Caugherty Farm Ltd NI628616 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is poultry farming and sheep farming Digita Accounts Production Advanced 6.30.9574.0 true true NI628616 2023-02-01 2024-01-31 NI628616 2024-01-31 NI628616 bus:OrdinaryShareClass1 2024-01-31 NI628616 core:CurrentFinancialInstruments 2024-01-31 NI628616 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 NI628616 core:Non-currentFinancialInstruments 2024-01-31 NI628616 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 NI628616 core:ConstructionInProgressAssetsUnderConstruction 2024-01-31 NI628616 core:FurnitureFittingsToolsEquipment 2024-01-31 NI628616 core:LandBuildings 2024-01-31 NI628616 core:MotorVehicles 2024-01-31 NI628616 bus:SmallEntities 2023-02-01 2024-01-31 NI628616 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI628616 bus:FilletedAccounts 2023-02-01 2024-01-31 NI628616 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI628616 bus:RegisteredOffice 2023-02-01 2024-01-31 NI628616 bus:Director1 2023-02-01 2024-01-31 NI628616 bus:Director2 2023-02-01 2024-01-31 NI628616 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI628616 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI628616 core:ConstructionInProgressAssetsUnderConstruction 2023-02-01 2024-01-31 NI628616 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI628616 core:LandBuildings 2023-02-01 2024-01-31 NI628616 core:MotorVehicles 2023-02-01 2024-01-31 NI628616 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 NI628616 core:PlantMachinery 2023-02-01 2024-01-31 NI628616 countries:NorthernIreland 2023-02-01 2024-01-31 NI628616 2023-01-31 NI628616 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 NI628616 core:FurnitureFittingsToolsEquipment 2023-01-31 NI628616 core:LandBuildings 2023-01-31 NI628616 core:MotorVehicles 2023-01-31 NI628616 2022-02-01 2023-01-31 NI628616 2023-01-31 NI628616 bus:OrdinaryShareClass1 2023-01-31 NI628616 core:CurrentFinancialInstruments 2023-01-31 NI628616 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 NI628616 core:Non-currentFinancialInstruments 2023-01-31 NI628616 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 NI628616 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 NI628616 core:FurnitureFittingsToolsEquipment 2023-01-31 NI628616 core:LandBuildings 2023-01-31 NI628616 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI628616

Caugherty Farm Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Caugherty Farm Ltd

(Registration number: NI628616)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

459,719

483,539

Current assets

 

Stocks

5

19,620

55,580

Debtors

6

21,380

25,772

Cash at bank and in hand

 

48,063

59,420

 

89,063

140,772

Creditors: Amounts falling due within one year

7

(135,918)

(180,308)

Net current liabilities

 

(46,855)

(39,536)

Total assets less current liabilities

 

412,864

444,003

Creditors: Amounts falling due after more than one year

7

(209,315)

(276,779)

Provisions for liabilities

(30,864)

(24,410)

Net assets

 

172,685

142,814

Capital and reserves

 

Called up share capital

8

25,000

25,000

Retained earnings

147,685

117,814

Shareholders' funds

 

172,685

142,814

For the financial year ending 31 January 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 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.

 

Caugherty Farm Ltd

(Registration number: NI628616)
Balance Sheet as at 31 January 2024

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.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Derek O'Melvena
Director

.........................................
Mrs Catherine O'Melvena
Director

 

Caugherty Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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: 20 Lisnamurrican Road, Broughshane, Co. Antrim, BT42 4QG.

These financial statements were authorised for issue by the Board on 14 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 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.

Government grants

Revenue grants are accounted for under the performance model. Revenue grants that do not impose specified future performance - related conditions are recognised when grant proceeds are received or receivable.

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.

 

Caugherty Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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

Equipment

10% straight line

Motor vehicles

20% straight line

Broiler houses

4% straight line

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.

Short-term 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.

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.

 

Caugherty Farm Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Caugherty Farm Ltd

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

4

Tangible assets

Land
£

Equipment
 £

Motor vehicles
 £

Broiler houses
 £

Total
£

Cost or valuation

At 1 February 2023

22,031

201,298

6,100

518,486

747,915

Additions

-

12,278

7,500

-

19,778

At 31 January 2024

22,031

213,576

13,600

518,486

767,693

Depreciation

At 1 February 2023

-

123,472

6,100

134,804

264,376

Charge for the year

-

21,359

1,500

20,739

43,598

At 31 January 2024

-

144,831

7,600

155,543

307,974

Carrying amount

At 31 January 2024

22,031

68,745

6,000

362,943

459,719

At 31 January 2023

22,031

77,826

-

383,682

483,539

 

Caugherty Farm Ltd

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

5

Stocks

2024
£

2023
£

Stock of livestock and feed

19,620

55,580

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,257

20,566

Other debtors

6,123

5,206

 

21,380

25,772

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank borrowings

9

71,136

74,807

Trade creditors

 

-

26,860

Other creditors and accruals

 

30,650

26,910

Directors' current account

 

34,132

51,731

 

135,918

180,308

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

       
 

Caugherty Farm Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

209,315

276,779

Current loans and borrowings

2024
£

2023
£

Bank borrowings

71,136

74,807



Of the total bank borrowings of £280,451, £243,200 is secured by a floating charge over the company's assets and £37,251 is secured by the UK Government under the Bounce Back Scheme.

10

Related party transactions

2024
£

2023
£

Directors' current account

(34,132)

(51,731)