FOYLE WHOLESALE LIMITED 31/12/2024 iXBRL

Company registration number: NI015094

FOYLE WHOLESALE LIMITED

Unaudited filleted financial statements

31 December 2024

FOYLE WHOLESALE LIMITED

Contents

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

FOYLE WHOLESALE LIMITED

Report to the board of directors on the preparation of the

unaudited statutory financial statements of FOYLE WHOLESALE LIMITED

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foyle Wholesale Limited for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of Foyle Wholesale Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Foyle Wholesale Limited and state those matters that we have agreed to state to the board of directors of Foyle Wholesale Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foyle Wholesale Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Foyle Wholesale Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Foyle Wholesale Limited. You consider that Foyle Wholesale Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Foyle Wholesale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McDaid McCullough Moore

Chartered Accountants

28/32 Clarendon Street

Derry

BT48 7HD

N. Ireland

17 September 2025

FOYLE WHOLESALE LIMITED

Statement of financial position

31 December 2024

			2024		2023
		Note	£	£	£	£

Current assets
Debtors:
	Amounts falling due after more than one year	5	36,602		34,063
	Amounts falling due within one year	5	815,222		279,332
Cash at bank and in hand			587,626		757,230
			_______		_______
			1,439,450		1,070,625
Creditors: amounts falling due
within one year		6	( 1,595,491)		( 1,215,840)
			_______		_______
Net current liabilities				( 156,041)		( 145,215)
				_______		_______
Total assets less current liabilities				( 156,041)		( 145,215)

				_______		_______
Net liabilities				( 156,041)		( 145,215)
				_______		_______

Capital and reserves
Called up share capital		8		2		2
Profit and loss account				( 156,043)		( 145,217)
				_______		_______
Shareholders deficit				( 156,041)		( 145,215)
				_______		_______

For the year ending 31 December 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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

Rory Dunlevy

Director

Company registration number: NI015094

FOYLE WHOLESALE LIMITED

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	2	( 128,881)	( 128,879)

Loss for the year		( 16,336)	( 16,336)
	_______	_______	_______
Total comprehensive income for the year	-	( 16,336)	( 16,336)

	_______	_______	_______
At 31 December 2023 and 1 January 2024	2	( 145,217)	( 145,215)

Loss for the year		( 10,826)	( 10,826)
	_______	_______	_______
Total comprehensive income for the year	-	( 10,826)	( 10,826)

	_______	_______	_______
At 31 December 2024	2	( 156,043)	( 156,041)
	_______	_______	_______

FOYLE WHOLESALE LIMITED

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Foyle Wholesale Limited, C/O 28 Clarendon Street, Derry, BT48 7HD.

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. 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.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends on the continued support of the Directors.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Debtors

Debtors falling due within one year are as follows:

	2024	2023
	£	£
Trade debtors	246,784	279,332
Other debtors	568,438	-
	_______	_______
	815,222	279,332
	_______	_______

Debtors falling due after one year are as follows:

	2024	2023
	£	£
Deferred tax asset (note 7)	36,602	34,063
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	42,767	41,156
Social security and other taxes	51,046	44,816
Other creditors	1,501,678	1,129,868
	_______	_______
	1,595,491	1,215,840
	_______	_______

7. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in debtors (note 5)	36,602	34,063
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Unused tax losses	( 36,602)	( 34,063)
	_______	_______

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	2	2	2	2
	_______	_______	_______	_______

9. Related party transactions

Foyle Wholesale Limited trades with a connected company. These companies are jointly controlled by the shareholding directors of the connected company and another family member. During 2024 and 2023 the following transactions and balances arose in respect of the connected company: - Resources to the value of £1,144,651 (31 December 2023 - £1,169,724) were received from the connected company.- Resources to the value of £585,570 (31 December 2023 - £589,658) were provided to the connected company.- Balances were owed to the connected company at the year end : £1,500,078 (31 December 2023 - £1,128,268).

10. Controlling party

The directors collectively are considered to be the company's controlling party.