Registration number:
Dunfane Development Co. Limited
for the Year Ended 30 June 2024
Dunfane Development Co. Limited
(Registration number: NI011353)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Development Land |
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Tangible assets |
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Investment property |
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|
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Investments |
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|
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Current assets |
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Stocks |
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|
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
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:
• |
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• |
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
......................................... |
Dunfane Development Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Development Land |
Site at |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Tangible assets |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
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At 1 July 2023 |
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|
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Additions |
|
- |
|
Disposals |
( |
- |
( |
At 30 June 2024 |
|
|
|
Depreciation |
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At 1 July 2023 |
|
|
|
Charge for the year |
|
- |
|
Eliminated on disposal |
( |
- |
( |
At 30 June 2024 |
|
|
|
Carrying amount |
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At 30 June 2024 |
|
- |
|
At 30 June 2023 |
|
- |
|
Dunfane Development Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Investment properties |
2024 |
|
At 1 July |
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At 30 June |
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Fair value has been calculated by J H McKinney & Son who is external to the company
Investments |
2024 |
2023 |
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Other Investments |
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Stocks |
2024 |
2023 |
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Work in progress |
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Debtors |
2024 |
2023 |
|
Prepayments |
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Other debtors |
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|
|
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Accruals |
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Dunfane Development Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
37,500 |
|
37,500 |
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £ |
|
- |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
197,064 |
268,933 |