Registration number:
JD Fulton (Tullylinkesay Mills) Limited
for the Year Ended 31 July 2024
JD Fulton (Tullylinkesay Mills) Limited
(Registration number: NI015790)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
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Development property |
|
|
|
Stocks |
432,208 |
989,015 |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
658,044 |
658,044 |
|
Retained earnings |
5,450,652 |
5,257,232 |
|
Shareholders' funds |
6,108,696 |
5,915,276 |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
JD Fulton (Tullylinkesay Mills) Limited
(Registration number: NI015790)
Balance Sheet as at 31 July 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
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JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents total sales for the accounting period excluding value added tax.
Rental income is recognised on a straight line basis over the lease term.
Tax
The tax expense for the period comprises current and 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.
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 statement of financial position 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 buildings over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
5% per year straight line method |
Office equipment |
20% per year straight line method |
Motor vehicles |
20% per year straight line method |
Wind turbine |
5% per year straight line method |
Lorries, plant and machinery |
20% per year straight line method |
Development property
Property held for or in the course of development is valued at the lower of cost or net realisable value. Net realisable value is calculated as expected sales value less additional costs to completion.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
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.
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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.
Hire purchase
Assets held under hire purchase agreements are capitalised to tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
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.
Pensions
The Company operates a defined contribution scheme for all staff. Employer contributions are charged through the profit and loss account when incurred.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Land and buildings |
Office equipment |
Motor vehicles |
Wind Turbine |
Lorries, plant & machinery |
Total |
|
Cost or valuation |
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At 1 August 2023 |
|
|
|
|
|
|
Additions |
- |
- |
|
- |
|
|
Disposals |
- |
- |
( |
- |
( |
( |
At 31 July 2024 |
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|
|
|
|
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Depreciation |
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At 1 August 2023 |
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|
|
|
|
|
Charge for the year |
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|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
( |
At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Included within the net book value of land and buildings above is £4,018,140 (2023 - £4,018,140) relating to freehold land and buildings which are not considered depreciable.
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
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Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
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Other creditors and accruals |
|
|
|
|
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Due after one year |
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Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
658,044 |
|
658,044 |
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
Hire purchase liabilities |
|
- |
Directors' loan account |
|
|
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
|
|
Included within bank borrowings falling due within one year are the following amounts which have been secured by a mortgage debenture, incorporating a fixed and floating charge over all the Company's assets, both present and future, including a specific charge over some property:
2024 |
2023 |
|
Bank overdraft |
- |
(81,231) |
The remaining bank borrowings are secured by the UK Government under the Bounce Back Loan scheme.
JD Fulton (Tullylinkesay Mills) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Related party transactions |
2024 |
2023 |
|
Directors' loan account |
(240,035) |
(254,863) |
Of this balance £12,000 (2023: £12,000) is included in other creditors and accruals due within one year and £228,035 (2023: £242,863) is included in non-current loans and borrowings.
Balances due from associated companies
2024 |
2023 |
|
Due from Bellshill Developments Limited |
78,288 |
78,288 |