BrightAccountsProduction v1.0.0 v1.0.0 2023-09-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The company is engaged in the sale of farm materials and equipment. 28 November 2024 0 0 NI032227 2024-08-31 NI032227 2023-08-31 NI032227 2022-08-31 NI032227 2023-09-01 2024-08-31 NI032227 2022-09-01 2023-08-31 NI032227 uk-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI032227 uk-curr:Euro 2023-09-01 2024-08-31 NI032227 uk-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI032227 uk-bus:AbridgedAccounts 2023-09-01 2024-08-31 NI032227 uk-core:ShareCapital 2024-08-31 NI032227 uk-core:ShareCapital 2023-08-31 NI032227 uk-core:RetainedEarningsAccumulatedLosses 2024-08-31 NI032227 uk-core:RetainedEarningsAccumulatedLosses 2023-08-31 NI032227 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-08-31 NI032227 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-08-31 NI032227 uk-bus:FRS102 2023-09-01 2024-08-31 NI032227 2023-09-01 2024-08-31 NI032227 uk-bus:Director2 2023-09-01 2024-08-31 NI032227 uk-bus:Director3 2023-09-01 2024-08-31 NI032227 uk-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 xbrli:pure iso4217:EUR xbrli:shares
Company Registration Number: NI032227
 
 
Fermanagh Rope & Plastic Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 August 2024
Fermanagh Rope & Plastic Limited
Company Registration Number: NI032227
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 31 August 2024

2024 2023
Notes
 
Current Assets
Receivables 1,038,087 344,706
Cash and cash equivalents 25,116 16,716
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1,063,203 361,422
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Payables: amounts falling due within one year (1,051,797) (350,016)
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Net Current Assets 11,406 11,406
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Total Assets less Current Liabilities 11,406 11,406
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Equity
Called up share capital 2 2
Retained earnings 11,404 11,404
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Equity attributable to owners of the company 11,406 11,406
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Directors' Report.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 28 November 2024 and signed on its behalf by
           
           
           
Damien McCabe     Rosita McCabe
Director     Director
           



Fermanagh Rope & Plastic Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 August 2024

   
1. General Information
 
Fermanagh Rope & Plastic Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI032227. The registered office of the company is 167 Main Street, Lisnaskea, Co. Fermanagh, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Euro (€) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.   Revenue comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

Revenue from the sale of farm related goods and equipment is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Payables.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
- the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
- the company and the party are subject to common control;
- the party is an associate of the company or forms part of a joint venture with the company;
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
- the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences 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. 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 discussed below.

Providing for doubtful debts:
The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 0, (2023 - 0).
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 August 2024.
   
6. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.