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Company Registration number: 01651797

Daniel Johnston (1982) Limited
Annual Report and Unaudited
Financial Statements
for the Year Ended 31 March 2025

Daniel Johnston (1982) Limited

Contents

Pages

Balance sheet | 1 to 2
Notes to the financial statements | 3 to 10

Daniel Johnston (1982) Limited

Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 3,643,201 | 3,655,542
Investment property | 5 | 3,400,791 | 4,446,023
Investments | 6 | 84 | -
|  | 7,044,076 | 8,101,565
Current assets |  |  |
Stocks | 7 | 3,503,795 | 3,502,030
Debtors | 8 | 2,630,766 | 119,389
Cash at bank and in hand |  | 261,735 | 383,743
|  | 6,396,296 | 4,005,162
Creditors: Amounts falling due within one year | 9 | (966,836) | (486,522)
Net current assets |  | 5,429,460 | 3,518,640
Total assets less current liabilities |  | 12,473,536 | 11,620,205
Creditors: Amounts falling due after more than one year | 9 | (4,286) | (14,191)
Provisions for liabilities |  | (696,767) | (783,150)
Net assets |  | 11,772,483 | 10,822,864
Capital and reserves |  |  |
Called up share capital |  | 5,999 | 5,999
Revaluation reserve |  | 3,010,250 | 3,010,250
Other reserves |  | 1,735,700 | 231,234
Retained earnings |  | 7,020,534 | 7,575,381
Shareholders' funds |  | 11,772,483 | 10,822,864

Daniel Johnston (1982) Limited

Balance Sheet as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and 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.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 28 July 2025 and signed on its behalf by:

......................................... Mr G C Connon Director
......................................... Mr M C Connon Director

Company registration number: 01651797

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025

1 | GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the Board on 28 July 2025.

2 | 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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The financial statements are for the parent company alone as the company is exempt from the requirement to prepare consolidated financial statements by virtue of section 399 of the Companies Act 2006.

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these 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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense for the period comprises corporation and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

Tangible assets

Tangible assets are initially stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold land is subsequently re-measured at fair value.
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
Fixtures and fittings | 15% reducing balance
Motor vehicles | 25% reducing balance
Computer equipment | 25% reducing balance
Freehold land | Nil

Investment property

Investment properties are shown at fair value, The surplus or deficit arising from the annual revaluation is recognised in the profit and loss account for the year.
No depreciation is charged on investment properties.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
Impairment
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.
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.

3 | STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 3).

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

4 | TANGIBLE ASSETS

| Freehold land £ | Fixtures and fittings £ | Motor vehicles £ | Computer equipment £ | Total £
Cost or valuation
At 1 April 2024 | 3,500,000 | 286,937 | 41,205 | 10,272 | 3,838,414
Additions | - | 10,768 | - | 2,904 | 13,672
Disposals | - | - | (35,505) | - | (35,505)
At 31 March 2025 | 3,500,000 | 297,705 | 5,700 | 13,176 | 3,816,581
Depreciation
At 1 April 2024 | - | 138,048 | 39,813 | 5,012 | 182,873
Charge for the year | - | 23,628 | 190 | 1,562 | 25,380
Eliminated on disposal | - | - | (34,873) | - | (34,873)
At 31 March 2025 | - | 161,676 | 5,130 | 6,574 | 173,380
Carrying amount
At 31 March 2025 | 3,500,000 | 136,029 | 570 | 6,602 | 3,643,201
At 31 March 2024 | 3,500,000 | 148,889 | 1,393 | 5,260 | 3,655,542

During 2015 the trading property held by the company was revalued. The UK properties were revalued on 8 August 2014 by Walton Goodland
Chartered Surveyors. These valuations are still considered to represent the fair value of the properties by the directors.

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

5 | INVESTMENT PROPERTIES

| 2025 £
At 1 April | 4,446,023
Additions | 19,768
Disposals | (1,275,000)
Fair value adjustments | 210,000
At 31 March | 3,400,791

During 2025 the investment properties held by the company were revalued. Some of the UK properties were revalued on 4 November 2024 by Carigiet Cowan Chartered Surveyors and others were revalued at 31 March 2025, by the directors. These valuations are still considered to represent the fair value of the properties by the directors.

6 | INVESTMENTS

| 2025 £ | 2024 £
Investments in subsidiaries | 84 | -

Subsidiaries | £
Cost or valuation
Additions | 84
Provision
Carrying amount
At 31 March 2025 | 84

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

6 | INVESTMENTS (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 |
Subsidiary undertakings
Daniel Johnston Developments Ltd | Apollon Avenue 67, Aphrodite Hills, Kouklia, 8509, Paphos Cyprus | Ordinary shares | 100% |

Subsidiary undertakings
Daniel Johnston Developments Ltd The principal activity of Daniel Johnston Developments Ltd is Property development. Its financial period end is 31 December 2024. The company was incorporated during the current financial year.

7 | STOCKS

| 2025 £ | 2024 £
Work in progress | 3,503,795 | 3,502,030

8 | DEBTORS

| 2025 £ | 2024 £
Trade debtors | 39,951 | 115,600
Prepayments | 9,494 | 1,752
Other debtors | 2,581,321 | 2,037
| 2,630,766 | 119,389

Daniel Johnston (1982) Limited

Notes to the financial statements for the Year Ended 31 March 2025 (continued)

9 | CREDITORS

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 9,950 | 9,960
Trade creditors |  | 20,910 | 36,498
Taxation and social security |  | 505,690 | 67,763
Accruals and deferred income |  | 96,907 | 49,084
Other creditors |  | 333,379 | 323,217
|  | 966,836 | 486,522

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 4,286 | 14,191

10 | LOANS AND BORROWINGS

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 4,286 | 14,191

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 9,950 | 9,960