Barclay Estates Limited - Limited company accounts 11.4

REGISTERED NUMBER: 03665393 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2014

for

Barclay Estates Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTOR:

P Fernback

SECRETARY:

S Jones

REGISTERED OFFICE:

34 St George Street

Mayfair

London

W1S 2ND

REGISTERED NUMBER:

03665393 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 December 2014.

DIRECTOR

P Fernback held office during the whole of the period from 1 January 2014 to the date of this report.

GOING CONCERN

Barclay Estates Limited, being part of the Barclay Group Limited, continues to grow and invest in new acquisitions.

The group has loans with a term until June 2016 and has credit approved terms to extend the loan for a further five years.

The group is within all of its bank covenants and has hedged most of its interest rate risk.

The risks to the Barclay Group are that of interest rates, decreases in property values and loss of tenants.

The company has sufficient financial resources for its operations and as a consequence, the directors believe that the

company is well placed to manage its business risks despite the current uncertain economic outlook. The directors have a

reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable

future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

P Fernback - Director

11 September 2015

TURNOVER

317,684

384,229

Cost of sales

149,410

237,074

GROSS PROFIT

168,274

147,155

Administrative expenses

115,031

72,901

OPERATING PROFIT

2

53,243

74,254

Interest receivable and similar income

903

1,104

54,146

75,358

Interest payable and similar charges

94,791

94,182

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(40,645

)

(18,824

)

Tax on loss on ordinary activities

3

-

(459

)

LOSS FOR THE FINANCIAL YEAR

(40,645

)

(18,365

)

LOSS FOR THE FINANCIAL YEAR

(40,645

)

(18,365

)

Unrealised deficit on revaluation of properties

-

(1,695,000

)

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

(40,645

)

(1,713,365

)

FIXED ASSETS

Tangible assets

4

2,147,193

2,149,361

CURRENT ASSETS

Debtors

5

2,291,296

2,322,912

Cash at bank

161

160

2,291,457

2,323,072

CREDITORS

Amounts falling due within one year

6

1,754,510

1,747,648

NET CURRENT ASSETS

536,947

575,424

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,684,140

2,724,785

CREDITORS

Amounts falling due after more than one
year

7

2,250,000

NET ASSETS

434,140

474,785

CAPITAL AND RESERVES

Called up share capital

8

4

Revaluation reserve

9

542,289

Profit and loss account

9

(108,153

)

(67,508

)

SHAREHOLDERS' FUNDS

434,140

474,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 11 September 2015 and were signed by:

P Fernback - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective

April 2008).

Turnover

Turnover comprises revenue recognised by the company in respect of its principal activities during the year,

exclusive of Value Added Tax and trade discounts.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated

to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful

lives on the following basis:

Plant & machinery 10% straight line

Cash flow

The financial statements do not include a Cash Flow Statement because the company, as a small reporting entity,

is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller

Entities (effective April 2008).

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.14

31.12.13

£

Depreciation - owned assets

2,168

Pension costs

33,750

65,000

Director's remuneration and other benefits etc

33,750

65,000

During the year the company made a contribution to the directors defined contribution pension scheme of

£33,750(2013: £65,000).

3.

TAXATION

Analysis of the tax credit

The tax credit on the loss on ordinary activities for the year was as follows:

31.12.14

31.12.13

£

Current tax:

UK corporation tax

-

(459

)

Tax on loss on ordinary activities

-

(459

)

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

COST OR VALUATION

At 1 January 2014

and 31 December 2014

2,145,000

21,680

2,166,680

DEPRECIATION

At 1 January 2014

-

17,319

Charge for year

-

2,168

At 31 December 2014

-

19,487

NET BOOK VALUE

At 31 December 2014

2,145,000

2,193

2,147,193

At 31 December 2013

2,145,000

4,361

2,149,361

The 2014 valuations were based on the valuation made in 2013 by Hitchcock Wright and Partners , Chartered

Surveyors, on an open market value for existing use basis.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Trade debtors

70,919

109,033

Other debtors

8,667

19,667

Amounts owed by group undertakings

1,178,840

1,088,612

Amount owed by related parties

1,020,421

1,073,493

Prepayments and accrued income

12,449

32,107

2,291,296

2,322,912

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Bank loans and overdrafts

73,318

68,298

Trade creditors

24,805

49,305

Amounts owed to group undertakings

73,989

83,322

Tax

-

13,699

VAT

21,993

9,639

Other creditors

13,143

11,046

Pension Creditor

317,942

Amount owed to related parties

251,361

Accruals and deferred income

977,959

943,036

1,754,510

1,747,648

The company has an agreed overdraft facility with the bank of £75,000.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.14

31.12.13

£

Bank loans - 2-5 years

2,250,000

The bank loan is secured by a first legal mortgage charge over the investment properties and a floating charge

over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

4

Ordinary Shares

1.00

4

9.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

At 1 January 2014

(67,508

)

542,289

474,781

Deficit for the year

(40,645

)

(40,645

)

At 31 December 2014

(108,153

)

542,289

434,136

10.	RELATED PARTY DISCLOSURES

At the year end, the company was owed/(owing) the following amounts, from/to companies which are owned and

controlled by a close family relative of Mr P Fernback.

2014

2013

£

Centaur Property Investments Limited

-

7,005

Alpenmile Limited

-

Centaur Property Company Limited

5,223

Centaur Property Estates Limited

(251,361

)

(251,361

)

Centaur Property Group Limited

13,781

8,998

At the year end the company was owed/(owing) the following amounts from the following entities which Mr P

Fernback is a member.

2014

2013

£

Centaur Property Trading LLP

4,000

Barclay Property Trading LLP

73,100

100,000

Champion Properties LLP

(22

)

-

Scaffolding Hire & Plant LLP

8,667

19,667

At the year end the company was owed/(owing) the following amounts from/to companies in which Mr P

Fernback is a director.

2014

2013

£

Barclay Group Limited

(50,505

)

(50,505

)

Barclay Commercial Investments Ltd

215,272

215,000

Barclay Home Investments Limited

90,128

89,285

PSF Developments

(17,270

)

(32,817

)

Barasti Investments Limited

-

101

Paul Fernback SIPP

17,805

-

Blue Marlin Limited

847,440

843,554

At the year end the company was owed £924,339 (2013: £948,267) from Wentworth Trading LLP, a partnership

of which Barclay Estates Limited is a member.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Paul Fernback.

The parent undertaking is Barclay Group Limited, a company incorporated in England and Wales.