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Company registration number: 03989253
Brian Meehan Ltd
Unaudited filleted financial statements
30 November 2023
Brian Meehan Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Brian Meehan Ltd
Directors and other information
Director B J Meehan
Secretary Ms M E Blair
Company number 03989253
Registered office Manton House Estate
Marlborough
SN8 1PN
Accountants Fleming Accoutancy Services
29 Lower Patrick Street
Co. Kilkenny
Brian Meehan Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 794,746 641,694
_______ _______
794,746 641,694
Current assets
Stocks 327,166 647,281
Debtors 6 1,114,841 995,702
Cash at bank and in hand 6,651 10,991
_______ _______
1,448,658 1,653,974
Creditors: amounts falling due
within one year 7 ( 1,184,433) ( 1,320,233)
_______ _______
Net current assets 264,225 333,741
_______ _______
Total assets less current liabilities 1,058,971 975,435
Creditors: amounts falling due
after more than one year 8 ( 1,022,759) ( 987,706)
_______ _______
Net assets/(liabilities) 36,212 ( 12,271)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 36,211 ( 12,272)
_______ _______
Shareholders funds/(deficit) 36,212 ( 12,271)
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 August 2024 , and are signed on behalf of the board by:
B J Meehan
Director
Brian Meehan Ltd
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 1 13,118 13,119
Profit for the year 28,990 28,990
_______ _______ _______
Total comprehensive income for the year - 28,990 28,990
Dividends paid and payable ( 54,380) ( 54,380)
_______ _______ _______
Total investments by and distributions to owners - ( 54,380) ( 54,380)
_______ _______ _______
At 30 November 2022 and 1 December 2022 1 (12,271) (12,270)
Profit for the year 90,482 90,482
_______ _______ _______
Total comprehensive income for the year - 90,482 90,482
Dividends paid and payable ( 42,000) ( 42,000)
_______ _______ _______
Total investments by and distributions to owners - ( 42,000) ( 42,000)
_______ _______ _______
At 30 November 2023 1 36,211 36,212
_______ _______ _______
Brian Meehan Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Racing Office, Manton House Estate, Marlborough, SN8 1PN.
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:
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 18 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Saddlery Total
£ £ £ £ £ £
Cost
At 1 December 2022 673,574 194,603 22,856 176,493 14,386 1,081,912
Additions - 43,494 75,143 119,300 320 238,257
_______ _______ _______ _______ _______ _______
At 30 November 2023 673,574 238,097 97,999 295,793 14,706 1,320,169
_______ _______ _______ _______ _______ _______
Depreciation
At 1 December 2022 78,608 179,108 15,944 154,625 11,932 440,217
Charge for the year 12,659 14,747 20,514 36,593 693 85,206
_______ _______ _______ _______ _______ _______
At 30 November 2023 91,267 193,855 36,458 191,218 12,625 525,423
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 582,307 44,242 61,541 104,575 2,081 794,746
_______ _______ _______ _______ _______ _______
At 30 November 2022 594,966 15,495 6,912 21,868 2,454 641,695
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,108,186 992,661
Other debtors 6,655 3,041
_______ _______
1,114,841 995,702
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 78,084 63,299
Trade creditors 323,112 837,631
Corporation tax 29,513 34,113
Social security and other taxes 345,554 318,662
Other creditors 408,170 66,528
_______ _______
1,184,433 1,320,233
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 661,620 702,700
Other creditors 361,139 285,006
_______ _______
1,022,759 987,706
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
B J Meehan ( 2,538) 94,006 ( 414,110) ( 322,642)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
B J Meehan ( 479) 72,941 ( 75,000) ( 2,538)
_______ _______ _______ _______