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Company Registration No. SC453998 (Scotland)
Donnelly Recreation Limited Unaudited accounts for the year ended 31 July 2023
Donnelly Recreation Limited Unaudited accounts Contents
Page
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Donnelly Recreation Limited Company Information for the year ended 31 July 2023
Director
Stephen George Donnelly
Company Number
SC453998 (Scotland)
Registered Office
Greenwood Loch Fisherie Turriff Aberdeenshire AB53 5SS
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Donnelly Recreation Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,180,965 
2,129,769 
Current assets
Inventories
245,927 
235,672 
Debtors
166,460 
293,644 
Cash at bank and in hand
175,593 
1,016,504 
587,980 
1,545,820 
Creditors: amounts falling due within one year
(725,613)
(1,505,770)
Net current (liabilities)/assets
(137,633)
40,050 
Total assets less current liabilities
2,043,332 
2,169,819 
Creditors: amounts falling due after more than one year
(1,084,464)
(1,211,975)
Provisions for liabilities
Deferred tax
(113,881)
(113,477)
Net assets
844,987 
844,367 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
844,986 
844,366 
Shareholders' funds
844,987 
844,367 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 February 2024 and were signed on its behalf by
Stephen George Donnelly Director Company Registration No. SC453998
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Donnelly Recreation Limited is a private company, limited by shares, registered in Scotland, registration number SC453998. The registered office is Greenwood Loch, Fisherie, Turriff, Aberdeenshire, AB53 5SS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are measured at cost less depreciation and impairment. 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. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives on the following basis:
Land & buildings
2% straight line
Plant & machinery
10%/20%/25% straight line
Motor vehicles
20% straight line
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities 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 liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
Taxation
Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company?s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 August 2022
2,098,019 
392,123 
59,607 
2,549,749 
Additions
121,239 
31,867 
7,530 
160,636 
Disposals
- 
(4,950)
- 
(4,950)
At 31 July 2023
2,219,258 
419,040 
67,137 
2,705,435 
Depreciation
At 1 August 2022
176,127 
228,952 
14,901 
419,980 
Charge for the year
42,649 
53,990 
12,801 
109,440 
On disposals
- 
(4,950)
- 
(4,950)
At 31 July 2023
218,776 
277,992 
27,702 
524,470 
Net book value
At 31 July 2023
2,000,482 
141,048 
39,435 
2,180,965 
At 31 July 2022
1,921,892 
163,171 
44,706 
2,129,769 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
86,369 
150,916 
Amounts due from group undertakings etc.
73,669 
29,673 
Accrued income and prepayments
6,422 
113,055 
166,460 
293,644 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
178,260 
408,323 
VAT
40,136 
12,821 
Obligations under finance leases and hire purchase contracts
21,625 
33,283 
Trade creditors
137,217 
91,013 
Amounts owed to group undertakings and other participating interests
25,823 
369,905 
Taxes and social security
24,227 
95,513 
Other creditors
1,324 
- 
Loans from directors
136,429 
270,708 
Accruals
10,211 
9,748 
Deferred income
150,361 
214,456 
725,613 
1,505,770 
At the balance sheet date, Clydesdale Bank PLC holds a floating charge over all property and undertakings of the company. At the balance sheet date, Wells Fargo hold security over the caravan stock.
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Donnelly Recreation Limited Notes to the Accounts for the year ended 31 July 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
1,084,464 
1,190,350 
Obligations under finance leases and hire purchase contracts
- 
21,625 
1,084,464 
1,211,975 
8
Transactions with related parties
The following amounts were outstanding at the reporting end date and due to related parties: Director's loan account: £136,429 (2022: £270,707) Other related parties: £25,823 (2022: £369,905) The above loans balance are interest free and payable on demand. The following amounts were outstanding at the reporting end date and due from related parties: Other related parties: £73,670 (2022: £29,673) The above loans balance are interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 28 (2022: 28).
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