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COMPANY REGISTRATION NUMBER: NI626305
Kilnaslee Pigs Limited
Filleted Unaudited Financial Statements
31 January 2023
Kilnaslee Pigs Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
385,520
313,740
Current assets
Stocks
304,780
304,450
Debtors
6
46,587
13,655
---------
---------
351,367
318,105
Creditors: amounts falling due within one year
7
432,172
410,897
---------
---------
Net current liabilities
80,805
92,792
---------
---------
Total assets less current liabilities
304,715
220,948
Creditors: amounts falling due after more than one year
8
23,229
35,312
Provisions
Taxation including deferred tax
39,546
45,383
---------
---------
Net assets
241,940
140,253
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
240,940
139,253
---------
---------
Shareholders funds
241,940
140,253
---------
---------
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 income statement has not been delivered.
For the year ending 31 January 2023 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 .
Kilnaslee Pigs Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr G Cuddy
Mrs H M Cuddy
Director
Director
Company registration number: NI626305
Kilnaslee Pigs Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 102 Killyharry Road, Dungannon, County Tyrone, BT70 3BQ, Northern Ireland. The principal activity of the company is the raising of pigs.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
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.
Current and deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the Statement of Financial Position date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
5% straight line
Plant and machinery
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 February 2022
90,171
307,251
397,422
Additions
112,646
112,646
---------
---------
---------
At 31 January 2023
202,817
307,251
510,068
---------
---------
---------
Depreciation
At 1 February 2022
15,291
68,391
83,682
Charge for the year
10,141
30,725
40,866
---------
---------
---------
At 31 January 2023
25,432
99,116
124,548
---------
---------
---------
Carrying amount
At 31 January 2023
177,385
208,135
385,520
---------
---------
---------
At 31 January 2022
74,880
238,860
313,740
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
38,661
13,655
Other debtors
7,926
--------
--------
46,587
13,655
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
61,920
112,366
Trade creditors
176,944
102,853
Social security and other taxes
12,968
2,632
Other creditors
180,340
193,046
---------
---------
432,172
410,897
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,229
32,685
Other creditors
2,627
--------
--------
23,229
35,312
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors advanced to the company £13,987. At the 31 January 2023, the aggregate balance owed to the directors was £176,774. (2022: £162,787).