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COMPANY REGISTRATION NUMBER: 12387618
S DALY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
S DALY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
46,651
3,686
CURRENT ASSETS
Debtors
6
42,617
7,357
Cash at bank and in hand
16,831
24,949
--------
--------
59,448
32,306
CREDITORS: amounts falling due within one year
7
23,158
10,499
--------
--------
NET CURRENT ASSETS
36,290
21,807
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
82,941
25,493
CREDITORS: amounts falling due after more than one year
8
57,016
PROVISIONS
8,864
--------
--------
NET ASSETS
17,061
25,493
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
16,961
25,393
--------
--------
SHAREHOLDERS FUNDS
17,061
25,493
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S DALY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr S Daly
Director
Company registration number: 12387618
S DALY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 87a Wellingborough Road, Finedon, Northamptonshire, NN9 5LG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. TANGIBLE ASSETS
Leasehold improvements
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
3,096
1,381
5,433
9,910
Additions
59,571
765
60,336
-------
-------
--------
-------
--------
At 31 December 2023
3,096
1,381
59,571
6,198
70,246
-------
-------
--------
-------
--------
Depreciation
At 1 January 2023
1,548
601
4,075
6,224
Charge for the year
774
345
14,893
1,359
17,371
-------
-------
--------
-------
--------
At 31 December 2023
2,322
946
14,893
5,434
23,595
-------
-------
--------
-------
--------
Carrying amount
At 31 December 2023
774
435
44,678
764
46,651
-------
-------
--------
-------
--------
At 31 December 2022
1,548
780
1,358
3,686
-------
-------
--------
-------
--------
6. DEBTORS
2023
2022
£
£
Other debtors
42,617
7,357
--------
-------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,600
Trade creditors
59
59
Corporation tax
2,186
6,237
Social security and other taxes
280
Other creditors
14,033
4,203
--------
--------
23,158
10,499
--------
--------
Included within other creditors are amounts totalling £8,690 (2022 - £nil) relating to hire purchase agreements.
Hire purchase creditors are secured on the assets they relate to.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,300
Other creditors
31,716
--------
----
57,016
--------
----
Included within other creditors are amounts totalling £31,716 (2022 - £nil) relating to hire purchase agreements.
Hire purchase creditors are secured on the assets they relate to.
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,500
13,167
Later than 1 year and not later than 5 years
19,167
30,667
--------
--------
30,667
43,834
--------
--------