Company registration number SC345818 (Scotland)
BYRNE VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BYRNE VENTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BYRNE VENTURES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
820,822
871,591
Current assets
Stocks
10,993
8,293
Debtors
5
55,739
148,966
Cash at bank and in hand
13,257
4,085
79,989
161,344
Creditors: amounts falling due within one year
6
(453,566)
(340,826)
Net current liabilities
(373,577)
(179,482)
Total assets less current liabilities
447,245
692,109
Creditors: amounts falling due after more than one year
7
(1,828,716)
(1,822,745)
Net liabilities
(1,381,471)
(1,130,636)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(1,381,571)
(1,130,736)
Total equity
(1,381,471)
(1,130,636)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BYRNE VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
G Byrne
Director
Company Registration No. SC345818
BYRNE VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Byrne Ventures Limited is a private company limited by shares incorporated in Scotland. The registered office is Homefield, Isle of Colonsay, Argyll, United Kingdom, PA61 7YR.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis assuming the continued financial support of the bank and directors.

1.3
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Other income includes amounts received under the Non Domestic RHI scheme.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings Freehold
1% straight line
Plant and machinery
10 - 20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BYRNE VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
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.

BYRNE VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
19
BYRNE VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
807,908
709,266
1,517,174
Additions
-
0
3,853
3,853
At 31 October 2023
807,908
713,119
1,521,027
Depreciation and impairment
At 1 November 2022
108,627
536,956
645,583
Depreciation charged in the year
7,759
46,863
54,622
At 31 October 2023
116,386
583,819
700,205
Carrying amount
At 31 October 2023
691,522
129,300
820,822
At 31 October 2022
699,281
172,310
871,591
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,955
64,962
Other debtors
-
0
75,399
Prepayments and accrued income
2,784
8,605
55,739
148,966
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
179,807
135,800
Trade creditors
59,366
56,336
Taxation and social security
91,343
52,730
Other creditors
121,063
95,373
Accruals and deferred income
1,987
587
453,566
340,826

 

BYRNE VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
300,866
334,895
Other creditors
1,527,850
1,487,850
1,828,716
1,822,745
8
Loans

The bank hold a standard security and floating charge over the property and assets of the company on loans totalling £335,866 (2022: £371,323).

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
15,000
15,000
2023-10-312022-11-01false29 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityG ByrneK ByrneM ByrneG ByrnefalsefalseSC3458182022-11-012023-10-31SC3458182023-10-31SC3458182022-10-31SC345818core:LandBuildings2023-10-31SC345818core:OtherPropertyPlantEquipment2023-10-31SC345818core:LandBuildings2022-10-31SC345818core:OtherPropertyPlantEquipment2022-10-31SC345818core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-31SC345818core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-31SC345818core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-31SC345818core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-31SC345818core:CurrentFinancialInstruments2023-10-31SC345818core:CurrentFinancialInstruments2022-10-31SC345818core:Non-currentFinancialInstruments2023-10-31SC345818core:Non-currentFinancialInstruments2022-10-31SC345818core:ShareCapital2023-10-31SC345818core:ShareCapital2022-10-31SC345818core:RetainedEarningsAccumulatedLosses2023-10-31SC345818core:RetainedEarningsAccumulatedLosses2022-10-31SC345818bus:Director12022-11-012023-10-31SC345818core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-31SC345818core:PlantMachinery2022-11-012023-10-31SC345818core:FurnitureFittings2022-11-012023-10-31SC345818core:ComputerEquipment2022-11-012023-10-31SC345818core:MotorVehicles2022-11-012023-10-31SC3458182021-11-012022-10-31SC345818core:LandBuildings2022-10-31SC345818core:OtherPropertyPlantEquipment2022-10-31SC3458182022-10-31SC345818core:LandBuildings2022-11-012023-10-31SC345818core:OtherPropertyPlantEquipment2022-11-012023-10-31SC345818bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC345818bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC345818bus:FRS1022022-11-012023-10-31SC345818bus:AuditExemptWithAccountantsReport2022-11-012023-10-31SC345818bus:Director22022-11-012023-10-31SC345818bus:Director32022-11-012023-10-31SC345818bus:CompanySecretary12022-11-012023-10-31SC345818bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP