Barclay Estates Limited - Limited company accounts 17.3

REGISTERED NUMBER: 03665393 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Barclay Estates Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

P Fernback

SECRETARY:

S Jones

REGISTERED OFFICE:

20 Park Avenue

Farnborough

Orpington

London

BR6 8LL

REGISTERED NUMBER:

03665393 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 December 2017.

DIRECTOR

P Fernback held office during the whole of the period from 1 January 2017 to the date of this report.

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

companies.

ON BEHALF OF THE BOARD:

P Fernback - Director

28 September 2018

REVENUE

249,287

261,898

Cost of sales

326,194

225,999

GROSS (LOSS)/PROFIT

(76,907

)

35,899

Administrative expenses

64,462

185,614

(141,369

)

(149,715

)

Gain/loss on revaluation of assets

(212,900

)

-

OPERATING LOSS

(354,269

)

(149,715

)

Interest receivable and similar income

87

9

(354,182

)

(149,706

)

Interest payable and similar expenses

101,804

75,992

LOSS BEFORE TAXATION

(455,986

)

(225,698

)

Tax on loss

(45,527

)

34,283

LOSS FOR THE FINANCIAL YEAR

(410,459

)

(259,981

)

FIXED ASSETS

Property, plant and equipment

3

1,957,100

2,170,000

CURRENT ASSETS

Debtors

4

2,058,928

2,195,985

Cash at bank

5,162

6,544

2,064,090

2,202,529

CREDITORS

Amounts falling due within one year

5

1,864,534

1,759,887

NET CURRENT ASSETS

199,556

442,642

TOTAL ASSETS LESS CURRENT LIABILITIES

2,156,656

2,612,642

CREDITORS

Amounts falling due after more than one year

6

2,340,279

2,385,806

NET (LIABILITIES)/ASSETS

(183,623

)

226,836

CAPITAL AND RESERVES

Called up share capital

4

4

Revaluation reserve

7

567,289

567,289

Other reserves

15,000

15,000

Other reserves

(75,806

)

(42,467

)

Retained earnings

(690,110

)

(312,990

)

(183,623

)

226,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 September 2018 and were signed by:

P Fernback - Director

1.	STATUTORY INFORMATION

Barclay Estates 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

Revenue 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

-

not provided

Plant and machinery etc

-

10% on cost

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 balance sheet date.

Deferred tax

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

sheet 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.

i) Under previous UK GAAP, the company did not account for deferred tax on fair value movements of

investment property. Under FRS 102, the company is required to recognise such movements. The impact is to

increase the deferred tax liability and reduce the revaluation reserve at 1st January 2017 by £75,805 and £30,279

31st December 2017.

ii) During the year ended 31st December 2017, fair value gains / losses on investment property of £212,900 were

recognised directly in reserve under previous UK GAAP. Under FRS 102, those fair value gains / losses are

recognised in the income statement.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

2,170,000

21,680

2,191,680

DEPRECIATION

At 1 January 2017

-

21,680

21,680

Impairments

212,900

-

212,900

At 31 December 2017

212,900

21,680

234,580

NET BOOK VALUE

At 31 December 2017

1,957,100

-

1,957,100

At 31 December 2016

2,170,000

-

2,170,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

34,046

36,218

Other debtors

2,024,882

2,159,767

2,058,928

2,195,985

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

94,258

35,074

Taxation and social security

8,889

15,866

Other creditors

1,761,387

1,708,947

1,864,534

1,759,887

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

2,310,000

2,310,000

Other creditors

30,279

75,806

2,340,279

2,385,806

7.

RESERVES

Revaluation

reserve

£

At 1 January 2017

and 31 December 2017

567,289

8.	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.

2017

2016

£

£

Centaur Property Group Limited

25,898

25,898

Centaur Property Estates Limited

(251,361

)

(251,361

)

Centaur Property Company Limited

2,723

2,723

Es Vedra Properties Limited

(8,075

)

-

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

Fernback is a member.

2017

2016

£

£

Centaur Property Trading LLP

4,000

4,000

Barclay Property Trading LLP

(53,304

)

(18,800

)

Champion Properties LLP

(878

)

(878

)

Wentworth Trading LLP

940,316

934,495

Big Padlock Ayr Ltd

775

775

Centaur Financing Ltd

(200,000

)

(200,000

)

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

Fernback is a director.

2017

2016

£

£

Barclay Group Limited

(50,505

)

(50,505

)

Barclay Commercial Investments Ltd

178,957

178,957

Barclay Home Investments Limited

(204,057

)

(190,492

)

PSF Developments

29,552

10,602

Paul Fernback SIPP

19,461

8,161

Blue Marlin Limited

1,003,840

1,014,940

Barclay Estates Ltd

(3,000

)

(14,000

)

Baclay Commercial Estates Ltd

68,078

67,908

At the year end the company was owed £940,316 (2016: £934,495) from Wentworth Trading LLP, a partnership

of which Barclay Estates Limited is a member.