Company registration number NI013880 (Northern Ireland)
CARRIGEEN FARMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CARRIGEEN FARMS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CARRIGEEN FARMS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARRIGEEN FARMS LTD FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In accordance with the engagement letter dated, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the accounting records and information and explanations you have given to us.

 

As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are detailed at https://www.charteredaccountants.ie/Professional-Standards/Home.

This report is made solely to the company's board of directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's board of directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's board of directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the relevant ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the balance sheet for the year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements of Carrigeen Farms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

GMcG BELFAST
31 January 2025
Chartered Accountants
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
CARRIGEEN FARMS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,001
25,458
Tangible assets
4
754,481
710,779
776,482
736,237
Current assets
Stocks
226,750
216,000
Debtors
5
22,401
17,328
249,151
233,328
Creditors: amounts falling due within one year
6
(1,811,591)
(1,714,607)
Net current liabilities
(1,562,440)
(1,481,279)
Total assets less current liabilities
(785,958)
(745,042)
Creditors: amounts falling due after more than one year
7
(12,732)
(23,562)
Net liabilities
(798,690)
(768,604)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
254,087
254,087
Profit and loss reserves
(1,052,877)
(1,022,791)
Total equity
(798,690)
(768,604)

The notes on pages 4 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CARRIGEEN FARMS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr S A Irvine
Director
Company registration number NI013880 (Northern Ireland)
CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Carrigeen Farms Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 1 Woodside Park, Woodside Road, Ballymena, Co Antrim, BT42 4HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been properly prepared on the going concern basis. The directors consider this basis to be appropriate as the related company J.A. McClelland & Sons (Auctioneers) Limited has undertaken to provide continuing adequate financial support to enable the company to continue trading.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business,and represents amounts receivable for the net value of livestock and produce sold and income received from subsidiaries and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets comprise single farm payments. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Single farm payments
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line. Land is not depreciated.
Plant and equipment
5 to 15 years straight line

Freehold land with a net book value of £328,189 is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold property was revalued in 1999. This was before the implementation of Financial Reporting Standard (FRS 15) effective for accounting periods ending on or after 23 March 2000. The transitional provisions of FRS 15 have since been followed and therefore the valuation has not been updated.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks comprises of livestock, fertilisers and feed and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 6 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Single farm payments
£
Cost
At 1 May 2023 and 30 April 2024
75,425
Amortisation and impairment
At 1 May 2023
49,967
Amortisation charged for the year
3,457
At 30 April 2024
53,424
Carrying amount
At 30 April 2024
22,001
At 30 April 2023
25,458
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
702,951
347,811
1,050,762
Additions
-
0
69,416
69,416
Disposals
-
0
(20,281)
(20,281)
At 30 April 2024
702,951
396,946
1,099,897
Depreciation and impairment
At 1 May 2023
152,046
187,937
339,983
Depreciation charged in the year
9,369
16,345
25,714
Eliminated in respect of disposals
-
0
(20,281)
(20,281)
At 30 April 2024
161,415
184,001
345,416
Carrying amount
At 30 April 2024
541,536
212,945
754,481
At 30 April 2023
550,905
159,874
710,779
CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Tangible fixed assets (Continued)
- 8 -

Freehold property was revalued in 1999. This was before the implementation of Financial Reporting Standard (FRS 15) effective for accounting periods ending on or after 23 March 2000. The transitional provisions of FRS 15 have since been followed and therefore the valuation has not been updated.

The revaluation surplus is disclosed in note 8.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2024
2023
£
£
Cost
471,973
471,973
Accumulated depreciation
(183,562)
(174,515)
Carrying value
288,411
297,458
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,892
15,225
Prepayments and accrued income
4,509
2,103
22,401
17,328
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,943
44,588
Other creditors
1,779,365
1,661,211
Accruals and deferred income
7,283
8,808
1,811,591
1,714,607
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,732
23,562
CARRIGEEN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
254,087
254,087

On transition to FRS 102 the company elected to use a previous valuation of the freehold property from 1999 as the deemed cost for those assets and continues to adopt a policy of non-revaluation from that date, as permitted under Section 35 of FRS 102. The revaluation reserve represents surpluses arising on the revaluation of the freehold property.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The related party balance with J.A. McClellands & Sons (Auctioneers) Limited at the balance sheet date was £1,779,365 (2023: £1,661,211).

 

The transactions which occurred during the year were: net expenses paid by J.A. McClellands & Sons (Auctioneers) Limited on behalf of Carrigeen Farms Limited amounting to £257,291 (2023: £188,620), cash loans made by J.A. McClellands & Sons (Auctioneers) Limited of £Nil (2023: £Nil) and repayments to J.A. McClellands & Sons (Auctioneers) Limited of £154,064 (2023: £135,474).

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