Dunfane Development Co. Limited NI011353 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is site development and house building Digita Accounts Production Advanced 6.30.9574.0 true true NI011353 2023-07-01 2024-06-30 NI011353 2024-06-30 NI011353 bus:OrdinaryShareClass1 2024-06-30 NI011353 core:CurrentFinancialInstruments 2024-06-30 NI011353 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI011353 core:Goodwill 2024-06-30 NI011353 core:MotorVehicles 2024-06-30 NI011353 core:OtherPropertyPlantEquipment 2024-06-30 NI011353 bus:SmallEntities 2023-07-01 2024-06-30 NI011353 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI011353 bus:FilletedAccounts 2023-07-01 2024-06-30 NI011353 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI011353 bus:RegisteredOffice 2023-07-01 2024-06-30 NI011353 bus:Director2 2023-07-01 2024-06-30 NI011353 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI011353 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI011353 core:MotorVehicles 2023-07-01 2024-06-30 NI011353 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 NI011353 countries:NorthernIreland 2023-07-01 2024-06-30 NI011353 2023-06-30 NI011353 core:Goodwill 2023-06-30 NI011353 core:MotorVehicles 2023-06-30 NI011353 core:OtherPropertyPlantEquipment 2023-06-30 NI011353 2022-07-01 2023-06-30 NI011353 2023-06-30 NI011353 bus:OrdinaryShareClass1 2023-06-30 NI011353 core:CurrentFinancialInstruments 2023-06-30 NI011353 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI011353 core:Goodwill 2023-06-30 NI011353 core:MotorVehicles 2023-06-30 NI011353 core:OtherPropertyPlantEquipment 2023-06-30 NI011353 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI011353

Dunfane Development Co. Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Dunfane Development Co. Limited

(Registration number: NI011353)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Development Land

4

123,570

123,570

Tangible assets

5

59,236

58,032

Investment property

6

1,524,500

1,524,500

Investments

7

69,630

69,630

 

1,776,936

1,775,732

Current assets

 

Stocks

8

637,800

637,800

Debtors

9

39,350

55,606

Cash at bank and in hand

 

2,721,366

2,953,181

 

3,398,516

3,646,587

Creditors: Amounts falling due within one year

10

(50,710)

(46,903)

Net current assets

 

3,347,806

3,599,684

Net assets

 

5,124,742

5,375,416

Capital and reserves

 

Called up share capital

11

37,500

37,500

Retained earnings

5,087,242

5,337,916

Shareholders' funds

 

5,124,742

5,375,416

 

Dunfane Development Co. Limited

(Registration number: NI011353)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
Mr John Murray
Director

 

Dunfane Development Co. Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
90 Elmwood
Fenagh Road
Cullybackey
BALLYMENA
BT43 5PY

These financial statements were authorised for issue by the Board on 26 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling, and all amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements, the directors believe that the company will continue as a going concern and be able to realise its assets , and discharge its liabilities in the normal course of business.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Dunfane Development Co. Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The company assesses at each reporting date whether tangible fixed assets are impaired.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

15% reducing balance

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation, or for both. Investment properties are initailly recognised at cost.
Subsequent to initial recognition, investment properties whose fair value can be reliably measured are carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss in they period in which they arise. No depreciation is provided on these properties.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dunfane Development Co. Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Development Land

Site at
Cullybackey
 £

Total
£

Cost or valuation

At 1 July 2023

123,570

123,570

At 30 June 2024

123,570

123,570

Carrying amount

At 30 June 2024

123,570

123,570

At 30 June 2023

123,570

123,570

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

75,264

78,174

153,438

Additions

65,995

-

65,995

Disposals

(64,039)

-

(64,039)

At 30 June 2024

77,220

78,174

155,394

Depreciation

At 1 July 2023

17,232

78,174

95,406

Charge for the year

10,358

-

10,358

Eliminated on disposal

(9,606)

-

(9,606)

At 30 June 2024

17,984

78,174

96,158

Carrying amount

At 30 June 2024

59,236

-

59,236

At 30 June 2023

58,032

-

58,032

 

Dunfane Development Co. Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Investment properties

2024
£

At 1 July

1,524,500

At 30 June

1,524,500

Fair value has been calculated by J H McKinney & Son who is external to the company

7

Investments

2024
£

2023
£

Other Investments

69,630

69,630

8

Stocks

2024
£

2023
£

Work in progress

637,800

637,800

9

Debtors

2024
£

2023
£

Prepayments

17,788

7,582

Other debtors

21,562

48,024

39,350

55,606

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

27,508

26,124

Amounts due to related parties

13

3,341

2,871

Social security and other taxes

 

2,968

25

Accruals

 

16,893

17,883

 

50,710

46,903

 

Dunfane Development Co. Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

37,500

37,500

37,500

37,500

       

12

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £4.00 (2023 - £Nil) per each Ordinary shares

150,000

-

 

 

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

166,934

228,800

Contributions paid to money purchase schemes

30,130

40,133

197,064

268,933