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REGISTERED NUMBER: NI040006 (Northern Ireland)















Financial Statements

for the Year Ended 31 January 2023

for

Markethill Livestock & Farm Sales Ltd

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Markethill Livestock & Farm Sales Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr Hampton George Hewitt
Mrs Sharon Carol Hewitt



SECRETARY: Mrs Sharon Carol Hewitt



REGISTERED OFFICE: Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



REGISTERED NUMBER: NI040006 (Northern Ireland)



ACCOUNTANTS: McCleary & Company Ltd
Chartered Accountants
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BANKERS: Danske Bank
60 Main Street
Markethill
Armagh
Co. Armagh
BT60 1PL

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,413,705 2,485,281
Investments 6 64,863 106,389
2,478,568 2,591,670

CURRENT ASSETS
Stocks 12,945 8,989
Debtors 7 3,675,844 3,315,434
Cash in hand 98 56
3,688,887 3,324,479
CREDITORS
Amounts falling due within one year 8 (2,858,323 ) (2,659,060 )
NET CURRENT ASSETS 830,564 665,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,309,132

3,257,089

CREDITORS
Amounts falling due after more than one
year

9

(452,832

)

(562,418

)

PROVISIONS FOR LIABILITIES (54,990 ) (56,900 )

ACCRUALS AND DEFERRED INCOME (329,943 ) (341,753 )
NET ASSETS 2,471,367 2,296,018

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Balance Sheet - continued
31 January 2023

31.1.23 31.1.22
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 2,461,367 2,286,018
SHAREHOLDERS' FUNDS 2,471,367 2,296,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2023 and were signed on its behalf by:





Mr Hampton George Hewitt - Director


Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Markethill Livestock & Farm Sales Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 25% on reducing balance, 2% on cost and not provided
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

No depreciation has been charged on Freehold Land.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 47 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 100,000
AMORTISATION
At 1 February 2022
and 31 January 2023 100,000
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 2,347,343 972,914 3,320,257
Additions - 43,268 43,268
Disposals - (34,231 ) (34,231 )
At 31 January 2023 2,347,343 981,951 3,329,294
DEPRECIATION
At 1 February 2022 222,331 612,645 834,976
Charge for year 27,053 80,654 107,707
Eliminated on disposal - (27,094 ) (27,094 )
At 31 January 2023 249,384 666,205 915,589
NET BOOK VALUE
At 31 January 2023 2,097,959 315,746 2,413,705
At 31 January 2022 2,125,012 360,269 2,485,281


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 February 2022 106,389
Additions 16,681
Disposals (49,066 )
Revaluations (9,141 )
At 31 January 2023 64,863
NET BOOK VALUE
At 31 January 2023 64,863
At 31 January 2022 106,389

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 January 2023 is represented by:

Other
investments
£   
Valuation in 2021 4,287
Valuation in 2022 7,306
Valuation in 2023 (9,180 )
Cost 62,450
64,863

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 3,256,499 3,059,590
Other debtors 419,345 255,844
3,675,844 3,315,434

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 1,911,818 1,621,221
Hire purchase contracts 9,017 8,664
Trade creditors 691,503 841,956
Taxation and social security 140,968 100,041
Other creditors 105,017 87,178
2,858,323 2,659,060

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans 425,900 526,519
Hire purchase contracts 26,932 35,899
452,832 562,418

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank overdrafts 1,832,022 1,526,504
Bank loans 505,696 621,236
2,337,718 2,147,740

Danske Bank hold a Charge over all Book Debts and a Floating Charge over all Property of the Company. Danske Bank also holds a fixed charge over 25 Acres of Land at Bryandrum Road, Markethill, Co Armagh and a fixed charge over 15 Acres of Land at Dobbin Road, Portadown, Co Armagh.

Markethill Livestock & Farm Sales Ltd (Registered number: NI040006)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.2331.1.22
££
Mr H & Mrs S Hewitt
Balance outstanding at start of year88,20588,205
Amounts advanced--
Amounts repaid--
Balance outstanding at end of year88,20588,205


Mr H & Mrs S Hewitt
Balance outstanding at start of year-78,935
Amounts advanced--
Amounts repaid-(78,935)
Balance outstanding at end of year--


Mr H & Mrs S Hewitt
Balance outstanding at start of year65,136-
Amounts advanced-71,231
Amounts repaid(65,136)(6,095)
Balance outstanding at end of year-65,136


Mr H & Mrs S Hewitt
Balance outstanding at start of year--
Amounts advanced101,487-
Amounts repaid(527)-
Balance outstanding at end of year100,960-


12. RELATED PARTY DISCLOSURES

Total dividends of £65,663 were paid to the directors during the year.