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REGISTERED NUMBER: NI040865 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CABRAGH MUSHROOM COMPOSTS LIMITED

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


CABRAGH MUSHROOM COMPOSTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: S McKew



REGISTERED OFFICE: 23 Cabragh Road
Tandragee
Craigavon
Co. Armagh
BT62 2HL



REGISTERED NUMBER: NI040865 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: Danske Bank
45-48 High Street
Portadown
BT62 1LB



SOLICITORS: Shean Dickson Merrick Solicitors
38-42 Hill Street
Belfast
BT1 2LB

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,807,975 2,014,646
Investment property 5 519,956 519,956
2,327,931 2,534,602

CURRENT ASSETS
Stocks 6 265,920 245,864
Debtors 7 296,182 215,988
Cash at bank 51,046 126,611
613,148 588,463
CREDITORS
Amounts falling due within one year 8 1,409,988 1,249,293
NET CURRENT LIABILITIES (796,840 ) (660,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,531,091

1,873,772

CREDITORS
Amounts falling due after more than one
year

9

(411,698

)

(561,425

)

PROVISIONS FOR LIABILITIES (156,843 ) (156,843 )

ACCRUALS AND DEFERRED INCOME (5,157 ) (9,070 )
NET ASSETS 957,393 1,146,434

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

BALANCE SHEET - continued
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 91,001 91,001
Share premium 89,000 89,000
Capital redemption reserve 9,000 9,000
Retained earnings 768,392 957,433
SHAREHOLDERS' FUNDS 957,393 1,146,434

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 director acknowledges his 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.

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 authorised for issue by the director and authorised for issue on 31 July 2024 and were signed by:





S McKew - Director


CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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


1. STATUTORY INFORMATION

Cabragh Mushroom Composts 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

At year end the balance sheet shows net current liabilities of £796,840. The director has reviewed the company's forecasts and projections and concluded the company has adequate resources to continue in operational existence for a period of at least 12 months from the approval of the financial statements and believe the company has the ability to meet their liabilities as they fall due. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

- Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.

- Valuation of work in progress

When calculating the value of work in progress, management considers the stage of completion and the estimated realisable value. The level of work in progress is reviewed on an on-going basis.

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

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 10% on cost
Fixtures, fittings & equipment - 25% on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.


CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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


4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings Motor
property machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 2,062,402 2,707,838 93,768 70,468 4,934,476
Additions - 96,285 - - 96,285
At 31 October 2023 2,062,402 2,804,123 93,768 70,468 5,030,761
DEPRECIATION
At 1 November 2022 966,984 1,807,820 85,991 59,035 2,919,830
Charge for year 84,830 214,944 324 2,858 302,956
At 31 October 2023 1,051,814 2,022,764 86,315 61,893 3,222,786
NET BOOK VALUE
At 31 October 2023 1,010,588 781,359 7,453 8,575 1,807,975
At 31 October 2022 1,095,418 900,018 7,777 11,433 2,014,646

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 519,956
NET BOOK VALUE
At 31 October 2023 519,956
At 31 October 2022 519,956

6. STOCKS
31.10.23 31.10.22
£    £   
Raw materials 30,720 58,716
Work-in-progress 235,200 187,148
265,920 245,864

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 174,669 123,157
Other debtors 121,513 92,831
296,182 215,988

CABRAGH MUSHROOM COMPOSTS LIMITED (REGISTERED NUMBER: NI040865)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 163,315 164,897
Hire purchase contracts 77,272 77,272
Trade creditors 1,000,420 831,655
Taxation and social security 47,105 75,968
Other creditors 121,876 99,501
1,409,988 1,249,293

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 340,454 486,192
Hire purchase contracts 71,244 75,233
411,698 561,425

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years b y instalment - 16,655

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 502,173 647,911

Bank loans are secured by way of a mortgage over all moneys and liabilities now or at any time hereafter due owing or incurred to the Bank by the Company in any way whatsoever and a floating charge over all book debts -all monies.

Other loans are secured by way of a debenture, an assignment of life policy, and a deed of priorities.

Hire purchases contracts are secured over the assets to which they relate.