BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company during the year was to carry on all manner of farm services. 20 November 2024 0 0 NI043276 2024-05-31 NI043276 2023-05-31 NI043276 2022-05-31 NI043276 2023-06-01 2024-05-31 NI043276 2022-06-01 2023-05-31 NI043276 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI043276 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI043276 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI043276 uk-bus:FullAccounts 2023-06-01 2024-05-31 NI043276 uk-core:ShareCapital 2024-05-31 NI043276 uk-core:ShareCapital 2023-05-31 NI043276 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI043276 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI043276 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI043276 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI043276 uk-bus:FRS102 2023-06-01 2024-05-31 NI043276 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI043276 uk-core:CurrentFinancialInstruments 2024-05-31 NI043276 uk-core:CurrentFinancialInstruments 2023-05-31 NI043276 uk-core:WithinOneYear 2024-05-31 NI043276 uk-core:WithinOneYear 2023-05-31 NI043276 uk-core:AfterOneYear 2024-05-31 NI043276 uk-core:AfterOneYear 2023-05-31 NI043276 uk-core:WithinOneYear 2024-05-31 NI043276 uk-core:WithinOneYear 2023-05-31 NI043276 uk-core:BetweenTwoFiveYears 2024-05-31 NI043276 uk-core:BetweenTwoFiveYears 2023-05-31 NI043276 uk-core:OtherMiscellaneousReserve 2023-05-31 NI043276 uk-core:OtherMiscellaneousReserve 2023-06-01 2024-05-31 NI043276 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 NI043276 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-05-31 NI043276 uk-core:OtherDeferredTax 2024-05-31 NI043276 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-05-31 NI043276 uk-core:OtherMiscellaneousReserve 2024-05-31 NI043276 2023-06-01 2024-05-31 NI043276 uk-bus:Director1 2023-06-01 2024-05-31 NI043276 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
Company Registration Number: NI043276
 
 
Owenreagh Farm Services Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 May 2024
Owenreagh Farm Services Limited
Company Registration Number: NI043276
BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 3 75,237 92,046
───────── ─────────
 
Current Assets
Stocks 4 17,172 21,105
Debtors 5 4,710 7,095
Cash and cash equivalents 106,763 82,559
───────── ─────────
128,645 110,759
───────── ─────────
Creditors: amounts falling due within one year 6 (61,627) (60,190)
───────── ─────────
Net Current Assets 67,018 50,569
───────── ─────────
Total Assets less Current Liabilities 142,255 142,615
 
Creditors:
amounts falling due after more than one year 7 (9,652) (11,244)
 
Provisions for liabilities 9 (14,295) (16,657)
───────── ─────────
Net Assets 118,308 114,714
═════════ ═════════
 
Capital and Reserves
Called up share capital 30,000 30,000
Retained earnings 88,308 84,714
───────── ─────────
Equity attributable to owners of the company 118,308 114,714
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 20 November 2024
           
           
________________________________          
Mrs Florence O'Kane          
Director          
           



Owenreagh Farm Services Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
Owenreagh Farm Services Limited is a company limited by shares incorporated in Northern Ireland.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Tangible assets
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 June 2023 227,053 227,053
Additions 2,000 2,000
  ───────── ─────────
At 31 May 2024 229,053 229,053
  ───────── ─────────
Depreciation
At 1 June 2023 135,007 135,007
Charge for the financial year 18,809 18,809
  ───────── ─────────
At 31 May 2024 153,816 153,816
  ───────── ─────────
Net book value
At 31 May 2024 75,237 75,237
  ═════════ ═════════
At 31 May 2023 92,046 92,046
  ═════════ ═════════
       
4. Stocks 2024 2023
  £ £
 
  17,172 21,105
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
5. Debtors 2024 2023
  £ £
 
Trade debtors 4,710 6,362
Taxation  (Note 8) - 733
  ───────── ─────────
  4,710 7,095
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Loan 1,683 1,773
Trade creditors 148 260
Taxation  (Note 8) 3,624 -
Director's current account 14,743 14,743
Other creditors 40,029 42,014
Accruals 1,400 1,400
  ───────── ─────────
  61,627 60,190
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Loan 9,652 11,244
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 1,683 1,773
Repayable between two and five years 9,652 11,244
  ───────── ─────────
  11,335 13,017
  ═════════ ═════════
 
       
8. Taxation 2024 2023
  £ £
 
Debtors:
VAT - 733
  ═════════ ═════════
Creditors:
VAT 421 -
Corporation tax 3,203 -
  ───────── ─────────
  3,624 -
  ═════════ ═════════
           
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 17,489 (832) 16,657 9,784
Charged to profit and loss (3,194) 832 (2,362) 6,873
  ───────── ───────── ───────── ─────────
At financial year end 14,295 - 14,295 16,657
  ═════════ ═════════ ═════════ ═════════
           
10. Related party transactions
 
At 31 May 2023 the director of Owenreagh Farm Services Ltd, was owed £14,743 by the company. There were no transactions during the year, leaving a closing balance due to the director of £14,743 (2023: £14,743). This is included in the creditors section of the balance sheet.

John McKernan, company secretary of Owenreagh Farm Services Ltd, had an opening loan account balance of £42,014. During the year, the company borrowed £1,341 and repaid £3,326, leaving a closing balance of £40,029 owed to John McKernan at the year end (2023: £42,014). This is included in the creditors section of the balance sheet.

During the year Owenreagh Farm Services Ltd leased land from John McKernan at no charge.