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Registration number: NI054329

Kingsmill Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Kingsmill Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Kingsmill Farms Limited

Company Information

Directors

Mr Niall Mc Guinness

Mr Kieran Mc Guinness

Registered office

88 Kingsmill Road
Whitecross
Newry
County Armagh
BT35 7BP

Solicitors

Stephen Begley & Co Solicitors
Regina House
9 Merchants Quay
Newry
Down
BT35 6AL

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Kingsmill Farms Limited

(Registration number: NI054329)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

810,670

842,223

Current assets

 

Stocks

6

126,800

76,700

Debtors

7

104,315

80,982

Cash at bank and in hand

 

4,538

37,890

 

235,653

195,572

Creditors: Amounts falling due within one year

8

(449,454)

(336,279)

Net current liabilities

 

(213,801)

(140,707)

Total assets less current liabilities

 

596,869

701,516

Creditors: Amounts falling due after more than one year

8

(401,733)

(490,258)

Provisions for liabilities

(8,297)

(13,798)

Net assets

 

186,839

197,460

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

186,739

197,360

Shareholders' funds

 

186,839

197,460

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

 

Kingsmill Farms Limited

(Registration number: NI054329)
Balance Sheet as at 31 March 2023

.........................................
Mr Niall Mc Guinness
Director

.........................................
Mr Kieran Mc Guinness
Director

 
     
 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
88 Kingsmill Road
Whitecross
Newry
County Armagh
BT35 7BP

These financial statements were authorised for issue by the Board on 1 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

12.5% Straight Line basis

Motor Vehicles

20% Straight Line basis

Plant & Machinery

20% Straight Line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Milk Quota

Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

83,700

83,700

At 31 March 2023

83,700

83,700

Amortisation

At 1 April 2022

83,700

83,700

At 31 March 2023

83,700

83,700

Carrying amount

At 31 March 2023

-

-

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

767,000

1,960

70,513

344,154

1,183,627

Additions

-

-

-

8,250

8,250

Disposals

-

-

-

(15,950)

(15,950)

At 31 March 2023

767,000

1,960

70,513

336,454

1,175,927

Depreciation

At 1 April 2022

-

1,399

52,285

287,720

341,404

Charge for the year

-

220

6,002

28,781

35,003

Eliminated on disposal

-

-

-

(11,150)

(11,150)

At 31 March 2023

-

1,619

58,287

305,351

365,257

Carrying amount

At 31 March 2023

767,000

341

12,226

31,103

810,670

At 31 March 2022

767,000

561

18,228

56,434

842,223

Included within the net book value of land and buildings above is £767,000 (2022 - £767,000) in respect of freehold land and buildings.
 

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

126,800

76,700

7

Debtors

Current

2023
£

2022
£

Trade debtors

53,806

60,116

Other debtors

50,509

20,866

 

104,315

80,982

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

180,245

140,300

Trade creditors

 

136,798

114,312

Taxation and social security

 

-

790

Accruals and deferred income

 

20,859

3,581

Other creditors

 

111,552

77,296

 

449,454

336,279

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

401,733

490,258

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

401,733

485,064

Hire purchase contracts

-

5,194

401,733

490,258

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

86,636

89,871

Bank overdrafts

88,415

41,888

Hire purchase contracts

5,194

8,541

180,245

140,300

Bank borrowings

Ulster Bank Loan is denominated in Sterling £ with a nominal interest rate of 2.5% p.a. over base%, and the final instalment is due on 1 January 2029. The carrying amount at year end is £326,752 (2022 - £390,934).

Ulster Bank Limited mortgage debenture on all the company's freehold and leasehold property.
National Westminster Bank Plc (Trading as Ulster Bank)-Charge and negative pledge of 13 acres at Maytown Road, Bessbrook, Co. Armagh comprising folios AR 113167 & AR 119796
National Westminster Bank Plc (Trading as Ulster Bank)-Charge and negative pledge of 30 acres at Derrywilligan Road, Mullaglass, Co. Armagh BT35 6JX comprising folios 9703 & AR 112339

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £200.00 per each Ordinary Share

 

20,000

 

20,000

         

12

Related party transactions

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Kieran Mc Guinness

Directors loan repayable on demand

77,296

(63,361)

97,616

111,552

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Kieran Mc Guinness

Directors loan repayable on demand

141,498

(166,105)

101,904

77,296

         
       

 

 

Kingsmill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,800

19,200

In respect of the highest paid director:

2023
£

2022
£

Remuneration

-

19,200

Dividends paid to directors

   

2023
£

 

2022
£

Mr Niall Mc Guinness

       

Dividends

 

11,200

 

11,200

         

Mr Kieran Mc Guinness

       

Dividends

 

8,800

 

8,800