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REGISTERED NUMBER: NI008635 (Northern Ireland)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2024

for

R.F. Canners (Ulster) Limited

R.F. Canners (Ulster) Limited (Registered number: NI008635)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


R.F. Canners (Ulster) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: B R Farquhar



SECRETARY: B R Farquhar



REGISTERED OFFICE: 130 Blackisland Road
Derryhubbert
Dungannon
Co. Tyrone
BT71 6NL



REGISTERED NUMBER: NI008635 (Northern Ireland)



AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG



BANKERS: Danske Bank
45-48 High Street
Portadown
Co. Armagh
BT621LB



SOLICITORS: R M Cullen & Son
16-20 Edward Street
Portadown
Co Armagh
BT623NA

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Strategic Report
for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Inflation has had a significant impact on our business as with most other businesses this year and we see this continuing into the new year.

The pet sector has returned to some normality with a higher rate of dog ownership compared with pre-pandemic levels. This has resulted in a fairly robust market in which some of the smaller independent stores are thriving with customer habits, perhaps due to more of the work-force now being rural based, tending to favour the smaller and independent store

Turnover has continued to increase, this is partly due to price increase as well as a fairly steady demand.

We anticipate an increase in costs due to fuel / energy and wages etc. Turnover should also increase as a reflection of the higher cost of stock, it is difficult to estimate the impact on how the higher costs will ultimately affect sales.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risk factors which could affect the company`s future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

OPERATIONAL RISK AND MARKET CONDITIONS
The company works primarily with customers within the wholesale pet food market and as a result demand is dependent on activity levels in this area. Adverse macroeconomic conditions and a deterioration in the economic environment may lead to customers demand decreasing and therefore effecting turnover. The company attempts to mitigate this risk by having a wide customer base.

CURRENCY FLUCTUATIONS
The company has a significant trade with the Far East / South America in respect of the purchase of goods for resale. The currency used is the US Dollar which is acquired at the best market rate and held in reserve. The sale of such goods will obviously be adversely affected by the continuing fall in the exchange rate of the UK pound against the US dollar since the UK vote to leave the EU.Conversely sales to the Republic of Ireland should increase with the improved rate of the Euro to the Pound.

CREDIT RISK
The company provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances.The company has established procedures and credit control policies around managing its receivables and takes action where necessary. All major outstanding and overdue balances together with significant potential exposures are reviewed regularity and concerns are discussed with the directors.

ON BEHALF OF THE BOARD:





B R Farquhar - Director


23 December 2024

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale supply of pet foods and related products.

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of 1.77 per share.

The total distribution of dividends for the year ended 31 March 2024 will be £ 10,000 .

DIRECTOR
B R Farquhar held office during the whole of the period from 1 April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B R Farquhar - Director


23 December 2024

Report of the Independent Auditors to the Members of
R.F. Canners (Ulster) Limited

Opinion
We have audited the financial statements of R.F. Canners (Ulster) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
R.F. Canners (Ulster) Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, and instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
R.F. Canners (Ulster) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Robinson FCCA (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

23 December 2024

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 16,783,613 16,120,442

Cost of sales 13,869,313 13,291,484
GROSS PROFIT 2,914,300 2,828,958

Administrative expenses 1,112,796 1,003,424
1,801,504 1,825,534

Other operating income 38,850 38,850
OPERATING PROFIT 4 1,840,354 1,864,384

Interest receivable and similar income 5 243,111 32,266
2,083,465 1,896,650

Interest payable and similar expenses 6 - 1,681
PROFIT BEFORE TAXATION 2,083,465 1,894,969

Tax on profit 7 525,058 360,695
PROFIT FOR THE FINANCIAL YEAR 1,558,407 1,534,274

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 1,558,407 1,534,274


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,558,407 1,534,274

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,683,945 1,752,064
Investment property 10 237,455 -
1,921,400 1,752,064

CURRENT ASSETS
Stocks 11 2,973,557 2,809,405
Debtors 12 4,074,371 4,115,300
Investments 13 150,000 150,000
Cash at bank and in hand 7,897,339 6,438,682
15,095,267 13,513,387
CREDITORS
Amounts falling due within one year 14 971,698 777,198
NET CURRENT ASSETS 14,123,569 12,736,189
TOTAL ASSETS LESS CURRENT LIABILITIES 16,044,969 14,488,253

PROVISIONS FOR LIABILITIES 15 34,627 26,318
NET ASSETS 16,010,342 14,461,935

CAPITAL AND RESERVES
Called up share capital 16 5,647 5,647
Share premium 17 355 355
Retained earnings 17 16,004,340 14,455,933
SHAREHOLDERS' FUNDS 16,010,342 14,461,935

The financial statements were approved by the director and authorised for issue on 23 December 2024 and were signed by:





B R Farquhar - Director


R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 5,647 12,926,659 355 12,932,661

Changes in equity
Dividends - (5,000 ) - (5,000 )
Total comprehensive income - 1,534,274 - 1,534,274
Balance at 31 March 2023 5,647 14,455,933 355 14,461,935

Changes in equity
Dividends - (10,000 ) - (10,000 )
Total comprehensive income - 1,558,407 - 1,558,407
Balance at 31 March 2024 5,647 16,004,340 355 16,010,342

