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REGISTERED NUMBER: NI684193 (Northern Ireland)













Clogharevan Farm Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024






Clogharevan Farm Ltd (Registered number: NI684193)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 4


Clogharevan Farm Ltd

Company Information
for the Year Ended 30 April 2024







Director: Mr R Murphy





Registered office: 20 Clogharevan Road
Bessbrook
Newry
Co Down
BT35 7BH





Registered number: NI684193 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Clogharevan Farm Ltd (Registered number: NI684193)

Statement of Financial Position
30 April 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 154,174 162,105
Investments 5 65,400 65,400
219,574 227,505

Current assets
Inventories 6 78,180 58,980
Debtors 7 63,529 56,333
Cash at bank and in hand 100 48,697
141,809 164,010
Creditors
Amounts falling due within one year 8 (223,230 ) (298,502 )
Net current liabilities (81,421 ) (134,492 )
Total assets less current liabilities 138,153 93,013

Creditors
Amounts falling due after more than one
year

9

(21,572

)

-

Provisions for liabilities 10 (38,210 ) (38,074 )
Net assets 78,371 54,939

Capital and reserves
Called up share capital 11 100 100
Retained earnings 78,271 54,839
Shareholders' funds 78,371 54,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

Clogharevan Farm Ltd (Registered number: NI684193)

Statement of Financial Position - continued
30 April 2024


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





Mr R Murphy - Director


Clogharevan Farm Ltd (Registered number: NI684193)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. Statutory information

Clogharevan Farm Ltd 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 as modified by the revaluation of certain assets.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Clogharevan Farm Ltd (Registered number: NI684193)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 May 2023 210,859
Additions 35,000
Disposals (1,200 )
At 30 April 2024 244,659
Depreciation
At 1 May 2023 48,754
Charge for year 42,031
Eliminated on disposal (300 )
At 30 April 2024 90,485
Net book value
At 30 April 2024 154,174
At 30 April 2023 162,105

Clogharevan Farm Ltd (Registered number: NI684193)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. Fixed asset investments
Herd
£
Cost
At 1 May 2023
and 30 April 2024 65,400
Net book value
At 30 April 2024 65,400
At 30 April 2023 65,400

6. Inventories
2024 2023
£ £
Inventories 78,180 58,980

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 48,815 40,893
VAT 14,714 15,440
63,529 56,333

8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 14,270 -
Hire purchase contracts 9,278 4,299
Trade creditors 88,210 73,539
Tax 9,704 27,025
Directors' current accounts 71,006 155,877
Accruals and deferred income 30,762 37,762
223,230 298,502

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts 21,572 -

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 38,210 38,074

Deferred tax
£
Balance at 1 May 2023 38,074
Charge to Statement of income and retained earnings during year 136
Balance at 30 April 2024 38,210

Clogharevan Farm Ltd (Registered number: NI684193)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary Shares 1 100 100

12. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£ £
Mr R Murphy
Balance outstanding at start of year 155,877 -
Amounts advanced 67,292 315,516
Amounts repaid (152,163 ) (159,639 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 71,006 155,877