33 33 Armagh Food Centre Limited NI636246 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Retail sale in non specialised stores of food, beverages and tobacco Digita Accounts Production Advanced 6.30.9574.0 true true NI636246 2023-05-01 2024-04-30 NI636246 2024-04-30 NI636246 bus:Director1 1 2024-04-30 NI636246 bus:OrdinaryShareClass1 2024-04-30 NI636246 core:CurrentFinancialInstruments 2024-04-30 NI636246 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI636246 core:Non-currentFinancialInstruments 2024-04-30 NI636246 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 NI636246 core:FurnitureFittingsToolsEquipment 2024-04-30 NI636246 core:OtherPropertyPlantEquipment 2024-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-04-30 NI636246 core:OtherRelatedParties 2024-04-30 NI636246 bus:SmallEntities 2023-05-01 2024-04-30 NI636246 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI636246 bus:FilletedAccounts 2023-05-01 2024-04-30 NI636246 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI636246 bus:RegisteredOffice 2023-05-01 2024-04-30 NI636246 bus:Director1 2023-05-01 2024-04-30 NI636246 bus:Director1 1 2023-05-01 2024-04-30 NI636246 bus:HighestPaidDirector 2023-05-01 2024-04-30 NI636246 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI636246 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI636246 bus:Agent1 2023-05-01 2024-04-30 NI636246 core:FurnitureFittings 2023-05-01 2024-04-30 NI636246 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI636246 core:OfficeEquipment 2023-05-01 2024-04-30 NI636246 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 NI636246 core:PlantMachinery 2023-05-01 2024-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 NI636246 core:OtherRelatedParties 2023-05-01 2024-04-30 NI636246 countries:NorthernIreland 2023-05-01 2024-04-30 NI636246 2023-04-30 NI636246 bus:Director1 1 2023-04-30 NI636246 core:FurnitureFittingsToolsEquipment 2023-04-30 NI636246 core:OtherPropertyPlantEquipment 2023-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 NI636246 core:OtherRelatedParties 2023-04-30 NI636246 2022-05-01 2023-04-30 NI636246 2023-04-30 NI636246 bus:Director1 1 2023-04-30 NI636246 bus:OrdinaryShareClass1 2023-04-30 NI636246 core:CurrentFinancialInstruments 2023-04-30 NI636246 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI636246 core:Non-currentFinancialInstruments 2023-04-30 NI636246 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 NI636246 core:FurnitureFittingsToolsEquipment 2023-04-30 NI636246 core:OtherPropertyPlantEquipment 2023-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 NI636246 core:OtherRelatedParties 2023-04-30 NI636246 bus:Director1 1 2022-05-01 2023-04-30 NI636246 bus:HighestPaidDirector 2022-05-01 2023-04-30 NI636246 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-01 2023-04-30 NI636246 core:OtherRelatedParties 2022-05-01 2023-04-30 NI636246 2022-04-30 NI636246 bus:Director1 1 2022-04-30 NI636246 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-30 NI636246 core:OtherRelatedParties 2022-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI636246

Armagh Food Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Armagh Food Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Armagh Food Centre Limited

Company Information

Director

John Markey

Registered office

5 Lower Catherine Street
Newry
Co Down
BT35 6BE

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Armagh Food Centre Limited

(Registration number: NI636246)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,497

50,431

Current assets

 

Stocks

5

154,433

147,856

Debtors

6

301,954

359,402

Cash at bank and in hand

 

474,592

396,289

 

930,979

903,547

Creditors: Amounts falling due within one year

7

(729,716)

(685,009)

Net current assets

 

201,263

218,538

Total assets less current liabilities

 

238,760

268,969

Creditors: Amounts falling due after more than one year

7

(81,267)

(116,995)

Provisions for liabilities

(8,026)

(7,203)

Net assets

 

149,467

144,771

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

149,367

144,671

Shareholders' funds

 

149,467

144,771

For the financial year ending 30 April 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 January 2025
 

.........................................
John Markey
Director

   
     
 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

These financial statements were authorised for issue by the director on 8 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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% Straight line basis

Fixtures & fittings

12.5% Straight line basis

Office equipment

12.5% Straight line 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.

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.

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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 33 (2023 - 33).

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

3,211

92,956

96,167

At 30 April 2024

3,211

92,956

96,167

Depreciation

At 1 May 2023

2,710

43,026

45,736

Charge for the year

401

12,533

12,934

At 30 April 2024

3,111

55,559

58,670

Carrying amount

At 30 April 2024

100

37,397

37,497

At 30 April 2023

501

49,930

50,431

5

Stocks

2024
£

2023
£

Other inventories

154,433

147,856

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

253,500

303,500

Other debtors

 

48,454

55,902

   

301,954

359,402

7

Creditors

Creditors: amounts falling due within one year

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

41,378

45,727

Trade creditors

 

177,370

227,399

Taxation and social security

 

20,826

9,605

Accruals and deferred income

 

193,888

182,800

Other creditors

 

296,254

219,478

 

729,716

685,009

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

81,267

116,995

Henderson Wholesale Limited hold a fixed charge, floating charge and negative pledge over the company. The floating charge covers all the property or undertaking of the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       
 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,375

23,719

Other borrowings

67,892

93,276

81,267

116,995

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,791

10,534

Bank overdrafts

10

-

Other borrowings

30,577

35,193

41,378

45,727

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £350.00 (2023 - £Nil) per each Ordinary share

35,000

-

 

 

11

Related party transactions

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

John Markey

Payable to Director on demand

209,685

(53,806)

133,848

289,727

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

John Markey

Payable to Director on demand

28,460

(59,925)

241,150

209,685

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,735

7,797

Contributions paid to money purchase schemes

18

-

8,753

7,797

In respect of the highest paid director:

2024
£

2023
£

Remuneration

8,735

7,796

Dividends paid to the director

2024
£

2023
£

John Markey

Dividend for year ended 31st March 2024

35,000

-

 

 

Summary of transactions with all entities with joint control or significant interest

Transactions have occurred between the company and another company with the same director and shareholder. The balance owed to Armagh Food Centre Ltd at the year end was £3,500 (2023 £3,500).

Summary of transactions with other related parties

A loan was made to a related party. The amount of the loan owed to Armagh Food Centre Ltd at the year end was £250,000 (2023 - £300,000)

Loans to related parties

2024

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

3,500

300,000

303,500

Repaid

-

(50,000)

(50,000)

At end of period

3,500

250,000

253,500

 

Armagh Food Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

-

300,000

300,000

Advanced

3,500

25,000

28,500

Repaid

-

(25,000)

(25,000)

At end of period

3,500

300,000

303,500