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REGISTERED NUMBER: NI667827 (Northern Ireland)















COOLNACRAN FARM LTD

Directors' Report and

Unaudited Financial Statements for the Year Ended 30 April 2024






COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Directors' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


COOLNACRAN FARM LTD

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: David Irvine
Lynda Irvine





REGISTERED OFFICE: 118 Old Newry Road
Coolnacran
Banbridge
Co. Antrim
BT32 4LJ





REGISTERED NUMBER: NI667827 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Directors' Report
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the Company for the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

David Irvine
Lynda Irvine

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





David Irvine - Director


4 October 2024

COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Statement of Financial Position
30 APRIL 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 1,520,945 1,500,359

CURRENT ASSETS
Inventories 6 652 510
Receivables: amounts falling due within
one year

7

1,198

1,072
Cash at bank 56,487 43,625
58,337 45,207
PAYABLES: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

(517,579

)

(606,478

)
NET CURRENT LIABILITIES (459,242 ) (561,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,061,703

939,088

PAYABLES: AMOUNTS FALLING DUE
AFTER ONE YEAR

9

(102,165

)

(66,252

)

PROVISIONS FOR LIABILITIES (128,507 ) (123,361 )
NET ASSETS 831,031 749,475

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 471,961 471,961
Retained earnings 358,970 277,414
SHAREHOLDERS' FUNDS 831,031 749,475

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 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.

COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Statement of Financial Position - continued
30 APRIL 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:




David Irvine - Director



Lynda Irvine - Director


COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Coolnacran Farm Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

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

Property, plant & equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold Property- 0% Straight Line
Plant & Machinery- 5% Reducing Balance
Fixtures & Fittings - 5% Reducing Balance
Motor Vehicles- 5% Reducing Balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.


COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued
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
Property, plant and equipment held under leasing and hire purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST OR VALUATION
At 1 May 2023 1,006,916 800,335 3,558 4,400 1,815,209
Additions - 17,457 - 32,250 49,707
Disposals - (750 ) - (4,400 ) (5,150 )
At 30 April 2024 1,006,916 817,042 3,558 32,250 1,859,766
DEPRECIATION
At 1 May 2023 - 313,167 238 1,445 314,850
Charge for year - 25,026 166 323 25,515
Eliminated on disposal - (99 ) - (1,445 ) (1,544 )
At 30 April 2024 - 338,094 404 323 338,821
NET BOOK VALUE
At 30 April 2024 1,006,916 478,948 3,154 31,927 1,520,945
At 30 April 2023 1,006,916 487,168 3,320 2,955 1,500,359

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Valuation in 2021 1,006,916 769,194 3,558 4,400 1,784,068
Valuation in 2022 - 31,141 - - 31,141
Valuation in 2024 - 16,707 - 27,850 44,557
1,006,916 817,042 3,558 32,250 1,859,766

6. INVENTORIES
2024 2023
£ £
Inventories 652 510

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables - 1,072
VAT 1,198 -
1,198 1,072

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans & overdrafts 165,821 262,570
Hire purchase contracts 10,080 642
Trade payables 12,587 792
Taxation & social security 31,497 44,593
Other payables 297,594 297,881
517,579 606,478

COOLNACRAN FARM LTD (REGISTERED NUMBER: NI667827)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Hire purchase liabilities are secured against the assets to which they relate.

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 82,315 66,252
Hire purchase contracts 19,850 -
102,165 66,252

Hire purchase liabilities are secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A balance of £291,606 (2023 - £292,851) was owing from the company to the directors at the year end.