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Company registration number:
12726084
Dan Foley Ltd
Unaudited Filleted Financial Statements for the year ended
31 July 2024
Dan Foley Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Dan Foley Ltd
Year ended
31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Dan Foley Ltd
for the year ended
31 July 2024
which comprise the income statement, statement of total comprehensive income, 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 me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Dan Foley Ltd
, as a body, in accordance with the terms of my engagement letter dated 29 April 2022. My work has been undertaken solely to prepare for your approval the
financial statements
of
Dan Foley Ltd
and state those matters that I have agreed to state to the Board of Directors of
Dan Foley Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Dan Foley Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Dan Foley Ltd
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 profit of
Dan Foley Ltd
. You consider that
Dan Foley Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Dan Foley Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Crown & Co Accountants Limited
Chartered Accountants
Singleton Court Business Park
Wonastow Road
Monmouth
Monmouthshire
NP25 5JA
United Kingdom
Date:
19 September 2024
Dan Foley Ltd
Statement of Financial Position
31 July 2024
20242023
Note££
Fixed assets    
Tangible assets 5
1,730,846
 
1,445,515
 
Current assets    
Debtors 6
1,255
  -  
Cash at bank and in hand
4,875
 
803
 
6,130
 
803
 
Creditors: amounts falling due within one year 7
(1,079,950
)
(923,747
)
Net current liabilities
(1,073,820
)
(922,944
)
Total assets less current liabilities 657,026   522,571  
Capital and reserves    
Called up share capital
1
 
1
 
Revaluation reserve
698,221
 
570,721
 
Profit and loss account
(41,196
)
(48,151
)
Shareholders funds
657,026
 
522,571
 
For the year ending
31 July 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
D Foley
Director
Company registration number:
12726084
Dan Foley Ltd
Notes to the Financial Statements
Year ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Merryfield
,
Old Penygarn
,
Pontypool
,
NP4 8JS
, Wales.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildingsNil
Fixtures, fittings and equipment
15% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 August 2023
1,445,000
 
935
 
1,445,935
 
Additions
157,500
 
555
 
158,055
 
Revaluations
127,500
  -  
127,500
 
At
31 July 2024
1,730,000
 
1,490
 
1,731,490
 
Depreciation      
At
1 August 2023
-  
420
 
420
 
Charge -  
224
 
224
 
At
31 July 2024
-  
644
 
644
 
Carrying amount      
At
31 July 2024
1,730,000
 
846
 
1,730,846
 
At 31 July 2023
1,445,000
 
515
 
1,445,515
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 1,031,779   874,279  
Carrying amount 1,031,779   874,279  

6 Debtors

20242023
££
Trade debtors
1,255
  -  

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
927,554
 
739,998
 
Other creditors
152,396
 
183,749
 
1,079,950
 
923,747