REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BREANDAN FLYNN INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BREANDAN FLYNN INVESTMENTS LIMITED |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BREANDAN FLYNN INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
BALANCE SHEET |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
BALANCE SHEET - continued |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Breandan Flynn Investments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04550770. The address of the registered office and the principal place of business is Sandfold House, Sandfold Lane, Levenshulme, Manchester, M19 3BJ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Breandan Flynn Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of value-added-tax, rebates and discounts. |
Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Fixtures and fittings | - | 25% on cost |
Motor vehicles | - | 25% on cost |
At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st January 2022 |
and 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
and 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st January 2022 | 30,038 |
Disposals | ( |
) | (8 | ) |
At 31st December 2022 | 30,030 |
NET BOOK VALUE |
At 31st December 2022 | 30,030 |
At 31st December 2021 | 30,038 |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2022 |
Revaluations | 5,938,505 |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
Fair value at 31st December 2022 is represented by: |
£ |
Valuation in 2022 | 5,938,505 |
Cost | 19,445,495 |
25,384,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 12,219,831 | 16,345,676 |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 46,480 | 14,422 |
Other creditors |
Directors' current accounts | 2,353,388 | 2,411,983 |
Accrued expenses |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 10) |
Other creditors |
Directors' loan accounts | 6,000,000 | 6,000,000 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank Loans | 8,311,348 | 8,311,348 |
The bank loans are secured by a mortgage debenture over the assets of the company together with a £2million personal guarantee from Mr B Flynn the director. |
12. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 1,484,626 | 1,332,412 |
BREANDAN FLYNN INVESTMENTS LIMITED (REGISTERED NUMBER: 04550770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st January 2022 |
Charged to profit and loss | 152,214 |
Balance at 31st December 2022 |
13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2022 |
Transfer between reserves | 5,938,505 |
At 31st December 2022 |
14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included within other creditors is a loan owed to the director's family member of £230,000 (2021: £233,832). This loan is interest free and has no set repayment date. |
15. | RELATED PARTY DISCLOSURES |
Included within Other Debtors is an amount of £12,219,831 (2021: £16,345,676) due from companies under common control. These amounts are interest free and due on demand. |
16. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr B S M Flynn. |