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REGISTERED NUMBER: NI034940 (Northern Ireland)















Financial Statements for the Year Ended 31 December 2024

for

TARGET DRY Limited

TARGET DRY Limited (Registered number: NI034940)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TARGET DRY Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: N McAneary
MRS Y McAneary
G Stewart



SECRETARY: N McAneary



REGISTERED OFFICE: Unit 7 Alanbrooke Park
Alanbrooke Road
Belfast
BT6 9HB



REGISTERED NUMBER: NI034940 (Northern Ireland)



ACCOUNTANTS: Cleaver Black
Chartered Accountants
Suite 5 Ormeau House
91-97 Ormeau Road
Belfast
Co. Antrim
BT7 1SH



BANKERS: Danske Bank
Donegall Square West
Belfast
BT1 6JS

TARGET DRY Limited (Registered number: NI034940)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 191,825 164,864
Investment property 6 460,000 460,000
651,825 624,864

CURRENT ASSETS
Stocks 7 2,953,397 2,989,430
Debtors 8 1,094,257 824,110
Cash at bank 1,867,935 1,567,998
5,915,589 5,381,538
CREDITORS
Amounts falling due within one year 9 (722,649 ) (847,091 )
NET CURRENT ASSETS 5,192,940 4,534,447
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,844,765

5,159,311

PROVISIONS FOR LIABILITIES 10 (3,023 ) (5,992 )
NET ASSETS 5,841,742 5,153,319

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 5,791,742 5,103,319
SHAREHOLDERS' FUNDS 5,841,742 5,153,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TARGET DRY Limited (Registered number: NI034940)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





N McAneary - Director


TARGET DRY Limited (Registered number: NI034940)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

TARGET DRY Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TARGET DRY Limited (Registered number: NI034940)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 471,494
AMORTISATION
At 1 January 2024
and 31 December 2024 471,494
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

TARGET DRY Limited (Registered number: NI034940)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 475,387 145,022 620,409
Additions 23,480 66,540 90,020
Disposals - (46,966 ) (46,966 )
At 31 December 2024 498,867 164,596 663,463
DEPRECIATION
At 1 January 2024 384,011 71,534 455,545
Charge for year 24,517 25,386 49,903
Eliminated on disposal - (33,810 ) (33,810 )
At 31 December 2024 408,528 63,110 471,638
NET BOOK VALUE
At 31 December 2024 90,339 101,486 191,825
At 31 December 2023 91,376 73,488 164,864

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 460,000
NET BOOK VALUE
At 31 December 2024 460,000
At 31 December 2023 460,000

7. STOCKS
2024 2023
£    £   
Stocks 2,953,397 2,989,430

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 687,492 482,032
E-Commerce Holding Account 106,095 104,836
Bad Debt Provision (25,637 ) (19,535 )
Prepayments 326,307 256,777
1,094,257 824,110

TARGET DRY Limited (Registered number: NI034940)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 142,664 85,733
Danske Bank Mastercard 23,923 29,811
Tax 259,009 183,561
PAYE (STG) 19,691 20,739
PAYE (IRE) 3,799 4,785
Pensions Control Account - 2,797
VAT 185,936 158,658
Directors' current accounts 68,854 336,598
Accrued expenses 18,773 24,409
722,649 847,091

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,023 5,992

Deferred
tax
£   
Balance at 1 January 2024 5,992
Credit to Statement of Income and Retained Earnings during year (2,969 )
Balance at 31 December 2024 3,023