Kilmoyle Farm Services Limited NI639488 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the supply of agricultural products and services Digita Accounts Production Advanced 6.30.9574.0 true true NI639488 2023-04-01 2024-03-31 NI639488 2024-03-31 NI639488 bus:OrdinaryShareClass1 2024-03-31 NI639488 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI639488 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI639488 core:CurrentFinancialInstruments 2024-03-31 NI639488 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI639488 core:Non-currentFinancialInstruments 2024-03-31 NI639488 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI639488 core:OtherPropertyPlantEquipment 2024-03-31 NI639488 core:PlantMachinery 2024-03-31 NI639488 bus:SmallEntities 2023-04-01 2024-03-31 NI639488 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI639488 bus:FilletedAccounts 2023-04-01 2024-03-31 NI639488 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI639488 bus:RegisteredOffice 2023-04-01 2024-03-31 NI639488 bus:Director1 2023-04-01 2024-03-31 NI639488 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI639488 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI639488 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-04-01 2024-03-31 NI639488 core:LandBuildings 2023-04-01 2024-03-31 NI639488 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI639488 core:PlantMachinery 2023-04-01 2024-03-31 NI639488 countries:NorthernIreland 2023-04-01 2024-03-31 NI639488 2023-03-31 NI639488 core:OtherPropertyPlantEquipment 2023-03-31 NI639488 2022-04-01 2023-03-31 NI639488 2023-03-31 NI639488 bus:OrdinaryShareClass1 2023-03-31 NI639488 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI639488 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI639488 core:CurrentFinancialInstruments 2023-03-31 NI639488 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI639488 core:Non-currentFinancialInstruments 2023-03-31 NI639488 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI639488 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI639488

Kilmoyle Farm Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Kilmoyle Farm Services Limited

(Registration number: NI639488)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

200,103

92,282

Current assets

 

Stocks

5

70,600

69,500

Creditors: Amounts falling due within one year

6

(146,418)

(200,851)

Net current liabilities

 

(75,818)

(131,351)

Total assets less current liabilities

 

124,285

(39,069)

Creditors: Amounts falling due after more than one year

6

(63,215)

(77,355)

Provisions for liabilities

(22,555)

-

Net assets/(liabilities)

 

38,515

(116,424)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

38,513

(116,426)

Shareholders' funds/(deficit)

 

38,515

(116,424)

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

Kilmoyle Farm Services Limited

(Registration number: NI639488)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr James Blair
Director

 

Kilmoyle Farm Services Limited

Notes to the Unaudited 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: 7 Kilmoyle Road, Ballymoney, Co Antrim, BT53 6NR.

These financial statements were authorised for issue by the Board on 9 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 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 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 Company's total liabilities are more than the book value of the assets. Nevertheless, the directors consider it appropriate to prepare the financial statements on a going concern basis. The company incurred an exceptional expense of £134,791 during the Year Ended 31st March 2022. Since then the company has returned to profitability. The directors expect that profitability will be maintained in future years.

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 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.

Tax

The tax expense for the period comprises 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.

 

Kilmoyle Farm Services Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

20% reducing balance

Trade debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Kilmoyle Farm Services Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Kilmoyle Farm Services Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

245,149

245,149

Additions

40,500

40,500

Disposals

(27,250)

(27,250)

At 31 March 2024

258,399

258,399

Depreciation

At 1 April 2023

152,867

152,867

Charge for the year

23,764

23,764

Eliminated on disposal

(13,298)

(13,298)

Revaluation

(105,037)

(105,037)

At 31 March 2024

58,296

58,296

Carrying amount

At 31 March 2024

200,103

200,103

At 31 March 2023

92,282

92,282

Revaluation

The fair value of the company's Plant and Machinery was revalued on 31 March 2024

5

Stocks

2024
£

2023
£

Stock

70,600

69,500

 

Kilmoyle Farm Services Limited

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

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Hire purchase liabilities and other borrowings

9

47,051

63,693

Trade creditors

 

-

13,000

Taxation and social security

 

56,374

65,904

Directors current account

 

710

15,821

Accruals

 

42,283

42,433

 

146,418

200,851

Due after one year

 

Hire purchase liabilities and other borrowings

9

63,215

77,355

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus on plant and equipment revaluaton

105,037

105,037

 

Kilmoyle Farm Services Limited

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

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,479

22,817

Hire purchase

50,736

54,538

63,215

77,355

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,900

9,500

Bank overdrafts

2,465

15,723

Hire purchase

34,686

38,470

47,051

63,693

10

Related party transactions

The following balance was owed to the director at the year end. No interest is charged in respect of this amount.

2024
 £

2023
 £

Directors current account

710

15,821