BrightAccountsProduction v1.0.0 v1.0.0 2022-08-01 The company was not dormant during the period The company was trading for the entire period The principal activity is the provision of legal services to the public and is regulated by the Law Society of Northern Ireland. The company provides normal solicitor services to clients and this includes the operation of client bank accounts under the requirements of the Solicitors Accounts Regulations 2014, issued by the Law Society of Northern Ireland. 29 January 2024 NI623965 2023-07-31 NI623965 2022-07-31 NI623965 2021-07-31 NI623965 2022-08-01 2023-07-31 NI623965 2021-08-01 2022-07-31 NI623965 uk-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI623965 uk-curr:PoundSterling 2022-08-01 2023-07-31 NI623965 uk-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI623965 uk-bus:FullAccounts 2022-08-01 2023-07-31 NI623965 uk-bus:Director1 2022-08-01 2023-07-31 NI623965 uk-bus:Director2 2022-08-01 2023-07-31 NI623965 uk-bus:RegisteredOffice 2022-08-01 2023-07-31 NI623965 uk-bus:Agent1 2022-08-01 2023-07-31 NI623965 uk-bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 NI623965 uk-core:ShareCapital 2023-07-31 NI623965 uk-core:ShareCapital 2022-07-31 NI623965 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 NI623965 uk-core:RetainedEarningsAccumulatedLosses 2022-07-31 NI623965 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-31 NI623965 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-07-31 NI623965 uk-bus:FRS102 2022-08-01 2023-07-31 NI623965 uk-core:Goodwill 2022-08-01 2023-07-31 NI623965 uk-core:Buildings 2022-08-01 2023-07-31 NI623965 uk-core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI623965 uk-core:Goodwill 2022-07-31 NI623965 uk-core:Goodwill 2023-07-31 NI623965 uk-core:CostValuation 2023-07-31 NI623965 uk-core:CurrentFinancialInstruments 2023-07-31 NI623965 uk-core:CurrentFinancialInstruments 2022-07-31 NI623965 uk-core:WithinOneYear 2023-07-31 NI623965 uk-core:WithinOneYear 2022-07-31 NI623965 uk-core:WithinOneYear 2023-07-31 NI623965 uk-core:WithinOneYear 2022-07-31 NI623965 uk-core:BetweenOneTwoYears 2023-07-31 NI623965 uk-core:BetweenOneTwoYears 2022-07-31 NI623965 uk-core:BetweenTwoFiveYears 2023-07-31 NI623965 uk-core:BetweenTwoFiveYears 2022-07-31 NI623965 uk-core:EmployeeBenefits 2022-07-31 NI623965 uk-core:EmployeeBenefits 2022-08-01 2023-07-31 NI623965 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 NI623965 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-07-31 NI623965 uk-core:OtherDeferredTax 2023-07-31 NI623965 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-07-31 NI623965 uk-core:EmployeeBenefits 2023-07-31 NI623965 2022-08-01 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI623965
 
 
Finucane Toner Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 July 2023



Finucane Toner Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Ciaran Toner
John Finucane
 
 
Company Registration Number NI623965
 
 
Registered Office and Business Address 72 - 78 Castle Street
Belfast
Antrim
BT1 6HD
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



Finucane Toner Limited

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Finucane Toner Limited
for the financial year ended 31 July 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 July 2023 as set out on pages  to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Finucane Toner Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the balance sheet for the year ended 31 July 2023 your duty to ensure that Finucane Toner 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 Finucane Toner Limited. You consider that Finucane Toner Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Finucane Toner Limited. For this reason, we have not verified the adequacy, 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.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
29 January 2024



Finucane Toner Limited
Company Registration Number: NI623965
STATEMENT OF FINANCIAL POSITION
as at 31 July 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 58,259 79,120
Financial assets 6 40,000 40,000
───────── ─────────
98,259 119,120
───────── ─────────
 
Current Assets
Receivables 7 279,631 180,320
Cash and cash equivalents 121,772 769,383
───────── ─────────
401,403 949,703
───────── ─────────
Payables: amounts falling due within one year 8 (326,165) (817,741)
───────── ─────────
Net Current Assets 75,238 131,962
───────── ─────────
Total Assets less Current Liabilities 173,497 251,082
 
