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No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
47,000
67,000
45,000
22,000
2,000
xbrli:pure
xbrli:shares
iso4217:GBP
NI029290
2022-08-01
2023-07-31
NI029290
2023-07-31
NI029290
2022-07-31
NI029290
bus:Director1
2022-08-01
2023-07-31
NI029290
core:WithinOneYear
2023-07-31
NI029290
core:WithinOneYear
2022-07-31
NI029290
core:ShareCapital
2023-07-31
NI029290
core:ShareCapital
2022-07-31
NI029290
core:OtherReservesSubtotal
2023-07-31
NI029290
core:OtherReservesSubtotal
2022-07-31
NI029290
core:RetainedEarningsAccumulatedLosses
2023-07-31
NI029290
core:RetainedEarningsAccumulatedLosses
2022-07-31
NI029290
core:CostValuation
core:Non-currentFinancialInstruments
2022-07-31
NI029290
core:CostValuation
core:Non-currentFinancialInstruments
2023-07-31
NI029290
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-07-31
NI029290
core:Non-currentFinancialInstruments
2023-07-31
NI029290
core:Non-currentFinancialInstruments
2022-07-31
NI029290
bus:SmallEntities
2022-08-01
2023-07-31
NI029290
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
NI029290
bus:FullAccounts
2022-08-01
2023-07-31
NI029290
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
NI029290
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
NI029290
core:Non-currentFinancialInstruments
core:TransfersIntoOrOutInvestmentsIncreaseDecreaseInInvestments
2023-07-31
NI029290
core:RetainedEarningsAccumulatedLosses
2022-08-01
2023-07-31
COMPANY REGISTRATION NUMBER:
NI029290
Filleted Unaudited Financial Statements |
|
31 July 2023
Fixed assets
Investments |
4 |
|
22,000 |
2,000 |
|
|
|
|
|
Current assets
Debtors |
5 |
643,674 |
|
663,674 |
Cash at bank and in hand |
9,271 |
|
58,136 |
|
--------- |
|
--------- |
|
652,945 |
|
721,810 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
3,026 |
|
2,001 |
|
--------- |
|
--------- |
Net current assets |
|
649,919 |
719,809 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
671,919 |
721,809 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
10,000 |
10,000 |
Other reserves |
8 |
|
(
23,899) |
(
23,899) |
Profit and loss account |
8 |
|
685,818 |
735,708 |
|
|
--------- |
--------- |
Shareholders funds |
|
671,919 |
721,809 |
|
|
--------- |
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Balance Sheet (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
19 April 2024
, and are signed on behalf of the board by:
Company registration number:
NI029290
Notes to the Financial Statements |
|
Year ended 31 July 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Wandsworth Drive, Belfast, BT4 2BJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year
.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units
.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares
.
4.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 August 2022 |
47,000 |
Transfers |
20,000 |
|
-------- |
At 31 July 2023 |
67,000 |
|
-------- |
Impairment |
|
At 1 August 2022 and 31 July 2023 |
45,000 |
|
-------- |
|
|
Carrying amount |
|
At 31 July 2023 |
22,000 |
|
-------- |
At 31 July 2022 |
2,000 |
|
-------- |
|
|
The company holds 100% of the nominal value of the ordinary share capital of the following companies:
Country of
Name of company
incorporation
Nature of business
Cullen Allen Ltd
Northern Ireland
Seed Potato Distributor
Castleview Limited
Northern Ireland
Dormant Company
Irish Seed Potatoes Limited
Northern Ireland
Research & Development
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
643,674 |
663,674 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
3,000 |
2,000 |
Corporation tax |
26 |
1 |
|
------- |
------- |
|
3,026 |
2,001 |
|
------- |
------- |
|
|
|
7.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss |
9,271 |
58,136 |
|
------- |
-------- |
|
|
|
8.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves - This is a merger reserve arising on a group reorganisation in a prior period
.