17 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,980 10,980 10,980 xbrli:pure xbrli:shares iso4217:GBP NI006324 2023-04-01 2024-03-31 NI006324 2024-03-31 NI006324 2023-03-31 NI006324 2022-04-01 2023-03-31 NI006324 2023-03-31 NI006324 2022-03-31 NI006324 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI006324 core:PlantMachinery 2023-04-01 2024-03-31 NI006324 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI006324 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 NI006324 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 NI006324 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 NI006324 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 NI006324 bus:Director1 2023-04-01 2024-03-31 NI006324 core:LandBuildings 2023-03-31 NI006324 core:PlantMachinery 2023-03-31 NI006324 core:FurnitureFittings 2023-03-31 NI006324 core:LandBuildings 2024-03-31 NI006324 core:PlantMachinery 2024-03-31 NI006324 core:FurnitureFittings 2024-03-31 NI006324 core:LandBuildings 2023-04-01 2024-03-31 NI006324 core:FurnitureFittings 2023-04-01 2024-03-31 NI006324 core:WithinOneYear 2024-03-31 NI006324 core:WithinOneYear 2023-03-31 NI006324 core:AfterOneYear 2024-03-31 NI006324 core:AfterOneYear 2023-03-31 NI006324 core:UKTax 2023-04-01 2024-03-31 NI006324 core:UKTax 2022-04-01 2023-03-31 NI006324 core:ShareCapital 2024-03-31 NI006324 core:ShareCapital 2023-03-31 NI006324 core:CapitalRedemptionReserve 2024-03-31 NI006324 core:CapitalRedemptionReserve 2023-03-31 NI006324 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI006324 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI006324 core:BetweenOneFiveYears 2024-03-31 NI006324 core:BetweenOneFiveYears 2023-03-31 NI006324 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 NI006324 core:Non-currentFinancialInstruments 2024-03-31 NI006324 core:Non-currentFinancialInstruments 2023-03-31 NI006324 core:LandBuildings 2023-03-31 NI006324 core:PlantMachinery 2023-03-31 NI006324 core:FurnitureFittings 2023-03-31 NI006324 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-03-31 NI006324 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 NI006324 core:LeasedAssetsHeldAsLessee 2024-03-31 NI006324 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-03-31 NI006324 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 NI006324 core:LeasedAssetsHeldAsLessee 2023-03-31 NI006324 bus:SmallEntities 2023-04-01 2024-03-31 NI006324 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI006324 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI006324 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI006324 bus:FullAccounts 2023-04-01 2024-03-31 NI006324 bus:AllOrdinaryShares 2024-03-31 NI006324 bus:AllOrdinaryShares 2023-03-31 NI006324 bus:OrdinaryShareClass1 2024-03-31 NI006324 bus:OrdinaryShareClass1 2023-03-31 NI006324 bus:OrdinaryShareClass2 2024-03-31 NI006324 bus:OrdinaryShareClass2 2023-03-31 NI006324 core:OtherPropertyPlantEquipment 2023-03-31 NI006324 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI006324 core:OtherPropertyPlantEquipment 2024-03-31 NI006324 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: NI006324
Dunleath Estates Limited
Filleted Unaudited Financial Statements
31 March 2024
Dunleath Estates Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
4,616,663
3,998,748
Investments
7
10,980
10,980
------------
------------
4,627,643
4,009,728
Current assets
Stocks
361,437
375,724
Debtors
8
1,735,152
1,428,006
Cash at bank and in hand
100
555,276
------------
------------
2,096,689
2,359,006
Creditors: amounts falling due within one year
9
704,053
937,073
------------
------------
Net current assets
1,392,636
1,421,933
------------
------------
Total assets less current liabilities
6,020,279
5,431,661
Creditors: amounts falling due after more than one year
10
1,125,038
601,275
------------
------------
Net assets
4,895,241
4,830,386
------------
------------
Capital and reserves
Called up share capital
12
376,977
376,977
Capital redemption reserve
108,023
108,023
Profit and loss account
4,410,241
4,345,386
------------
------------
Shareholders funds
4,895,241
4,830,386
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dunleath Estates Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
The Lord Dunleath
Director
Company registration number: NI006324
Dunleath Estates Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Estate Office, Ballywalter Park, Newtownards, Co Down, BT22 2PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Freehold and leasehold land and buildings, apart from the dairy complex, have not been depreciated. Livestock have been valued on the herd basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Dairy building
-
2% straight line
Plant & machinery incorporated in dairy
-
5% straight line
Farm improvements
-
10% written down value
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock has been valued at the lower of cost and net realisable value. The cost of consumables is the purchase price. The cost of livestock is the market value less 40%. These bases are consistent with previous years.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 17 ).
