IRIS Accounts Production v23.1.0.753 07538132 Board of Directors 1.3.22 28.2.23 28.2.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure075381322022-02-28075381322023-02-28075381322022-03-012023-02-28075381322021-02-28075381322021-03-012022-02-28075381322022-02-2807538132ns15:EnglandWales2022-03-012023-02-2807538132ns14:PoundSterling2022-03-012023-02-2807538132ns10:Director12022-03-012023-02-2807538132ns10:PrivateLimitedCompanyLtd2022-03-012023-02-2807538132ns10:SmallEntities2022-03-012023-02-2807538132ns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2807538132ns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2807538132ns10:SmallCompaniesRegimeForAccounts2022-03-012023-02-2807538132ns10:FullAccounts2022-03-012023-02-2807538132ns10:Director22022-03-012023-02-2807538132ns10:RegisteredOffice2022-03-012023-02-2807538132ns5:CurrentFinancialInstruments2023-02-2807538132ns5:CurrentFinancialInstruments2022-02-2807538132ns5:Non-currentFinancialInstruments2023-02-2807538132ns5:Non-currentFinancialInstruments2022-02-2807538132ns5:ShareCapital2023-02-2807538132ns5:ShareCapital2022-02-2807538132ns5:RevaluationReserve2023-02-2807538132ns5:RevaluationReserve2022-02-2807538132ns5:RetainedEarningsAccumulatedLosses2023-02-2807538132ns5:RetainedEarningsAccumulatedLosses2022-02-2807538132ns5:LandBuildings2022-03-012023-02-2807538132ns5:LandBuildings2022-02-2807538132ns5:LandBuildings2023-02-2807538132ns5:LandBuildings2022-02-2807538132ns5:RevaluationReserve2022-02-28
REGISTERED NUMBER: 07538132 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Duffy Assets Ltd

Duffy Assets Ltd (Registered number: 07538132)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Duffy Assets Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S Duffy
Mrs J E Duffy





REGISTERED OFFICE: 1a Wendover Road
Rackheath
Norwich
NR13 6LH





REGISTERED NUMBER: 07538132 (England and Wales)





ACCOUNTANTS: Aviait Services Ltd
45 Henley Road
Norwich
Norfolk
NR2 3NL

Duffy Assets Ltd (Registered number: 07538132)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 275,000 240,000

CURRENT ASSETS
Cash at bank 814 1,709

CREDITORS
Amounts falling due within one year 5 23,955 21,458
NET CURRENT LIABILITIES (23,141 ) (19,749 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

251,859

220,251

CREDITORS
Amounts falling due after more than one
year

6

(153,483

)

(162,681

)

PROVISIONS FOR LIABILITIES (7,014 ) (7,014 )
NET ASSETS 91,362 50,556

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 71,918 36,918
Retained earnings 19,344 13,538
91,362 50,556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Duffy Assets Ltd (Registered number: 07538132)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2023 and were signed on its behalf by:





S Duffy - Director


Duffy Assets Ltd (Registered number: 07538132)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Duffy Assets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 March 2022 240,000
Revaluations 35,000
At 28 February 2023 275,000
NET BOOK VALUE
At 28 February 2023 275,000
At 28 February 2022 240,000

Duffy Assets Ltd (Registered number: 07538132)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2023 is represented by:

Land and
buildings
£   
Valuation in 2022 240,000
Valuation in 2023 35,000
275,000

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 240,000 240,000

Value of land in freehold land and buildings 240,000 240,000

Freehold land and buildings were valued on an open market basis basis on 28 February 2023 by Watsons Property Group Ltd .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 8,911 8,625
Amounts owed to associates 12,664 9,860
Taxation and social security 2,115 2,409
Other creditors 265 564
23,955 21,458

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 153,483 162,681

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 108,926 128,179

Duffy Assets Ltd (Registered number: 07538132)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. RESERVES
Revaluation
reserve
£   
At 1 March 2022 36,918
Property 35,000

At 28 February 2023 71,918