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REGISTERED NUMBER: 09307112 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

David Tully Ltd

David Tully Ltd (Registered number: 09307112)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


David Tully Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D A Tully





REGISTERED OFFICE: Hamer Lane
Rochdale
OL16 2UL





REGISTERED NUMBER: 09307112 (England and Wales)





ACCOUNTANT: BMDC Accountancy Ltd
Chartered Certified Accountants
Block B Unit 3
Gatehead Business Park
Delph New Road
Delph
Lancashire
OL3 5DE

David Tully Ltd (Registered number: 09307112)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,200
Tangible assets 5 12,968 1,634
12,968 3,834

CURRENT ASSETS
Stocks 30,000 30,000
Debtors 6 78,505 61,524
Cash at bank 199,063 173,173
307,568 264,697
CREDITORS
Amounts falling due within one year 7 244,589 197,713
NET CURRENT ASSETS 62,979 66,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,947

70,818

CREDITORS
Amounts falling due after more than one
year

8

(13,720

)

(23,899

)

PROVISIONS FOR LIABILITIES (2,464 ) (310 )
NET ASSETS 59,763 46,609

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,663 46,509
59,763 46,609

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 director acknowledges his 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.

David Tully Ltd (Registered number: 09307112)

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 approved by the director and authorised for issue on 16 September 2024 and were signed by:





D A Tully - Director


David Tully Ltd (Registered number: 09307112)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

David Tully Ltd is a private company, limited by shares , registered in England and Wales. 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.

The financial statements have been prepared on a going concern basis due to the continued support of the shareholder.

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.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


David Tully Ltd (Registered number: 09307112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 11,000
AMORTISATION
At 1 January 2023 8,800
Charge for year 2,200
At 31 December 2023 11,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2,200

David Tully Ltd (Registered number: 09307112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 6,816
Additions 12,190
At 31 December 2023 19,006
DEPRECIATION
At 1 January 2023 5,182
Charge for year 856
At 31 December 2023 6,038
NET BOOK VALUE
At 31 December 2023 12,968
At 31 December 2022 1,634

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 76,008 61,241
Other debtors 2,497 283
78,505 61,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 52,855 44,325
Taxation and social security 40,949 32,259
Other creditors 140,137 110,481
244,589 197,713

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 13,720 23,899

David Tully Ltd (Registered number: 09307112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 24,368 34,547

The loan is secured by way of a fixed and floating charge on the assets of the company.

10. OTHER FINANCIAL COMMITMENTS

The company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as at the reporting date as follows:
Due within one year £6,649
Due after more than one year £nil

11. RELATED PARTY DISCLOSURES

The company's premises are rented from the director. Rent paid during the period was £12,737 (2022: £11,745).

12. ULTIMATE CONTROLLING PARTY

The controlling party is D A Tully.