Relate AccountsProduction v2.7.2 v2.7.2 2022-04-01 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 cattle farming. 16 November 2023 1 0 NI635977 2023-03-31 NI635977 2022-03-31 NI635977 2021-03-31 NI635977 2022-04-01 2023-03-31 NI635977 2021-04-01 2022-03-31 NI635977 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI635977 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI635977 uk-bus:AbridgedAccounts 2022-04-01 2023-03-31 NI635977 uk-core:ShareCapital 2023-03-31 NI635977 uk-core:ShareCapital 2022-03-31 NI635977 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI635977 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI635977 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI635977 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI635977 uk-bus:FRS102 2022-04-01 2023-03-31 NI635977 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI635977 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI635977 uk-core:MotorVehicles 2022-04-01 2023-03-31 NI635977 2022-04-01 2023-03-31 NI635977 uk-bus:Director1 2022-04-01 2023-03-31 NI635977 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Ivan McAlister Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 March 2023



Ivan McAlister Ltd
Company Registration Number: NI635977
ABRIDGED BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 130,925 163,656
───────── ─────────
 
Current Assets
Stocks 558,200 645,200
Debtors 308,979 311,237
Cash at bank and in hand 100 6,910
───────── ─────────
867,279 963,347
───────── ─────────
Creditors: amounts falling due within one year (788,593) (935,675)
───────── ─────────
Net Current Assets 78,686 27,672
───────── ─────────
Total Assets less Current Liabilities 209,611 191,328
 
Creditors:
amounts falling due after more than one year (22,445) (32,396)
───────── ─────────
Net Assets 187,166 158,932
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 187,066 158,832
───────── ─────────
Shareholders' Funds 187,166 158,932
═════════ ═════════
 
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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 March 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 year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their 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 year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 16 November 2023
           
________________________________          
Ivan McAllister          
Director          
           



Ivan McAlister Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Ivan McAlister Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 3 Killynaul Road, Caledon, Co. Tyrone, BT68  4XT, Northern Ireland which is also the principal place of business of the company.

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

The financial statements cover the financial year ended 31 March 2023 for the individual entity only.
         
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 31 March 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 comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Turnover from the provision of goods is recognised when the risks & rewards of ownership have been transferred to the customer.
 
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 - 20% Reducing Balance
  Motor vehicles - 20% 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.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. 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.
 
Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
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.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year 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.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 1 -
  ═════════ ═════════
           
4. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 April 2022 273,854 49,100 1,000 323,954
  ───────── ───────── ───────── ─────────
 
At 31 March 2023 273,854 49,100 1,000 323,954
  ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 134,361 25,400 537 160,298
Charge for the financial year 27,899 4,740 92 32,731
  ───────── ───────── ───────── ─────────
At 31 March 2023 162,260 30,140 629 193,029
  ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 111,594 18,960 371 130,925
  ═════════ ═════════ ═════════ ═════════
At 31 March 2022 139,493 23,700 463 163,656
  ═════════ ═════════ ═════════ ═════════