5. Tax on profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax (income)/expense
( 56,691)
56,691
--------
--------
Tax on profit
( 56,691)
56,691
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Livestock Herd Basis
Farm Improvements
Total
£
£
£
£
£
Cost
At 1 April 2023
2,432,300
4,428,624
394,741
949,673
8,205,338
Additions
845,613
23,380
38,246
907,239
Disposals
( 200)
( 19,350)
( 29,380)
( 48,930)
------------
------------
---------
---------
------------
At 31 March 2024
2,432,100
5,254,887
388,741
987,919
9,063,647
------------
------------
---------
---------
------------
Depreciation
At 1 April 2023
570,744
2,964,933
670,913
4,206,590
Charge for the year
23,781
196,512
31,701
251,994
Disposals
( 11,600)
( 11,600)
------------
------------
---------
---------
------------
At 31 March 2024
594,525
3,149,845
702,614
4,446,984
------------
------------
---------
---------
------------
Carrying amount
At 31 March 2024
1,837,575
2,105,042
388,741
285,305
4,616,663
------------
------------
---------
---------
------------
At 31 March 2023
1,861,556
1,463,691
394,741
278,760
3,998,748
------------
------------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 March 2024
52,256
41,762
94,018
--------
--------
--------
At 31 March 2023
69,674
55,682
125,356
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
10,980
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
10,980
--------
At 31 March 2023
10,980
--------
Investments represent a holding in Lakeland Dairies (NI) Limited, and is valued at cost.
8. Debtors
2024
2023
£
£
Trade debtors
126,013
130,641
Other debtors
1,609,139
1,297,365
------------
------------
1,735,152
1,428,006
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
320,174
152,000
Trade creditors
319,518
654,466
Corporation tax
22,887
83,938
Social security and other taxes
14,740
12,218
Other creditors
26,734
34,451
---------
---------
704,053
937,073
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,077,272
526,776
Other creditors
47,766
74,499
------------
---------
1,125,038
601,275
------------
---------
The collateral for the loan, as held by the bank, is a legal mortgage over certain agricultural lands at Ballywalter Park Farm, Ballywalter, Co Down.
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
26,734
34,451
Later than 1 year and not later than 5 years
47,766
74,499
--------
---------
74,500
108,950
--------
---------
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
A ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
B ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
C ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
D ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
E ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
F ordinary shares of £1 each
20,000
20,000
20,000
20,000
G ordinary shares of £1 each
520,000
520,000
520,000
520,000
------------
------------
------------
------------
1,000,000
1,000,000
1,000,000
1,000,000
------------
------------
------------
------------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A ordinary shares of £ 1 each
61,727
61,727
61,727
61,727
B ordinary shares of £ 1 each
48,500
48,500
48,500
48,500
G ordinary shares of £1 each
266,750
266,750
266,750
266,750
---------
---------
---------
---------
376,977
376,977
376,977
376,977
---------
---------
---------
---------
13. Contingencies
The company's bankers, The Northern Bank Limited, have guaranteed £30,644 in respect of bonds between the company and the Department of Environment.