Company No:
Contents
Note | 31.07.2023 | 31.07.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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107,506 | 103,767 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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4,246 | 6,273 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (11,088) | (14,985) | ||
Total assets less current liabilities | 96,418 | 88,782 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Dunn Hardy Limited (registered number:
Mr R Dunn
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Dunn Hardy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1/1 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that although the business has net assets of £13,135 it has net current liabilities of £11,088. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period to 31 July 2023 covers a period of 12 months. The prior period to 31 July 2022 covers a period of 13 months from the date of incorporation, this is a slightly longer period due to it being the first set of accounts prepared since incorporation. This therefore means that the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Fixtures and fittings |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are recognised at transaction price.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Year ended 31.07.2023 |
Period from 13.07.2021 to 31.07.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2022 |
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Additions |
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At 31 July 2023 |
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Accumulated depreciation | |||||
At 01 August 2022 |
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Charge for the financial period |
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At 31 July 2023 |
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Net book value | |||||
At 31 July 2023 |
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At 31 July 2022 |
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Investment property | |
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Valuation | |
As at 01 August 2022 |
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As at 31 July 2023 |
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Valuation
Investment property comprises of one property. The fair value is determined annually by the directors, on an open market value for existing use basis.
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Other debtors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Other creditors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
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£ | £ | ||
Bank loans (secured) |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Deferred tax |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Amounts owed to key management personnel | 13,406 | 18,617 |
The amount owed is interest free and repayable on demand.