Relate AccountsProduction v2.7.2 v2.7.2 2022-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is to supply all manner of pharmaceutical and veterinary supplies and any other associated activity or service. 3 November 2023 5 6 NI060805 2023-02-28 NI060805 2022-01-31 NI060805 2021-01-31 NI060805 2022-02-01 2023-02-28 NI060805 2021-02-01 2022-01-31 NI060805 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-02-28 NI060805 uk-curr:PoundSterling 2022-02-01 2023-02-28 NI060805 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-02-28 NI060805 uk-bus:FullAccounts 2022-02-01 2023-02-28 NI060805 uk-bus:Director1 2022-02-01 2023-02-28 NI060805 uk-bus:CompanySecretary1 2022-02-01 2023-02-28 NI060805 uk-bus:RegisteredOffice 2022-02-01 2023-02-28 NI060805 uk-bus:Agent1 2022-02-01 2023-02-28 NI060805 uk-core:ShareCapital 2023-02-28 NI060805 uk-core:ShareCapital 2022-01-31 NI060805 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI060805 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI060805 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI060805 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI060805 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI060805 uk-core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-02-28 NI060805 uk-bus:FRS102 2022-02-01 2023-02-28 NI060805 uk-core:Goodwill 2022-02-01 2023-02-28 NI060805 uk-core:PlantMachinery 2022-02-01 2023-02-28 NI060805 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-02-28 NI060805 uk-core:MotorVehicles 2022-02-01 2023-02-28 NI060805 uk-core:ComputerEquipment 2022-02-01 2023-02-28 NI060805 uk-core:Goodwill 2022-01-31 NI060805 uk-core:Goodwill 2023-02-28 NI060805 uk-core:CurrentFinancialInstruments 2023-02-28 NI060805 uk-core:CurrentFinancialInstruments 2022-01-31 NI060805 uk-core:CurrentFinancialInstruments 2023-02-28 NI060805 uk-core:CurrentFinancialInstruments 2022-01-31 NI060805 uk-core:WithinOneYear 2023-02-28 NI060805 uk-core:WithinOneYear 2022-01-31 NI060805 uk-core:WithinOneYear 2023-02-28 NI060805 uk-core:WithinOneYear 2022-01-31 NI060805 uk-core:OtherMiscellaneousReserve 2022-01-31 NI060805 uk-core:OtherMiscellaneousReserve 2022-02-01 2023-02-28 NI060805 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI060805 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-02-28 NI060805 uk-core:OtherDeferredTax 2023-02-28 NI060805 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-02-28 NI060805 uk-core:OtherMiscellaneousReserve 2023-02-28 NI060805 2022-02-01 2023-02-28 NI060805 uk-bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-02-28 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI060805
 
 
Glens Farm Supplies Limited
 
Director's Report and Unaudited Financial Statements
 
for the financial period ended 28 February 2023
Glens Farm Supplies Limited
DIRECTOR AND OTHER INFORMATION

 
Director Mr. Eamonn Gillan
 
 
Company Secretary Mr. Patrick Joseph Gillan
 
 
Company Registration Number NI060805
 
 
Registered Office 16 Mount Charles
Belfast
BT7 1NZ
 
 
Business Address 8 Mill Street
Cushendall
Ballymena
Co.Antrim
BT44 0RR
 
 
Accountants Muldoon & Co
Chartered Accountants and Registered Auditors
16 Mount Charles
Belfast
BT7 1NZ
 
 
Bankers Ulster Bank
  49 Wellingtown Street
  Ballymena
  BT43 6AD



Glens Farm Supplies Limited
DIRECTOR'S REPORT
for the financial period ended 28 February 2023

 
The director presents his report and the unaudited financial statements for the financial period ended 28 February 2023.
 
Principal Activity
The principal activity of the company is to supply all manner of pharmaceutical and veterinary supplies and any other associated activity or service.
     
Results and Dividends
The profit/(loss) for the financial period after providing for depreciation and taxation amounted to £125,419 (Jan 22 - £(36,149)).
     
Director
The director who served during the financial period is as follows:
     
Mr. Eamonn Gillan
   
     
Statement of director's Responsibilities and Declaration on Unaudited Financial Statements
     
General responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Director's declaration on unaudited financial statements
In relation to the financial statements comprising the Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes:
     
The director approves these financial statements and confirms that he is responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.
     