Payables:
amounts falling due after more than one year 9 (19,251) (29,035)
 
Provisions for liabilities 11 (13,670) (14,309)
───────── ─────────
Net Assets 140,576 207,738
═════════ ═════════
 
Equity
Called up share capital 2 2
Retained earnings 140,574 207,736
───────── ─────────
Equity attributable to owners of the company 140,576 207,738
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 29 January 2024 and signed on its behalf by
           
           
________________________________          
Ciaran Toner          
Director          
           
           
________________________________
John Finucane
Director
           



Finucane Toner Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 July 2023

   
1. General Information
 
Finucane Toner Limited is a company limited by shares incorporated in Northern Ireland. 72 - 78 Castle Street, Belfast, Antrim, BT1 6HD is the registered office, which is also the principal place of business of the company. The principal activity is the provision of legal services to the public and is regulated by the Law Society of Northern Ireland. The company provides normal solicitor services to clients and this includes the operation of client bank accounts under the requirements of the Solicitors Accounts Regulations 2014, issued by the Law Society of Northern Ireland. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 July 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 0 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 2% Straight line
  Fixtures, fittings and equipment - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
 
Trade and other receivables
Trade and other receivables 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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 12, (2022 - 12).
 
  2023 2022
  Number Number
 
Employee 10 10
Directors 2 2
  ───────── ─────────
  12 12
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 August 2022 418,500 418,500
  ───────── ─────────
 
At 31 July 2023 418,500 418,500
  ───────── ─────────
Amortisation
 
At 31 July 2023 418,500 418,500
  ───────── ─────────
Carrying amount
At 31 July 2023 - -
  ═════════ ═════════
         
5. Property, plant and equipment
  Short Fixtures, Total
  leasehold fittings and  
  property equipment  
  £ £ £
Cost
At 1 August 2022 180,237 53,318 233,555
Additions - 1,093 1,093
  ───────── ───────── ─────────
At 31 July 2023 180,237 54,411 234,648
  ───────── ───────── ─────────
Depreciation
At 1 August 2022 112,763 41,672 154,435
Charge for the financial year 17,274 4,680 21,954
  ───────── ───────── ─────────
At 31 July 2023 130,037 46,352 176,389
  ───────── ───────── ─────────
Carrying amount
At 31 July 2023 50,200 8,059 58,259
  ═════════ ═════════ ═════════
At 31 July 2022 67,474 11,646 79,120
  ═════════ ═════════ ═════════
       
6. Financial fixed assets
  Other Total
  investments  
     
Investments £ £
Cost
 
At 31 July 2023 40,000 40,000
  ───────── ─────────
Carrying amount
At 31 July 2023 40,000 40,000
  ═════════ ═════════
At 31 July 2022 40,000 40,000
  ═════════ ═════════
       
7. Receivables 2023 2022
  £ £
 
Trade receivables 209,224 167,688
Directors' current accounts (Note 13) 60,583 -
Prepayments and accrued income 9,824 12,632
  ───────── ─────────
  279,631 180,320
  ═════════ ═════════
       
8. Payables 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 81,550 56,430
Bounceback Loan 10,648 10,648
Taxation  (Note 10) 112,707 66,774
Directors' current accounts 30,755 41,764
Other creditors 82,845 634,465
Accruals 7,660 7,660
  ───────── ─────────
  326,165 817,741
  ═════════ ═════════
       
9. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Bounceback Loan 19,251 29,035
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 92,198 67,078
Repayable between one and two years 10,648 10,648
Repayable between two and five years 8,603 18,387
  ───────── ─────────
  111,449 96,113
  ═════════ ═════════
 
       
10. Taxation 2023 2022
  £ £
 
Payables:
VAT 33,444 26,588
Corporation tax 73,399 35,940
PAYE / NI 5,864 4,246
  ───────── ─────────
  112,707 66,774
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 14,309 14,309 12,436
Charged to profit and loss (639) (639) 1,873
  ───────── ───────── ─────────
At financial year end 13,670 13,670 14,309
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 July 2023.
   
13. Directors' advances, credits and guarantees
 
During the year the company advanced £60,583 to the director. Interest is charged on this loan and the loan is repayable on demand.