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REGISTERED NUMBER: NI628235 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DALY'S GARAGE LIMITED

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


DALY'S GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D F Daly
P Daly
B Daly





REGISTERED OFFICE: 249-255 Falls Road
Belfast
Co. Antrim
BT12 6FB





REGISTERED NUMBER: NI628235 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,000 70,000
Tangible assets 5 488,442 480,055
528,442 550,055

CURRENT ASSETS
Stocks 4,189,631 2,705,883
Debtors 6 439,212 455,346
Cash at bank and in hand 1,817,397 1,386,196
6,446,240 4,547,425
CREDITORS
Amounts falling due within one year 7 4,746,455 3,246,918
NET CURRENT ASSETS 1,699,785 1,300,507
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,228,227

1,850,562

PROVISIONS FOR LIABILITIES 15,415 11,179
NET ASSETS 2,212,812 1,839,383

CAPITAL AND RESERVES
Called up share capital 600 600
Retained earnings 2,212,212 1,838,783
SHAREHOLDERS' FUNDS 2,212,812 1,839,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




B Daly - Director D F Daly - Director




P Daly - Director


DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Daly's Garage Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements in:

The determination of whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and business in general.

The consideration of the recoverability of trade debtors and the valuation of stock and the need for impairment provisions for these asset classes. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as being impaired will be provided against in the relevant period.

The directors also consider the depreciation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 30 ) .

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 300,000
AMORTISATION
At 1 January 2023 230,000
Amortisation for year 30,000
At 31 December 2023 260,000
NET BOOK VALUE
At 31 December 2023 40,000
At 31 December 2022 70,000

On 1st May 2015 the company acquired the trade and assets of Daly's Garage partnership. Goodwill arising on the acquisition is included above.

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings
property machinery & equipment Totals
£    £    £    £   
COST
At 1 January 2023 514,194 30,403 92,380 636,977
Additions 1,725 21,456 10,848 34,029
At 31 December 2023 515,919 51,859 103,228 671,006
DEPRECIATION
At 1 January 2023 78,853 15,121 62,948 156,922
Charge for year 10,284 8,256 7,102 25,642
At 31 December 2023 89,137 23,377 70,050 182,564
NET BOOK VALUE
At 31 December 2023 426,782 28,482 33,178 488,442
At 31 December 2022 435,341 15,282 29,432 480,055

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 158,460 372,975
VAT 203,467 -
Prepayments and accrued income 77,285 82,371
439,212 455,346

DALY'S GARAGE LIMITED (REGISTERED NUMBER: NI628235)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 4,364,920 2,951,870
Taxation and social security 245,036 153,158
Other creditors 136,499 141,890
4,746,455 3,246,918

Included in other creditors is an amount of £1,051 (2022: £2,322) in relation to Directors current accounts. This amount is interest free and repayable on demand.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Trade creditors 4,272,387 2,851,139

The sum owing to Hyundai Capital UK Limited of £4,272,387 (2022: £2,851,139) at 31 December 2023 is secured by way of legal mortgage over the property, fixed charge over all other interests of the Company in any freehold or leasehold property, fixed charges over the fixed assets, goodwill, intellectual property and book debts and the remaining assets and undertaking are secured by way of a floating charge.

9. CONTROLLING PARTY

The company is controlled by it's directors by virtue of their shareholdings.