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REGISTERED NUMBER: NI612729 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Cloughbane Farm Foods Limited

Cloughbane Farm Foods Limited (Registered number: NI612729)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cloughbane Farm Foods Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mrs L Robinson (deceased)
Mr S Robinson



REGISTERED OFFICE:
160 Tanderagee Road
POMEROY
Co. Tyrone
BT70 3HS



REGISTERED NUMBER: NI612729 (Northern Ireland)



ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW



BANKERS: Ulster Bank
39 Market Square
Dungannon
Tyrone
BT70 1JJ

Cloughbane Farm Foods Limited (Registered number: NI612729)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,389,308 1,286,997
1,389,308 1,286,997

CURRENT ASSETS
Stocks 347,166 263,781
Debtors 7 989,765 844,430
Cash at bank and in hand 272,233 228,758
1,609,164 1,336,969
CREDITORS
Amounts falling due within one year 8 795,636 425,217
NET CURRENT ASSETS 813,528 911,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,202,836

2,198,749

CREDITORS
Amounts falling due after more than one
year

9

(236,711

)

(249,243

)

PROVISIONS FOR LIABILITIES (112,856 ) (112,856 )

ACCRUALS AND DEFERRED INCOME (41,826 ) (55,767 )
NET ASSETS 1,811,443 1,780,883

CAPITAL AND RESERVES
Called up share capital 700,100 700,100
Retained earnings 1,111,343 1,080,783
SHAREHOLDERS' FUNDS 1,811,443 1,780,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Cloughbane Farm Foods Limited (Registered number: NI612729)

Balance Sheet - continued
30 June 2023


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 9 February 2024 and were signed on its behalf by:





Mr S Robinson - Director


Cloughbane Farm Foods Limited (Registered number: NI612729)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Cloughbane Farm Foods Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its useful economic life of 10 years, which is estimated to be the period during which benefits are expected to arise.

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 each asset over its estimated useful life.
Improvements to property - 5% on cost
Fixtures and fittings - 15% on reducing balance and 5% on cost
Motor vehicles - 25% on cost

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.


Cloughbane Farm Foods Limited (Registered number: NI612729)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 34 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 1,500,000
AMORTISATION
At 1 July 2022
and 30 June 2023 1,500,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Cloughbane Farm Foods Limited (Registered number: NI612729)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 98,828 3,069,517 3,168,345
Additions - 304,453 304,453
Disposals - (8,450 ) (8,450 )
At 30 June 2023 98,828 3,365,520 3,464,348
DEPRECIATION
At 1 July 2022 9,577 1,871,771 1,881,348
Charge for year - 199,839 199,839
Eliminated on disposal - (6,147 ) (6,147 )
At 30 June 2023 9,577 2,065,463 2,075,040
NET BOOK VALUE
At 30 June 2023 89,251 1,300,057 1,389,308
At 30 June 2022 89,251 1,197,746 1,286,997

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 481,003 609,486
Other debtors 508,762 234,944
989,765 844,430

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 29,339 29,339
Hire purchase contracts 42,147 7,197
Trade creditors 679,816 376,228
Taxation and social security 11,999 10,224
Other creditors 32,335 2,229
795,636 425,217

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans 72,750 99,998
Hire purchase contracts 151,254 27,388
Other creditors 12,707 121,857
236,711 249,243

Cloughbane Farm Foods Limited (Registered number: NI612729)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 102,089 129,337
Hire purchase contracts 193,401 34,585
295,490 163,922