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Company registration number: NI067811
FLOYDS AND BALLYMAGORRY ARMS LTD
Unaudited filleted financial statements
29 February 2024
FLOYDS AND BALLYMAGORRY ARMS LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
FLOYDS AND BALLYMAGORRY ARMS LTD
Directors and other information
Director Peter Villa
Company number NI067811
Registered office 421 Victoria Road
Ballymagorry
Strabane
Co. Tyrone
BT82 0AT
Business address 421 Victoria Road
Ballymagorry
Strabane
Co Tyrone
BT82 OAT
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
Bankers Danske Bank
6 Shipquay Place
Derry
BT48 6DF
FLOYDS AND BALLYMAGORRY ARMS LTD
Report to the director on the preparation of the
unaudited statutory financial statements of FLOYDS AND BALLYMAGORRY ARMS LTD
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Floyds and Ballymagorry Arms Ltd for the period ended 29 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Floyds and Ballymagorry Arms Ltd, as a body, in accordance with instructions received. Our work has been undertaken solely to prepare for your approval the financial statements of Floyds and Ballymagorry Arms Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Floyds and Ballymagorry Arms Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Floyds and Ballymagorry Arms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Floyds and Ballymagorry Arms Ltd. You consider that Floyds and Ballymagorry Arms Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Floyds and Ballymagorry Arms Ltd. 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.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
18 June 2024
FLOYDS AND BALLYMAGORRY ARMS LTD
Statement of financial position
29 February 2024
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 6 20,358 20,396
_______ _______
20,358 20,396
Current assets
Stocks 20,950 20,500
Debtors:
Amounts falling due within one year 7 10,196 3,215
Cash at bank and in hand 448,375 362,245
_______ _______
479,521 385,960
Creditors: amounts falling due
within one year 8 ( 252,926) ( 241,494)
_______ _______
Net current assets 226,595 144,466
_______ _______
Total assets less current liabilities 246,953 164,862
Creditors: amounts falling due
after more than one year 9 ( 15,756) ( 26,000)
Provisions for liabilities 10 ( 4,164) ( 3,017)
_______ _______
Net assets 227,033 135,845
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 226,933 135,745
_______ _______
Shareholders funds 227,033 135,845
_______ _______
For the year ending 29 February 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 financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 June 2024 , and are signed on behalf of the board by:
Peter Villa
Director
Company registration number: NI067811
FLOYDS AND BALLYMAGORRY ARMS LTD
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 100 62,238 62,338
Profit for the period 73,507 73,507
_______ _______ _______
Total comprehensive income for the period - 73,507 73,507
_______ _______ _______
At 28 February 2023 and 1 March 2023 100 135,745 135,845
Profit for the period 92,188 92,188
_______ _______ _______
Total comprehensive income for the period - 92,188 92,188
Dividends paid and payable ( 1,000) ( 1,000)
_______ _______ _______
Total investments by and distributions to owners - ( 1,000) ( 1,000)
_______ _______ _______
At 29 February 2024 100 226,933 227,033
_______ _______ _______
FLOYDS AND BALLYMAGORRY ARMS LTD
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 421 Victoria Road, Ballymagorry, Strabane, Co. Tyrone, BT82 0AT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 17 (2023: 17 ).
5. Tax on profit
Major components of tax expense
Year Year
Ended Ended
29/02/24 28/02/23
£ £
Current tax:
UK current tax expense 30,011 15,901
Adjustments in respect of previous periods - ( 1,646)
_______ _______
Deferred tax:
Origination and reversal of timing differences 1,147 2
_______ _______
Tax on profit 31,158 14,257
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 19.00%).
Year Year
Ended Ended
29/02/24 28/02/23
£ £
Profit before taxation 123,346 87,764
_______ _______
Profit multiplied by rate of tax 30,837 16,675
Adjustments in respect of prior periods - ( 1,646)
Effect of capital allowances and depreciation ( 199) ( 774)
Effect of different UK tax rates on some earnings (626) -
Unrelieved tax losses 1,147 2
_______ _______
Tax on profit 31,159 14,257
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Renovations Total
£ £ £ £
Cost
At 1 March 2023 37,074 139,639 61,699 238,412
Additions - 6,381 - 6,381
_______ _______ _______ _______
At 29 February 2024 37,074 146,020 61,699 244,793
_______ _______ _______ _______
Depreciation
At 1 March 2023 35,566 120,752 61,698 218,016
Charge for the year 378 6,041 - 6,419
_______ _______ _______ _______
At 29 February 2024 35,944 126,793 61,698 224,435
_______ _______ _______ _______
Carrying amount
At 29 February 2024 1,130 19,227 1 20,358
_______ _______ _______ _______
At 28 February 2023 1,508 18,887 1 20,396
_______ _______ _______ _______
7. Debtors
Debtors falling due within one year are as follows:
29/02/24 28/02/23
£ £
Other debtors 10,196 3,215
_______ _______
8. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 10,066 9,706
Trade creditors 50,914 47,761
Corporation tax 30,141 16,031
Social security and other taxes 21,940 26,874
Other creditors 139,865 141,122
_______ _______
252,926 241,494
_______ _______
Bank Borrowings are secured by a Legal Mortgage over 421 Victoria Road, Ballymagorry, BT82 0AT, and by a Letter of Guarantee for £110,000 signed by the director of the company, Peter Villa .
The directors account of £111,555 (2023 - £112,897) is interest free and repayable on demand.
9. Creditors: amounts falling due after more than one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 15,756 26,000
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 March 2023 3,017 3,017
Additions 1,147 1,147
_______ _______
At 29 February 2024 4,164 4,164
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
29/02/24 28/02/23
£ £
Included in provisions (note 10) 4,164 3,017
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
29/02/24 28/02/23
£ £
Accelerated capital allowances 4,164 3,017
_______ _______
12. Called up share capital
Issued, called up and fully paid
29/02/24 28/02/23
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
13. Controlling party
Peter Villa , director and sole shareholder, is considered to be the company's controlling party.
14. Related Party Transactions
Peter Villa, sole director and shareholder of Floyds and Ballymagorry Arms Ltd, is also sole director and shareholder of Broadway Tavern Limited. At the balance sheet date Broadway Tavern Limited owed Floyds and Ballymagorry Arms Limited £3,215 (2022 - £3,215).