Company registration number 5156466 (England and Wales)
DONOGHUE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DONOGHUE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DONOGHUE HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
600,000
600,000
Investments
4
50,250
50,250
650,250
650,250
Current assets
Debtors
6
86,131
157,111
Cash at bank and in hand
33,263
41,696
119,394
198,807
Creditors: amounts falling due within one year
7
(5,764)
(22,712)
Net current assets
113,630
176,095
Total assets less current liabilities
763,880
826,345
Creditors: amounts falling due after more than one year
8
(53,831)
(57,766)
Provisions for liabilities
9
(62,781)
(62,781)
Net assets
647,268
705,798
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
647,168
705,698
Total equity
647,268
705,798
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DONOGHUE HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 September 2024
John Joseph Donoghue
Director
Company registration number 5156466 (England and Wales)
DONOGHUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
DONOGHUE HOLDINGS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.3
Fixed asset investments
Interests in subsidiary entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
DONOGHUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents deferred tax and other taxes. On the basis of these financial statements no provision has been made for corporation tax.
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.
Other taxes consist entirely of annual tax on enveloped dwellings (ATED) paid during the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
600,000
The fair value of the investment property was assessed by the director in April 2023 based on their knowledge of the building industry and a search of similar properties for sale in the same area. The previous valuation was carried out as at 20 October 2014 by Bellevue Mortlakes Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The investment property was valued by the director on an open market basis at the balance sheet date and he is of the opinion that the market value has not significantly fluctuated since the date of the last valuation.
DONOGHUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Investment in subsidiary
50,250
50,250
In the director's opinion, the market value of the investment is fairly stated.
5
Subsidiaries
Details of the company's subsidiary at 30 June 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Donoghue Properties Limited
England and Wales
Building contractors
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Donoghue Properties Limited
50,849
83,018
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
86,131
157,111
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,595
3,269
Director's current account
335
17,630
Other creditors
1,834
1,813
5,764
22,712
DONOGHUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
53,831
57,766
The loan is secured by a fixed charge over the company's freehold property.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
36,277
41,590
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities on revaluation of investment property
62,781
62,781
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
11
Directors' transactions
The director's current account was overdrawn during the year and interest totalling £225 (2023:£18), at HMRC's official rate, was paid to the company. The movement on these loans are as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's current account
2.25
(17,631)
75,280
225
(58,209)
(335)
Dividends totalling £42,720 (2023 - £35,600) were paid in the year in respect of shares held by the company's director.
12
Related party transactions
During the year, the director occupied the company's investment property and the director paid £5,000 (2023: £4,392), which is equal to the taxable benefit arising on him, to the company.
DONOGHUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
13
Controlling party
The company was controlled throughout the current and previous year by the director by virtue of the fact they own 89% of the company's issued share capital.