FEARON BROTHERS LIMITED

Company Registration Number:
NI658630 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 January 2024

Period of accounts

Start date: 01 February 2023

End date: 31 January 2024

FEARON BROTHERS LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Balance sheet
Notes

FEARON BROTHERS LIMITED

Balance sheet

As at 31 January 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 83,000 99,600
Tangible assets: 4 999 1,166
Total fixed assets: 83,999 100,766
Current assets
Stocks: 305,728 348,840
Debtors:   5,827 1,103
Cash at bank and in hand: 149,588 202,072
Total current assets: 461,143 552,015
Creditors: amounts falling due within one year:   (442,380) (554,800)
Net current assets (liabilities): 18,763 (2,785)
Total assets less current liabilities: 102,762 97,981
Total net assets (liabilities): 102,762 97,981
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 102,662 97,881
Shareholders funds: 102,762 97,981

The notes form part of these financial statements

FEARON BROTHERS LIMITED

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 31 October 2024
and signed on behalf of the board by:

Name: Edward Fearon
Status: Director

The notes form part of these financial statements

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Tangible fixed assets and depreciation policy

Tangible assets and depreciation Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives. Fixtures fittings and equipment is 10 percent Straight line. The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Intangible fixed assets and amortisation policy

Goodwill Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Other accounting policies

Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Borrowing costs Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. Employee benefits The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers. Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account. Ordinary share capital The ordinary share capital of the company is presented as equity.

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

2. Employees

2024 2023
Average number of employees during the period 5 5

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Intangible Assets

Total
Cost £
At 01 February 2023 166,000
At 31 January 2024 166,000
Amortisation
At 01 February 2023 66,400
Charge for year 16,600
At 31 January 2024 83,000
Net book value
At 31 January 2024 83,000
At 31 January 2023 99,600

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Tangible Assets

Total
Cost £
At 01 February 2023 1,666
At 31 January 2024 1,666
Depreciation
At 01 February 2023 500
Charge for year 167
At 31 January 2024 667
Net book value
At 31 January 2024 999
At 31 January 2023 1,166

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Financial commitments

The company had no material capital commitments at the financial year ended 31 January 2024.

FEARON BROTHERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Post balance sheet events

There have been no significant events affecting the company since the financial year end.