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Registration number: NI622179

EFB MANAGEMENT COMPANY LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

EFB MANAGEMENT COMPANY LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

EFB MANAGEMENT COMPANY LIMITED

Company Information

Director

Mrs Johanne Rooney

Registered office

89 Chancellors Road
Cloughoge
Newry
Co Down
BT35 8NG

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

EFB MANAGEMENT COMPANY LIMITED

(Registration number: NI622179)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

52,903

4,999

Current assets

 

Stocks

5

15,000

-

Debtors

6

72,474

71,492

Cash at bank and in hand

 

54,264

21,838

 

141,738

93,330

Creditors: Amounts falling due within one year

7

(89,012)

(32,174)

Net current assets

 

52,726

61,156

Total assets less current liabilities

 

105,629

66,155

Creditors: Amounts falling due after more than one year

7

(14,372)

(25,134)

Provisions for liabilities

(10,052)

(950)

Net assets

 

81,205

40,071

Capital and reserves

 

Called up share capital

12

2

2

Retained earnings

81,203

40,069

Shareholders' funds

 

81,205

40,071

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

 

EFB MANAGEMENT COMPANY LIMITED

(Registration number: NI622179)
Balance Sheet as at 31 January 2024

.........................................
Mrs Johanne Rooney
Director

   
     
 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
89 Chancellors Road
Cloughoge
Newry
Co Down
BT35 8NG

These financial statements were authorised for issue by the director on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% Reducing balance basis

Office equipment

15% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

16,215

-

16,215

Additions

13,434

49,647

63,081

At 31 January 2024

29,649

49,647

79,296

Depreciation

At 1 February 2023

11,216

-

11,216

Charge for the year

2,765

12,412

15,177

At 31 January 2024

13,981

12,412

26,393

Carrying amount

At 31 January 2024

15,668

37,235

52,903

At 31 January 2023

4,999

-

4,999

5

Stocks

2024
£

2023
£

Other inventories

15,000

-

6

Debtors

Current

2024
£

2023
£

Other debtors

72,474

71,492

 

72,474

71,492

7

Creditors

Creditors: amounts falling due within one year

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,635

9,635

Trade creditors

 

4,492

178

Taxation and social security

 

8,239

5,486

Accruals and deferred income

 

2,200

1,949

Other creditors

 

64,446

14,926

 

89,012

32,174

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,372

25,134

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

         
 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,372

25,134

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,635

9,635

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £2,335.00) per each Ordinary Share

-

4,670

 

 

11

Related party transactions

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mrs Johanne Rooney

Directors loan repayable on demand

14,926

(37,826)

87,346

64,446

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mrs Johanne Rooney

Directors loan repayable on demand

19,838

(25,383)

20,472

14,926

 

EFB MANAGEMENT COMPANY LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

4,950

9,850

In respect of the highest paid director:

2024
£

2023
£

Remuneration

4,950

9,850

Dividends paid to the director

2024
£

2023
£

Mrs Johanne Rooney

Ordinary Share

-

4,670

 

 

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2