K G Byrne & Associates Limited 31/03/2022 iXBRL
K G Byrne & Associates Limited 31/03/2022 iXBRL
Company registration number:
NI043178
Barry Thompson and Co
Chartered Accountants
76-78 Church Street
Portadown
Co Armagh
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
31 March 2022
2022 | 2021 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 | - | - | ||||||
Tangible assets | 6 |
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Current assets | |||||||||
Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 8 |
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Net current assets |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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________ | ________ | ||||||||
Shareholders funds |
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Director's responsibilities:
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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;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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
02 March 2023
, and are signed on behalf of the board by:
Director
Company registration number:
NI043178
Notes to the financial statements
Year ended 31 March 2022
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' and in accordance with the Companies Act 2006.
3.
Accounting policies
Basis of preparation
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
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.
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
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 | - |
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Motor vehicles | - |
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Impairment
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2021:
3
).
5.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 April 2021 and 31 March 2022 |
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________ | ________ | ||
Amortisation | |||
At 1 April 2021 and 31 March 2022 |
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________ | ________ | ||
Carrying amount | |||
At 31 March 2022 | - | - | |
________ | ________ | ||
At 31 March 2021 | - | - | |
________ | ________ | ||
6.
Tangible assets
Fixtures, fittings and equipment | Motor vehicles | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 April 2021 |
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Additions |
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- |
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________ | ________ | ________ | ||
At 31 March 2022 |
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________ | ________ | ________ | ||
Depreciation | ||||
At 1 April 2021 |
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Charge for the year |
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- |
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________ | ________ | ________ | ||
At 31 March 2022 |
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Carrying amount | ||||
At 31 March 2022 |
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- |
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At 31 March 2021 |
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- |
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7.
Debtors
2022 | 2021 | |||
£ | £ | |||
Other debtors |
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________ | ________ | |||
8.
Creditors: amounts falling due within one year
2022 | 2021 | |||
£ | £ | |||
Corporation tax |
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Social security and other taxes |
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Other creditors |
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9.
Directors advances, credits and guarantees
At the year end the company owed its director £73,630 (2021 - £68,109). 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 2022 the company adhered to a Remuneration Trust and made an irrevocable discretionary payment of £174,400 (2021 - £165,000).
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.