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Registration number: NI003879

Dunadry Development Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Dunadry Development Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Dunadry Development Company Limited

Company Information

Directors

Mr Robert Andrew Mooney

Mr John Mooney

Mr Felix Mooney

Mrs Margaret Sinnott

Mr Malachy James Toner

Ms Ellen Toner

Company secretary

Mrs Margaret Sinnott

Registered office

21 Malone Road
BELFAST
Co Antrim
BT9 6RW

 

Dunadry Development Company Limited

(Registration number: NI003879)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,594,957

2,542,810

Investments

635,928

635,928

 

3,230,885

3,178,738

Current assets

 

Stocks

6

-

11,583

Debtors

7

1,096,823

1,129,020

Cash at bank and in hand

 

203,776

210,127

 

1,300,599

1,350,730

Creditors: Amounts falling due within one year

8

(2,310,452)

(2,996,233)

Net current liabilities

 

(1,009,853)

(1,645,503)

Total assets less current liabilities

 

2,221,032

1,533,235

Provisions for liabilities

(385,083)

(358,395)

Net assets

 

1,835,949

1,174,840

Capital and reserves

 

Called up share capital

27,724

27,724

Profit and loss account

1,808,225

1,147,116

Total equity

 

1,835,949

1,174,840

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Mr Felix Mooney
Director

.........................................
Mrs Margaret Sinnott
Company secretary and director

 
     
 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
21 Malone Road
BELFAST
Co Antrim
BT9 6RW

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Hotel Equipment

25% straight line

Office equipment

25% straight line

Furniture and fittings

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2022 - 35).

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

50,837

2,518,030

2,568,867

Additions

1,025

69,834

70,859

At 31 July 2023

51,862

2,587,864

2,639,726

Depreciation

At 1 August 2022

20,045

6,012

26,057

Charge for the year

12,918

5,794

18,712

At 31 July 2023

32,963

11,806

44,769

Carrying amount

At 31 July 2023

18,899

2,576,058

2,594,957

At 31 July 2022

30,792

2,512,018

2,542,810

 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

635,928

635,928

Subsidiaries

£

Cost or valuation

At 1 August 2022

635,928

Provision

Carrying amount

At 31 July 2023

635,928

At 31 July 2022

635,928

6

Stocks

2023
£

2022
£

Other inventories

-

11,583

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,129

84,552

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

1,030,798

993,017

Prepayments

 

46,034

33,589

Other debtors

 

17,862

17,862

 

1,096,823

1,129,020

 

Dunadry Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

1,702,886

1,877,886

Trade creditors

 

59,957

133,102

Corporation tax liability

 

80,781

113,847

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

30,824

-

Taxation and social security

 

89,008

77,414

Other creditors

 

32,961

410,636

Loans from directors

 

22,681

24,405

Accruals and deferred income

 

291,354

358,943

 

2,310,452

2,996,233

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,702,886

1,877,886

Other borrowings

21,740

21,740

1,724,626

1,899,626

Bank loans are secured by way of a debenture and first legal charge over the assets of the company and its subsidiaries. The company is also party to circular guarantee and indemnity agreement with fellow group undertakings.

Advanced discount and other loans are secured by way of a second legal charge over group premises, in addition to guarantees and indemnities from company directors.

10

Related party transactions

Summary of transactions with other related parties

The company received management fees of £150,000 (2022 : £150,000) from its associate undertaking Armagh City Hotel Limited £nil (2021: £nil) of which remains outstanding at the year end.

Other intercompany payments were made to and received from Armagh City Hotel Limited. At the 31 July 2023, the amount due (to)/ from Armagh City Hotel Limited was £(1,833) (2022: £2,950).