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REGISTERED NUMBER: NI637633 (Northern Ireland)













Mount Prospect Poultry Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024






Mount Prospect Poultry Limited (Registered number: NI637633)

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










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3


Mount Prospect Poultry Limited

Company Information
for the Year Ended 31 October 2024







Directors: Mr W G Murray
Mrs CM Murray





Registered office: 32c Old Church Lane
Aghalee
Craigavon
Armagh
BT67 0EY





Registered number: NI637633 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Mount Prospect Poultry Limited (Registered number: NI637633)

Statement of Financial Position
31 October 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 1,242,392 1,265,001

Current assets
Inventories 165,621 19,284
Debtors 5 3,160 3,320
Cash at bank 141,042 36,405
309,823 59,009
Creditors
Amounts falling due within one year 6 (249,704 ) (156,982 )
Net current assets/(liabilities) 60,119 (97,973 )
Total assets less current liabilities 1,302,511 1,167,028

Creditors
Amounts falling due after more than one
year

7

(604,384

)

(673,775

)

Provisions for liabilities 8 (96,575 ) (96,557 )
Net assets 601,552 396,696

Capital and reserves
Called up share capital 9 100 100
Retained earnings 601,452 396,596
Shareholders' funds 601,552 396,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:



Mr W G Murray - Director


Mount Prospect Poultry Limited (Registered number: NI637633)

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


1. Statutory information

Mount Prospect Poultry 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 3% on reducing balance
Plant and machinery - 10% reducing balance
Motor Vehicles - 15% reducing balance
Fixtures and fittings 10% reducing balance

Stocks
Inventories 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Mount Prospect Poultry Limited (Registered number: NI637633)

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


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Mount Prospect Poultry Limited (Registered number: NI637633)

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


2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience 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, which can involve a high degree of judgement or complexity. 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 addressed below:

Useful economic lives of intangible and tangible assets
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See property, plant and equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

Mount Prospect Poultry Limited (Registered number: NI637633)

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


4. Property, plant and equipment
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 November 2023 884,388 683,579 430 116,320 1,684,717
Additions - 31,610 266 49,775 81,651
Disposals - - - (40,470 ) (40,470 )
At 31 October 2024 884,388 715,189 696 125,625 1,725,898
Depreciation
At 1 November 2023 127,580 252,746 43 39,347 419,716
Charge for year 22,704 44,533 54 15,843 83,134
Eliminated on disposal - - - (19,344 ) (19,344 )
At 31 October 2024 150,284 297,279 97 35,846 483,506
Net book value
At 31 October 2024 734,104 417,910 599 89,779 1,242,392
At 31 October 2023 756,808 430,833 387 76,973 1,265,001

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
Additions 49,775
At 31 October 2024 49,775
Depreciation
Charge for year 7,466
At 31 October 2024 7,466
Net book value
At 31 October 2024 42,309

5. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 3,160 3,320

6. Creditors: amounts falling due within one year

Bank loans and overdrafts are secured against company assets including 4 poultry houses and yard.

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 552,356 631,313
Hire purchase contracts 52,028 42,462
604,384 673,775

Mount Prospect Poultry Limited (Registered number: NI637633)

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


8. Provisions for liabilities
2024 2023
£ £
Deferred tax 96,575 96,557

Deferred tax
£
Balance at 1 November 2023 96,557
Charge to Statement of income and retained earnings during year 18
Balance at 31 October 2024 96,575

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1.00 100 100