Balens Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04931050

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Balens Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

8

DIRECTORS:

D E Balen

J L Balen

J M Balen

Mrs D E Balen

Mrs P J Bernard

SECRETARY:

Mrs P J Bernard

REGISTERED OFFICE:

Bridge House

Portland Road

Malvern

Worcestershire

WR14 2TA

REGISTERED NUMBER:

04931050

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

2

117,697

395,425

CURRENT ASSETS

Debtors

740,794

650,127

Cash at bank and in hand

891,442

524,283

1,632,236

1,174,410

CREDITORS

Amounts falling due within one year

(356,864

)

(247,271

)

NET CURRENT ASSETS

1,275,372

927,139

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,393,069

1,322,564

CREDITORS

Amounts falling due after more than one
year

-

(53,055

)

PROVISIONS FOR LIABILITIES

(19,500

)

(13,000

)

NET ASSETS

1,373,569

1,256,509

CAPITAL AND RESERVES

Called up share capital

3

110

Profit and loss account

1,373,459

1,256,399

SHAREHOLDERS' FUNDS

1,373,569

1,256,509

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 May 2016 and were signed on its behalf by:

D E Balen - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the total invoice value of sales made during the year. Revenue from commission and fees is

recognised for all policies with a cover date in the financial year. The company's activities are outside the scope

of VAT.

Tangible fixed assets

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

Leasehold property

-

Straight line over the life of the lease

Fixtures and fittings

-

20% and 33% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any

incidental costs of acquisition.

Deferred tax

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

sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the

future have occurred by the balance sheet date with certain limited expectations.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet

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

balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay

more tax, or a right to pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there

will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred tax assets and liabilities recognised have not been discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs

The company operates a defined contribution pension scheme and the pension charge represents the amounts

payable by the company to the fund in respect of the year. The assets of the scheme are held separately from

those of the company in an independently administered fund.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

779,155

Additions

67,465

Disposals

(542,227

)

At 31 December 2015

304,393

DEPRECIATION

At 1 January 2015

383,730

Charge for year

43,379

Eliminated on disposal

(240,413

)

At 31 December 2015

186,696

NET BOOK VALUE

At 31 December 2015

117,697

At 31 December 2014

395,425

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

82

Ordinary A

£1

82

10

Ordinary B

£1

10

6

Ordinary C

£1

6

Ordinary D

£1

6

Ordinary E

£1

6

110

All shares are identical and rank pari passu in respect of rights. The full rights are set out in the Articles of

Association.

4.	TRANSACTIONS WITH DIRECTORS

During the year D E Balen made net deposits to his loan account of £8,477 (2014 - £435). The balance owed to

D E Balen at the year end was £10,113 (2014 - £1,636). The account became overdrawn during the year, the

maximum amount was £122,085 (2014 - £126,981) and interest has been charged on the balance on an arms

length commercial basis. Dividends were paid to D E Balen amounting to £110,654 (2014 - £118,845) from

Balens Limited during the year.

During the year J L Balen made net withdrawals from his loan account of £54,819 (2014 - net deposits £24,093).

The balance owed by J L Balen at the year end was £65,328 (2014 - £10,509) and is included in other debtors.

The maximum overdrawn amount was £109,146 (2014 - £54,944) and interest has been charged on the balance

on an arms length commercial basis. Dividends were paid to J L Balen amounting to £116,975 (2014 - £116,950)

from Balens Limited during the year.

Balens Limited provided a loan to J M Balen, a previous employee who was appointed as a director of the

company on 1 January 2015. The balance due to the company at the year end was £47,470 (2014 - £36,744). The

maximum overdrawn amount was £58,295 (2014 - £49,694) on which interest is charged on an arms length

basis. This is included in other debtors.

In the previous financial year £1,400 was charged to Balens Financial in respect of management services. The

company ceased to trade in November 2014. D E Balen was the principal of this business. No amount was due at

the end of the previous financial year.

5.	RELATED PARTY DISCLOSURES

Balens Insurance Finance Services Limited

A company in which D E Balen is a director and shareholder.

Balens Insurance Finance Services Limited finances customer insurance contracts sold by Balens Limited.

Balens Limited provides working capital loans to Balens Insurance Finance Services Limited when required. The

amount due from this company at the year end was £11,472 (2014 - £42,002) and is included in other debtors.

Balens (Holdings) Limited

Rent and management fees of £90,000 (2014 - £45,000) were paid in the period to Balens (Holdings) Limited a

company related by virtue of common directorship and shareholders, on an arms length basis and normal

commercial terms.

The amount due from the company at the year end was £277,760 (2014 - £311,950).

Balens Financial Limited

A company in which D E Balen is a director and shareholder.

The amount due from the company at the year end was £Nil (2014 - £1,000).

Balens Family Health and Wellbeing Trust

Balens Family Health and Wellbeing Trust a company related by virtue of common ownership and directors,

received donations of £3,000 (2014 - £1,400) from Balens Limited during the period to be applied for the

purposes of supplying training, information and support to practitioners in the health and wellbeing sector and

Balens Limited paid £nil (2014 - £1,200) of accountancy fees on behalf of Balens Family Health And

Well-Being Trust during the period.

The amount due from the company at the year end was £420 (2014 - £2,600).

Balens International SA (Pty) Limited

A company related by virtue of common directorship.

The amount due from the company at the year end was £47,124 (2014 - £Nil).

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to seven)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Balens Limited for the year ended 31 December 2015 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Balens Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Balens Limited and state those matters that we have agreed to state to the Board of Directors of Balens Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Balens Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Balens Limited. You consider that Balens Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Balens Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

13 May 2016