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Registration number: NI605780

Ardglass Shellfish Suppliers Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ardglass Shellfish Suppliers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Ardglass Shellfish Suppliers Limited

Company Information

Directors

Paul Millar

Neasa Millar

Registered office

35 Irish Street
Downpatrick
Co. Down
BT30 6BW

 

Ardglass Shellfish Suppliers Limited

(Registration number: NI605780)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

3,500

5,000

Tangible assets

6

517,553

253,232

 

521,053

258,232

Current assets

 

Stocks

7

1,500

1,500

Debtors

8

28,548

42,120

Cash at bank and in hand

 

647,166

715,918

 

677,214

759,538

Creditors: Amounts falling due within one year

9

(201,189)

(279,913)

Net current assets

 

476,025

479,625

Total assets less current liabilities

 

997,078

737,857

Creditors: Amounts falling due after more than one year

9

(12,249)

(22,249)

Provisions for liabilities

(98,335)

(32,897)

Net assets

 

886,494

682,711

Capital and reserves

 

Called up share capital

11

2

2

Retained earnings

886,492

682,709

Shareholders' funds

 

886,494

682,711

For the financial year ending 31 March 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.

 

Ardglass Shellfish Suppliers Limited

(Registration number: NI605780)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Paul Millar
Director

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
35 Irish Street
Downpatrick
Co. Down
BT30 6BW

The principal place of business is:
12 Dillin Road
Downpatrick
Co. Down
BT30 7DS

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

15% Reducing balance method

Motor Vehicles

20% Reducing balance method

Office Equipment

20% Reducing balance method

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

88,785

32,089

Amortisation expense

1,500

1,500

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

At 1 April 2023

10,000

10,000

Amortisation charge

1,500

1,500

At 31 March 2024

11,500

11,500

Carrying amount

At 31 March 2024

3,500

3,500

At 31 March 2023

5,000

5,000

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant, Machinery & Equipment
£

Total
£

Cost or valuation

At 1 April 2023

7,316

52,300

391,447

451,063

Additions

-

183,618

208,364

391,982

Disposals

-

-

(121,273)

(121,273)

At 31 March 2024

7,316

235,918

478,538

721,772

Depreciation

At 1 April 2023

1,986

25,042

170,803

197,831

Charge for the year

1,027

41,596

46,160

88,783

Eliminated on disposal

-

-

(82,395)

(82,395)

At 31 March 2024

3,013

66,638

134,568

204,219

Carrying amount

At 31 March 2024

4,303

169,280

343,970

517,553

At 31 March 2023

5,330

27,258

220,644

253,232

7

Stocks

2024
£

2023
£

Other inventories

1,500

1,500

8

Debtors

2024
£

2023
£

Trade debtors

26,655

42,120

Other debtors

1,893

-

28,548

42,120

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,648

11,604

Trade creditors

 

50,143

128,179

Taxation and social security

 

7,847

31,964

Accruals and deferred income

 

2,125

2,000

Other creditors

 

130,426

106,166

 

201,189

279,913

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12,249

22,249

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Directors' loan account

105,421

24,634

130,054

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Directors' loan account

93,223

12,198

105,421

 

Ardglass Shellfish Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2