Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI007934 2023-02-01 2024-01-31 NI007934 2022-02-01 2023-01-31 NI007934 2024-01-31 NI007934 2023-01-31 NI007934 c:CompanySecretary1 2023-02-01 2024-01-31 NI007934 c:Director1 2023-02-01 2024-01-31 NI007934 c:Director2 2023-02-01 2024-01-31 NI007934 c:RegisteredOffice 2023-02-01 2024-01-31 NI007934 c:Agent1 2023-02-01 2024-01-31 NI007934 d:PlantMachinery 2023-02-01 2024-01-31 NI007934 d:PlantMachinery 2024-01-31 NI007934 d:PlantMachinery 2023-01-31 NI007934 d:FurnitureFittings 2023-02-01 2024-01-31 NI007934 d:FurnitureFittings 2024-01-31 NI007934 d:FurnitureFittings 2023-01-31 NI007934 d:CurrentFinancialInstruments 2024-01-31 NI007934 d:CurrentFinancialInstruments 2023-01-31 NI007934 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 NI007934 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 NI007934 d:ShareCapital 2024-01-31 NI007934 d:ShareCapital 2023-01-31 NI007934 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI007934 d:RetainedEarningsAccumulatedLosses 2024-01-31 NI007934 d:RetainedEarningsAccumulatedLosses 2023-01-31 NI007934 c:OrdinaryShareClass1 2023-02-01 2024-01-31 NI007934 c:OrdinaryShareClass1 2024-01-31 NI007934 c:OrdinaryShareClass1 2023-01-31 NI007934 c:FRS102 2023-02-01 2024-01-31 NI007934 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI007934 c:FullAccounts 2023-02-01 2024-01-31 NI007934 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI007934 6 2023-02-01 2024-01-31 NI007934 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Falloon Brothers (Lisburn) Limited
For the Year Ended 31 January 2024





































Registered number: NI007934

 
Falloon Brothers (Lisburn) Limited
 

Company Information


Directors
Mrs I E Falloon 
Mr A E A Falloon 




Company secretary
Mrs I E Falloon



Registered number
NI007934



Registered office
Eglantine Lodge
3 Eglantine Demense Road

Hillsborough

Down

BT26 6GX




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank Limited
62 Bow Street

Lisburn

Antrim

BT28 1YS





 
Falloon Brothers (Lisburn) Limited
 

Contents



Page
Accountant's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8


  
img4e35.png
Independent Accountant's Report to the directors of the unaudited financial statements of Falloon Brothers (Lisburn) Limited for the Year Ended 31 January 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Falloon Brothers (Lisburn) Limited for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Falloon Brothers (Lisburn) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Falloon Brothers (Lisburn) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falloon Brothers (Lisburn) Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 January 2024 and you have acknowledged on the Balance sheet as at 31 January 2024 your duty to ensure that Falloon Brothers (Lisburn) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Falloon Brothers (Lisburn) Limited is exempt from the statutory audit requirement for the year ended 31 January 2024.

We have not been instructed to carry out an audit or review the financial statements of Falloon Brothers (Lisburn) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   27 October 2024
Page 1

 
Falloon Brothers (Lisburn) Limited
Registered number:NI007934

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 6 
19,275
19,275

  
19,275
19,275

Current assets
  

Stocks
 7 
7,700
7,700

Debtors: amounts falling due within one year
 8 
4,185
12,440

Cash at bank and in hand
  
15,052
10,402

  
26,937
30,542

Creditors: amounts falling due within one year
 9 
(102,771)
(109,044)

Net current liabilities
  
 
 
(75,834)
 
 
(78,502)

Total assets less current liabilities
  
(56,559)
(59,227)

  

Net liabilities
  
(56,559)
(59,227)


Capital and reserves
  

Called up share capital 
 10 
6,500
6,500

Profit and loss account
 11 
(63,059)
(65,727)

  
(56,559)
(59,227)


Page 2

 
Falloon Brothers (Lisburn) Limited
Registered number:NI007934

Balance sheet (continued)
As at 31 January 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2024.




Mrs I E Falloon
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Falloon Brothers (Lisburn) Limited
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

1.


General information

Falloon Brothers (Lisburn) Limited is a private company, limited by shares and incorporated in Northern Ireland. The registered office is Eglantine Lodge, 276 Lisburn Road, Hillsborough, Co Down, BT26 6AA. 
The principal activity of the company is the development of building projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).
The following accounting policies have been applied:

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has made a profit of £2,668 (2023: loss £2,427) during the year, and has net liabilities of £56,559 (2023: £59,227). The company meets its working capital requirements through financial support from the directors and is dependent on this continuing support. The directors are confident the support will continue to be made available to allow the company to trade for the forseeable future. On this basis these financial statements therefore continue to be prepared on the going concern basis. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Falloon Brothers (Lisburn) Limited
 

Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% Reducing Balance
Fixtures & fittings
-
20% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investment in ground rents are held at cost less accumulated impairment losses.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a individual asset basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
Falloon Brothers (Lisburn) Limited
 

Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
Falloon Brothers (Lisburn) Limited
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 February 2023
15,818
3,800
19,618



At 31 January 2024

15,818
3,800
19,618



Depreciation


At 1 February 2023
15,818
3,800
19,618



At 31 January 2024

15,818
3,800
19,618



Net book value



At 31 January 2024
-
-
-



At 31 January 2023
-
-
-


6.


Fixed asset investments





Ground Rents

£



Cost or valuation


At 1 February 2023
19,275



At 31 January 2024
19,275




Fixed asset investments represents cost, or deemed cost, of a ground rent portfolio.


7.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
7,700
7,700

7,700
7,700


Page 7

 
Falloon Brothers (Lisburn) Limited
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

8.


Debtors

2024
2023
£
£


Trade debtors
497
-

Other debtors
3,688
12,440

4,185
12,440



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to associates
99,071
99,071

Other taxation and social security
-
1,853

Other creditors
3,700
8,120

102,771
109,044



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,500 (2023 - 6,500) Ordinary shares of £1.00 each
6,500
6,500



11.


Reserves

Profit & loss account

Includes all current and prior period profits and losses.


12.


Related party transactions

At the balance sheet date the company owed £99,071 (2023: £99,071) to a company related by virtue of common director. The loan is unsecured, interest free and repayable upon demand. 
                                                                                                                               
At the balance sheet date the amount owed from a director was £755 (2023: £9,021). The loan is unsecured, interest free and repayable upon demand. 


13.


Controlling party

The company is under the control of Irene Falloon by virture of her shareholding in the company.

Page 8

 
Falloon Brothers (Lisburn) Limited