BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 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 that of the distribution and supply of dry and frozen foods. 26 February 2024 20 18 NI057771 2023-10-31 NI057771 2022-10-31 NI057771 2021-10-31 NI057771 2022-11-01 2023-10-31 NI057771 2021-11-01 2022-10-31 NI057771 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI057771 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI057771 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI057771 uk-bus:FullAccounts 2022-11-01 2023-10-31 NI057771 uk-core:ShareCapital 2023-10-31 NI057771 uk-core:ShareCapital 2022-10-31 NI057771 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI057771 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI057771 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI057771 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI057771 uk-bus:FRS102 2022-11-01 2023-10-31 NI057771 uk-core:Goodwill 2022-11-01 2023-10-31 NI057771 uk-core:Land 2022-11-01 2023-10-31 NI057771 uk-core:PlantMachinery 2022-11-01 2023-10-31 NI057771 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI057771 uk-core:MotorVehicles 2022-11-01 2023-10-31 NI057771 uk-core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 NI057771 uk-core:Goodwill 2022-10-31 NI057771 uk-core:Goodwill 2023-10-31 NI057771 uk-core:CurrentFinancialInstruments 2023-10-31 NI057771 uk-core:CurrentFinancialInstruments 2022-10-31 NI057771 uk-core:WithinOneYear 2023-10-31 NI057771 uk-core:WithinOneYear 2022-10-31 NI057771 uk-core:WithinOneYear 2023-10-31 NI057771 uk-core:WithinOneYear 2022-10-31 NI057771 uk-core:WithinOneYear 2023-10-31 NI057771 uk-core:WithinOneYear 2022-10-31 NI057771 uk-core:AfterOneYear 2023-10-31 NI057771 uk-core:AfterOneYear 2022-10-31 NI057771 uk-core:AfterOneYear 2023-10-31 NI057771 uk-core:AfterOneYear 2022-10-31 NI057771 uk-core:BetweenOneTwoYears 2023-10-31 NI057771 uk-core:BetweenOneTwoYears 2022-10-31 NI057771 uk-core:BetweenTwoFiveYears 2023-10-31 NI057771 uk-core:BetweenTwoFiveYears 2022-10-31 NI057771 uk-core:MoreThanFiveYears 2023-10-31 NI057771 uk-core:MoreThanFiveYears 2022-10-31 NI057771 uk-core:BetweenOneFiveYears 2023-10-31 NI057771 uk-core:BetweenOneFiveYears 2022-10-31 NI057771 uk-core:OtherMiscellaneousReserve 2022-10-31 NI057771 uk-core:OtherMiscellaneousReserve 2022-11-01 2023-10-31 NI057771 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI057771 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI057771 uk-core:OtherDeferredTax 2023-10-31 NI057771 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-31 NI057771 uk-core:OtherMiscellaneousReserve 2023-10-31 NI057771 2022-11-01 2023-10-31 NI057771 uk-bus:Director1 2022-11-01 2023-10-31 NI057771 uk-bus:Director2 2022-11-01 2023-10-31 NI057771 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI057771
 
 
Gortrush Food Services Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2023
Gortrush Food Services Limited
Company Registration Number: NI057771
BALANCE SHEET
as at 31 October 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 81,000 90,000
Tangible assets 5 250,412 281,425
───────── ─────────
331,412 371,425
───────── ─────────
 
Current Assets
Stocks 6 896,653 910,865
Debtors 7 779,080 693,830
Cash and cash equivalents 17,243 5,177
───────── ─────────
1,692,976 1,609,872
───────── ─────────
Creditors: amounts falling due within one year 8 (1,462,429) (1,412,121)
───────── ─────────
Net Current Assets 230,547 197,751
───────── ─────────
Total Assets less Current Liabilities 561,959 569,176
 
Creditors:
amounts falling due after more than one year 9 (236,477) (219,431)
 
Provisions for liabilities 10 (37,505) (45,320)
───────── ─────────
Net Assets 287,977 304,425
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 287,975 304,423
───────── ─────────
Equity attributable to owners of the company 287,977 304,425
═════════ ═════════
 
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 and Directors' Report.
           
