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Registration number: NI678560

Heaney Poultry Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Heaney Poultry Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Heaney Poultry Ltd

Company Information

Directors

Mr Paul McGlade

Mrs Teresa McGlade

Registered office

43 Cullion Road
Rathfriland
Newry
BT34 5BA

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Heaney Poultry Ltd

(Registration number: NI678560)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,415

28,553

Current assets

 

Debtors

5

5,995

8,704

Cash at bank and in hand

 

91,878

26,866

 

97,873

35,570

Creditors: Amounts falling due within one year

6

(58,983)

(18,243)

Net current assets

 

38,890

17,327

Total assets less current liabilities

 

60,305

45,880

Provisions for liabilities

(1,425)

-

Net assets

 

58,880

45,880

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

58,780

45,780

Shareholders' funds

 

58,880

45,880

For the financial year ending 30 April 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 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.

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.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr Paul McGlade
Director

.........................................
Mrs Teresa McGlade
Director

 
     
 

Heaney Poultry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
43 Cullion Road
Rathfriland
Newry
BT34 5BA

These financial statements were authorised for issue by the Board on 25 September 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.

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 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.

 

Heaney Poultry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 & MAchinery

25% Reducing Balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Heaney Poultry Ltd

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

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).

 

Heaney Poultry Ltd

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

38,071

38,071

At 30 April 2024

38,071

38,071

Depreciation

At 1 May 2023

9,518

9,518

Charge for the year

7,138

7,138

At 30 April 2024

16,656

16,656

Carrying amount

At 30 April 2024

21,415

21,415

At 30 April 2023

28,553

28,553

5

Debtors

Current

2024
£

2023
£

Other debtors

5,995

8,704

 

5,995

8,704

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

371

-

Taxation and social security

16,425

10,795

Accruals and deferred income

4,503

1,800

Other creditors

37,684

5,648

58,983

18,243

7

Share capital

Allotted, called up and fully paid shares

 

Heaney Poultry Ltd

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

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £400.00 (2023 - £240.00) per each Ordinary share

40,000

24,000

 

 

9

Related party transactions

 

Heaney Poultry Ltd

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

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Paul McGlade

Directors loan account

5,648

(56,660)

88,696

37,684

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Paul McGlade

Directors loan account

(46,618)

(64,252)

116,518

5,648

 

Heaney Poultry Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

21,450

Dividends paid to directors

2024
£

2023
£

Mrs Teresa McGlade

Dividends

20,000

12,000

 

 

Mr Paul McGlade

Dividends

20,000

12,000