Company Registration No. 00304795 (England and Wales)
C. FIRBANK & SON LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
C. FIRBANK & SON LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
C. FIRBANK & SON LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF C. FIRBANK & SON LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C. Firbank & Son Limited for the year ended 31 December 2014 set out on pages 3 to 12 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of C. Firbank & Son Limited, as a body, in accordance with the terms of our engagement letter dated 4 March 2014. Our work has been undertaken solely to prepare for your approval the financial statements of C. Firbank & Son Limited and state those matters that we have agreed to state to the Board of Directors of C. Firbank & Son Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C. Firbank & Son Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that C. Firbank & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of C. Firbank & Son Limited. You consider that C. Firbank & Son 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 financial statements of C. Firbank & Son 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 financial statements.
Pearson May
20 August 2015
Chartered Accountants
37 Great Pulteney Street
Bath
BA2 4DA
C. FIRBANK & SON LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,585,368
3,584,292
Current assets
Debtors
33,371
9,413
Cash at bank and in hand
64,006
38,707
97,377
48,120
Creditors: amounts falling due within one year
3
(349,604)
(355,002)
Net current liabilities
(252,227)
(306,882)
Total assets less current liabilities
3,333,141
3,277,410
Creditors: amounts falling due after more than one year
4
-
(32,707)
Provisions for liabilities
(1,265)
(1,138)
3,331,876
3,243,565
Capital and reserves
Called up share capital
5
15,278
15,278
Revaluation reserve
2,056,430
2,056,430
Other reserves
17,762
17,762
Profit and loss account
1,242,406
1,154,095
Shareholder's funds
3,331,876
3,243,565
C. FIRBANK & SON LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
31 December 2014
- 3 -
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 19 August 2015
R C Firbank
Director
Company Registration No. 00304795
C. FIRBANK & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings .
.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rent receivable and associated services net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
33.33% straight line and 10% straight line
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
In accordance with Financial Reporting Standard No. 19, no provision is made within these accounts for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.
C. FIRBANK & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 5 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 January 2014
3,587,223
Additions
3,584
At 31 December 2014
3,590,807
Depreciation
At 1 January 2014
2,931
Charge for the year
2,508
At 31 December 2014
5,439
Net book value
At 31 December 2014
3,585,368
At 31 December 2013
3,584,292
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £121,579 (2013 - £67,695).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £32,707).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
12,900 ordinary shares of £1 each
12,900
12,900
2,378 6% cumulative preference shares of £1 each
2,378
2,378
15,278
15,278
C. FIRBANK & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 6 -
6
Related party relationships and transactions
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
R C Firbank and J E Firbank
-
1,327
6,791
-
6,406
1,712
1,327
6,791
-
6,406
1,712
This loan is unsecured, interest free and repayable on demand. The maximum overdrawn balance during the year was £1,712. The loan was repaid on 6 January 2015.
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