Registration number:
Donnelly's of Rathkenny Ltd
for the Year Ended 26 March 2021
Donnelly's of Rathkenny Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Donnelly's of Rathkenny Ltd
Company Information
Directors |
Connor Michael Donnelly Gwendoline Anne Donnelly John Martin Donnelly |
Company secretary |
Gwendoline Anne Donnelly |
Registered office |
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Accountants |
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Donnelly's of Rathkenny Ltd
(Registration number: NI641088)
Balance Sheet as at 26 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
29,245 |
(55,449) |
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Shareholders' funds/(deficit) |
29,247 |
(55,447) |
For the financial year ending 26 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 have been 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.
Tax
The tax expense for the period comprises current 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 income 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Plant & equipment |
20% reducing balance |
Motor van |
20% reducing balance |
Office equipment |
20% reducing balance |
Fixtures & fittings |
20% reducing balance |
Leasehold Improvements |
0% |
Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Off sales licence |
0.00% |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Off-sales Licence |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 26 March 2021 |
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Amortisation |
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Carrying amount |
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At 26 March 2021 |
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Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
Tangible assets |
Leasehold property |
Fixtures and fittings |
Motor vehicles |
Plant and equipment |
Total |
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Cost or valuation |
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At 27 March 2020 |
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Additions |
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At 26 March 2021 |
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Depreciation |
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At 27 March 2020 |
- |
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Charge for the year |
- |
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At 26 March 2021 |
- |
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Carrying amount |
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At 26 March 2021 |
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At 26 March 2020 |
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Included within the net book value of land and buildings above is £141,691 (2020 - £89,113) in respect of long leasehold land and buildings.
Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
Stocks |
2021 |
2020 |
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Groceries, fuel & packaging |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Contributions to pension |
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39,508 |
38,776 |
Donnelly's of Rathkenny Ltd
Notes to the Unaudited Financial Statements for the Year Ended 26 March 2021
Summary of transactions with other related parties
Donnelly's of Rathkenny currently rent investment property belonging to JMD Construction Limited of which John and Gwendoline Donnelly are directors