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COMPANY REGISTRATION NUMBER: NI626305
Kilnaslee Pigs Limited
Unaudited Financial Statements
31 January 2024
Kilnaslee Pigs Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
3
Income statement
4
Statement of financial position
5
Notes to the financial statements
7
Kilnaslee Pigs Limited
Officers and Professional Advisers
The board of directors
Mr G Cuddy
Mrs H M Cuddy
Company secretary
Mr Glenn Cuddy
Registered office
102 Killyharry Road
Dungannon
County Tyrone
Northern Ireland
BT70 3BQ
Accountants
Watson & Colhoun
Chartered Accountants
Unit B15
Omagh Enterprise Centre
Great Northern Road
OMAGH
Co Tyrone
BT78 5LU
Kilnaslee Pigs Limited
Directors' Report
Year ended 31 January 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Directors
The directors who served the company during the year were as follows:
Mr G Cuddy
Mrs H M Cuddy
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 October 2024 and signed on behalf of the board by:
Mr G Cuddy
Director
Kilnaslee Pigs Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Kilnaslee Pigs Limited
Year ended 31 January 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 Kilnaslee Pigs Limited for the year ended 31 January 2024, which comprise the income statement, statement of financial position and the 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 Board of Directors of Kilnaslee Pigs Limited, as a body, in accordance with the terms of our engagement letter dated 1 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Kilnaslee Pigs Limited and state those matters that we have agreed to state to you, 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 Kilnaslee Pigs Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Kilnaslee Pigs 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 Kilnaslee Pigs Limited. You consider that Kilnaslee Pigs Limited 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 Kilnaslee Pigs 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.
Watson & Colhoun Chartered Accountants
Unit B15 Omagh Enterprise Centre Great Northern Road OMAGH Co Tyrone BT78 5LU
24 October 2024
Kilnaslee Pigs Limited
Income Statement
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
1,318,150
1,445,474
Cost of sales
972,203
1,115,545
------------
------------
Gross profit
345,947
329,929
Administrative expenses
177,728
174,664
---------
---------
Operating profit
168,219
155,265
Interest payable and similar expenses
4,789
6,333
---------
---------
Profit before taxation
5
163,430
148,932
Tax on profit
30,487
( 2,755)
---------
---------
Profit for the financial year
132,943
151,687
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Kilnaslee Pigs Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
442,635
385,520
Current assets
Stocks
276,400
304,780
Debtors
7
6,720
46,587
---------
---------
283,120
351,367
Creditors: amounts falling due within one year
8
309,725
432,172
---------
---------
Net current liabilities
26,605
80,805
---------
---------
Total assets less current liabilities
416,030
304,715
Creditors: amounts falling due after more than one year
9
13,354
23,229
Provisions
Taxation including deferred tax
46,293
39,546
---------
---------
Net assets
356,383
241,940
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
355,383
240,940
---------
---------
Shareholders funds
356,383
241,940
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 January 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 .
Kilnaslee Pigs Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr G Cuddy
Mrs H M Cuddy
Director
Director
Company registration number: NI626305
Kilnaslee Pigs Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 102 Killyharry Road, Dungannon, County Tyrone, BT70 3BQ, Northern Ireland. The principal activity of the company is the raising of pigs.
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.
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.
Current and deferred taxation
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. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the Statement of Financial Position date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Land and buildings
-
5% straight line
Plant and machinery
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
46,477
40,866
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 February 2023
202,817
307,251
510,068
Additions
94,967
8,625
103,592
---------
---------
---------
At 31 January 2024
297,784
315,876
613,660
---------
---------
---------
Depreciation
At 1 February 2023
25,432
99,116
124,548
Charge for the year
14,889
31,588
46,477
---------
---------
---------
At 31 January 2024
40,321
130,704
171,025
---------
---------
---------
Carrying amount
At 31 January 2024
257,463
185,172
442,635
---------
---------
---------
At 31 January 2023
177,385
208,135
385,520
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,135
38,661
Other debtors
4,585
7,926
-------
--------
6,720
46,587
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
26,301
61,920
Trade creditors
142,608
176,944
Social security and other taxes
23,740
12,968
Other creditors
117,076
180,340
---------
---------
309,725
432,172
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,354
23,229
--------
--------
10. Directors' advances, credits and guarantees
During the year the company repaid the directors £59,698. At the 31 January 2024, the aggregate balance owed to the directors was £117,076. (2023: £176,774).