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Registration number: NI007365

Crebilly Farms Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Crebilly Farms Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Crebilly Farms Limited

(Registration number: NI007365)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

923,029

923,512

Current assets

 

Stocks

5

417,030

414,570

Debtors

6

54,599

60,372

Cash at bank and in hand

 

544,840

398,255

 

1,016,469

873,197

Creditors: Amounts falling due within one year

7

(362,286)

(317,265)

Net current assets

 

654,183

555,932

Total assets less current liabilities

 

1,577,212

1,479,444

Provisions for liabilities

(1,348)

(1,439)

Net assets

 

1,575,864

1,478,005

Capital and reserves

 

Called up share capital

8

55,000

55,000

Retained earnings

1,520,864

1,423,005

Shareholders' funds

 

1,575,864

1,478,005

For the financial year ending 29 February 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 21 November 2024 and signed on its behalf by:
 

.........................................
Mr W P O'Kane
Company secretary and director

 

Crebilly Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
170 Crebilly Road
Ballymena
Co Antrim
BT42 4DT

These financial statements were authorised for issue by the Board on 21 November 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.

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.

 

Crebilly Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 and machinery

20% straight line

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.

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.

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 3 (2023 - 3).

 

Crebilly Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Cow Quota
 £

Plant and machinery
£

Cost or valuation

At 1 March 2023

896,104

18,902

19,832

171,910

Additions

-

-

-

8,200

Disposals

-

-

-

(29,786)

At 29 February 2024

896,104

18,902

19,832

150,324

Depreciation

At 1 March 2023

-

18,902

-

164,334

Charge for the year

-

-

-

8,683

Eliminated on disposal

-

-

-

(29,786)

At 29 February 2024

-

18,902

-

143,231

Carrying amount

At 29 February 2024

896,104

-

19,832

7,093

At 28 February 2023

896,104

-

19,832

7,576

Total
£

Cost or valuation

At 1 March 2023

1,106,748

Additions

8,200

Disposals

(29,786)

At 29 February 2024

1,085,162

Depreciation

At 1 March 2023

183,236

Charge for the year

8,683

Eliminated on disposal

(29,786)

At 29 February 2024

162,133

Carrying amount

At 29 February 2024

923,029

At 28 February 2023

923,512

Included within the net book value of land and buildings above is £896,104 (2023 - £896,104) in respect of freehold land and buildings.
 

 

Crebilly Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Stock

417,030

414,570

6

Debtors

Current

2024
£

2023
£

Trade debtors

37,704

44,865

Prepayments

5,320

4,768

Other debtors

11,575

10,739

 

54,599

60,372

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

54,288

28,978

Taxation and social security

30,090

11,962

Accruals and deferred income

3,450

3,200

Other creditors

274,458

273,125

362,286

317,265

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

55,000

55,000

55,000

55,000