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Company registration number: NI012332
E. Doherty & Sons Limited
Unaudited filleted financial statements
31 October 2024
E. Doherty & Sons Limited
Contents
Directors and other information
Balance sheet
Notes to the financial statements
E. Doherty & Sons Limited
Directors and other information
Directors Mr Eugene O'Doherty
Mrs Catherine O'Doherty
Mr Kevin O'Doherty
Mr John O'Doherty
Mr Michael O'Doherty
Mr Conor O'Doherty
Ms Denise McNally
Secretary Mrs Catherine O'Doherty
Company number NI012332
Registered office "Shenandoah"
6 Fir Road
Ballyarnett
Derry
BT48 8NB
Accountants Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers Danske Bank
P.O. Box 183
Donegall Square West
Belfast
BT1 6JS
Solicitors Hasson & Company
39 Clarendon Street
Derry
BT48 7ER
E. Doherty & Sons Limited
Balance sheet
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 14,359,510 14,362,233
_______ _______
14,359,510 14,362,233
Current assets
Stocks 6 258,978 124,516
Debtors 7 86,609 100,371
Cash at bank and in hand 2,063,233 1,823,356
_______ _______
2,408,820 2,048,243
Creditors: amounts falling due
within one year 8 ( 330,343) ( 323,391)
_______ _______
Net current assets 2,078,477 1,724,852
_______ _______
Total assets less current liabilities 16,437,987 16,087,085
Provisions for liabilities ( 23,518) ( 25,504)
_______ _______
Net assets 16,414,469 16,061,581
_______ _______
Capital and reserves
Called up share capital 9 22,397 22,397
Profit and loss account 16,392,072 16,039,184
_______ _______
Shareholders funds 16,414,469 16,061,581
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 May 2025 , and are signed on behalf of the board by:
Mr Michael O'Doherty
Director
Company registration number: NI012332
E. Doherty & Sons Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is "Shenandoah", 6 Fir Road, Ballyarnett, Derry, BT48 8NB.
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. Summary of significant accounting policies
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings - 2 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 11 ).
5. Tangible assets
Land Workshop and offices Investment property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £ £
Cost
At 1 November 2023 37,506 31,300 14,204,637 400,497 10,894 38,877 14,723,711
Additions - - 5,661 13,875 - - 19,536
_______ _______ _______ _______ _______ _______ _______
At 31 October 2024 37,506 31,300 14,210,298 414,372 10,894 38,877 14,743,247
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 November 2023 - 15,217 - 312,767 8,626 24,868 361,478
Charge for the year - 626 - 17,791 340 3,502 22,259
_______ _______ _______ _______ _______ _______ _______
At 31 October 2024 - 15,843 - 330,558 8,966 28,370 383,737
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 37,506 15,457 14,210,298 83,814 1,928 10,507 14,359,510
_______ _______ _______ _______ _______ _______ _______
At 31 October 2023 37,506 16,083 14,204,637 87,730 2,268 14,009 14,362,233
_______ _______ _______ _______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 November 2023 14,204,637
Additions 5,661
_______
At 31 October 2024 14,210,298
_______
6. Stocks
2024 2023
£ £
Raw materials and consumables 32,918 7,379
Work in progress 226,060 117,137
_______ _______
258,978 124,516
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 96 7,378
Other debtors 86,513 92,993
_______ _______
86,609 100,371
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1,133 473
Trade creditors 25,681 8,343
Corporation tax 159,798 82,057
Social security and other taxes 5,300 3,517
Other creditors 138,431 229,001
_______ _______
330,343 323,391
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 22,397 22,397 22,397 22,397
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Related Parties 100,160 210,404 ( 114,407) ( 214,567)
_______ _______ _______ _______
Parties are related as they are the directors and shareholders of the company or are other companies who have common directors and shareholders.