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REGISTERED NUMBER: 07463372 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Brennan & Associates Limited

Brennan & Associates Limited (Registered number: 07463372)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brennan & Associates Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D C Pearce
Mrs K M Pearce





REGISTERED OFFICE: 40 Foregate Street
Worcester
Worcestershire
WR1 1EE





REGISTERED NUMBER: 07463372 (England and Wales)





ACCOUNTANTS: More Than Numbers Ltd
18 School Avenue
Basildon
Essex
SS15 6GJ

Brennan & Associates Limited (Registered number: 07463372)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,913 40,374

CURRENT ASSETS
Debtors 5 15,061 11,977
Cash at bank 27,997 43,065
43,058 55,042
CREDITORS
Amounts falling due within one year 6 21,517 14,675
NET CURRENT ASSETS 21,541 40,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,454

80,741

CREDITORS
Amounts falling due after more than one
year

7

16,418

25,373
NET ASSETS 37,036 55,368

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 36,936 55,268
37,036 55,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Brennan & Associates Limited (Registered number: 07463372)

Balance Sheet - continued
31 December 2023


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 11 September 2024 and were signed on its behalf by:





D C Pearce - Director


Brennan & Associates Limited (Registered number: 07463372)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Brennan & Associates 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.
Fixtures, fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Brennan & Associates Limited (Registered number: 07463372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Basic financial assets: which include trade debtors and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Classification of financial liabilities: Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities: which include trade creditors and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price after transaction costs unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Brennan & Associates Limited (Registered number: 07463372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Brennan & Associates Limited (Registered number: 07463372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 9,042 38,433 47,475
Additions 2,542 - 2,542
Disposals (3,366 ) - (3,366 )
At 31 December 2023 8,218 38,433 46,651
DEPRECIATION
At 1 January 2023 6,300 801 7,101
Charge for year 1,079 9,408 10,487
Eliminated on disposal (2,850 ) - (2,850 )
At 31 December 2023 4,529 10,209 14,738
NET BOOK VALUE
At 31 December 2023 3,689 28,224 31,913
At 31 December 2022 2,742 37,632 40,374

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 38,433
DEPRECIATION
At 1 January 2023 801
Charge for year 9,408
At 31 December 2023 10,209
NET BOOK VALUE
At 31 December 2023 28,224
At 31 December 2022 37,632

Brennan & Associates Limited (Registered number: 07463372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 8,508 5,784
Social security and other taxes - 1,216
Prepayments 6,553 4,977
15,061 11,977

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 2,980 2,980
Hire purchase contracts 5,974 5,974
Trade creditors 1,437 1,196
Social security and other taxes 3,669 160
Directors' current accounts 6,289 2,770
Accrued expenses 1,168 1,595
21,517 14,675

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 2,980 2,980
Bank loans - 2-5 years 1,490 4,470
Hire purchase contracts 11,948 17,923
16,418 25,373

The company received £14,900 during 2020 in relation to a Bounce Back Loan Scheme. The loan is repayable over 6 years including a 12 month repayment holiday from the date on which the loan was drawn, and is subject to interest at a rate of 2.5% per year.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 17,922 23,897

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the directors' current account was credited with £750 for use of home as office space.