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Company registration number: NI009762
Irvine Bros., Motors (Bangor, N.I.) Limited
Trading as Eddie Irvine Sports
Unaudited filleted financial statements
31 October 2023
Irvine Bros., Motors (Bangor, N.I.) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Irvine Bros., Motors (Bangor, N.I.) Limited
Directors and other information
Directors Mr E Irvine
Mr K Mallin
Secretary K Mallin
Company number NI009762
Registered office Chamber of Commerce House
22 Great Victoria Street
Belfast
BT2 7BA
Business address 41 Balloo Road
Bangor
BT19 7PG
Accountants Hill Vellacott
22 Great Vicotria Street
Belfast
BT2 7BA
Bankers Danske Bank
PO Box 183
Donegall Square West
Belfast
BT1 6JS
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Irvine Bros., Motors (Bangor, N.I.) Limited
Year ended 31 October 2023
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, 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 the Company's 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 the Institute of Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by the Institute of Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 31 October 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Hill Vellacott 29 July 2024
22 Great Vicotria Street
Belfast
BT2 7BA
Irvine Bros., Motors (Bangor, N.I.) Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 263,841 216,083
_______ _______
263,841 216,083
Current assets
Stocks 5,600 5,600
Debtors 6 138,174 61,644
Cash at bank and in hand 45,217 162,957
_______ _______
188,991 230,201
Creditors: amounts falling due
within one year 7 ( 289,534) ( 333,332)
_______ _______
Net current liabilities ( 100,543) ( 103,131)
_______ _______
Total assets less current liabilities 163,298 112,952
_______ _______
Net assets 163,298 112,952
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 163,295 112,949
_______ _______
Shareholders funds 163,298 112,952
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr K Mallin
Director
Company registration number: NI009762
Irvine Bros., Motors (Bangor, N.I.) Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Hill Vellacott, Chamber of Commerce House, 22 Great Victoria Street, Belfast, BT2 7BA.
The principal activity of the company is that of a sports centre.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % straight line
Karts - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Going Concern
The financial position of the company, liquidity position and borrowing facilites have been considered by the directors. Despite the current economic outlook thedirectors continue to offer their support and are further confident of the support of the shareholder and the related party creditors. The directors therefore have reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual financial statements.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 13 ).
5. Tangible assets
Long leasehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Karts Total
£ £ £ £ £ £ £
Cost
At 1 November 2022 189,557 30,000 679,163 252,451 30,017 109,670 1,290,858
Additions - - 26,287 - - 55,295 81,582
_______ _______ _______ _______ _______ _______ _______
At 31 October 2023 189,557 30,000 705,450 252,451 30,017 164,965 1,372,440
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 November 2022 68,724 - 640,303 236,109 19,969 109,670 1,074,775
Charge for the year 3,991 - 15,094 8,561 2,679 3,499 33,824
_______ _______ _______ _______ _______ _______ _______
At 31 October 2023 72,715 - 655,397 244,670 22,648 113,169 1,108,599
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 116,842 30,000 50,053 7,781 7,369 51,796 263,841
_______ _______ _______ _______ _______ _______ _______
At 31 October 2022 120,833 30,000 38,860 16,342 10,048 - 216,083
_______ _______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,999 971
Amounts owed by group undertakings and undertakings in which the company has a participating interest 98,786 34,229
Other debtors 36,389 26,444
_______ _______
138,174 61,644
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 38,170 43,368
Trade creditors 135,421 157,101
Amounts owed to group undertakings and undertakings in which the company has a participating interest 64,727 68,387
Social security and other taxes 33,646 23,054
Other creditors 17,570 41,422
_______ _______
289,534 333,332
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr E Irvine ( 27,453) 27,453 -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr E Irvine ( 168,599) 141,146 ( 27,453)
_______ _______ _______
9. Related party transactions
Irvine Bros., Motors (Bangor, N.I.) Limited , E. Irvine Enterprises Limited, Teskin Properties Limited and Tidswell Limited are connected by vritue of common control.The company owed £64,727 (2022: £68,387) to E. Irvine Enterprises Limited at the balance sheet date.At the year end the company was owed £34,229 (2022: £34,229) from Teskin Properties Limited, and £64,557 by Tidswell Limited.
10. Controlling party
100 % of the shares in Irvine Brothers, Motors (Bangor, NI) Limited are owned by Tidswell Limited, a BVI registered company.
11. Going Concern
The financial position of the company, liquidity position and borrowing facilites have been considered by the directors. Despite the current economic outlook the directors continue to offer their support and are further confident of the support of the shareholder and the related party creditors. The directors therefore have reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual financial statements.