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REGISTERED NUMBER: NI657886 (Northern Ireland)













Kilpatrick Farm Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






Kilpatrick Farm Ltd (Registered number: NI657886)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


Kilpatrick Farm Ltd

Company Information
for the Year Ended 31 March 2024







Director: Mr C Kilpatrick





Registered office: 24 Ballylane Road
Glenanne
Co Armagh
BT60 2LQ





Registered number: NI657886 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Kilpatrick Farm Ltd (Registered number: NI657886)

Statement of Financial Position
31 March 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 1,700 1,700
Tangible assets 5 215,654 233,702
Investments 6 578,171 535,196
795,525 770,598

Current assets
Inventories 7 128,170 86,280
Receivables 8 62,026 60,466
Cash at bank 69,986 114,856
260,182 261,602
Payables
Amounts falling due within one year 9 (498,176 ) (551,145 )
Net current liabilities (237,994 ) (289,543 )
Total assets less current liabilities 557,531 481,055

Provisions for liabilities 10 (46,406 ) (50,973 )
Net assets 511,125 430,082

Capital and reserves
Called up share capital 11 2 2
Retained earnings 511,123 430,080
Shareholders' funds 511,125 430,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2024 and were signed by:



Mr C Kilpatrick - Director


Kilpatrick Farm Ltd (Registered number: NI657886)

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


1. Statutory information

Kilpatrick Farm Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The residual value of SFP entitlements is expected to exceed net book value and so no amortisation has been charged.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Kilpatrick Farm Ltd (Registered number: NI657886)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Intangible fixed assets
Other
intangible
assets
£
Cost
At 1 April 2023
and 31 March 2024 1,700
Net book value
At 31 March 2024 1,700
At 31 March 2023 1,700

Kilpatrick Farm Ltd (Registered number: NI657886)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. Tangible fixed assets
Long Plant and Motor
leasehold machinery vehicles Totals
£ £ £ £
Cost
At 1 April 2023 28,600 349,986 5,000 383,586
Additions 436 13,622 - 14,058
At 31 March 2024 29,036 363,608 5,000 397,644
Depreciation
At 1 April 2023 - 146,367 3,517 149,884
Charge for year - 31,735 371 32,106
At 31 March 2024 - 178,102 3,888 181,990
Net book value
At 31 March 2024 29,036 185,506 1,112 215,654
At 31 March 2023 28,600 203,619 1,483 233,702

6. Fixed asset investments
Investments Herd Totals
£ £ £
Cost or valuation
At 1 April 2023 439,446 95,750 535,196
Revaluations 42,975 - 42,975
At 31 March 2024 482,421 95,750 578,171
Net book value
At 31 March 2024 482,421 95,750 578,171
At 31 March 2023 439,446 95,750 535,196

Cost or valuation at 31 March 2024 is represented by:

Investments Herd Totals
£ £ £
Valuation in 2023 (554 ) - (554 )
Valuation in 2024 42,975 - 42,975
Cost 440,000 95,750 535,750
482,421 95,750 578,171

7. Inventories
2024 2023
£ £
Stocks 128,170 86,280

Kilpatrick Farm Ltd (Registered number: NI657886)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. Receivables less than one year
2024 2023
£ £
Trade receivables 55,899 48,903
VAT 4,200 9,797
Prepayments 1,927 1,766
62,026 60,466

9. Payables less than one year
2024 2023
£ £
Trade creditors 43,880 90,255
Tax 23,083 14,984
Directors' current accounts 376,998 371,260
Accruals and deferred income 35,020 53,563
Accrued expenses 19,195 21,083
498,176 551,145

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 46,406 50,973

Deferred tax
£
Balance at 1 April 2023 50,973
Credit to Statement of income and retained earnings during year (4,567 )
Balance at 31 March 2024 46,406

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary shares 1 2 2

12. Director's advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr C Kilpatrick
Balance outstanding at start of year 371,260 370,266
Amounts advanced 13,225 12,808
Amounts repaid (7,487 ) (11,814 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 376,998 371,260