43 31/03/2023 2023-03-31 true false false false true false false false false false false false false true false false true false false true false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI012048 2022-04-01 2023-03-31 NI012048 2023-03-31 NI012048 2022-03-31 NI012048 2021-04-01 2022-03-31 NI012048 2022-03-31 NI012048 2021-03-31 NI012048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 NI012048 core:PlantMachinery 2022-04-01 2023-03-31 NI012048 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI012048 core:MotorVehicles 2022-04-01 2023-03-31 NI012048 bus:RegisteredOffice 2022-04-01 2023-03-31 NI012048 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI012048 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 NI012048 bus:Director1 2022-04-01 2023-03-31 NI012048 bus:Director2 2022-04-01 2023-03-31 NI012048 bus:Director3 2022-04-01 2023-03-31 NI012048 bus:CompanySecretary1 2022-04-01 2023-03-31 NI012048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 NI012048 core:PlantMachinery 2022-03-31 NI012048 core:FurnitureFittingsToolsEquipment 2022-03-31 NI012048 core:MotorVehicles 2022-03-31 NI012048 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI012048 core:PlantMachinery 2023-03-31 NI012048 core:FurnitureFittingsToolsEquipment 2023-03-31 NI012048 core:MotorVehicles 2023-03-31 NI012048 core:WithinOneYear 2023-03-31 NI012048 core:WithinOneYear 2022-03-31 NI012048 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 NI012048 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 NI012048 core:ShareCapital 2023-03-31 NI012048 core:ShareCapital 2022-03-31 NI012048 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI012048 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI012048 core:ShareCapital 2021-03-31 NI012048 core:RetainedEarningsAccumulatedLosses 2021-03-31 NI012048 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 NI012048 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 NI012048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 NI012048 core:PlantMachinery 2022-03-31 NI012048 core:FurnitureFittingsToolsEquipment 2022-03-31 NI012048 core:MotorVehicles 2022-03-31 NI012048 bus:SmallEntities 2022-04-01 2023-03-31 NI012048 bus:Audited 2022-04-01 2023-03-31 NI012048 bus:FullAccounts 2022-04-01 2023-03-31 NI012048 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI012048 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI012048 core:CloseFamilyMember1 2022-04-01 2023-03-31 NI012048 core:ForeignCurrencyTranslationReserve 2023-03-31 NI012048 core:ForeignCurrencyTranslationReserve 2022-03-31 NI012048 core:ForeignCurrencyTranslationReserve 2021-03-31 NI012048 core:ForeignCurrencyTranslationReserve 2021-04-01 2022-03-31 NI012048 core:ForeignCurrencyTranslationReserve 2022-04-01 2023-03-31 NI012048 core:CloseFamilyMember1 2023-03-31 NI012048 core:CloseFamilyMember1 2022-03-31
Company registration number: NI012048
P Ferguson & Sons Limited
Filleted financial statements
31 March 2023
P Ferguson & Sons Limited
Contents
Directors and other information
Balance sheet
Statement of changes in equity
Notes to the financial statements
P Ferguson & Sons Limited
Directors and other information
Directors Mr Seamus Ferguson
Mr Edward Ferguson
Mr Patrick Ferguson Jnr
Secretary Edward Ferguson
Company number NI012048
Registered office "Sinclair"
8 Maple Road
Coshquin
Derry
BT48 0NH
Auditor Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers Bank of Ireland
Culmore Road
Derry
BT48 8JB
Solicitors Hasson & Co
39 - 41 Clarendon Street
Derry
BT48 7ER
P Ferguson & Sons Limited
Balance sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 1,333,716 1,227,979
_______ _______
1,333,716 1,227,979
Current assets
Stocks 5 622,962 942,503
Debtors 6 450,888 693,443
Cash at bank and in hand 3,068,087 1,844,565
_______ _______
4,141,937 3,480,511
Creditors: amounts falling due
within one year 7 ( 1,035,570) ( 634,035)
_______ _______
Net current assets 3,106,367 2,846,476
_______ _______
Total assets less current liabilities 4,440,083 4,074,455
Provisions for liabilities ( 116,477) ( 91,235)
_______ _______
Net assets 4,323,606 3,983,220
_______ _______
Capital and reserves
Called up share capital 8 71,398 71,398
Foreign Currency Retranslation Reserve 9 538,095 522,209
Profit and loss account 9 3,714,113 3,389,613
_______ _______
Shareholders funds 4,323,606 3,983,220
