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Registration number: NI623092

Corbally Poultry Farm Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Corbally Poultry Farm Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Corbally Poultry Farm Ltd

Company Information

Directors

Mr Richard Newell

Mrs Elaine Newell

Registered office

22 Carnew Road
Katesbridge
Banbridge
BT32 5PS

Accountants

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

 

Corbally Poultry Farm Ltd

(Registration number: NI623092)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

573,023

544,261

Current assets

 

Stocks

5

60,000

60,000

Debtors

6

566,197

73,831

Cash at bank and in hand

 

-

14,007

 

626,197

147,838

Creditors: Amounts falling due within one year

7

(297,733)

(384,711)

Net current assets/(liabilities)

 

328,464

(236,873)

Total assets less current liabilities

 

901,487

307,388

Creditors: Amounts falling due after more than one year

7

(958,069)

(217,604)

Provisions for liabilities

(57,231)

(39,083)

Net (liabilities)/assets

 

(113,813)

50,701

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

(113,823)

50,691

Shareholders' (deficit)/funds

 

(113,813)

50,701

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr Richard Newell
Director

   
     
 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
22 Carnew Road
Katesbridge
Banbridge
BT32 5PS

These financial statements were authorised for issue by the Board on 29 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.

Tax

The tax expense for the period comprises 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.

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.

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Land and buildings

5% straight line

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.

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

490,038

-

23,995

591,841

1,105,874

Additions

-

291

-

118,614

118,905

Disposals

-

-

-

(11,750)

(11,750)

At 29 February 2024

490,038

291

23,995

698,705

1,213,029

Depreciation

At 1 March 2023

193,730

-

11,709

356,174

561,613

Charge for the year

24,502

58

2,457

51,376

78,393

At 29 February 2024

218,232

58

14,166

407,550

640,006

Carrying amount

At 29 February 2024

271,806

233

9,829

291,155

573,023

At 28 February 2023

296,308

-

12,286

235,667

544,261

Included within the net book value of land and buildings above is £271,806 (2023 - £296,308) in respect of freehold land and buildings.
 

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Other inventories

60,000

60,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

23,753

Amounts owed by related parties

11

(242)

-

Other debtors

 

566,439

50,078

   

566,197

73,831

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

259,260

213,853

Trade creditors

 

26,225

26,233

Taxation and social security

 

9,368

6,974

Accruals and deferred income

 

2,880

2,630

Other creditors

 

-

135,021

 

297,733

384,711

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

958,069

217,604

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

143,629

103,840

Hire purchase contracts

21,103

33,706

Other borrowings

793,337

80,058

958,069

217,604

Current loans and borrowings

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Bank borrowings

227,841

176,976

Bank overdrafts

11,982

11,693

Hire purchase contracts

19,437

25,184

259,260

213,853

Bank borrowings

Funding circle loan is denominated in sterling with a nominal interest rate of 3.7%, and the final instalment is due on 23 April 2026. The carrying amount at year end is £109,268 (2023 - £134,622).

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary shares

-

-

 

 

11

Related party transactions

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Richard Newell

Director's loan repayable on demand

135,020

(745,807)

50,163

(560,623)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Richard Newell

Director's loan repayable on demand

40,240

(42,004)

136,785

135,020

 

Corbally Poultry Farm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,348

9,875

Dividends paid to directors

2024
£

2023
£

Mr Richard Newell

Dividends paid

-

-

 

 

Mrs Elaine Newell

Dividends Paid

-

-