Eagleson's Farm Ltd NI624334 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is the production of electricity. Digita Accounts Production Advanced 6.30.9574.0 true true NI624334 2022-06-01 2023-05-31 NI624334 2023-05-31 NI624334 bus:OrdinaryShareClass1 2023-05-31 NI624334 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI624334 core:ShareCapital 2023-05-31 NI624334 core:CurrentFinancialInstruments 2023-05-31 NI624334 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 NI624334 core:OtherPropertyPlantEquipment 2023-05-31 NI624334 bus:SmallEntities 2022-06-01 2023-05-31 NI624334 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 NI624334 bus:FullAccounts 2022-06-01 2023-05-31 NI624334 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI624334 bus:RegisteredOffice 2022-06-01 2023-05-31 NI624334 bus:Director1 2022-06-01 2023-05-31 NI624334 bus:Director2 2022-06-01 2023-05-31 NI624334 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 NI624334 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 NI624334 bus:Agent1 2022-06-01 2023-05-31 NI624334 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 NI624334 core:PlantMachinery 2022-06-01 2023-05-31 NI624334 countries:AllCountries 2022-06-01 2023-05-31 NI624334 2022-05-31 NI624334 core:OtherPropertyPlantEquipment 2022-05-31 NI624334 2021-06-01 2022-05-31 NI624334 2022-05-31 NI624334 bus:OrdinaryShareClass1 2022-05-31 NI624334 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI624334 core:ShareCapital 2022-05-31 NI624334 core:CurrentFinancialInstruments 2022-05-31 NI624334 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 NI624334 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI624334

Eagleson's Farm Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Eagleson's Farm Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Eagleson's Farm Ltd

Company Information

Directors

Mr John Joseph Loughran

Mrs Mary Loughran

Registered office

10 Lower Kildress Road
Cookstown
Co Tyrone
BT80 9RN

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Eagleson's Farm Ltd for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eagleson's Farm Ltd for the year ended 31 May 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the Code of Ethics for Members published by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Eagleson's Farm Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Board of Directors, as a body, for our work, or for this report.

You have acknowledged on the balance sheet for the financial year ended 31 May 2023 your duty under the Companies Act 2006 to ensure that the company has kept adequate accounting records and prepared financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for that financial year and otherwise comply with the provisions of the Companies Act 2006 relating to financial statements so far as they are applicable to the company. You consider that the company is exempt from the statutory requirement for an audit for the financial year.

We have not been instructed to carry out an audit or a review of the accounts of Eagleson's Farm Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

......................................

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

5 March 2024

 

Eagleson's Farm Ltd

(Registration number: NI624334)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

236,077

249,967

Current assets

 

Debtors

6

348,861

236,223

Cash at bank and in hand

 

16,735

88,913

 

365,596

325,136

Creditors: Amounts falling due within one year

7

(307,961)

(335,937)

Net current assets/(liabilities)

 

57,635

(10,801)

Total assets less current liabilities

 

293,712

239,166

Provisions for liabilities

(59,019)

(47,493)

Net assets

 

234,693

191,673

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

234,691

191,671

Total equity

 

234,693

191,673

For the financial year ending 31 May 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................

Mr John Joseph Loughran
Director

 

Eagleson's Farm Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
10 Lower Kildress Road
Cookstown
Co Tyrone
BT80 9RN

These financial statements were authorised for issue by the Board on 5 March 2024.

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.

 

Eagleson's Farm Ltd

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

2

Accounting policies (continued)

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

Plant & Machinery

5% Straight Line

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.

 

Eagleson's Farm Ltd

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

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,890

13,890

 

Eagleson's Farm Ltd

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

5

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

277,805

277,805

At 31 May 2023

277,805

277,805

Depreciation

At 1 June 2022

27,838

27,838

Charge for the year

13,890

13,890

At 31 May 2023

41,728

41,728

Carrying amount

At 31 May 2023

236,077

236,077

At 31 May 2022

249,967

249,967

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

18,861

11,213

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

330,000

225,010

 

348,861

236,223

 

Eagleson's Farm Ltd

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,891

1,059

Corporation tax liability

 

14,397

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

287,884

332,884

Taxation and social security

 

3,289

1,494

Accruals and deferred income

 

500

500

 

307,961

335,937

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions


Loans from related parties

At the beginning of the financial year the company owed £332,884 to a related party undertaking. During the year the company made a repayment of £45,000. At the year end £287,884 was owed by the company. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.

In the prior year the company advanced a loan of £225,010 to a related party undertaking. During the year a further £104,990 was received by the company. The loan outstanding at the year end was £330,000. The loan is repayable on demand. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.