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm 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 directors acknowledge 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 Board and authorised for issue on 26 February 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Mr. Gareth O'Shea     Mrs. Susan O'Shea
Director     Director
           



Gortrush Food Services Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 October 2023

   
1. General Information
 
Gortrush Food Services Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is Unit 2, Beltany Road, Omagh, Co Tyrone, BT78 5LU, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) 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 31 October 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 25 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:
 
  Long leasehold property - 6.5 Years Straight Line
  Plant and machinery - 25% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - 25% Reducing Balance
  Fridges and Freezers - 15 Years Straight Line
 
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.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
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
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
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.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Average No of Employees 20 18
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 November 2022 225,000 225,000
  ───────── ─────────
 
At 31 October 2023 225,000 225,000
  ───────── ─────────
Amortisation
At 1 November 2022 135,000 135,000
Charge for financial year 9,000 9,000
  ───────── ─────────
At 31 October 2023 144,000 144,000
  ───────── ─────────
Net book value
At 31 October 2023 81,000 81,000
  ═════════ ═════════
At 31 October 2022 90,000 90,000
  ═════════ ═════════

               
5. Tangible assets
  Long Plant and Fixtures, Motor Fridges and Total
  leasehold machinery fittings and vehicles Freezers  
  property   equipment      
  £ £ £ £ £ £
Cost
At 1 November 2022 22,152 166,518 150,843 436,642 151,171 927,326
Additions - 3,872 17,653 20,278 358 42,161
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 22,152 170,390 168,496 456,920 151,529 969,487
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 November 2022 17,040 120,845 112,150 324,157 71,709 645,901
Charge for the financial year 3,408 12,388 14,085 33,191 10,102 73,174
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 20,448 133,233 126,235 357,348 81,811 719,075
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 October 2023 1,704 37,157 42,261 99,572 69,718 250,412
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 October 2022 5,112 45,673 38,693 112,485 79,462 281,425
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
5.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 9,668 3,223 12,891 10,026
Motor vehicles 53,739 17,913 60,191 20,064
  ───────── ───────── ───────── ─────────
  63,407 21,136 73,082 30,090
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 896,653 910,865
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Trade debtors 738,534 656,320
Other debtors 27,050 23,834
Taxation 12,496 12,676
Prepayments and accrued income 1,000 1,000
  ───────── ─────────
  779,080 693,830
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 482,612 451,033
BOI Bank Loan 51,670 72,478
Other Loans - 12,969
Net obligations under finance leases
and hire purchase contracts 31,836 21,466
Trade creditors 857,508 813,319
Taxation 33,820 35,950
Accruals:
Pension accrual 860 783
Other accruals 4,123 4,123
  ───────── ─────────
  1,462,429 1,412,121
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
BOI Bank Loan 63,318 111,655
Directors' loans 141,085 50,889
Finance leases and hire purchase contracts 32,074 56,887
  ───────── ─────────
  236,477 219,431
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 534,282 536,480
Repayable between one and two years 40,008 60,000
Repayable between two and five years 23,310 51,655
Repayable in five years or more 141,085 50,889
  ───────── ─────────
  738,685 699,024
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 31,836 21,466
Repayable between one and five years 32,074 56,887
  ───────── ─────────
  63,910 78,353
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 45,320 45,320 46,281
Charged to profit and loss (7,815) (7,815) (961)
  ───────── ───────── ─────────
At financial year end 37,505 37,505 45,320
  ═════════ ═════════ ═════════
           
11. Related party transactions
 
At the start of the year, Gortrush Food Services Limited owed the directors £50,889. During the year, Gortrush Food Services Limited borrowed £192,963 and repaid £102,767 leaving a closing balance of £141,085 owed to the directors. This amount is included in the creditors section of the balance sheet.