Registered number
10364969
Domolly Ltd
Unaudited Filleted Accounts
31 December 2023
Domolly Ltd
Registered number: 10364969
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 771 1,202
Freehold Investment Property 4 1,487,864 1,487,864
1,488,635 1,489,066
Current assets
Stocks 456,502 473,873
Debtors 5 13,931 21,084
Cash at bank and in hand 164,722 171,898
635,155 666,855
Creditors: amounts falling due within one year 6 (244,234) (126,064)
Net current assets 390,921 540,791
Total assets less current liabilities 1,879,556 2,029,857
Creditors: amounts falling due after more than one year 7 (1,414,669) (1,621,257)
Provisions for liabilities (87,573) (66,636)
Net assets 377,314 341,964
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 256,220 276,717
Profit and loss account 120,994 65,147
Shareholders' funds 377,314 341,964
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Dineen
Director
Approved by the board on 10 September 2024
Domolly Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out by an independent qualified valuer with relevant experience as updated by the directors using their market knowledge and experience.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment over 5 years
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,041 3,000 4,041
At 31 December 2023 1,041 3,000 4,041
Depreciation
At 1 January 2023 867 1,972 2,839
Charge for the year 174 257 431
At 31 December 2023 1,041 2,229 3,270
Net book value
At 31 December 2023 - 771 771
At 31 December 2022 174 1,028 1,202
4 Investment property
Freehold
Investment
Property
£
Cost
At 1 January 2023 1,487,864
At 31 December 2023 1,487,864
The investment properties were valued by the directors using readily available property valuation market data and have recent experience in the location and segment of the investment properties being valued. The valuation reports for investment properties acquired in the prior year were reviewed to identify any changes in value. The Directors review the valuation performed for financial reporting purposes and at each financial year end:
- Verifies all major inputs to an independent valuation report;
- Assesses property valuation movements when compared to the prior year valuation report; and
- Holds discussions with an independent valuer.
5 Debtors 2023 2022
£ £
Trade debtors 9,931 21,084
Other debtors 4,000 -
13,931 21,084
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,050 9,910
Trade creditors 52,758 38,729
Taxation and social security costs 115,495 28,359
Other creditors 65,931 49,066
244,234 126,064
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 441,345 518,593
Amounts owed to group undertakings and undertakings in which the company has a participating interest 741,317 758,817
Other creditors 232,007 343,847
1,414,669 1,621,257
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,377,268 1,596,327
Secured bank loans 451,395 528,503
The various bank loans are secured on the investment properties by way of fixed charges. The bank loans are on various terms on an interest only repayment basis.
9 Fair value reserve arising on Investment Properties 2023 2022
£ £
At 1 January 2023 276,717 236,217
Gain on revaluation of land and buildings - 50,000
Deferred taxation arising on the revaluation of land and buildings (20,497) (9,500)
At 31 December 2023 256,220 276,717
10 Related party transactions
The company has been provided with loan funding of £741,317 (2022: £758,817) from James Court Holdings Limited, a company registered in England & Wales, which is its parent company & has a common director. There has been no interest charged on this balance and there are no fixed repayment terms on this loan balance but the directors have confirmed that it will not be repaid within 1 year. Therefore it has been disclosed as due after more than 1 year in these accounts.
11 Controlling party
The ultimate controlling party is Leigh Dineen by virtue of his shareholding in the parent company, James Court Holdings Limited.
12 Other information
Domolly Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7-11 James Court
Viking Way
Swansea
SA1 7DA
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