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No description of principal activity
2022-02-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04483584
2022-02-01
2023-01-31
04483584
2023-01-31
04483584
2022-01-31
04483584
2021-02-01
2022-01-31
04483584
2022-01-31
04483584
bus:Director2
2022-02-01
2023-01-31
04483584
core:AfterOneYear
2023-01-31
04483584
core:AfterOneYear
2022-01-31
04483584
core:WithinOneYear
2023-01-31
04483584
core:WithinOneYear
2022-01-31
04483584
core:ShareCapital
2023-01-31
04483584
core:ShareCapital
2022-01-31
04483584
core:RetainedEarningsAccumulatedLosses
2023-01-31
04483584
core:RetainedEarningsAccumulatedLosses
2022-01-31
04483584
bus:SmallEntities
2022-02-01
2023-01-31
04483584
bus:AuditExemptWithAccountantsReport
2022-02-01
2023-01-31
04483584
bus:AbridgedAccounts
2022-02-01
2023-01-31
04483584
bus:SmallCompaniesRegimeForAccounts
2022-02-01
2023-01-31
04483584
bus:PrivateLimitedCompanyLtd
2022-02-01
2023-01-31
04483584
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-02-01
2023-01-31
04483584
core:PlantMachinery
2022-02-01
2023-01-31
04483584
core:FurnitureFittings
2022-02-01
2023-01-31
04483584
core:MotorVehicles
2022-02-01
2023-01-31
COMPANY REGISTRATION NUMBER:
04483584
IRELAND'S FARM MACHINERY LIMITED |
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
IRELAND'S FARM MACHINERY LIMITED |
|
ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 JANUARY 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
IRELAND'S FARM MACHINERY LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 January 2023
FIXED ASSETS
Tangible assets |
5 |
|
5,164,514 |
4,751,466 |
|
|
|
|
|
CURRENT ASSETS
Stocks |
2,933,232 |
|
3,007,012 |
Debtors |
969,616 |
|
752,917 |
Cash at bank and in hand |
1,275 |
|
1,273 |
|
-------------- |
|
-------------- |
|
3,904,123 |
|
3,761,202 |
|
|
|
|
CREDITORS: amounts falling due within one year |
(
4,071,645) |
|
(
3,720,891) |
|
-------------- |
|
-------------- |
NET CURRENT (LIABILITIES)/ASSETS |
|
(
167,522) |
40,311 |
|
|
-------------- |
-------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
4,996,992 |
4,791,777 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
6 |
|
(
2,430,052) |
(
2,455,244) |
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
(
481,651) |
(
370,959) |
|
|
-------------- |
-------------- |
NET ASSETS |
|
2,085,289 |
1,965,574 |
|
|
-------------- |
-------------- |
|
|
|
|
IRELAND'S FARM MACHINERY LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 January 2023
CAPITAL AND RESERVES
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
2,085,189 |
1,965,474 |
|
|
-------------- |
-------------- |
SHAREHOLDERS FUNDS |
|
2,085,289 |
1,965,574 |
|
|
-------------- |
-------------- |
|
|
|
|
These abridged 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 statement of income and retained earnings 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 January 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 October 2023
, and are signed on behalf of the board by:
Company registration number:
04483584
IRELAND'S FARM MACHINERY LIMITED |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 JANUARY 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Main Road, Carrington, Boston, Lincolnshire, PE22 7HX.
2.
Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
During the year, the Directors have had to deal with many challenges including Covid-19, Brexit transition and global supply chains. Despite these challenges the directors remain committed to the protection of the business, a position which is regularly reviewed using management accounts and budgets.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
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.
Income tax
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
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:
|
Freehold Property |
- |
2% straight line
|
|
Plant & Machinery |
- |
15% - 25% reducing balance
|
|
Fixtures & Fittings |
- |
20% reducing balance
|
|
Motor Vehicles |
- |
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown as Government Grant Income within the financial statements.
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
38
(2022:
41
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2022 |
5,916,973 |
Additions |
1,140,187 |
Disposals |
(
385,847) |
|
-------------- |
At 31 January 2023 |
6,671,313 |
|
-------------- |
Depreciation |
|
At 1 February 2022 |
1,165,507 |
Charge for the year |
469,055 |
Disposals |
(
127,763) |
|
-------------- |
At 31 January 2023 |
1,506,799 |
|
-------------- |
Carrying amount |
|
At 31 January 2023 |
5,164,514 |
|
-------------- |
At 31 January 2022 |
4,751,466 |
|
-------------- |
|
|
6.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
197,107 |
229,995 |
Obligations under finance leases and hire purchase contracts |
2,112,658 |
2,106,069 |
Director loan accounts |
120,287 |
119,180 |
|
-------------- |
-------------- |
|
2,430,052 |
2,455,244 |
|
-------------- |
-------------- |
|
|
|
The loan from the Directors is unsecured and repayable in instalments.
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Bank loans and overdrafts |
197,107 |
229,995 |
|
Hire purchase agreements |
2,112,658 |
2,106,069 |
|
|
-------------- |
-------------- |
|
|
2,309,765 |
2,336,064 |
|
|
-------------- |
-------------- |
|
|
|
|
Included within bank loans is an amount of £89,609 (2022 - £111,869) which is not due for payment for at least 5 years.
7.
Deferred tax provision
Due to the change in the headline rate of corporation tax the deferred tax provision is now calculated using a rate of 25% rather than 19% in previous years. The prior year effect of this rate change is £117,145 which is reflected by way of a charge to the current year profit and loss account.
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
6,912 |
6,912 |
|
|
-------- |
-------- |
|
|
|
|