1 false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 203,084 203,084 203,084 100 100 100 xbrli:pure xbrli:shares iso4217:GBP NI603510 2022-11-01 2023-10-30 NI603510 2023-10-30 NI603510 2022-10-31 NI603510 2021-11-01 2022-10-31 NI603510 2022-10-31 NI603510 core:LandBuildings 2022-11-01 2023-10-30 NI603510 core:PlantMachinery 2022-11-01 2023-10-30 NI603510 core:MotorVehicles 2022-11-01 2023-10-30 NI603510 bus:Director1 2022-11-01 2023-10-30 NI603510 core:PlantMachinery 2022-10-31 NI603510 core:MotorVehicles 2022-10-31 NI603510 core:LandBuildings 2023-10-30 NI603510 core:PlantMachinery 2023-10-30 NI603510 core:MotorVehicles 2023-10-30 NI603510 core:AfterOneYear 2023-10-30 NI603510 core:AfterOneYear 2022-10-31 NI603510 core:WithinOneYear 2023-10-30 NI603510 core:WithinOneYear 2022-10-31 NI603510 core:ShareCapital 2023-10-30 NI603510 core:ShareCapital 2022-10-31 NI603510 core:RevaluationReserve 2023-10-30 NI603510 core:RevaluationReserve 2022-10-31 NI603510 core:RetainedEarningsAccumulatedLosses 2023-10-30 NI603510 core:RetainedEarningsAccumulatedLosses 2022-10-31 NI603510 core:CostValuation core:Non-currentFinancialInstruments 2023-10-30 NI603510 core:Non-currentFinancialInstruments 2023-10-30 NI603510 core:Non-currentFinancialInstruments 2022-10-31 NI603510 core:PlantMachinery 2022-10-31 NI603510 core:MotorVehicles 2022-10-31 NI603510 bus:SmallEntities 2022-11-01 2023-10-30 NI603510 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-30 NI603510 bus:FullAccounts 2022-11-01 2023-10-30 NI603510 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-30 NI603510 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-30 NI603510 core:IntangibleAssetsOtherThanGoodwill 2023-10-30 NI603510 core:IntangibleAssetsOtherThanGoodwill 2022-10-31 NI603510 core:LandBuildings 2022-10-31
COMPANY REGISTRATION NUMBER: NI603510
McCormick Farms Ltd
Filleted Unaudited Financial Statements
30 October 2023
McCormick Farms Ltd
Statement of Financial Position
30 October 2023
30 Oct 23
31 Oct 22
Note
£
£
Fixed assets
Intangible assets
5
203,084
203,084
Tangible assets
6
2,249,852
2,106,324
Investments
7
100
100
------------
------------
2,453,036
2,309,508
Current assets
Stocks
435,300
593,575
Debtors
8
198,424
179,693
Cash at bank and in hand
2,881
---------
---------
636,605
773,268
Creditors: amounts falling due within one year
9
430,822
179,310
---------
---------
Net current assets
205,783
593,958
------------
------------
Total assets less current liabilities
2,658,819
2,903,466
Creditors: amounts falling due after more than one year
10
2,154,871
2,180,020
Provisions
Taxation including deferred tax
( 4,551)
------------
------------
Net assets
508,499
723,446
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
116,876
116,876
Profit and loss account
391,523
606,470
---------
---------
Shareholders funds
508,499
723,446
---------
---------
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 comprehensive income has not been delivered.
For the period ending 30 October 2023 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McCormick Farms Ltd
Statement of Financial Position (continued)
30 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr D McCormick
Director
Company registration number: NI603510
McCormick Farms Ltd
Notes to the Financial Statements
Period from 1 November 2022 to 30 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 19 Greenhill Road, Ardmore, Brookeborough, Enniskillen, BT94 4EF, Northern Ireland.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Land and buildings
-
2% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Intangible assets
Single Farm Payments and Entitlements
£
Cost
At 1 November 2022 and 30 October 2023
203,084
---------
Amortisation
At 1 November 2022 and 30 October 2023
---------
Carrying amount
At 30 October 2023
203,084
---------
At 31 October 2022
203,084
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Leasehold property
Total
£
£
£
£
£
Cost
At 1 November 2022
353,066
17,000
1,840,651
2,210,717
Additions
39,373
148,205
187,578
--------
---------
--------
------------
------------
At 30 October 2023
39,373
501,271
17,000
1,840,651
2,398,295
--------
---------
--------
------------
------------
Depreciation
At 1 November 2022
100,143
4,250
104,393
Charge for the period
749
40,113
3,188
44,050
--------
---------
--------
------------
------------
At 30 October 2023
749
140,256
7,438
148,443
--------
---------
--------
------------
------------
Carrying amount
At 30 October 2023
38,624
361,015
9,562
1,840,651
2,249,852
--------
---------
--------
------------
------------
At 31 October 2022
252,923
12,750
1,840,651
2,106,324
--------
---------
--------
------------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 November 2022 and 30 October 2023
100
----
Impairment
At 1 November 2022 and 30 October 2023
----
Carrying amount
At 30 October 2023
100
----
At 31 October 2022
100
----
8. Debtors
30 Oct 23
31 Oct 22
£
£
Trade debtors
12,554
26,922
Other debtors
185,870
152,771
---------
---------
198,424
179,693
---------
---------
9. Creditors: amounts falling due within one year
30 Oct 23
31 Oct 22
£
£
Bank loans and overdrafts
47,489
9,733
Trade creditors
288,516
121,333
Social security and other taxes
18,304
18,162
Other creditors
76,513
30,082
---------
---------
430,822
179,310
---------
---------
10. Creditors: amounts falling due after more than one year
30 Oct 23
31 Oct 22
£
£
Bank loans and overdrafts
1,844,443
1,855,151
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100,320
128,555
Other creditors
210,108
196,314
------------
------------
2,154,871
2,180,020
------------
------------
11. Director's advances, credits and guarantees
During the year, the director advanced £5,622 to the company. Total owed to the director as at 30 October 2023 is £6,390. (2022: £768)