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COMPANY REGISTRATION NUMBER: NI624815
AWF Poultry
Filleted Unaudited Financial Statements
30 April 2024
AWF Poultry
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,079,189
553,964
Current assets
Stocks
200
Debtors
6
217,138
18,035
---------
--------
217,138
18,235
Creditors: amounts falling due within one year
7
331,077
279,278
---------
---------
Net current liabilities
113,939
261,043
------------
---------
Total assets less current liabilities
965,250
292,921
Creditors: amounts falling due after more than one year
8
912,197
208,258
Provisions
Taxation including deferred tax
46,148
47,939
---------
---------
Net assets
6,905
36,724
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6,805
36,624
-------
--------
Shareholders funds
6,905
36,724
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AWF Poultry
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 11 June 2024 , and are signed on behalf of the board by:
Mr A Ferguson
Director
Company registration number: NI624815
AWF Poultry
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Letterbrat Road, Newtownstewart, OMAGH, Co Tyrone, BT78 4DW. The principal activity of the company during the year was poultry farming.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
4% straight line
Plant and machinery
-
10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
425,541
532,805
958,346
Additions
578,095
20,905
599,000
Disposals
( 128,965)
( 128,965)
---------
---------
--------
------------
At 30 April 2024
425,541
981,935
20,905
1,428,381
---------
---------
--------
------------
Depreciation
At 1 May 2023
118,266
286,116
404,382
Charge for the year
23,029
21,771
44,800
Disposals
( 99,990)
( 99,990)
---------
---------
--------
------------
At 30 April 2024
141,295
207,897
349,192
---------
---------
--------
------------
Carrying amount
At 30 April 2024
284,246
774,038
20,905
1,079,189
---------
---------
--------
------------
At 30 April 2023
307,275
246,689
553,964
---------
---------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
935
Other debtors
217,138
17,100
---------
--------
217,138
18,035
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,320
99,983
Trade creditors
297,381
3,935
Social security and other taxes
7,133
Other creditors
6,376
168,227
---------
---------
331,077
279,278
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
911,965
201,947
Other creditors
232
6,311
---------
---------
912,197
208,258
---------
---------
9. Directors' advances, credits and guarantees
During the year the director withdrew from the company the net amount of £332,028. The balance owed by the director at the year end was £187,193 (2023: £144,835 owed by the company).