COMPANY REGISTRATION NUMBER:
NI657016
Paul O'Keefe Estate Agents Limited
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Filleted Unaudited Abridged Financial Statements
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Paul O'Keefe Estate Agents Limited
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Abridged Statement of Financial Position
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31 December 2021
Fixed Assets
Intangible assets
|
5
|
16,100
|
18,400
|
Tangible assets
|
6
|
128,056
|
7,861
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---------
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--------
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144,156
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26,261
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|
|
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Current Assets
Debtors
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–
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2,729
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Cash at bank and in hand
|
98,621
|
131,138
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--------
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---------
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98,621
|
133,867
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|
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Creditors: amounts falling due within one year
|
187,798
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125,300
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---------
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---------
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Net Current (Liabilities)/Assets
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(
89,177)
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8,567
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---------
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--------
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Total Assets Less Current Liabilities
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54,979
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34,828
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--------
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--------
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Net Assets
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54,979
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34,828
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--------
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--------
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Capital and Reserves
Called up share capital
|
100
|
100
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Profit and loss account
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54,879
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34,728
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--------
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--------
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Shareholders Funds
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54,979
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34,828
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--------
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--------
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These abridged 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 abridged income statement has not been delivered.
For the year ending 31 December 2021 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 abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.
Paul O'Keefe Estate Agents Limited
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Abridged Statement of Financial Position (continued)
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31 December 2021
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 September 2022
, and are signed on behalf of the board by:
Company registration number:
NI657016
Paul O'Keefe Estate Agents Limited
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Notes to the Abridged Financial Statements
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Year ended 31 December 2021
1.
General Information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3 Glendermott Road, Derry, BT47 6BA, N. Ireland.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
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Goodwill
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-
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10% straight line
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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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
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Plant and machinery
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-
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20% straight line
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Fixtures and fittings
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-
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20% straight line
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Motor vehicles
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-
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25% straight line
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Impairment of Fixed Assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to Nil
(2020:
6
).
5.
Intangible Assets
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£
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Cost
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At 1 January 2021 and 31 December 2021
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23,000
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--------
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Amortisation
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At 1 January 2021 and 31 December 2021
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6,900
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--------
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Carrying amount
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At 31 December 2021
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16,100
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--------
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At 31 December 2020
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16,100
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--------
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6.
Tangible Assets
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£
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Cost
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At 1 January 2021 and 31 December 2021
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134,897
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---------
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Depreciation
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At 1 January 2021 and 31 December 2021
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6,841
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---------
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Carrying amount
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At 31 December 2021
|
128,056
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---------
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At 31 December 2020
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128,056
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---------
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