Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08580244 Mr Guy Parr Mr Danny Dempsey-Parr iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08580244 2023-03-31 08580244 2024-03-31 08580244 2023-04-01 2024-03-31 08580244 frs-core:CurrentFinancialInstruments 2024-03-31 08580244 frs-core:Non-currentFinancialInstruments 2024-03-31 08580244 frs-core:ComputerEquipment 2024-03-31 08580244 frs-core:ComputerEquipment 2023-04-01 2024-03-31 08580244 frs-core:ComputerEquipment 2023-03-31 08580244 frs-core:ShareCapital 2024-03-31 08580244 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08580244 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08580244 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08580244 frs-bus:SmallEntities 2023-04-01 2024-03-31 08580244 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08580244 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08580244 frs-bus:Director1 2023-04-01 2024-03-31 08580244 frs-bus:Director2 2023-04-01 2024-03-31 08580244 frs-countries:EnglandWales 2023-04-01 2024-03-31 08580244 2022-03-31 08580244 2023-03-31 08580244 2022-04-01 2023-03-31 08580244 frs-core:CurrentFinancialInstruments 2023-03-31 08580244 frs-core:Non-currentFinancialInstruments 2023-03-31 08580244 frs-core:ShareCapital 2023-03-31 08580244 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08580244
Danolly Company Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08580244
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,382 4,262
Investment Properties 5 16,689,290 15,567,260
16,691,672 15,571,522
CURRENT ASSETS
Debtors 7 208,474 119,428
Cash at bank and in hand 255,988 264,529
464,462 383,957
Creditors: Amounts Falling Due Within One Year 8 (9,764,240 ) (9,982,435 )
NET CURRENT ASSETS (LIABILITIES) (9,299,778 ) (9,598,478 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,391,894 5,973,044
Creditors: Amounts Falling Due After More Than One Year 9 (1,009,509 ) (770,419 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (417,774 ) (237,584 )
NET ASSETS 5,964,611 4,965,041
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 5,964,610 4,965,040
SHAREHOLDERS' FUNDS 5,964,611 4,965,041
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Danny Dempsey-Parr
Director
01/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Danolly Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08580244 . The registered office is Unit 5 Callow Park , Callow Hill, Brinkworth , SN15 5FD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 4 years straight line
2.4. Investment Properties
All investment properties are carried at fair market value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Going concern
The director has assessed the balance sheet and likely future cashflows at the date of approving these financial statements. The company is supported in meeting its cashflow requirements through loans from the director. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, he continues to adopt the going concern basis in prepaing these financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 1 April 2023 11,283
As at 31 March 2024 11,283
Depreciation
As at 1 April 2023 7,021
Provided during the period 1,880
As at 31 March 2024 8,901
Net Book Value
As at 31 March 2024 2,382
As at 1 April 2023 4,262
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 15,567,260
Additions 401,273
Fair value adjustments 720,757
As at 31 March 2024 16,689,290
The Fair value gain has been taken to the Profit & Loss and as a result £720,757 of retained earnings are classified as non-distributable reserves for the period, the total non distributable reserves relating to investment property fair value adjustments are £1,671,094.
6. Investments
Included within investment property is £2,000,000 (2023: £1,786,458) of jointly owned property with an unrelated entity.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 126,791 71,865
Prepayments and accrued income 23,483 7,022
Other debtors 58,200 40,541
208,474 119,428
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,110 21,767
Bank loans and overdrafts 207,987 183,293
Corporation tax 152,432 113,609
Other taxes and social security - 195
VAT 41,887 11,452
Other creditors 122,130 304,679
Accruals and deferred income 254,790 177,026
Directors' loan accounts 8,965,904 9,170,414
9,764,240 9,982,435
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,009,509 770,419
There are no liabilities due for settlement beyond 5 years from the reporting date.
Contained within the balance sheet are four bank loans incurring interest as follows:
Loan 1 -  variable interest inline with The Bank of Englands base rate, plus a margin of 2.48% and a credit adjustment of 0.0795%.
Loan 2 -  variable interest inline with The Bank of Englands base rate, plus a margin of 2.3% and a credit adjustment of 0.0795%.
Loan 3 -  variable interest inline with The Bank of Englands base rate, plus a margin of 2.85%.
Loan 4 - fixed interest rate of 7%.
These loans are secured collectively against the Widcombe Hill, 1-2 Wood Street and 43 North Road properties.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
Included within creditors is a loan of £8,965,904 (2023: £9,170,414) owed to G Parr, the director of the company. The loan is unsecured, interest free and repayable on demand.
Included within creditors is a loan of £85,904 (2023: £213,716)owed to L Dempsey, a relative to the director D Dempsey-Parr. The loan is unsecured, interest free and repayable on demand
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