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Company registration number:
NI616815
Gary N Daly Solicitors Ltd
Unaudited filleted financial statements
31 January 2024
Gary N Daly Solicitors Ltd
Contents
Directors and other information
Accountant's report
Balance sheet
Notes to the financial statements
Gary N Daly Solicitors Ltd
Directors and other information
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Director |
Mr Gary Daly |
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Company number |
NI616815 |
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Registered office |
6 Church Street |
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Banbridge |
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Co Down |
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BT32 4AA |
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Accountants |
Jones Peters |
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Hughes House |
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6/7 Church Street |
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Banbridge |
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BT32 4AA |
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Bankers |
Bank of Ireland |
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32 James Street |
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Cookstown |
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BT80 8LU |
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Gary N Daly Solicitors Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Gary N Daly Solicitors Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gary N Daly Solicitors Ltd for the year ended 31 January 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Gary N Daly Solicitors Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gary N Daly Solicitors Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gary N Daly Solicitors Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Gary N Daly Solicitors 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 Gary N Daly Solicitors Ltd. You consider that Gary N Daly Solicitors Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gary N Daly Solicitors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
Hughes House
6/7 Church Street
Banbridge
BT32 4AA
30 January 2025
Gary N Daly Solicitors Ltd
Balance sheet
31 January 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Amounts recoverable on contracts |
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96,750 |
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143,250 |
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Debtors |
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5 |
20,865 |
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16,637 |
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Cash at bank and in hand |
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20,704 |
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- |
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Client Bank Account |
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15,477 |
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12,347 |
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_______ |
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_______ |
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153,796 |
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172,234 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
100,565) |
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(
118,621) |
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_______ |
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_______ |
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Net current assets |
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53,231 |
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53,613 |
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_______ |
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_______ |
Total assets less current liabilities |
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53,231 |
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53,613 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
8,525) |
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(
14,441) |
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_______ |
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_______ |
Net assets |
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44,706 |
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39,172 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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8 |
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1 |
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1 |
Profit and loss account |
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44,705 |
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39,171 |
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_______ |
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_______ |
Shareholders funds |
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44,706 |
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39,172 |
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_______ |
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_______ |
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For the year ending 31 January 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;
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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 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 Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 January 2025
, and are signed on behalf of the board by:
Mr Gary Daly
Director
Company registration number:
NI616815
Gary N Daly Solicitors Ltd
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6 Church Street, Banbridge, Co Down, BT32 4AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
General information and basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.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.For all equity instruments regardless of significance, and other financial assets that are individually significant, these 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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20,865 |
16,637 |
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Prepayments and accrued income |
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- |
- |
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Other debtors |
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- |
- |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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6,389 |
13,642 |
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Client monies held |
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15,477 |
12,347 |
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Accruals and deferred income |
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6,400 |
7,470 |
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Corporation tax |
|
1,875 |
6,971 |
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Social security and other taxes |
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6,513 |
408 |
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Director loan accounts |
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63,045 |
76,871 |
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Other creditors |
|
866 |
912 |
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_______ |
_______ |
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100,565 |
118,621 |
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_______ |
_______ |
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7.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Bank Loan |
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8,525 |
14,441 |
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_______ |
_______ |
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8.
Called up share capital
Issued, called up and fully paid
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Ordinary shares of £
1.00 each |
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1 |
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1 |
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1 |
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1 |
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_______ |
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_______ |
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_______ |
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_______ |
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9.
Controlling party
Gary Daly is the controlling party by viture of his one share in the company.