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Company registration number: NI606309
M. POULTRY SERVICES (NI) LIMITED
Unaudited filleted financial statements
28 February 2024
M. POULTRY SERVICES (NI) LIMITED
Contents
Accountants' report
Statement of financial position
Notes to the financial statements
M. POULTRY SERVICES (NI) LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of M. POULTRY SERVICES (NI) LIMITED
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M. Poultry Services (NI) Limited for the year ended 28 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of M. Poultry Services (NI) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M. Poultry Services (NI) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M. Poultry Services (NI) Limited and its director as a body for our work or for this report.
It is your duty to ensure that M. Poultry Services (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M. Poultry Services (NI) Limited. You consider that is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M. Poultry Services (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shriver Price & Co.
Chartered Accountants
49 Downshire Road
Newry
Co. Down
BT34 1BA
9 October 2024
M. POULTRY SERVICES (NI) LIMITED
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 98,806 16,800
_______ _______
98,806 16,800
Current assets
Debtors 6 2,579,056 1,319,424
Cash at bank and in hand 1,398,422 1,825,793
_________ _________
3,977,478 3,145,217
Creditors: amounts falling due
within one year 7 ( 1,532,873) ( 1,043,215)
_________ _______
Net current assets 2,444,605 2,102,002
_________ _________
Total assets less current liabilities 2,543,411 2,118,802
Provisions for liabilities ( 24,702) ( 3,360)
_________ _________
Net assets 2,518,709 2,115,442
_________ _________
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,518,707 2,115,440
_________ _________
Shareholders funds 2,518,709 2,115,442
_________ _________
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2024 , and are signed on behalf of the board by:
David Ward
Director
Company registration number: NI606309
M. POULTRY SERVICES (NI) LIMITED
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Suite 21, Dean Swift Building, Armagh Business Park, Armagh, BT60 1HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 81 (2023: 81 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2023 21,000 21,000
Additions 106,708 106,708
_______ _______
At 28 February 2024 127,708 127,708
_______ _______
Depreciation
At 1 March 2023 4,200 4,200
Charge for the year 24,702 24,702
_______ _______
At 28 February 2024 28,902 28,902
_______ _______
Carrying amount
At 28 February 2024 98,806 98,806
_______ _______
At 28 February 2023 16,800 16,800
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 392,551 499,953
Other debtors 2,186,505 819,471
_________ _________
2,579,056 1,319,424
_________ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1,395 1,590
Trade creditors 8,155 -
Corporation tax 116,132 56,727
Social security and other taxes 397,793 342,013
Other creditors 1,009,398 642,885
_________ _________
1,532,873 1,043,215
_________ _________
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Mushrooms & Poultry Services Limited ( 327,518) ( 399,275) ( 831,088) ( 503,570)
LTK Investments (Ireland) Limited 751,129 380,000 1,529,684 778,555
LTK Investments Limited 216,695 - 216,695 -
_______ _______ _______ _______