| Domolly Ltd |
| Registered number: |
10364969 |
| Balance Sheet |
| as at 31 December 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,202 |
|
|
1,753 |
| Investment properties |
4 |
|
|
1,487,864 |
|
|
1,167,610 |
|
|
|
|
1,489,066 |
|
|
1,169,363 |
|
| Current assets |
| Stocks |
|
|
473,873 |
|
|
636,910 |
| Debtors |
5 |
|
21,084 |
|
|
3,750 |
| Cash at bank and in hand |
|
|
171,898 |
|
|
265,618 |
|
|
|
666,855 |
|
|
906,278 |
|
| Creditors: amounts falling due within one year |
6 |
|
(126,064) |
|
|
(222,857) |
|
| Net current assets |
|
|
|
540,791 |
|
|
683,421 |
|
| Total assets less current liabilities |
|
|
|
2,029,857 |
|
|
1,852,784 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(1,621,257) |
|
|
(1,481,295) |
|
| Provisions for liabilities |
|
|
|
(66,636) |
|
|
(55,743) |
|
|
| Net assets |
|
|
|
341,964 |
|
|
315,746 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Fair value investment property reserve |
9 |
|
|
276,717 |
|
|
236,217 |
| Profit and loss account |
|
|
|
65,147 |
|
|
79,429 |
|
| Shareholders' funds |
|
|
|
341,964 |
|
|
315,746 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr L Dineen |
| Director |
| Approved by the board on 12 July 2023 |
|
| Domolly Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
Going concern |
|
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources in operational existence for the foreseeable future.
The directors have undertaken a review of the company's financial position. The directors have prepared forecasts that indicate, with the on-going funding provided by the directors, related parties and the various finance providers through their loans to the company, and based on the anticipated level of sales and other income, that the company will be able to operate within its current level of agreed facilities for a period of at least 12 months from the date of approval of these financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Investment properties |
|
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out by an independent qualified valuer with relevant experience as updated by the directors using their market knowledge and experience. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and equipment |
over 5 years |
|
Motor vehicles |
25% reducing balance basis |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2022 |
1,041 |
|
3,000 |
|
4,041 |
|
At 31 December 2022 |
1,041 |
|
3,000 |
|
4,041 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2022 |
659 |
|
1,629 |
|
2,288 |
|
Charge for the year |
208 |
|
343 |
|
551 |
|
At 31 December 2022 |
867 |
|
1,972 |
|
2,839 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2022 |
174 |
|
1,028 |
|
1,202 |
|
At 31 December 2021 |
382 |
|
1,371 |
|
1,753 |
|
|
| 4 |
Investment property |
| Freehold |
| Investment |
| Property |
| £ |
|
Fair value |
|
At 1 January 2022 |
1,167,610 |
|
Additions |
270,254 |
|
Revaluation |
50,000 |
|
Disposals |
- |
|
|
At 31 December 2022 |
1,487,864 |
|
The investment properties were valued by the directors using readily available property valuation market data and have recent experience in the location and segment of the investment properties being valued. The valuation reports for investment properties acquired in the prior year were reviewed to identify any changes in value. The Directors review the valuation performed for financial reporting purposes and at each financial year end:
- Verifies all major inputs to an independent valuation report;
- Assesses property valuation movements when compared to the prior year valuation report; and
- Holds discussions with an independent valuer. |
|
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
21,084 |
|
3,750 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
9,910 |
|
95,000 |
|
Trade creditors |
38,729 |
|
28,577 |
|
Taxation and social security costs |
28,359 |
|
50,985 |
|
Other creditors |
49,066 |
|
48,295 |
|
|
|
|
|
|
126,064 |
|
222,857 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
518,593 |
|
533,167 |
|
Amounts owed to related party undertakings |
|
758,817 |
|
746,468 |
|
Other creditors |
343,847 |
|
201,660 |
|
|
|
|
|
|
1,621,257 |
|
1,481,295 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,596,327 |
|
1,411,808 |
|
Instalments falling due for payment after more than five years |
- |
|
19,487 |
|
|
|
|
|
|
1,596,327 |
|
1,431,295 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
528,503 |
|
583,680 |
|
|
|
|
|
|
|
|
|
|
The various bank loans are secured on the investment properties by way of fixed charges. The bank loans are on various terms on an interest only repayment basis. |
|
|
| 9 |
Fair value reserve arising on Investment Properties |
2022 |
|
2021 |
| £ |
£ |
|
|
At 1 January 2022 |
236,217 |
|
- |
|
Gain on revaluation of land and buildings |
50,000 |
|
291,626 |
|
Deferred taxation arising on the revaluation of land and buildings |
(9,500) |
|
(55,409) |
|
|
At 31 December 2022 |
276,717 |
|
236,217 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
The company has been provided with loan funding of £758,817 (2021: £746,468) from James Court Holdings Limited, a company registered in England & Wales, which has a common director. There has been no interest charged on this balance and there are no fixed repayment terms on this loan balance but the directors have confirmed that it will not be repaid within 1 year. Therefore it has been disclosed as due after more than 1 year in these accounts. |
|
|
| 11 |
Controlling party |
|
|
The ultimate controlling party is Leigh Dineen by virtue of his shareholding. |
|
|
| 12 |
Other information |
|
|
Domolly Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
7-11 James Court |
|
Viking Way |
|
Swansea |
|
SA1 7DA |
