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COMPANY REGISTRATION NUMBER: 14032496
Delaney Brothers Ltd
Filleted Unaudited Financial Statements
30 April 2024
Delaney Brothers Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
733
703
Investments
6
2,584,803
2,536,033
-----------
-----------
2,585,536
2,536,736
Current assets
Debtors
7
585,874
407,400
Cash at bank and in hand
25,864
171,053
--------
--------
611,738
578,453
Creditors: amounts falling due within one year
8
2,534,435
2,488,694
-----------
-----------
Net current liabilities
1,922,697
1,910,241
-----------
-----------
Total assets less current liabilities
662,839
626,495
Creditors: amounts falling due after more than one year
9
754,679
668,624
Accruals and deferred income
2,346
1,400
--------
--------
Net liabilities
( 94,186)
( 43,529)
--------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 94,189)
( 43,532)
-------
-------
Shareholders deficit
( 94,186)
( 43,529)
-------
-------
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.
For the year ending 30 April 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Delaney Brothers Ltd
Statement of Financial Position (continued)
30 April 2024
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:
E. Delaney
Director
Company registration number: 14032496
Delaney Brothers Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, incorporated, registered and trading in England and Wales, company number 14032496 . The address of the registered office is 17 Oxhayes Close, Balsall Common, Coventry, England CV7 7PS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 company and rounded to the nearest £.
Going concern
The continuation of the company's affairs is dependent on the support of the director. These accounts have been prepared on a going concern basis which assumes their support for the foreseeable future.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the director has had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received for rent.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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 as a finance cost 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 1 (2023: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023
937
937
Additions
326
326
------
------
At 30 April 2024
1,263
1,263
------
------
Depreciation
At 1 May 2023
234
234
Charge for the year
296
296
------
------
At 30 April 2024
530
530
------
------
Carrying amount
At 30 April 2024
733
733
------
------
At 30 April 2023
703
703
------
------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023
2,536,033
Additions
48,770
-----------
At 30 April 2024
2,584,803
-----------
Impairment
At 1 May 2023 and 30 April 2024
-----------
Carrying amount
At 30 April 2024
2,584,803
-----------
At 30 April 2023
2,536,033
-----------
7. Debtors
2024
2023
£
£
Other debtors
585,874
407,400
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,593
56,978
Trade creditors
246
Social security and other taxes
10,154
Other creditors
2,507,688
2,431,470
-----------
-----------
2,534,435
2,488,694
-----------
-----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
754,679
668,624
--------
--------
The bank, whose debt at 30 April 2024 is £771,272 (2023: £725,602), holds a 1st Legal Charge in respect of fixed charges on land on the west side of Clarkes Road, Wigston, LE18 2BE and floating charges on all properties owned by the company.
10. Director's advances, credits and guarantees
At the reporting date the directors loan account was in credit by £873,634 (2023: £816,139). There is no fixed term for repayment and no interest is charged.