New World Barnsley Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05543634 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

NEW WORLD BARNSLEY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

S P Eastwood

L J Mills

G M Shepherd

REGISTERED OFFICE:

Carillion House

84 Salop Street

Wolverhampton

WV3 0SR

REGISTERED NUMBER:

05543634 (England and Wales)

AUDITORS:

Smith Heath Limited

Statutory Auditor

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

FIXED ASSETS

Tangible assets

4

2,900,000

7,980,361

CURRENT ASSETS

Stocks

5,991

4,997

Debtors

5

73,541

63,633

Cash at bank and in hand

35,422

79,551

114,954

148,181

CREDITORS

Amounts falling due within one year

6

12,538,896

751,336

NET CURRENT LIABILITIES

(12,423,942

)

(603,155

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,523,942

)

7,377,206

CREDITORS

Amounts falling due after more than one year

7

(4,618,330

)

(15,540,253

)

PROVISIONS FOR LIABILITIES

(12,566

)

-

NET LIABILITIES

(14,154,838

)

(8,163,047

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(14,155,838

)

(8,164,047

)

(14,154,838

)

(8,163,047

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2017 and were signed on its behalf by:

L J Mills - Director

1.	STATUTORY INFORMATION

New World Barnsley Limited is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Land and buildings

-

buildings 2% - 20% on cost

Plant and machinery etc

-

20% on reducing balance and 10% - 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2015 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

8,584,023

786,711

9,370,734

Additions

-

62,795

62,795

At 31 December 2016

8,584,023

849,506

9,433,529

DEPRECIATION

At 1 January 2016

1,249,168

141,205

1,390,373

Charge for year

150,098

86,141

236,239

Impairments

4,906,917

-

4,906,917

At 31 December 2016

6,306,183

227,346

6,533,529

NET BOOK VALUE

At 31 December 2016

2,277,840

622,160

2,900,000

At 31 December 2015

7,334,855

645,506

7,980,361

At 31 May 2016, the freehold property was valued at £2,900,000 by Colliers International Specialist and

Consulting UK LLP ("Colliers"), in their capacity as external valuers.The valuation was undertaken in

accordance with the RICS Valuation - Professional Standards, incorporating the International Valuation

Standards January 2014 ('the Red Book') issued by the Royal Institution of Chartered Surveyors (RICS) on the

basis of Market Value, supported by reference to market evidence of transaction prices for similar properties.

Market Value represents the estimated amount for which a property should exchange on the date of valuation

between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the

parties had each acted knowledgeably, prudently and without compulsion.

5.

DEBTORS

2016

2015

£

£

Amounts falling due within one year:

Trade debtors

26,727

21,202

Other debtors

46,814

27,431

73,541

48,633

Amounts falling due after more than one year:

Amounts owed by participating interests

-

15,000

Aggregate amounts

73,541

63,633

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

400,000

369,696

Trade creditors

67,340

167,067

Taxation and social security

54,956

22,801

Other creditors

12,016,600

191,772

12,538,896

751,336

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

4,618,330

5,025,916

Amounts owed to participating interests

-

10,514,337

4,618,330

15,540,253

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

5,018,330

5,395,612

Associated company loan

9,516,229

8,697,469

14,534,559

14,093,081

Security has been given by way of debentures, in favour of the company's bankers and Carillion Project Services

Holdings Limited, over all of the company's assets. The debenture in favour of the company's bankers has

priority to that of Carillion Project Services Holdings Limited. Additionally the company's bankers hold a

corporate cross company guarantee from this company and New World (NEC) Limited, New World Crewe

Limited and New World Haydock Limited.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Material uncertainty in respect of going concern

We draw attention to the Principal Risks and Uncertainties paragraph in the Director's report and the Going

Concern Note in the financial statements. There are significant doubts over the company's ability to continue as a

going concern and therefore, the company may be unable to realise its assets and discharge its liabilities in the

normal course of business. The audit opinion is not modified in respect of this matter.

Samantha Smith (Senior Statutory Auditor)

for and on behalf of Smith Heath Limited

10.	CONTINGENT LIABILITIES

Potential liabilities arising from a Bank of Ireland corporate cross guarantee, should New World Crewe Limited,

New World Haydock Limited and New World (NEC) Limited default on loan agreements.

The bank loan balances at the year end were as follows:

2016

2015

£

£

New World Crewe Limited

5,104,928

5,488,722

New World Haydock Limited

4,328,719

4,654,156

New World (NEC) Limited

11,290,711

12,146,606

20,724,358

22,289,484

The Bank of Ireland loans are secured by debentures, legal charges over the companies listed above.

Carillion PLC has given a guarantee to the Bank of Ireland amounting to £3.75M across the company and the

companies listed above.

11.	RELATED PARTY DISCLOSURES

Included in other debtors are amounts due from associated companies:

New World Haydock Limited, a company in which the directors have a material interest, of £15,000. This loan is

currently being held on an interest free basis.

Included in other creditors are amounts due to associated companies:

New World (NEC) Limited, a company in which the directors have a material interest, £2,311,868. Over the

period £495,000 was received pertaining to further funding support. No repayments were made.This loan is

ultimately funded by a loan from Carillion PLC to New World (NEC) Limited. Carillion PLC charge the

company interest at a commercial rate on this loan.

Carillion PLC, ultimate parent of the company's 50% shareholder Carillion Capital Projects Limited, £9,516,229

pertaining to funding support. Interest has been charged at a commercial rate and no further advances were

received.

12.	GOING CONCERN

The company has net liabilities of (£14,154,838) and continues to require the financial support of Carillion plc

through subsidiary companies, which itself is experiencing financial difficulties. Furthermore, the company's

bank loan matures in March 2018 and there is no certainty that this loan can be repaid or renegotiated at that

point in time. Consequently, due to the uncertainty that exists concerning future financial support from Carillion

plc and the ability of the company to repay or renegotiate its bank loan in March 2018, the directors consider that

there are uncertainties surrounding the company's ability to continue as going concern during the next 12

months.The directors are in advanced negotiations with an experienced hotelier to purchase 100% of the share

capital of the company and the three related companies to this one. The structure of the deal includes refinancing

such that the trade of the business could reasonably be expected to continue. As a result of this the directors

believe it appropriate to use the Going Concern basis in drawing up these accounts.