JD Fulton (Tullylinkesay Mills) Limited NI015790 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is farming, property investment, property development and producing electricity. Digita Accounts Production Advanced 6.30.9574.0 true true NI015790 2023-08-01 2024-07-31 NI015790 2024-07-31 NI015790 bus:OrdinaryShareClass1 2024-07-31 NI015790 core:CurrentFinancialInstruments 2024-07-31 NI015790 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 NI015790 core:Non-currentFinancialInstruments 2024-07-31 NI015790 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 NI015790 core:ConstructionInProgressAssetsUnderConstruction 2024-07-31 NI015790 core:FurnitureFittingsToolsEquipment 2024-07-31 NI015790 core:LandBuildings 2024-07-31 NI015790 core:MotorVehicles 2024-07-31 NI015790 core:OtherPropertyPlantEquipment 2024-07-31 NI015790 bus:SmallEntities 2023-08-01 2024-07-31 NI015790 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 NI015790 bus:FilletedAccounts 2023-08-01 2024-07-31 NI015790 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI015790 bus:RegisteredOffice 2023-08-01 2024-07-31 NI015790 bus:Director1 2023-08-01 2024-07-31 NI015790 bus:Director3 2023-08-01 2024-07-31 NI015790 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 NI015790 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI015790 core:Buildings 2023-08-01 2024-07-31 NI015790 core:ConstructionInProgressAssetsUnderConstruction 2023-08-01 2024-07-31 NI015790 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 NI015790 core:LandBuildings 2023-08-01 2024-07-31 NI015790 core:MotorVehicles 2023-08-01 2024-07-31 NI015790 core:OfficeEquipment 2023-08-01 2024-07-31 NI015790 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 NI015790 core:PlantMachinery 2023-08-01 2024-07-31 NI015790 core:VehiclesPlantMachinery 2023-08-01 2024-07-31 NI015790 core:AllAssociates 2023-08-01 2024-07-31 NI015790 countries:NorthernIreland 2023-08-01 2024-07-31 NI015790 2023-07-31 NI015790 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 NI015790 core:FurnitureFittingsToolsEquipment 2023-07-31 NI015790 core:LandBuildings 2023-07-31 NI015790 core:MotorVehicles 2023-07-31 NI015790 core:OtherPropertyPlantEquipment 2023-07-31 NI015790 2022-08-01 2023-07-31 NI015790 2023-07-31 NI015790 bus:OrdinaryShareClass1 2023-07-31 NI015790 core:CurrentFinancialInstruments 2023-07-31 NI015790 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI015790 core:Non-currentFinancialInstruments 2023-07-31 NI015790 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 NI015790 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 NI015790 core:FurnitureFittingsToolsEquipment 2023-07-31 NI015790 core:LandBuildings 2023-07-31 NI015790 core:MotorVehicles 2023-07-31 NI015790 core:OtherPropertyPlantEquipment 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI015790

JD Fulton (Tullylinkesay Mills) Limited

Unaudited Filleted Financial Statements

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

 

Tangible assets

4

5,065,245

4,895,578

Current assets

 

Development property

361,000

484,149

Stocks

 

432,208

989,015

Debtors

5

242,479

189,945

Cash at bank and in hand

 

694,952

-

 

1,730,639

1,663,109

Creditors: Amounts falling due within one year

6

(180,863)

(222,284)

Net current assets

 

1,549,776

1,440,825

Total assets less current liabilities

 

6,615,021

6,336,403

Creditors: Amounts falling due after more than one year

6

(286,278)

(262,762)

Provisions for liabilities

(220,047)

(158,365)

Net assets

 

6,108,696

5,915,276

Capital and reserves

 

Called up share capital

7

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 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.

 

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 Board on 11 December 2024 and signed on its behalf by:
 

.........................................
Mr John Derek Fulton
Director

.........................................
Mrs Iris Fulton
Director

 

JD Fulton (Tullylinkesay Mills) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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: 91 Moneymore Road, Magherafelt, Co. Londonderry, BT45 6HH.

These financial statements were authorised for issue by the Board on 11 December 2024.

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

JD Fulton (Tullylinkesay Mills) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Wind Turbine
 £

Lorries, plant & machinery
£

Total
£

Cost or valuation

At 1 August 2023

5,220,695

12,011

61,593

598,669

829,168

6,722,136

Additions

-

-

72,160

-

336,130

408,290

Disposals

-

-

(57,443)

-

(220,000)

(277,443)

At 31 July 2024

5,220,695

12,011

76,310

598,669

945,298

6,852,983

Depreciation

At 1 August 2023

910,496

11,479

43,966

222,284

638,333

1,826,558

Charge for the year

21,171

183

14,432

29,935

141,475

207,196

Eliminated on disposal

-

-

(39,816)

-

(206,200)

(246,016)

At 31 July 2024

931,667

11,662

18,582

252,219

573,608

1,787,738

Carrying amount

At 31 July 2024

4,289,028

349

57,728

346,450

371,690

5,065,245

At 31 July 2023

4,310,199

532

17,627

376,385

190,835

4,895,578

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

159,653

107,177

Prepayments

4,538

4,480

Other debtors

78,288

78,288

 

242,479

189,945

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

80,000

99,072

Trade creditors

 

29,830

43,216

Taxation and social security

 

8,767

5,138

Other creditors and accruals

 

62,266

74,858

 

180,863

222,284

Due after one year

 

Loans and borrowings

8

286,278

262,762

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

658,044

658,044

658,044

658,044

       
 

JD Fulton (Tullylinkesay Mills) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,493

19,899

Hire purchase liabilities

47,750

-

Directors' loan account

228,035

242,863

286,278

262,762

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,250

92,072

Hire purchase liabilities

69,750

7,000

80,000

99,072

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

9

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

The following amounts due from associated companies are included within other debtors:
 

2024
£

2023
£

Due from Bellshill Developments Limited

78,288

78,288