2022-09-012023-08-312023-08-31falseNI608577THE GREENYARD (NI) 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THE GREENYARD (NI) LIMITED

Registered Number
NI608577
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 August 2023

THE GREENYARD (NI) LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

Sean Benedict Convery

Company Secretary

Creea Convery

Registered Address

15 Drumard Road
Knockloughrim
Magherafelt
BT45 8QA

Registered Number

NI608577 (Northern Ireland)
THE GREENYARD (NI) LIMITED
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets337,07740,785
Tangible assets443,0829,499
80,15950,284
Current assets
Stocks7,7408,900
Debtors7,7325,962
Cash at bank and on hand-20,716
15,47235,578
Creditors amounts falling due within one year(45,147)(44,659)
Net current assets (liabilities)(29,675)(9,081)
Total assets less current liabilities50,48441,203
Creditors amounts falling due after one year-(1,603)
Net assets50,48439,600
Capital and reserves
Called up share capital22
Profit and loss account50,48239,598
Shareholders' funds50,48439,600
The financial statements were approved and authorised for issue by the Director on 19 March 2024, and are signed on its behalf by:
Sean Benedict Convery
Director
Registered Company No. NI608577
THE GREENYARD (NI) LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery10
Fixtures and fittings25
Vehicles25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year22
3.Intangible assets

Total

£
Cost or valuation
At 01 September 2274,154
At 31 August 2374,154
Amortisation and impairment
At 01 September 2233,369
Charge for year3,708
At 31 August 2337,077
Net book value
At 31 August 2337,077
At 31 August 2240,785
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2239,027
Additions56,641
Disposals(35,617)
At 31 August 2360,052
Depreciation and impairment
At 01 September 2229,528
Charge for year14,154
On disposals(26,713)
At 31 August 2316,969
Net book value
At 31 August 2343,082
At 31 August 229,499