Michael Daly Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Michael Daly Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03914478 . The registered office is 17 Hale Grove Gardens, Mill Hill, London, NW7 3LR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Significant judgements and estimations

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.3. Turnover

Income represents amounts receivable from rental properties.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5. Investment Properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

...CONTINUED

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Michael Daly Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Financial Instruments - continued

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 October 2024	10,450

As at 30 September 2025	10,450

Depreciation
As at 1 October 2024	2,221
Provided during the period	1,234

As at 30 September 2025	3,455

Net Book Value
As at 30 September 2025	6,995

As at 1 October 2024	8,229

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Michael Daly Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

5. Investment Property

	2025
	£
Fair Value
As at 1 October 2024 and 30 September 2025	600,000

Investment properties are valued at £600,000. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 September 2025 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	115,400	115,597
Taxation and social security	6,331	5,508

	121,731	121,105

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

8. Reserves

	Fair value reserve	Profit and Loss Account
	£	£
As at 1 October 2024	200,858	378,433
Profit for the year and total comprehensive income	-	26,167

As at 30 September 2025	200,858	404,600

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,995		8,229
Investment Properties	5		600,000		600,000

			606,995		608,229
CURRENT ASSETS
Cash at bank and in hand		158,408		130,284

		158,408		130,284
Creditors: Amounts Falling Due Within One Year	6	(121,731 )		(121,105 )

NET CURRENT ASSETS (LIABILITIES)			36,677		9,179

TOTAL ASSETS LESS CURRENT LIABILITIES			643,672		617,408

PROVISIONS FOR LIABILITIES
Deferred Taxation			(38,212 )		(38,115 )

NET ASSETS			605,460		579,293

CAPITAL AND RESERVES
Called up share capital	7		2		2
Fair value reserve	8		200,858		200,858
Profit and Loss Account			404,600		378,433

SHAREHOLDERS' FUNDS			605,460		579,293