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,043,910 908,817
Interest paid - (1,681 )
Tax paid (566,341 ) (282,204 )
Net cash from operating activities 1,477,569 624,932

Cash flows from investing activities
Purchase of tangible fixed assets (72,672 ) (69,623 )
Purchase of investment property (237,455 ) -
Sale of tangible fixed assets 121,134 -
Interest received 243,111 32,266
Net cash from investing activities 54,118 (37,357 )

Cash flows from financing activities
Amount introduced by directors 62,000 5,001
Amount withdrawn by directors (125,030 ) (203,151 )
Equity dividends paid (10,000 ) (5,000 )
Net cash from financing activities (73,030 ) (203,150 )

Increase in cash and cash equivalents 1,458,657 384,425
Cash and cash equivalents at beginning of year 2 6,438,682 6,054,257

Cash and cash equivalents at end of year 2 7,897,339 6,438,682

R.F. Canners (Ulster) Limited (Registered number: NI008635)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 2,083,465 1,894,969
Depreciation charges 37,906 39,214
Profit on disposal of fixed assets (18,249 ) -
Finance costs - 1,681
Finance income (243,111 ) (32,266 )
1,860,011 1,903,598
Increase in stocks (164,152 ) (219,503 )
Decrease/(increase) in trade and other debtors 40,929 (539,108 )
Increase/(decrease) in trade and other creditors 307,122 (236,170 )
Cash generated from operations 2,043,910 908,817

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 7,897,339 6,438,682
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 6,438,682 6,054,257


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 6,438,682 1,458,657 7,897,339
6,438,682 1,458,657 7,897,339

Liquid resources
Current asset investments 150,000 - 150,000
150,000 - 150,000
Total 6,588,682 1,458,657 8,047,339

R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

1. STATUTORY INFORMATION

R.F. Canners (Ulster) Limited 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 759,458 719,530
Other pension costs 30,559 28,772
790,017 748,302

R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.24 31.3.23

32 30

31.3.24 31.3.23
£    £   
Director's remuneration 36,650 92,567

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 37,906 39,214
Profit on disposal of fixed assets (18,249 ) -
Auditors' remuneration 12,707 10,175

5. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Loan interest received 39,759 14,054
Bank interest received 203,352 18,212
243,111 32,266

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest - 1,681

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 516,749 366,357

Deferred tax 8,309 (5,662 )
Tax on profit 525,058 360,695

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of 1 each
Final 10,000 5,000

R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 1,753,994 177,753 314,921 96,350 2,343,018
Additions - - 27,927 44,745 72,672
Disposals (121,134 ) - - - (121,134 )
At 31 March 2024 1,632,860 177,753 342,848 141,095 2,294,556
DEPRECIATION
At 1 April 2023 188,668 109,582 233,980 58,724 590,954
Charge for year 3,860 10,226 8,820 15,000 37,906
Eliminated on disposal (18,249 ) - - - (18,249 )
At 31 March 2024 174,279 119,808 242,800 73,724 610,611
NET BOOK VALUE
At 31 March 2024 1,458,581 57,945 100,048 67,371 1,683,945
At 31 March 2023 1,565,326 68,171 80,941 37,626 1,752,064

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 237,455
At 31 March 2024 237,455
NET BOOK VALUE
At 31 March 2024 237,455

11. STOCKS
31.3.24 31.3.23
£    £   
Stocks 2,973,557 2,809,405

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,273,919 2,399,820
Amounts owed by group undertakings 28,843 28,843
Other debtors 1,544,291 1,413,067
VAT 82,204 259,422
Prepayments and accrued income 145,114 14,148
4,074,371 4,115,300

R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

13. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Other 150,000 150,000

The company holds 20% or more of the share capital of the following company:


Company
Country of registration or
incorporation

Nature of business
Class of
shares
Proportion of
shares held



Principal Cooling Ltd

Northern Ireland
Installation of Industrial
equipment

Ordinary

40%


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 467,077 215,813
Tax 316,826 366,418
Social security and other taxes 15,446 10,944
Directors' current accounts 76,361 139,391
Deferred income 24,760 -
Accrued expenses 71,228 44,632
971,698 777,198

15. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 34,627 26,318

Deferred
tax
£   
Balance at 1 April 2023 26,318
Provided during year 8,309
Balance at 31 March 2024 34,627

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
5,647 Ordinary 1 5,647 5,647

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 14,455,933 355 14,456,288
Profit for the year 1,558,407 1,558,407
Dividends (10,000 ) (10,000 )
At 31 March 2024 16,004,340 355 16,004,695

R.F. Canners (Ulster) Limited (Registered number: NI008635)

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

18. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:



Transaction value

Balance owed
by/(owed to

)

2024 2023 2024 2023
£    £    £    £   
R.F. Canners (Leinster) Ltd - (217,412 ) 28,843 28,843
Principal Cooling Ltd - - 300,000 300,000
CQ Wood Ltd (42,104 ) 539,190 497,086 539,190
R.F. Canners (Leinster) Ltd is a related party of the company as 50% of the shares in this company are owned by Brian Farquhar, a minority shareholder and company director.
Principal Cooling Ltd is a related party as it is 40% owned by R.F. Canners (Ulster) Limited.
CQ Wood Ltd is a related party as it is controlled by the same directors as Principal Cooling Ltd.