K G Byrne & Associates Limited 31/03/2020 iXBRL

K G Byrne & Associates Limited 31/03/2020 iXBRL

KG BYRNE & ASSOCIATES LIMITED - Company Information

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Company registration number: NI043178
K G Byrne & Associates Limited
Unaudited filleted financial statements
31 March 2020
Barry Thompson and Company
Chartered Accountants
76-78 Church Street
Portadown
K G Byrne & Associates Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
K G Byrne & Associates Limited
Report to the director on the preparation of the
unaudited statutory financial statements of K G Byrne & Associates Limited
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K G Byrne & Associates Limited for the year ended 31 March 2020 which comprise the statement of financial position 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 K G Byrne & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of K G Byrne & Associates Limited 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 K G Byrne & Associates Limited and its director as a body for our work or for this report.
It is your duty to ensure that K G Byrne & Associates Limited 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 K G Byrne & Associates Limited. You consider that K G Byrne & Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K G Byrne & Associates 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.
Barry Thompson and Co
Chartered Accountants
76-78 Church Street
Portadown
Co Armagh
12 February 2021
K G Byrne & Associates Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 62 278
________ ________
62 278
Current assets
Debtors 7 70,241 70,991
Cash at bank and in hand 7,637 4,004
________ ________
77,878 74,995
Creditors: amounts falling due
within one year 8 ( 57,447) ( 69,238)
________ ________
Net current assets 20,431 5,757
________ ________
Net assets 20,493 6,035
________ ________
Capital and reserves
Called up share capital 1 1
Profit and loss account 20,492 6,034
________ ________
Shareholders funds 20,493 6,035
________ ________
For the year ending 31 March 2020 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 year 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 12 February 2021 , and are signed on behalf of the board by:
Mr K G Byrne
Director
Company registration number: NI043178
K G Byrne & Associates Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is K G Byrne & Associates Limited, 48 Aughnacloy Road, Banbridge, Co Down, BT31 5QG.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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:
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 202,500 202,500
________ ________
Amortisation
At 1 April 2019 and 31 March 2020 202,500 202,500
________ ________
Carrying amount
At 31 March 2020 - -
________ ________
At 31 March 2019 - -
________ ________
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2019 and 31 March 2020 21,022 2,050 23,072
________ ________ ________
Depreciation
At 1 April 2019 20,744 2,050 22,794
Charge for the year 216 - 216
________ ________ ________
At 31 March 2020 20,960 2,050 23,010
________ ________ ________
Carrying amount
At 31 March 2020 62 - 62
________ ________ ________
At 31 March 2019 278 - 278
________ ________ ________
7. Debtors
2020 2019
£ £
Other debtors 70,241 70,991
________ ________
8. Creditors: amounts falling due within one year
2020 2019
£ £
Other creditors 57,447 69,238
________ ________
55,847 67,638
________ ________
9. Directors advances, credits and guarantees
At the year end the company owed its director £55,847 (2019- £67,638). These loans are interest free and repayable on demand.
10. Controlling party
The ultimate controlling party is K G Byrne who owns 100% of the ordinary share capital.
11. Remuneration Trust
In the year ended 31 March 2020 the company adhered to a Remuneration Trust and made an irrevocable discretionary payment of £140,000 (2019 - £104,300).
12. Covid-19 pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.