Armoy Livestock Mart Limited NI611708 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is livestock mart Digita Accounts Production Advanced 6.30.9574.0 true false true NI611708 2023-04-01 2024-03-31 NI611708 2024-03-31 NI611708 bus:OrdinaryShareClass1 2024-03-31 NI611708 core:CurrentFinancialInstruments 2024-03-31 NI611708 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI611708 core:Goodwill 2024-03-31 NI611708 core:FurnitureFittingsToolsEquipment 2024-03-31 NI611708 core:OtherPropertyPlantEquipment 2024-03-31 NI611708 bus:SmallEntities 2023-04-01 2024-03-31 NI611708 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI611708 bus:FilletedAccounts 2023-04-01 2024-03-31 NI611708 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI611708 bus:RegisteredOffice 2023-04-01 2024-03-31 NI611708 bus:Director1 2023-04-01 2024-03-31 NI611708 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI611708 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI611708 core:Goodwill 2023-04-01 2024-03-31 NI611708 core:FurnitureFittings 2023-04-01 2024-03-31 NI611708 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI611708 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI611708 core:PlantMachinery 2023-04-01 2024-03-31 NI611708 1 2023-04-01 2024-03-31 NI611708 countries:NorthernIreland 2023-04-01 2024-03-31 NI611708 2023-03-31 NI611708 core:Goodwill 2023-03-31 NI611708 core:FurnitureFittingsToolsEquipment 2023-03-31 NI611708 core:OtherPropertyPlantEquipment 2023-03-31 NI611708 2022-04-01 2023-03-31 NI611708 2023-03-31 NI611708 bus:OrdinaryShareClass1 2023-03-31 NI611708 core:CurrentFinancialInstruments 2023-03-31 NI611708 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI611708 core:Goodwill 2023-03-31 NI611708 core:FurnitureFittingsToolsEquipment 2023-03-31 NI611708 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI611708

Armoy Livestock Mart Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Armoy Livestock Mart Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Armoy Livestock Mart Limited

(Registration number: NI611708)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,400

9,600

Tangible assets

5

188,225

134,846

 

196,625

144,446

Current assets

 

Debtors

6

945,396

688,902

Creditors: Amounts falling due within one year

7

(686,181)

(512,533)

Net current assets

 

259,215

176,369

Net assets

 

455,840

320,815

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

455,740

320,715

Shareholders' funds

 

455,840

320,815

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2024
 

.........................................
Mr Daniel McAlister
Director

 

Armoy Livestock Mart 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:
16 Mill Street
Cushendall
Co Antrim
BT44 0RR

These financial statements were authorised for issue by the director on 7 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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

Tax

The tax expense for the period comprises current 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.

 

Armoy Livestock Mart Limited

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

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.

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

Furniture, fittings and equipment

15% reducing balance basis

Other tangible assets

10% reducing balance basis

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

10% straight line basis

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.

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.

 

Armoy Livestock Mart Limited

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

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.

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.

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 the director) during the year, was 1 (2023 - 1).

 

Armoy Livestock Mart Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

12,000

12,000

At 31 March 2024

12,000

12,000

Amortisation

At 1 April 2023

2,400

2,400

Amortisation charge

1,200

1,200

At 31 March 2024

3,600

3,600

Carrying amount

At 31 March 2024

8,400

8,400

At 31 March 2023

9,600

9,600

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,909

161,471

163,380

Additions

-

74,370

74,370

At 31 March 2024

1,909

235,841

237,750

Depreciation

At 1 April 2023

530

28,004

28,534

Charge for the year

207

20,784

20,991

At 31 March 2024

737

48,788

49,525

Carrying amount

At 31 March 2024

1,172

187,053

188,225

At 31 March 2023

1,379

133,467

134,846

 

Armoy Livestock Mart Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

727,318

675,990

Other debtors

218,078

12,912

 

945,396

688,902

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

589,981

496,995

Trade creditors

 

53,500

-

Taxation and social security

 

37,175

10,717

Accruals and deferred income

 

5,525

2,765

Other creditors

 

-

2,056

 

686,181

512,533

 

Armoy Livestock Mart Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

589,981

496,995

10

Parent and ultimate parent undertaking

The company is controlled by Mr D & Mrs P McAlister.