1 false false false false false false false false false false true false false true false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI057396 2022-12-01 2023-11-30 NI057396 2023-11-30 NI057396 2022-11-30 NI057396 2021-12-01 2022-11-30 NI057396 2022-11-30 NI057396 2021-11-30 NI057396 core:PlantMachinery 2022-12-01 2023-11-30 NI057396 core:FurnitureFittings 2022-12-01 2023-11-30 NI057396 core:MotorVehicles 2022-12-01 2023-11-30 NI057396 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 NI057396 bus:Director1 2022-12-01 2023-11-30 NI057396 core:PlantMachinery 2022-11-30 NI057396 core:FurnitureFittings 2022-11-30 NI057396 core:PlantMachinery 2023-11-30 NI057396 core:FurnitureFittings 2023-11-30 NI057396 core:WithinOneYear 2023-11-30 NI057396 core:WithinOneYear 2022-11-30 NI057396 core:ShareCapital 2023-11-30 NI057396 core:ShareCapital 2022-11-30 NI057396 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI057396 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI057396 core:PlantMachinery 2022-11-30 NI057396 bus:Director1 2022-11-30 NI057396 bus:Director1 2023-11-30 NI057396 bus:Director1 2021-11-30 NI057396 bus:Director1 2022-11-30 NI057396 bus:Director1 2021-12-01 2022-11-30 NI057396 bus:SmallEntities 2022-12-01 2023-11-30 NI057396 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI057396 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI057396 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI057396 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: NI057396
Glenbrook Agri Ltd
Filleted Unaudited Financial Statements
30 November 2023
Glenbrook Agri Ltd
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Glenbrook Agri Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenbrook Agri Ltd for the year ended 30 November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Glenbrook Agri Ltd in accordance with the terms of our engagement letter dated 11 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Glenbrook Agri Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenbrook Agri Ltd and its director for our work or for this report.
It is your duty to ensure that Glenbrook Agri Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glenbrook Agri Ltd. You consider that Glenbrook Agri Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Glenbrook Agri Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
JOSEPH MURRAY LIMITED Chartered accountants
30b MARKET SQUARE DROMORE CO. DOWN BT25 1AW
12 April 2024
Glenbrook Agri Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
67,363
52,270
Current assets
Stocks
44,273
47,108
Debtors
6
229,219
219,228
Cash at bank and in hand
220,628
152,539
---------
---------
494,120
418,875
Creditors: amounts falling due within one year
7
150,741
142,388
---------
---------
Net current assets
343,379
276,487
---------
---------
Total assets less current liabilities
410,742
328,757
---------
---------
Net assets
410,742
328,757
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
410,740
328,755
---------
---------
Shareholder funds
410,742
328,757
---------
---------
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glenbrook Agri Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
Mr E ROLESTON
Director
Company registration number: NI057396
Glenbrook Agri Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Finnis Road, Dromara, Dromore, Co. Down, BT25 2EJ.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
Revenue recognition
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
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.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022
94,635
3,439
98,074
Additions
38,850
38,850
---------
-------
---------
At 30 November 2023
133,485
3,439
136,924
---------
-------
---------
Depreciation
At 1 December 2022
42,365
3,439
45,804
Charge for the year
23,757
23,757
---------
-------
---------
At 30 November 2023
66,122
3,439
69,561
---------
-------
---------
Carrying amount
At 30 November 2023
67,363
67,363
---------
-------
---------
At 30 November 2022
52,270
52,270
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
226,895
219,020
Other debtors
2,324
208
---------
---------
229,219
219,228
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,480
73,362
Corporation tax
9,264
13,555
Social security and other taxes
1,600
3,582
Other creditors
35,397
51,889
---------
---------
150,741
142,388
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr E ROLESTON
( 49,889)
( 3,100)
19,992
( 32,997)
--------
-------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr E ROLESTON
( 56,731)
( 23,420)
30,262
( 49,889)
--------
--------
--------
--------
9. Related party transactions
The company was under the control of Mr E Roleston throughout the current and previous year as the sole director. The company is jointly owned by Mr E Roleston and his wife, Mrs Jemma Roleston FCA. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.