43
31/03/2023
2023-03-31
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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 |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|