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Registration number: NI631604

Wilson's Chickens Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Wilson's Chickens Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Wilson's Chickens Limited

Company Information

Directors

Mrs Rosemary Elizabeth Wilson

Mr Steven Wilson

Company secretary

Mr Steven Wilson

Registered office

44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

Accountants

McKeown and Company
Chartered Certified
44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

 

Wilson's Chickens Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs Rosemary Elizabeth Wilson

Mr Steven Wilson - Company secretary and director

Principal activity

The principal activity of the company is Poultry

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mr Steven Wilson
Company secretary and director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wilson's Chickens Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wilson's Chickens Limited for the year ended 31 March 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Wilson's Chickens Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wilson's Chickens Limited and state those matters that we have agreed to state to the Board of Directors of Wilson's Chickens Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilson's Chickens Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wilson's Chickens Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wilson's Chickens Limited. You consider that Wilson's Chickens Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wilson's Chickens Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

McKeown and Company
Chartered Certified
44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

21 November 2024

 

Wilson's Chickens Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,473,918

1,624,329

Cost of sales

 

(1,210,229)

(1,337,851)

Gross profit

 

263,689

286,478

Administrative expenses

 

(220,172)

(184,814)

Operating profit

 

43,517

101,664

Interest payable and similar expenses

 

(21,760)

(15,439)

Profit before tax

4

21,757

86,225

Tax on profit

 

33,753

23,092

Profit for the financial year

 

55,510

109,317

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Wilson's Chickens Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

55,510

109,317

Total comprehensive income for the year

55,510

109,317

 

Wilson's Chickens Limited

(Registration number: NI631604)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

530,317

575,307

Current assets

 

Debtors

6

246,801

251,715

Cash at bank and in hand

 

6,758

21,823

 

253,559

273,538

Creditors: Amounts falling due within one year

7

(224,377)

(291,488)

Net current assets/(liabilities)

 

29,182

(17,950)

Total assets less current liabilities

 

559,499

557,357

Creditors: Amounts falling due after more than one year

7

(84,878)

(138,246)

Net assets

 

474,621

419,111

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

474,611

419,101

Shareholders' funds

 

474,621

419,111

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.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mr Steven Wilson
Company secretary and director

 

Wilson's Chickens Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

10

419,101

419,111

Profit for the year

-

55,510

55,510

At 31 March 2024

10

474,611

474,621

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

10

313,784

313,794

Profit for the year

-

109,317

109,317

Dividends

-

(4,000)

(4,000)

At 31 March 2023

10

419,101

419,111

 

Wilson's Chickens 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:
44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA
Northern Ireland

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.

Going concern

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.

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.

 

Wilson's Chickens Limited

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

25% reducing balance basis

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.

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.

 

Wilson's Chickens Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

59,990

42,889

 

Wilson's Chickens Limited

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

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

392,466

438,266

830,732

Additions

-

15,000

15,000

At 31 March 2024

392,466

453,266

845,732

Depreciation

At 1 April 2023

58,247

197,178

255,425

Charge for the year

11,773

48,217

59,990

At 31 March 2024

70,020

245,395

315,415

Carrying amount

At 31 March 2024

322,446

207,871

530,317

At 31 March 2023

334,219

241,088

575,307

Included within the net book value of land and buildings above is £322,446 (2023 - £334,219) in respect of freehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,509

22,548

Other debtors

226,292

229,167

 

246,801

251,715

 

Wilson's Chickens Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

192,264

270,281

Trade creditors

 

18,000

-

Taxation and social security

 

-

11,149

Accruals and deferred income

 

5,734

1,679

Other creditors

 

8,379

8,379

 

224,377

291,488

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

84,878

138,246

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

84,878

138,246

 

Wilson's Chickens Limited

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

169,031

237,126

Bank overdrafts

23,233

33,155

192,264

270,281

10

Dividends