The director confirms that he has made available all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Mr. Eamonn Gillan
Director
     
3 November 2023



Glens Farm Supplies Limited
Company Registration Number: NI060805
BALANCE SHEET
as at 28 February 2023

Feb 23 Jan 22
Notes £ £
 
Fixed Assets
Tangible assets 7 - 3,797
───────── ─────────
 
Current Assets
Stocks 8 - 155,000
Debtors 9 363,285 165,486
───────── ─────────
363,285 320,486
───────── ─────────
Creditors: amounts falling due within one year 10 (159,526) (245,221)
───────── ─────────
Net Current Assets 203,759 75,265
───────── ─────────
Total Assets less Current Liabilities 203,759 79,062
 
Provisions for liabilities 12 - (722)
───────── ─────────
Net Assets 203,759 78,340
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 203,659 78,240
───────── ─────────
Equity attributable to owners of the company 203,759 78,340
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.
           
For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period 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.
           
Approved by the Director and authorised for issue on 3 November 2023
           
           
________________________________          
Mr. Eamonn Gillan          
Director          
           



Glens Farm Supplies Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 28 February 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 February 2021 100 169,389 169,489
───────── ───────── ─────────
Loss for the financial year - (36,149) (36,149)
───────── ───────── ─────────
Payment of dividends - (55,000) (55,000)
  ───────── ───────── ─────────
At 31 January 2022 100 78,240 78,340
  ───────── ───────── ─────────
Profit for the financial period - 125,419 125,419
  ───────── ───────── ─────────
At 28 February 2023 100 203,659 203,759
  ═════════ ═════════ ═════════



Glens Farm Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 28 February 2023

   
1. General Information
 
Glens Farm Supplies Limited is a company limited by shares incorporated in Northern Ireland. 16 Mount Charles, Belfast, BT7 1NZ is the registered office with the principal place of business being 8 Mill Street, Cushendall, BT44 0RR. The nature of the company's operations and its principal activities are set out in the Director's Report.  The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 28 February 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
  Motor vehicles - 25% Reducing Balance
  Computer Equipment - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
   
3. Period of financial statements
 
The financial statements are for the 13 month period ended 28 February 2023.
       
4. Employees
 
The average monthly number of employees, including director, during the financial period was:
 
  Feb 23 Jan 22
  Number Number
 
Employees 5 6
  ═════════ ═════════
       
5. Dividends Feb 23 Jan 22
  £ £
Dividends on equity shares:
 
Ordinary A - Interim paid - 55,000
  ═════════ ═════════
       
6. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 February 2022 360,000 360,000
Disposals (360,000) (360,000)
  ───────── ─────────
At 28 February 2023 - -
  ───────── ─────────
Amortisation
At 1 February 2022 360,000 360,000
On disposals (360,000) (360,000)
  ───────── ─────────
At 28 February 2023 - -
  ───────── ─────────
Net book value
At 28 February 2023 - -
  ═════════ ═════════
             
7. Tangible assets
  Plant and Fixtures, Motor Computer Total
  machinery fittings and vehicles Equipment  
    equipment      
  £ £ £ £ £
Cost
At 1 February 2022 (1) 384 7,495 11,539 19,417
Additions - - - 675 675
Disposals 1 (383) (7,495) (12,214) (20,091)
  ───────── ───────── ───────── ───────── ─────────
At 28 February 2023 - 1 - - 1
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2022 1 312 6,700 8,607 15,620
Charge for the financial period - 16 213 962 1,191
On disposals (1) (327) (6,913) (9,569) (16,810)
  ───────── ───────── ───────── ───────── ─────────
At 28 February 2023 - 1 - - 1
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 28 February 2023 - - - - -
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 January 2022 (2) 72 795 2,932 3,797
  ═════════ ═════════ ═════════ ═════════ ═════════
       
8. Stocks Feb 23 Jan 22
  £ £
 
Finished goods and goods for resale - 155,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
9. Debtors Feb 23 Jan 22
  £ £
 
Trade debtors 314,486 116,875
Amounts owed by group undertakings 48,012 48,010
Prepayments and accrued income 787 601
  ───────── ─────────
  363,285 165,486
  ═════════ ═════════
       
10. Creditors Feb 23 Jan 22
Amounts falling due within one year £ £
 
Bank overdrafts 24,567 67,485
Trade creditors 77,950 137,398
Taxation  (Note 11) 17,120 4,862
Director's current account 36,708 32,433
Other creditors 294 294
Accruals 2,887 2,749
  ───────── ─────────
  159,526 245,221
  ═════════ ═════════
       
11. Taxation Feb 23 Jan 22
  £ £
 
Creditors:
VAT 3,582 1,218
Corporation tax 12,840 1,933
PAYE / NI 697 754
CT61 Tax payable 1 957
  ───────── ─────────
  17,120 4,862
  ═════════ ═════════
         
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    Feb 23 Jan 22
  £ £ £
 
At financial period start 722 722 -
Charged to profit and loss (722) (722) 722
  ───────── ───────── ─────────
At financial period end - - 722
  ═════════ ═════════ ═════════