Company Registration No. 1842617 (England and Wales)
BARKDENE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BARKDENE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BARKDENE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,347,729
1,308,163
Current assets
Debtors
4
266,485
165,026
Cash at bank and in hand
1,168,914
548,583
1,435,399
713,609
Creditors: amounts falling due within one year
5
(819,606)
(464,270)
Net current assets
615,793
249,339
Total assets less current liabilities
1,963,522
1,557,502
Provisions for liabilities
(233,000)
(233,000)
Net assets
1,730,522
1,324,502
Capital and reserves
Called up share capital
6
1,011
1,011
Revaluation reserve
7
929,683
929,683
Profit and loss reserves
799,828
393,808
Total equity
1,730,522
1,324,502
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 6 December 2017 and are signed on its behalf by:
P Kaye
S Trivedi
Director
Director
Company Registration No. 1842617
BARKDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Barkdene Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Seymour House, 223 Wickham Road, Shirley, Croydon, Surrey, CR0 8TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Barkdene Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Turnover
Turnover represents amounts derived in the UK in respect of direct commissions on indemnity terms and other associated income from insurance company principles. Direct commissions receivable are taken to the profit and loss account on the policy inception dates, where the income has been received prior to the year end.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
no depreciation
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Straight line
No depreciation is provided in respect of freehold land and buildings on the grounds of immateriality.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BARKDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2016 - 24).
BARKDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2016
1,300,000
115,035
1,415,035
Additions
-
43,299
43,299
Disposals
-
(33,217)
(33,217)
At 31 March 2017
1,300,000
125,117
1,425,117
Depreciation and impairment
At 1 April 2016
-
106,872
106,872
Depreciation charged in the year
-
3,733
3,733
Eliminated in respect of disposals
-
(33,217)
(33,217)
At 31 March 2017
-
77,388
77,388
Carrying amount
At 31 March 2017
1,300,000
47,729
1,347,729
At 31 March 2016
1,300,000
8,163
1,308,163
Freehold land and buildings were valued on an open market basis at £1,300,000 by Stuart Edwards Fullerton, Chartered Surveyors, on 30 August 2016.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
137,317
137,317
Accumulated depreciation
-
-
Carrying value
137,317
137,317
The revaluation surplus is disclosed in note 7. **Details of restrictions**
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
237,475
127,931
Other debtors
29,010
37,095
266,485
165,026
BARKDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
564,357
253,336
Corporation tax
173,031
170,584
Other taxation and social security
18,387
18,775
Other creditors
63,831
21,575
819,606
464,270
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary Shares of £1 each
5
5
506 Ordinary A Shares of £1 each
506
506
500 Ordinary B Shares of £1 each
500
500
1,011
1,011
7
Revaluation reserve
2017
2016
£
£
At beginning of year
929,683
309,193
Revaluation surplus arising in the year
-
853,490
Other movements
-
(233,000)
At end of year
929,683
929,683
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Seton.
The auditor was Clarkson Hyde LLP.
9
Related party transactions
During the year dividends of £244,248 (2016: £442,400) and £89,964 (2016: £888,200) were paid to S Trivedi and P Kaye respectively.
10
Reconciliations on adoption of FRS 102
BARKDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
10
Reconciliations on adoption of FRS 102
(Continued)
- 6 -
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,341,232
1,557,502
Adjustments arising from transition to FRS 102:
Deferred tax on revaluation of freehold property
-
(233,000)
Equity reported under FRS 102
1,341,232
1,324,502
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
693,380
Notes to reconciliations on adoption of FRS 102
Deferred tax on revaluation of freehold property
With the adoption of FRS 102, deferred tax has been recognised in respect of past revaluations of the company's freehold land and buildings. The deferred tax expense recognised on transition to FRS102 has been deducted from the revaluation reserve and a corresponding liability added to the deferred tax provision in the balance sheet.