Unaudited Financial Statements
Falloon Brothers (Lisburn) Limited
For the Year Ended 31 January 2024
Registered number: NI007934
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Falloon Brothers (Lisburn) Limited
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Company Information
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12 - 15 Donegall Square West
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Falloon Brothers (Lisburn) Limited
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Contents
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Notes to the financial statements
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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.
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Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
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Date: 27 October 2024
Page 1
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Falloon Brothers (Lisburn) Limited
Registered number:NI007934
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Balance sheet
As at 31 January 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 2
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Falloon Brothers (Lisburn) Limited
Registered number:NI007934
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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.
The notes on pages 4 to 8 form part of these financial statements.
Page 3
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Falloon Brothers (Lisburn) Limited
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Notes to the financial statements
For the Year Ended 31 January 2024
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
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Basis of preparation of financial statements
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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:
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.
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
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Falloon Brothers (Lisburn) Limited
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Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
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:
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.
Investment in ground rents are held at cost less accumulated impairment losses.
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.
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.
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Cash and cash equivalents
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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
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Falloon Brothers (Lisburn) Limited
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Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Page 6
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Falloon Brothers (Lisburn) Limited
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Notes to the financial statements
For the Year Ended 31 January 2024
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Fixed asset investments represents cost, or deemed cost, of a ground rent portfolio.
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Work in progress (goods to be sold)
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Page 7
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Falloon Brothers (Lisburn) Limited
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Notes to the financial statements
For the Year Ended 31 January 2024
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Creditors: Amounts falling due within one year
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Amounts owed to associates
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Other taxation and social security
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Allotted, called up and fully paid
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6,500 (2023 - 6,500) Ordinary shares of £1.00 each
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Profit & loss account
Includes all current and prior period profits and losses.
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Related party transactions
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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.
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The company is under the control of Irene Falloon by virture of her shareholding in the company.
Page 8
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Falloon Brothers (Lisburn) Limited
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