Company Registration No. 00031641 (England and Wales)
THE BARNSLEY ARCADE COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
THE BARNSLEY ARCADE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
THE BARNSLEY ARCADE COMPANY LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
1,052,632
1,092,844
Current assets
Cash at bank and in hand
72,727
57,949
Creditors: amounts falling due within one year
4
(46,760)
(48,630)
Net current assets
25,967
9,319
Total assets less current liabilities
1,078,599
1,102,163
Provisions for liabilities
(39,600)
(44,500)
Net assets
1,038,999
1,057,663
Capital and reserves
Called up share capital
5
63,140
63,140
Capital redemption reserve
9,196
9,196
Profit and loss reserves
6
966,663
985,327
Total equity
1,038,999
1,057,663
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 15 February 2021 and are signed on its behalf by:
Mr A Branson
Director
Company Registration No. 00031641
THE BARNSLEY ARCADE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2020
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2018
63,140
9,196
974,284
1,046,620
Year ended 31 May 2019:
Profit and total comprehensive income for the year
-
-
43,876
43,876
Dividends
-
-
(32,833)
(32,833)
Balance at 31 May 2019
63,140
9,196
985,327
1,057,663
Year ended 31 May 2020:
Profit and total comprehensive income for the year
-
-
14,169
14,169
Dividends
-
-
(32,833)
(32,833)
Balance at 31 May 2020
63,140
9,196
966,663
1,038,999
THE BARNSLEY ARCADE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 3 -
1
Accounting policies
Company information
The Barnsley Arcade Company Limited is a
private
company
, limited by shares
incorporated in England and Wales.
The registered office is
The Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S9 1XU.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash at bank and in hand
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.
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.
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.
THE BARNSLEY ARCADE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 4 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
THE BARNSLEY ARCADE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Fixed asset investments
2020
2019
£
£
Investments
1,052,632
1,092,844
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 June 2019
356,532
736,312
1,092,844
Additions
-
130,435
130,435
Valuation changes
942
(17,868)
(16,926)
Disposals
-
(153,721)
(153,721)
At 31 May 2020
357,474
695,158
1,052,632
Carrying amount
At 31 May 2020
357,474
695,158
1,052,632
At 31 May 2019
356,532
736,312
1,092,844
4
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
41,947
43,847
Taxation and social security
346
346
Accruals and deferred income
4,467
4,437
46,760
48,630
THE BARNSLEY ARCADE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
63,140 Ordinary shares of £1 each
63,140
63,140
6
Profit and loss reserves
Included in profit and loss reserves are non-distributable reserves of £505,520 (2019 - £546,729). These reserves relate to the increase in fair value of investments less any directly attributable deferred tax liability.
7
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 Martin McDonagh.
The auditor was Hart Shaw LLP.
8
Related party transactions
Transactions with related parties
Included in creditors are amounts owing to a wholly owned subsidiary totalling £41,947 (2019 - £43,847).