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REGISTERED NUMBER: 03571313 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for


LEARY BROTHERS LIMITED


LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Contents of the Financial Statements

for the Year Ended 31 March 2024











Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




LEARY BROTHERS LIMITED


Company Information

for the Year Ended 31 March 2024









DIRECTORS:

C V Leary


Mrs J Leary







SECRETARY:

Mrs J Leary







REGISTERED OFFICE:

153-155 London Road


Hemel Hempstead


Hertfordshire


HP3 9SQ







REGISTERED NUMBER:

03571313 (England and Wales)


LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Balance Sheet

31 March 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

80,866


40,048




CURRENT ASSETS

Stocks

489,852


335,229



Debtors

5

615,849


292,352



Cash at bank

1,443,291


786,724



2,548,992


1,414,305



CREDITORS

Amounts falling due within one year

6

1,640,931


279,501



NET CURRENT ASSETS

908,061


1,134,804



TOTAL ASSETS LESS CURRENT

LIABILITIES

988,927


1,174,852




CREDITORS

Amounts falling due after more than one

year

7

13,926


24,868



NET ASSETS

975,001


1,149,984




CAPITAL AND RESERVES

Called up share capital

8

2


2



Capital redemption reserve

9

1


-



Retained earnings

9

974,998


1,149,982



SHAREHOLDERS' FUNDS

975,001


1,149,984




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their 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.


LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Balance Sheet - continued

31 March 2024



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2024  and were signed on its behalf by:






Mrs J Leary - Director



LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Notes to the Financial Statements

for the Year Ended 31 March 2024



1.

STATUTORY INFORMATION



Leary Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-

15% on cost


Motor vehicles

-

25% on cost



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.


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.


Going concern


After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.


LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024



3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 12 (2023 - 12 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


Motor



machinery


vehicles


Totals

£   

£   

£   



COST


At 1 April 2023

19,100


204,767


223,867




Additions

-


58,745


58,745




Disposals

(19,100

)

(36,759

)

(55,859

)



At 31 March 2024

-


226,753


226,753




DEPRECIATION


At 1 April 2023

19,100


164,719


183,819




Charge for year

-


17,927


17,927




Eliminated on disposal

(19,100

)

(36,759

)

(55,859

)



At 31 March 2024

-


145,887


145,887




NET BOOK VALUE


At 31 March 2024

-


80,866


80,866




At 31 March 2023

-


40,048


40,048





Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST


At 1 April 2023


and 31 March 2024

35,280




DEPRECIATION


Charge for year

8,844




At 31 March 2024

8,844




NET BOOK VALUE


At 31 March 2024

26,436




At 31 March 2023

35,280




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

597,327


265,084




Other debtors

18,522


27,268



615,849


292,352




LEARY BROTHERS LIMITED (REGISTERED NUMBER: 03571313)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024



6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Hire purchase contracts

11,455


9,722




Trade creditors

251,953


149,768




Taxation and social security

366,170


94,512




Other creditors

1,011,353


25,499



1,640,931


279,501




Other creditors includes an amount of £834,972, which represents amounts billed on account of projects that were incomplete at the year end.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2024

2023


£   

£   



Hire purchase contracts

13,926


24,868




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



2

Ordinary

£1

2


2





1 Ordinary share of £1 was allotted and fully paid for cash at par during the year.


During the year, one ordinary share was cancelled on the purchase of the share out of reserves by the company.

9.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 April 2023

1,149,982


-


1,149,982




Profit for the year

456,008


456,008




Dividends

(56,000

)

(56,000

)



Purchase of own shares

(574,992

)

1


(574,991

)



At 31 March 2024

974,998


1


974,999




10.

POST BALANCE SHEET EVENTS


On 2nd August 2023, the company purchased the share of S Leary out of distributable reserves for an amount of £574,992 and his share in the company was transferred to a capital redemption reserve.