_______ _______
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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mr Edward Ferguson
Director
Company registration number: NI012048
P Ferguson & Sons Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Foreign Currency Retranslation Reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 71,398 527,032 3,191,039 3,789,469
Profit for the year 248,574 248,574
Other comprehensive income for the year:
Foreign currency retranslation ( 4,823) - ( 4,823)
_______ _______ _______ _______
Total comprehensive income for the year - ( 4,823) 248,574 243,751
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 71,398 522,210 3,389,613 3,983,221
Profit for the year 374,500 374,500
Other comprehensive income for the year:
Foreign currency retranslation 15,885 - 15,885
_______ _______ _______ _______
Total comprehensive income for the year - 15,885 374,500 390,385
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 31 March 2023 71,398 538,095 3,714,113 4,323,606
_______ _______ _______ _______
P Ferguson & Sons Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is P Ferguson & Sons Limited, "Sinclair", 8 Maple Road, Coshquin, Derry, BT48 0NH.
2. Accounting policies
Basis of preparation and statement of compliance
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.The principal activities of the company during the year continued to be coal and oil distribution (wholesale and retail), petrol station and shop, haulage and farm lettings .
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Profit & Loss Account except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions .
Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings - 4 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Stocks are also assessed for impairment at each reporting date and provision is made immediately in the profit and loss account for damaged, obsolete and slow-moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The company only holds basic financial instruments at the reporting date .
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2022: 43 ).
4. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 1,141,406 1,083,455 34,868 1,111,582 3,371,311
Additions - 11,000 - 226,000 237,000
Disposals - ( 52,000) - ( 221,726) ( 273,726)
_______ _______ _______ _______ _______
At 31 March 2023 1,141,406 1,042,455 34,868 1,115,856 3,334,585
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 393,609 970,028 20,528 759,167 2,143,332
Charge for the year 27,115 31,548 6,921 52,862 118,446
Disposals - ( 49,848) - ( 211,061) ( 260,909)
_______ _______ _______ _______ _______
At 31 March 2023 420,724 951,728 27,449 600,968 2,000,869
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 720,682 90,727 7,419 514,888 1,333,716
_______ _______ _______ _______ _______
At 31 March 2022 747,797 113,427 14,340 352,415 1,227,979
_______ _______ _______ _______ _______
5. Stocks
2023 2022
£ £
Finished goods 622,962 942,503
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 378,525 428,221
Other debtors 72,363 265,222
_______ _______
450,888 693,443
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 361 634
Trade creditors 652,809 378,302
Corporation tax 66,870 22,266
Social security and other taxes 14,419 20,402
Other creditors 301,111 212,431
_______ _______
1,035,570 634,035
_______ _______
8. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100,000 100,000 100,000 100,000
_______ _______ _______ _______
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 71,398 71,398 71,398 71,398
_______ _______ _______ _______
9. Reserves
Profit and loss account:The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.Foreign currency retranslation reserve:Where assets and liabilities are measured in foreign currency the change in the year is transferred to the foreign currency retranslation reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution .
10. Contingent assets and liabilities
There were no contingent assets or liabilities at the period end other than those already disclosed in the financial statements .
11. Summary audit opinion
The auditor's report for the year dated 29 March 2024 was unqualified.
The senior statutory auditor was Conor McAteer for and on behalf of Fergus McAteer & Co.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Directors - - 37,962 37,962
_______ _______ _______ _______