29 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1 1 1 xbrli:pure xbrli:shares iso4217:GBP NI022775 2023-01-01 2023-12-31 NI022775 2023-12-31 NI022775 2022-12-31 NI022775 2022-01-01 2022-12-31 NI022775 2022-12-31 NI022775 2021-12-31 NI022775 core:PlantMachinery 2023-01-01 2023-12-31 NI022775 core:FurnitureFittings 2023-01-01 2023-12-31 NI022775 core:MotorVehicles 2023-01-01 2023-12-31 NI022775 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 NI022775 bus:Director1 2023-01-01 2023-12-31 NI022775 bus:Director2 2023-01-01 2023-12-31 NI022775 core:LandBuildings 2022-12-31 NI022775 core:PlantMachinery 2022-12-31 NI022775 core:FurnitureFittings 2022-12-31 NI022775 core:MotorVehicles 2022-12-31 NI022775 core:LandBuildings 2023-12-31 NI022775 core:PlantMachinery 2023-12-31 NI022775 core:FurnitureFittings 2023-12-31 NI022775 core:MotorVehicles 2023-12-31 NI022775 core:LandBuildings 2023-01-01 2023-12-31 NI022775 core:WithinOneYear 2023-12-31 NI022775 core:WithinOneYear 2022-12-31 NI022775 core:AfterOneYear 2023-12-31 NI022775 core:AfterOneYear 2022-12-31 NI022775 core:UKTax 2023-01-01 2023-12-31 NI022775 core:UKTax 2022-01-01 2022-12-31 NI022775 core:ShareCapital 2023-12-31 NI022775 core:ShareCapital 2022-12-31 NI022775 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI022775 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI022775 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 NI022775 core:Non-currentFinancialInstruments 2023-12-31 NI022775 core:Non-currentFinancialInstruments 2022-12-31 NI022775 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI022775 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI022775 core:LandBuildings 2022-12-31 NI022775 core:PlantMachinery 2022-12-31 NI022775 core:FurnitureFittings 2022-12-31 NI022775 core:MotorVehicles 2022-12-31 NI022775 bus:SmallEntities 2023-01-01 2023-12-31 NI022775 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI022775 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI022775 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI022775 bus:FullAccounts 2023-01-01 2023-12-31 NI022775 core:OfficeEquipment 2023-01-01 2023-12-31 NI022775 core:OfficeEquipment 2022-12-31 NI022775 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: NI022775
HANNAN MEATS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
HANNAN MEATS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
HANNAN MEATS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HANNAN MEATS LIMITED
YEAR ENDED 31 DECEMBER 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & CO LTD. Chartered Accountants
23 Church Place Lurgan Co Armagh BT66 6EY
24 September 2024
HANNAN MEATS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
514,209
387,035
Investments
7
1
1
---------
---------
514,210
387,036
CURRENT ASSETS
Stocks
487,540
434,358
Debtors
8
1,545,591
1,148,716
Cash at bank and in hand
2,778,525
2,319,129
------------
------------
4,811,656
3,902,203
CREDITORS: amounts falling due within one year
9
1,445,790
896,722
------------
------------
NET CURRENT ASSETS
3,365,866
3,005,481
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,880,076
3,392,517
CREDITORS: amounts falling due after more than one year
10
44,615
21,085
PROVISIONS
Taxation including deferred tax
39,248
16,403
------------
------------
NET ASSETS
3,796,213
3,355,029
------------
------------
CAPITAL AND RESERVES
Called up share capital
20,000
20,000
Profit and loss account
3,776,213
3,335,029
------------
------------
SHAREHOLDERS FUNDS
3,796,213
3,355,029
------------
------------
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 December 2023 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 .
HANNAN MEATS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr Peter Hannan
Mrs Joyce Hannan
Director
Director
Company registration number: NI022775
HANNAN MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 9, Moira Industrial Estate, Old Kilmore Road, Moira.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
25% straight line
Equipment
-
15% straight line
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 29 (2022: 28 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
319,546
67,337
Deferred tax:
Origination and reversal of timing differences
22,845
( 4,854)
---------
--------
Tax on profit
342,391
62,483
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
933,575
559,316
---------
---------
Profit on ordinary activities by rate of tax
219,390
106,270
Adjustment to tax charge in respect of prior periods
99,588
( 10,636)
Effect of expenses not deductible for tax purposes
29,990
20,213
Effect of capital allowances and depreciation
( 29,422)
1,332
Research & Development enhanced deduction
( 49,842)
Deferred Tax
22,845
( 4,854)
---------
---------
Tax on profit
342,391
62,483
---------
---------
6. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
181,697
665,237
190,490
144,730
48,111
1,230,265
Additions
3,146
121,801
115
84,145
209,207
Disposals
( 101,450)
( 101,450)
---------
---------
---------
---------
--------
------------
At 31 Dec 2023
184,843
787,038
190,605
127,425
48,111
1,338,022
---------
---------
---------
---------
--------
------------
Depreciation
At 1 Jan 2023
506,728
176,718
111,705
48,079
843,230
Charge for the year
36,894
7,794
19,763
32
64,483
Disposals
( 83,900)
( 83,900)
---------
---------
---------
---------
--------
------------
At 31 Dec 2023
543,622
184,512
47,568
48,111
823,813
---------
---------
---------
---------
--------
------------
Carrying amount
At 31 Dec 2023
184,843
243,416
6,093
79,857
514,209
---------
---------
---------
---------
--------
------------
At 31 Dec 2022
181,697
158,509
13,772
33,025
32
387,035
---------
---------
---------
---------
--------
------------
7. INVESTMENTS
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
8. DEBTORS
2023
2022
£
£
Trade debtors
820,051
579,289
Other debtors
725,540
569,427
------------
------------
1,545,591
1,148,716
------------
------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
723,097
570,321
Corporation tax
372,294
98,468
Social security and other taxes
36,388
13,668
Other creditors
314,011
214,265
------------
---------
1,445,790
896,722
------------
---------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
44,615
21,085
--------
--------
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
39,248
16,403
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
39,248
16,403
--------
--------
12. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in creditors:
Deferred government grants due within one year
13,882
19,587
--------
--------
Recognised in other operating income:
Government grants released to profit or loss
5,705
7,590
-------
-------
13. CONTINGENCIES
During the year to 31st December 2018 the Company was successful in applying for a capital grant from Invest NI which may be repayable at any time within 5 years of the payment of the grant if certain circumstances occur which constitute a default event. The total Grant amount was £5,780.60. During the year to 31st December 2022 the Company was successful in applying for a capital grant from Invest NI which may be repayable at any time within 5 years of the payment of the grant if certain circumstances occur which constitute a default event. The total Grant amount was £23,137.50.
14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end a balance of £654,338 was owed to the company by the directors. Interest is charged daily at the official rate of 2.25%. The liability was partially cleared subsequent to the year end by dividends of £185,000.00.
15. RELATED PARTY TRANSACTIONS
All transactions with related parties have been in the company's normal course of business and at open market value. Mr. Peter Hannan is a Director of En Place Foods (UK) Ltd a wholly owned subsidiary of Hannan Meats Limited. At the year end En Place Foods (UK) Ltd owes Hannan Meats Limited £100,000. Mr. Peter Hannan is a Director and Shareholder in Craic Foods Limited. At the year end Craic Foods Limited owes Hannan Meats Limited £55,000.