Registered number
10364969
Domolly Ltd
Unaudited Filleted Accounts
31 December 2024
Domolly Ltd
Registered number: 10364969
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,516 771
Freehold Investment Property 4 1,387,341 1,487,864
1,400,857 1,488,635
Current assets
Stocks 529,664 456,502
Debtors 5 8,021 13,931
Cash at bank and in hand 169,487 164,722
707,172 635,155
Creditors: amounts falling due within one year 6 (224,838) (244,234)
Net current assets 482,334 390,921
Total assets less current liabilities 1,883,191 1,879,556
Creditors: amounts falling due after more than one year 7 (1,267,100) (1,414,669)
Provisions for liabilities (131,218) (87,573)
Net assets 484,873 377,314
Capital and reserves
Called up share capital 100 100
Invesment Property Revaluation reserve 9 383,517 256,220
Profit and loss account 101,256 120,994
Shareholders' funds 484,873 377,314
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Dineen
Director
Approved by the board on 30 April 2025
Domolly Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out by an independent qualified valuer with relevant experience as updated by the directors using their market knowledge and experience.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment over 5 years
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 1,041 3,000 4,041
Additions - 13,800 13,800
At 31 December 2024 1,041 16,800 17,841
Depreciation
At 1 January 2024 1,041 2,229 3,270
Charge for the year - 1,055 1,055
At 31 December 2024 1,041 3,284 4,325
Net book value
At 31 December 2024 - 13,516 13,516
At 31 December 2023 - 771 771
4 Freehold Investment Properties
Freehold
Investment
Property
£
Cost
At 1 January 2024 1,487,864
Revaluation 169,730
Disposals (270,253)
At 31 December 2024 1,387,341
The investment properties were valued by the directors using readily available property valuation market data and have recent experience in the location and segment of the investment properties being valued. The valuation reports for investment properties acquired in the prior year were reviewed to identify any changes in value. The Directors review the valuation performed for financial reporting purposes and at each financial year end:
- Verifies all major inputs to an independent valuation report;
- Assesses property valuation movements when compared to the prior year valuation report; and
- Holds discussions with an independent valuer.
5 Debtors 2024 2023
£ £
Trade debtors 8,021 9,931
Other debtors - 4,000
8,021 13,931
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,148 10,050
Trade creditors 80,142 52,758
Taxation and social security costs 63,111 115,495
Other creditors 71,437 65,931
224,838 244,234
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 431,108 441,345
Obligations under finance lease and hire purchase contracts 9,256 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 646,317 741,317
Other creditors 180,419 232,007
1,267,100 1,414,669
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,253,181 1,377,268
Secured bank loans 441,256 451,395
The various bank loans are secured on the investment properties by way of fixed charges. The bank loans are on various terms on an interest only repayment basis.
9 Fair value reserve arising on Investment Properties 2024 2023
£ £
At 1 January 2024 256,220 276,717
Gain on revaluation of land and buildings 169,730 -
Deferred taxation arising on the revaluation of land and buildings (42,433) (20,497)
At 31 December 2024 383,517 256,220
10 Related party transactions
The company has been provided with loan funding of £646,317 (2023: £741,317) from James Court Holdings Limited, a company registered in England & Wales, which is its parent company & has a common director. There has been no interest charged on this balance and there are no fixed repayment terms on this loan balance but the directors have confirmed that it will not be repaid within 1 year. Therefore it has been disclosed as due after more than 1 year in these accounts.
11 Controlling party
The ultimate controlling party is Leigh Dineen by virtue of his shareholding in the parent company, James Court Holdings Limited.
12 Other information
Domolly Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7-11 James Court
Viking Way
Swansea
SA1 7DA
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