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31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.1 - FRS102_2023
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NI015094
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NI015094
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NI015094
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2023-12-31
Company registration number:
NI015094
FOYLE WHOLESALE LIMITED
Unaudited filleted financial statements
31 December 2023
FOYLE WHOLESALE LIMITED
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
FOYLE WHOLESALE LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of FOYLE WHOLESALE LIMITED
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foyle Wholesale Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Foyle Wholesale Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Foyle Wholesale Limited and state those matters that we have agreed to state to the board of directors of Foyle Wholesale Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foyle Wholesale Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Foyle Wholesale Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Foyle Wholesale Limited. You consider that Foyle Wholesale Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Foyle Wholesale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
21 August 2024
FOYLE WHOLESALE LIMITED
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors: |
|
|
|
|
|
|
|
|
|
|
Amounts falling due after more than one year |
5 |
34,063 |
|
|
|
30,231 |
|
|
|
Amounts falling due within one year |
5 |
279,332 |
|
|
|
200,104 |
|
|
Cash at bank and in hand |
|
|
757,230 |
|
|
|
316,902 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,070,625 |
|
|
|
547,237 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
1,215,840) |
|
|
|
(
676,116) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
145,215) |
|
|
|
(
128,879) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
145,215) |
|
|
|
(
128,879) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
145,215) |
|
|
|
(
128,879) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
8 |
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
(
145,217) |
|
|
|
(
128,881) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
145,215) |
|
|
|
(
128,879) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 August 2024
, and are signed on behalf of the board by:
Rory Dunlevy
Director
Company registration number:
NI015094
FOYLE WHOLESALE LIMITED
Statement of changes in equity
Year ended 31 December 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
|
2 |
|
(
96,079) |
(
96,077) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
32,802) |
(
32,802) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
32,802) |
(
32,802) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 and 1 January 2023 |
|
2 |
|
(
128,881) |
(
128,879) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
16,336) |
(
16,336) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
16,336) |
(
16,336) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
|
2 |
|
(
145,217) |
(
145,215) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOYLE WHOLESALE LIMITED
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Foyle Wholesale Limited, C/O 28 Clarendon Street, Derry, BT48 7HD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, the validity of which depends on the continued support of the Directors.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Debtors
Debtors falling due within one year are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
279,332 |
200,104 |
|
Other debtors |
|
- |
- |
|
|
|
_______ |
_______ |
|
|
|
279,332 |
200,104 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Debtors falling due after one year are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Deferred tax asset (note 7) |
|
34,063 |
30,231 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
41,156 |
62,297 |
|
Social security and other taxes |
|
44,816 |
41,910 |
|
Other creditors |
|
1,129,868 |
571,909 |
|
|
|
_______ |
_______ |
|
|
|
1,215,840 |
676,116 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in debtors (note 5) |
|
34,063 |
30,231 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Unused tax losses |
|
(
34,063) |
(
30,231) |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Related party transactions
Foyle Wholesale Limited trades with a connected company. These companies are jointly controlled by the shareholding directors of the connected company and another family member. During 2023 and 2022 the following transactions and balances arose in respect of the connected company: - Resources to the value of £1,169,724 (2022 - £1,097,616) were received from the connected company.- Resources to the value of £589,658 (2022 - £636,833) were provided to the connected company.- Balances were owed to the connected company at the year end : £1,128,268 (2022 - £570,309).
10.
Controlling party
The directors collectively are considered to be the company's controlling party.