPITAL AND RESERVES

Called up share capital

1,783,387

1,783,387

Retained earnings

(1,730,962

)

(1,631,447

)

52,425

151,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 28 September 2020 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

23,048

Additions

26,320

At 31 August 2020

49,368

DEPRECIATION

At 1 September 2019

11,931

Charge for year

5,616

At 31 August 2020

17,547

NET BOOK VALUE

At 31 August 2020

31,821

At 31 August 2019

11,117

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2019

and 31 August 2020

164,324

NET BOOK VALUE

At 31 August 2020

164,324

At 31 August 2019

164,324

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

4,319,091

5,724,433

Other debtors

280,831

342,228

4,599,922

6,066,661

7.	CURRENT ASSET INVESTMENTS

31.8.20

31.8.19

£

£

Listed investments

18,075

18,075

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade creditors

2,850,673

3,425,135

Taxation and social security

1,680

3,630

Other creditors

2,045,939

295,751

4,898,292

3,724,516

Other Creditors include amounts owed to the Director totalling £525,000. (2019-£284,093). There are no fixed

repayment terms attached to this loan and no interest has been charged.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Other creditors

1,008,724

2,692,708

Other Creditors include amounts owed to the Director totalling £824,349. (2019-£1,000,000). The Director has

given his assurance that no repayments will be made within the next twelve months..