Registration number:
R Duffy & Daughters Ltd
|
|
R Duffy & Daughters Ltd
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
R Duffy & Daughters Ltd
Company Information
Directors |
Mrs J Duffy Mr R Duffy |
Registered office |
|
Accountants |
|
R Duffy & Daughters Ltd
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
1,920,761 |
2,341,247 |
|
Shareholders' funds |
1,920,763 |
2,341,249 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
R Duffy & Daughters Ltd
Statement of Financial Position as at 30 April 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
Mr R Duffy
Director
Company registration number: 07222086
R Duffy & Daughters Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of plastering and rubbish removal
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company had net assets at the balance sheet date of £1,920,763 including cash at bank of £1,267,545 at that date. During the year the company made post-tax profits.
The company’s most recent management accounts indicate that the company remains profitable and the directors expect that this trend will continue and that the company will continue to have sufficient working capital.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been meet for each of the company's activities.
R Duffy & Daughters Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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:
Asset class |
Depreciation method and rate |
Plant & Machinery |
25% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Computer Equipment |
25% Reducing Balance |
Finance leases and hire purchase
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
R Duffy & Daughters Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Computer Equipment |
Motor Vehicles |
Plant & Machinery |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
( |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
R Duffy & Daughters Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Hire purchase and finance leases |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,415 (2023 - £3,257).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Loans and borrowings |
|
|
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £60,047 (2023 - £2,775).
Related party transactions |
The dividends paid in the year were paid to the directors.
At 30 April 2024 an amount of £350,536 (2023: £516,754) was due from a director. During the year advances of £431,538 and repayments of £609,082 have been made. Interest of £11,326 (2023: £11,810) has been charged on this balance at an annual rate of 2.25%. There are no set repayment terms in place.
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
2024 |
2023 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|