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Registration number: NI642386

Feisfayre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Feisfayre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Feisfayre Limited

Company Information

Directors

Mrs Kerry Peacock

Niamh Letitia Peacock

Shannen Maria Jackson

Registered office

12 Clonevin Park
LISBURN
BT28 3BL

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Feisfayre Limited

(Registration number: NI642386)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

67,199

75,599

Tangible assets

5

138,838

173,642

 

206,037

249,241

Current assets

 

Stocks

6

187,477

138,405

Debtors

7

17,951

33,841

Cash at bank and in hand

 

52,826

37,881

 

258,254

210,127

Creditors: Amounts falling due within one year

8

(482,830)

(449,197)

Net current liabilities

 

(224,576)

(239,070)

Net (liabilities)/assets

 

(18,539)

10,171

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(18,639)

10,071

Total equity

 

(18,539)

10,171

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

 

Feisfayre Limited

(Registration number: NI642386)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................

Mrs Kerry Peacock
Director

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
12 Clonevin Park
LISBURN
BT28 3BL

These financial statements were authorised for issue by the Board on 19 August 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.

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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.

Tax

The tax expense for the period comprises current 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.

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

Plant & Equipment

10% Reducing Balance

Motor Vehicles

20% Straight Line

Furniture, Fittings and Equipment

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

10 years

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.

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

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

83,999

83,999

At 30 November 2023

83,999

83,999

Amortisation

At 1 December 2022

8,400

8,400

Amortisation charge

8,400

8,400

At 30 November 2023

16,800

16,800

Carrying amount

At 30 November 2023

67,199

67,199

At 30 November 2022

75,599

75,599

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

129,601

15,534

49,948

69,510

264,593

Additions

-

3,124

-

812

3,936

At 30 November 2023

129,601

18,658

49,948

70,322

268,529

Depreciation

At 1 December 2022

12,925

5,102

14,225

58,699

90,951

Charge for the year

16,650

2,712

8,830

10,548

38,740

At 30 November 2023

29,575

7,814

23,055

69,247

129,691

Carrying amount

At 30 November 2023

100,026

10,844

26,893

1,075

138,838

At 30 November 2022

116,676

10,432

35,723

10,811

173,642

Included within the net book value of land and buildings above is £63,000 (2022 - £63,000) in respect of freehold land and buildings and £37,025 (2022 - £53,675) in respect of short leasehold land and buildings.
 

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

187,477

138,405

7

Debtors

2023
£

2022
£

Trade debtors

7,674

20,851

Other debtors

10,277

12,990

17,951

33,841

 

Feisfayre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

1,710

3,165

Trade creditors

 

5,456

39,325

Corporation tax liability

 

3,001

844

Taxation and social security

 

2,304

6,341

Other creditors

 

419,814

350,494

Loans from directors

 

45,595

45,578

Accruals and deferred income

 

4,950

3,450

 

482,830

449,197

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,710

3,165