Registered number
02005840
Feeney Bros Limited
Filleted Accounts
30 June 2023
Feeney Bros Limited
Registered number: 02005840
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 38,678 48,627
Investments 4 11,020,000 9,940,000
11,058,678 9,988,627
Current assets
Stocks 940 1,265
Debtors 5 87,666 91,279
Cash at bank and in hand 441,958 694,262
530,564 786,806
Creditors: amounts falling due within one year 6 (155,874) (287,892)
Net current assets 374,690 498,914
Total assets less current liabilities 11,433,368 10,487,541
Creditors: amounts falling due after more than one year 7 (3,801,964) (3,014,926)
Provisions for liabilities - deferred taxation (1,364,751) (1,064,707)
Net assets 6,266,653 6,407,908
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,266,553 6,407,808
Shareholder's funds 6,266,653 6,407,908
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. J. Feeney
Director
Approved by the board on 28 March 2024
Feeney Bros Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents receivable on the company's investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life of 4 - 10 years.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used,where known to be different. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Property furniture & fittings Total
£ £ £
Cost
At 1 July 2022 90,792 124,419 215,211
Additions 9,282 7,294 16,576
Disposals (14,512) (9,054) (23,566)
At 30 June 2023 85,562 122,659 208,221
Depreciation
At 1 July 2022 74,243 92,341 166,584
Charge for the year 10,389 9,749 20,138
On disposals (8,507) (8,672) (17,179)
At 30 June 2023 76,125 93,418 169,543
Net book value
At 30 June 2023 9,437 29,241 38,678
At 30 June 2022 16,549 32,078 48,627
4 Investments
Investment
Property
£
Fair value
At 1 July 2022 9,940,000
Additions 1,077,320
Revaluation 2,680
At 30 June 2023 11,020,000
Historical cost
At 1 July 2022 3,324,075
At 30 June 2023 4,401,395
The freehold and long leasehold properties were revalued as £11,020,00 on 30 June 2023
by the director J. J. Feeney, on an open market existing use basis.
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 85,345 85,000
Other debtors 2,321 6,279
87,666 91,279
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (note 8) 62,000 178,679
Trade creditors 37,941 61,818
Taxation and social security costs 40,794 35,553
Other creditors 15,139 11,842
155,874 287,892
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (note 8) 2,660,639 2,744,397
Director's loan (note 9) 1,141,325 270,529
3,801,964 3,014,926
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,797,808 1,797,808
Instalments falling due for payment after more than five years 628,259 631,932
2,426,067 2,429,740
Secured bank loans 2,722,639 2,923,076
The bank loans are secured on the assets of the company
9 Related party transactions
During the year the Company received loans from the director that were still outstanding at the year end of £870,796, which are interest free and repayable on demand after 30/6/24.
10 Other information
Feeney Bros Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Dewsbury Road
London
NW10 1ER
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