Byrne Family Investments Limited - Period Ending 2022-03-31

Byrne Family Investments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Byrne Family Investments Limited

Company Information

Directors

LM Byrne K Byrne

Registered office

The Apple Building Ellis Square Selsey West Sussex PO20 0AF

Accountants

SRC-Time Ltd Chartered Accountants and Chartered Tax Advisers 2nd Floor Stanford Gate South Road Brighton East Sussex BN1 6SB

Byrne Family Investments Limited

(Registration number: 10697403)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Other financial assets	4	12,709,511	14,460,905
Current assets
Debtors	5	2	2
Creditors: Amounts falling due within one year	6	(3,342,278)	(6,398,392)
Net current liabilities		(3,342,276)	(6,398,390)
Total assets less current liabilities		9,367,235	8,062,515
Creditors: Amounts falling due after more than one year	6	(5,047,632)	(4,532,042)
Net assets		4,319,603	3,530,473
Capital and reserves
Called up share capital	7	2	2
Profit and loss account		4,319,601	3,530,471
Shareholders' funds		4,319,603	3,530,473

For the financial year ending 31 March 2022 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.

Approved and authorised by the Board on 14 December 2022 and signed on its behalf by:
 

......................................... K Byrne Director

Byrne Family Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Apple Building
Ellis Square
Selsey
West Sussex
PO20 0AF
United Kingdom

These financial statements were authorised for issue by the Board on 14 December 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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 comprises current tax. Tax is recongised in proift or loss, except that a change attributable to an item of income or expnese recognised as other comprehensive income is also recognised directly in other comprehensive income.

Byrne Family Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

The current income tax charge is calculated on te 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.

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.

Borrowings

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.

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 2 (2021 - 2).

Byrne Family Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2021	14,460,905	14,460,905
Fair value adjustments	432,406	432,406
Additions	3,791,930	3,791,930
Disposals	(5,975,730)	(5,975,730)
At 31 March 2022	12,709,511	12,709,511
Impairment
Carrying amount
At 31 March 2022	12,709,511	12,709,511

5

Debtors

	2022 £	2021 £
Other debtors	2	2
	2	2

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Accruals and deferred income	16,059	2,964
Other creditors	3,326,219	6,395,428
	3,342,278	6,398,392

Byrne Family Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	5,047,632	4,532,042

Creditors include bank loans which are secured of £4,532,041.87 (2020 - £3,000,000). The loan is secured by a fixed and floating charge over the assets of the company.

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

8	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	5,047,632	4,532,042

9	Related party transactions

Transactions with directors

2022	At 1 April 2021 £	Advances to directors £	At 31 March 2022 £
K Byrne
Capital introduced	6,395,008	(3,068,790)	3,326,218

2021	At 1 April 2020 £	Advances to directors £	At 31 March 2021 £
K Byrne
Capital introduced	8,657,447	(2,262,439)	6,395,008

Byrne Family Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Control

The company is controlled by the directors, through their shareholdings in the company.