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Registration number: NI676580

Tullywinney Farms Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Tullywinney Farms Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Tullywinney Farms Ltd

Company Information

Directors

Mr Darren McKeown

Peter Mc Keown

Registered office

C/0 Sp McKeown & Co
5 Lower Catherine Street
Newry
BT35 6BE

 

Tullywinney Farms Ltd

(Registration number: NI676580)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

84,149

81,436

Current assets

 

Stocks

5

21,825

21,825

Debtors

6

21,172

25,844

Cash at bank and in hand

 

28,061

44,235

 

71,058

91,904

Creditors: Amounts falling due within one year

7

(127,052)

(151,982)

Net current liabilities

 

(55,994)

(60,078)

Total assets less current liabilities

 

28,155

21,358

Provisions for liabilities

(15,988)

(15,473)

Net assets

 

12,167

5,885

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

12,067

5,785

Shareholders' funds

 

12,167

5,885

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 and 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 2 January 2025 and signed on its behalf by:
 

.........................................
Mr Darren McKeown
Director

   
     
 

Tullywinney Farms Ltd

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:
C/0 Sp McKeown & Co
5 Lower Catherine Street
Newry
BT35 6BE

These financial statements were authorised for issue by the Board on 2 January 2025.

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 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.

 

Tullywinney Farms Ltd

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

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.

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 & Machinery

20% Reducing balance

Motor Vehicles

20% Reducing balance

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Tullywinney Farms Ltd

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

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.

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 0 (2023 - 2).

 

Tullywinney Farms Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

21,473

103,522

124,995

Additions

-

23,750

23,750

At 29 February 2024

21,473

127,272

148,745

Depreciation

At 1 March 2023

7,731

35,828

43,559

Charge for the year

2,748

18,289

21,037

At 29 February 2024

10,479

54,117

64,596

Carrying amount

At 29 February 2024

10,994

73,155

84,149

At 28 February 2023

13,742

67,694

81,436

5

Stocks

2024
£

2023
£

Other inventories

21,825

21,825

6

Debtors

Current

2024
£

2023
£

Trade debtors

17,521

20,933

Other debtors

3,651

4,911

 

21,172

25,844

7

Creditors

Creditors: amounts falling due within one year

 

Tullywinney Farms Ltd

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

2024
£

2023
£

Due within one year

Trade creditors

38,750

36,579

Taxation and social security

1,427

2,963

Accruals and deferred income

1,000

1,000

Other creditors

85,875

111,440

127,052

151,982

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £20.00 (2023 - £40.00) per each Ordinary share capital

2,000

4,000

 

 

10

Related party transactions

 

Tullywinney Farms Ltd

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

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Darren McKeown

Directors loan account

111,441

(165,650)

140,084

85,874

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Darren McKeown

Directors loan account

114,408

(145,348)

142,380

111,441

 

Tullywinney Farms Ltd

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

Dividends paid to directors

2024
£

2023
£

Mr Darren McKeown

Dividends

1,000

2,000

 

 

Peter Mc Keown

Dividends

1,000

2,000