S.H. Long Produce Ltd NI034826 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the growing and sale of arable farm products Digita Accounts Production Advanced 6.30.9574.0 true true NI034826 2023-04-01 2024-03-31 NI034826 2024-03-31 NI034826 bus:OrdinaryShareClass1 2024-03-31 NI034826 bus:OrdinaryShareClass2 2024-03-31 NI034826 core:CurrentFinancialInstruments 2024-03-31 NI034826 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI034826 core:FurnitureFittingsToolsEquipment 2024-03-31 NI034826 core:LandBuildings 2024-03-31 NI034826 core:MotorVehicles 2024-03-31 NI034826 core:OtherPropertyPlantEquipment 2024-03-31 NI034826 bus:SmallEntities 2023-04-01 2024-03-31 NI034826 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI034826 bus:FilletedAccounts 2023-04-01 2024-03-31 NI034826 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI034826 bus:RegisteredOffice 2023-04-01 2024-03-31 NI034826 bus:Director1 2023-04-01 2024-03-31 NI034826 bus:Director2 2023-04-01 2024-03-31 NI034826 bus:Director3 2023-04-01 2024-03-31 NI034826 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI034826 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 NI034826 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI034826 bus:Agent1 2023-04-01 2024-03-31 NI034826 core:FurnitureFittings 2023-04-01 2024-03-31 NI034826 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI034826 core:LandBuildings 2023-04-01 2024-03-31 NI034826 core:MotorVehicles 2023-04-01 2024-03-31 NI034826 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI034826 core:PlantMachinery 2023-04-01 2024-03-31 NI034826 countries:NorthernIreland 2023-04-01 2024-03-31 NI034826 2023-03-31 NI034826 core:FurnitureFittingsToolsEquipment 2023-03-31 NI034826 core:LandBuildings 2023-03-31 NI034826 core:MotorVehicles 2023-03-31 NI034826 core:OtherPropertyPlantEquipment 2023-03-31 NI034826 2022-04-01 2023-03-31 NI034826 2023-03-31 NI034826 bus:OrdinaryShareClass1 2023-03-31 NI034826 bus:OrdinaryShareClass2 2023-03-31 NI034826 core:CurrentFinancialInstruments 2023-03-31 NI034826 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI034826 core:FurnitureFittingsToolsEquipment 2023-03-31 NI034826 core:LandBuildings 2023-03-31 NI034826 core:MotorVehicles 2023-03-31 NI034826 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI034826

S.H. Long Produce Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

S.H. Long Produce Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

S.H. Long Produce Ltd

Company Information

Directors

Mr Samuel Long

Mrs Helen Long

Mr Samuel Hugh John Long

Registered office

33 Ballycreely Road
Comber
Co Down
BT23 5PX

Accountants

Hamilton Morris Waugh
Chartered Certified Accountants
34 Dufferin Avenue
Bangor
Down
BT20 3AA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S.H. Long Produce Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S.H. Long Produce Ltd for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of S.H. Long Produce Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of S.H. Long Produce Ltd and state those matters that we have agreed to state to the Board of Directors of S.H. Long Produce Ltd, as a body, in this report and for no other reason. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.H. Long Produce Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S.H. Long Produce Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S.H. Long Produce Ltd. You consider that S.H. Long Produce 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 accounts of S.H. Long Produce 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 accounts.

......................................

Hamilton Morris Waugh
Chartered Certified Accountants
34 Dufferin Avenue
Bangor
Down
BT20 3AA

23 August 2024

 

S.H. Long Produce Ltd

(Registration number: NI034826)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,107,351

6,091,306

Current assets

 

Stocks

5

461,413

557,104

Debtors

6

248,241

447,332

Cash at bank and in hand

 

4,723,322

3,851,641

 

5,432,976

4,856,077

Prepayments and accrued income

 

55,237

9,786

Creditors: Amounts falling due within one year

(663,608)

(535,441)

Net current assets

 

4,824,605

4,330,422

Total assets less current liabilities

 

10,931,956

10,421,728

Provisions for liabilities

(389,648)

(295,909)

Accruals and deferred income

 

(7,701)

(2,811)

Net assets

 

10,534,607

10,123,008

Capital and reserves

 

Called up share capital

7

3

3

Retained earnings

10,534,604

10,123,005

Shareholders' funds

 

10,534,607

10,123,008

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

S.H. Long Produce Ltd

(Registration number: NI034826)
Abridged Balance Sheet as at 31 March 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

.........................................
Mr Samuel Long
Director

 

S.H. Long Produce Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
33 Ballycreely Road
Comber
Co Down
BT23 5PX
Northern Ireland

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

S.H. Long Produce Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Impairment review

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

S.H. Long Produce Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

S.H. Long Produce Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

5,619,359

5,014

344,296

1,285,103

7,253,772

Additions

-

-

-

142,095

142,095

At 31 March 2024

5,619,359

5,014

344,296

1,427,198

7,395,867

Depreciation

At 1 April 2023

-

4,748

279,503

878,215

1,162,466

Charge for the year

-

53

16,197

109,800

126,050

At 31 March 2024

-

4,801

295,700

988,015

1,288,516

Carrying amount

At 31 March 2024

5,619,359

213

48,596

439,183

6,107,351

At 31 March 2023

5,619,359

266

64,793

406,888

6,091,306

Included within the net book value of land and buildings above is £5,619,359 (2023 - £5,619,359) in respect of freehold land and buildings.
 

 

S.H. Long Produce Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

89,263

141,153

Finished goods and goods for resale

372,150

415,951

461,413

557,104

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary B share of £1 each

1

1

1

1

3

3

3

3