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REGISTERED NUMBER: NI022953 (Northern Ireland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

J.F. IRVINE SAWMILLS LIMITED

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J.F. IRVINE SAWMILLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr A F Irvine
Mrs J M O Wilson



SECRETARY: Mrs J M O Wilson



REGISTERED OFFICE: 41 Bodoney Road
TRILLICK
Co. Tyrone
BT78 3SQ



REGISTERED NUMBER: NI022953 (Northern Ireland)



ACCOUNTANTS: R Cathers & Co
Chartered Accountants & Registered Auditors
107 Main Street
FINTONA
Co. Tyrone
BT78 2AH



BANKERS: Ulster Bank
Enniskillen Branch
16 Darling Street
ENNISKILLEN
Co. Fermanagh
BT74 7ER

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 580,764 604,960

CURRENT ASSETS
Stocks 222,750 166,750
Debtors 5 366,431 312,343
Cash at bank and in hand 123,769 197,453
712,950 676,546
CREDITORS
Amounts falling due within one year 6 88,977 79,944
NET CURRENT ASSETS 623,973 596,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,204,737

1,201,562

CREDITORS
Amounts falling due after more than one
year

7

(26,915

)

(37,632

)

PROVISIONS FOR LIABILITIES (17,785 ) (22,268 )
NET ASSETS 1,160,037 1,141,662

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Revaluation reserve 9 65,617 65,617
Retained earnings 1,064,420 1,046,045
SHAREHOLDERS' FUNDS 1,160,037 1,141,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2024 and were signed on its behalf by:




Mr A F Irvine - Director



Mrs J M O Wilson - Director


J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

J.F. Irvine Sawmills Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Sawmill plant - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Sawmill
leasehold machinery plant Totals
£    £    £    £   
COST
At 1 November 2022 328,202 396,782 693,130 1,418,114
Additions - 7,023 - 7,023
At 31 October 2023 328,202 403,805 693,130 1,425,137
DEPRECIATION
At 1 November 2022 - 347,002 466,152 813,154
Charge for year - 8,521 22,698 31,219
At 31 October 2023 - 355,523 488,850 844,373
NET BOOK VALUE
At 31 October 2023 328,202 48,282 204,280 580,764
At 31 October 2022 328,202 49,780 226,978 604,960

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 366,431 312,343

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 44,002 40,793
Taxation and social security 44,675 38,851
Other creditors 300 300
88,977 79,944

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 26,496 36,311
Other creditors 419 1,321
26,915 37,632

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan account 419 1,321

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 26,496 36,311

The overdraft facility is secured with the bank by a debenture by J. F. Irvine Sawmills Ltd and a personal guarantee by the directors.

9. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 65,617

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr A F Irvine
Balance outstanding at start of year (516 ) (417 )
Amounts advanced 38,504 114,901
Amounts repaid (38,000 ) (115,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12 ) (516 )

J.F. IRVINE SAWMILLS LIMITED (REGISTERED NUMBER: NI022953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs J M O Wilson
Balance outstanding at start of year (805 ) (601 )
Amounts advanced 38,398 114,796
Amounts repaid (38,000 ) (115,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (407 ) (805 )

11. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.