Burton Safes (Holdings) Limited - Period Ending 2017-04-30

Registration number: 07274865

Burton Safes (Holdings) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

Burton Safes (Holdings) Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 11

Burton Safes (Holdings) Limited

Company Information

Directors

Mr J D Elson Mr B Lewis Mrs C L Elson Mrs R Lewis

Registered office

12 Greenhead Road Huddersfield West Yorkshire HD1 4EN

Accountants

Walker & Sutcliffe Chartered Accountants 12 Greenhead Road Huddersfield West Yorkshire HD1 4EN

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Burton Safes (Holdings) Limited
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Burton Safes (Holdings) Limited for the year ended 30 April 2017 as set out on pages 3 to 11 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Burton Safes (Holdings) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Burton Safes (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Burton Safes (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burton Safes (Holdings) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Burton Safes (Holdings) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Burton Safes (Holdings) Limited. You consider that Burton Safes (Holdings) 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 accounts of Burton Safes (Holdings) 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 accounts.

......................................

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

16 November 2017

Page 2

Burton Safes (Holdings) Limited

Statement of Comprehensive Income for the Year Ended 30 April 2017

	Note	2017 £	2016 £
Profit for the year		119,770	229,321
Total comprehensive income for the year		119,770	229,321

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 3

Burton Safes (Holdings) Limited

(Registration number: 07274865)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Investments	3	290,268	290,268
Current assets
Debtors	4	2,088	4,584
Creditors: Amounts falling due within one year	5	(266,907)	(269,173)
Net current liabilities		(264,819)	(264,589)
Net assets		25,449	25,679
Capital and reserves
Called up share capital		3,700	3,700
Profit and loss account		21,749	21,979
Total equity		25,449	25,679

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 4

Burton Safes (Holdings) Limited

(Registration number: 07274865)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 16 November 2017 and signed on its behalf by:
 

.........................................

Mr J D Elson

Director

.........................................

Mr B Lewis

Director

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 5

Burton Safes (Holdings) Limited

Statement of Changes in Equity for the Year Ended 30 April 2017

	Share capital £	Profit and loss account £	Total £
At 1 May 2016	3,700	21,979	25,679
Profit for the year	-	119,770	119,770
Total comprehensive income	-	119,770	119,770
Dividends	-	(120,000)	(120,000)
At 30 April 2017	3,700	21,749	25,449

	Share capital £	Profit and loss account £	Total £
At 1 May 2015	3,700	22,658	26,358
Profit for the year	-	229,321	229,321
Total comprehensive income	-	229,321	229,321
Dividends	-	(230,000)	(230,000)
At 30 April 2016	3,700	21,979	25,679

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Burton Safes (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN
United Kingdom

The principal place of business is:
Brockholes Business Park
Rock Mill Road
Brockholes
Huddersfield
West Yorkshire
HD9 7BN
United Kingdom

These financial statements were authorised for issue by the Board on 16 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ sterling.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 7

Burton Safes (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 8

Burton Safes (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Investments

	2017 £	2016 £
Investments in subsidiaries	290,268	290,268

Subsidiaries	£
Cost or valuation
At 1 May 2016	290,268
Provision
Carrying amount
At 30 April 2017	290,268
At 30 April 2016	290,268

Page 9

Burton Safes (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Burton Safes Limited		Ordinary	100%	100%
	England and Wales
Burton Safes Services Limited		Ordinary	100%	100%
	England and Wales
Keyguard Security Limited		Ordinary	100%	100%
	England and Wales

The principal activity of Burton Safes Limited is Distributors of safes

The principal activity of Burton Safes Services Limited is Dormant company

The principal activity of Keyguard Security Limited is Dormant Company

The profit for the financial period of Burton Safes Limited was £153,936 and the aggregate amount of capital and reserves at the end of the period was £614,827.

4

Debtors

	2017 £	2016 £
Other debtors	2,088	4,584
Total current trade and other debtors	2,088	4,584

5

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	6	-	5,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	134,398	109,808
Taxation and social security		-	7
Other creditors		132,509	154,358
		266,907	269,173

Page 10

Burton Safes (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

6	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	-	5,000

7

Dividends

Final dividends paid

	2017 £	2016 £
Final dividend of £32.43 (2016 - £62.16) per each Ordinary share	120,000	230,000

8	Related party transactions

Summary of transactions with subsidiaries

Burton Safes Limited
 The company's subsidiary undertaking
 During the year the company received loans from Burton Safes Limited of £147,086 (2016: £223,290) and repaid £122,496 (2016: £250,000). At the balance sheet date the amount due to Burton Safes Limited was £133,897 (2016: £109,307).
 

Keyguard Security Limited
(The company's subsidiary undertaking)
At the balance sheet date the amount due to Keyguard Security Limited was £500 (2016: £500).

9	Transition to FRS 102

There are no adjustments to disclose in relation to the transition to FRS102 in the current year.

Page 11