Barclay Estates Limited - Limited company accounts 11.9

REGISTERED NUMBER: 03665393 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2015

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 2015.

DIRECTOR

P Fernback held office during the whole of the period from 1 January 2015 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 refinanced its loans in June 2016 for a new five year term.The group is within all of its bank covenants.

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

The Bank of England base rate remains low and the property valuations have been accepted by the Bank on refinance in

June 2016 .Rental incomes have increased and are continuing to do so due to the strengthening market conditions and

from lets following refurbishment.

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

30 September 2016

TURNOVER

431,191

317,684

Cost of sales

179,126

149,410

GROSS PROFIT

252,065

168,274

Distribution costs

2,193

-

Administrative expenses

50,321

115,031

52,514

115,031

OPERATING PROFIT

2

199,551

53,243

Interest receivable and similar income

2

903

199,553

54,146

Interest payable and similar charges

146,940

94,791

PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION

52,613

(40,645

)

Tax on profit/(loss) on ordinary activities

3

(2,531

)

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

55,144

(40,645

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

55,144

(40,645

)

Unrealised surplus on revaluation of properties

25,000

-

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

80,144

(40,645

)

FIXED ASSETS

Tangible assets

4

2,170,000

2,147,193

CURRENT ASSETS

Debtors

5

2,333,769

2,291,296

Cash at bank

162

161

2,333,931

2,291,457

CREDITORS

Amounts falling due within one year

6

1,739,647

1,754,510

NET CURRENT ASSETS

594,284

536,947

TOTAL ASSETS LESS CURRENT LIABILITIES

2,764,284

2,684,140

CREDITORS

Amounts falling due after more than one year

7

2,250,000

2,250,000

NET ASSETS

514,284

434,140

CAPITAL AND RESERVES

Called up share capital

8

4

4

Revaluation reserve

9

567,289

542,289

Profit and loss account

9

(53,009

)

(108,153

)

SHAREHOLDERS' FUNDS

514,284

434,140

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 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 30 September 2016 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:

31.12.15

31.12.14

£

£

Depreciation - owned assets

2,193

2,168

Pension costs

-

33,750

Director's remuneration and other benefits etc

-

33,750

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 profit on ordinary activities for the year was as follows:

31.12.15

31.12.14

£

£

Current tax:

UK corporation tax

(2,531

)

-

Tax on profit/(loss) on ordinary activities

(2,531

)

-

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2015

2,145,000

21,680

2,166,680

Revaluations

25,000

-

25,000

At 31 December 2015

2,170,000

21,680

2,191,680

DEPRECIATION

At 1 January 2015

-

19,487

19,487

Charge for year

-

2,193

2,193

At 31 December 2015

-

21,680

21,680

NET BOOK VALUE

At 31 December 2015

2,170,000

-

2,170,000

At 31 December 2014

2,145,000

2,193

2,147,193

The properties were valued for the refinance by a RICS surveyor in December 2015.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

£

Trade debtors

146,932

70,919

Other debtors

1,203

8,667

Amounts owed by group undertakings

2,079,320

1,178,840

Amount owed by related parties

88,625

1,020,421

Prepayments and accrued income

8,240

12,449

Prepayments

9,449

-

2,333,769

2,291,296

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.15

31.12.14

£

£

Bank loans - 2-5 years

2,250,000

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

31.12.15

31.12.14

value:

£

£

4

Ordinary Shares

1.00

4

4

9.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1 January 2015

(108,153

)

542,289

434,136

Profit for the year

55,144

55,144

Reval reserve of FA in period

-

25,000

25,000

At 31 December 2015

(53,009

)

567,289

514,280

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.

2015

2014

£

£

Centaur Property Company Limited

2,723

5,223

Centaur Property Estates Limited

(251,361

)

(251,361

)

Centaur Property Group Limited

39,551

13,781

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

Fernback is a member.

2015

2014

£

£

Centaur Property Trading LLP

4,000

4,000

Barclay Property Trading LLP

(6,000

)

73,100

Champion Properties LLP

2,398

(22

)

Scaffolding Hire & Plant LLP

1,203

8,667

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

Fernback is a director.

2015

2014

£

£

Barclay Group Limited

(50,505

)

(50,505

)

Barclay Commercial Investments Ltd

160,022

215,272

Barclay Home Investments Limited

82,176

90,128

PSF Developments

16,404

(17,270

)

Paul Fernback SIPP

19,461

17,805

Blue Marlin Limited

846,940

847,440

At the year end the company was owed £928,844 (2014: £924,339) 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.