Company Registration No. NI054181 (Northern Ireland)
Hillkirk Farms Ltd
Unaudited accounts
for the year ended 31 March 2024
Hillkirk Farms Ltd
Unaudited accounts
Contents
Hillkirk Farms Ltd
Company Information
for the year ended 31 March 2024
Directors
Brian Kirkland
Jennifer Kirkland
Company Number
NI054181 (Northern Ireland)
Registered Office
1 Church Street
Fintona
Omagh
Tyrone
BT78 2BR
Northern Ireland
Accountants
A D Pottie & Co Ltd
1 Church Street
Fintona
Tyrone
BT78 2BR
Hillkirk Farms Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
2,565,560
2,359,344
Inventories
250,964
212,422
Cash at bank and in hand
155,569
325
Creditors: amounts falling due within one year
(530,284)
(541,052)
Net current assets/(liabilities)
77,874
(110,923)
Total assets less current liabilities
2,643,434
2,248,421
Creditors: amounts falling due after more than one year
(864,237)
(998,080)
Provisions for liabilities
Deferred tax
(87,780)
(87,780)
Net assets
1,691,417
1,162,561
Called up share capital
1,000
1,000
Profit and loss account
1,690,417
1,161,561
Shareholders' funds
1,691,417
1,162,561
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by
Brian Kirkland
Director
Company Registration No. NI054181
Hillkirk Farms Ltd
Notes to the Accounts
for the year ended 31 March 2024
Hillkirk Farms Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI054181. The registered office is 1 Church Street, Fintona, Omagh, Tyrone, BT78 2BR, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Freehold - Over 50 Years. Leasehold - Over Lease Term
Plant & machinery
10% Straight Line
Fixtures & fittings
10% Straight Line
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Hillkirk Farms Ltd
Notes to the Accounts
for the year ended 31 March 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
2,250,489
1,710,460
4,250
3,965,199
Additions
-
278,451
1,742
280,193
Disposals
-
(16,000)
-
(16,000)
At 31 March 2024
2,250,489
1,972,911
5,992
4,229,392
At 1 April 2023
259,746
1,345,684
425
1,605,855
Charge for the year
-
65,978
599
66,577
On disposals
-
(8,600)
-
(8,600)
At 31 March 2024
259,746
1,403,062
1,024
1,663,832
At 31 March 2024
1,990,743
569,849
4,968
2,565,560
At 31 March 2023
1,990,743
364,776
3,825
2,359,344
Amounts falling due within one year
Trade debtors
189,165
207,547
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
108,706
195,081
Obligations under finance leases and hire purchase contracts
60,198
-
Trade creditors
173,191
169,175
Taxes and social security
118,730
26,331
Loans from directors
69,250
150,465
Hillkirk Farms Ltd
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
724,650
884,764
Obligations under finance leases and hire purchase contracts
139,587
113,316
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).