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REGISTERED NUMBER: NI616052 (Northern Ireland)













PPW Farms Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024






PPW Farms Ltd (Registered number: NI616052)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 5


PPW Farms Ltd

Company Information
for the Year Ended 30 June 2024







Directors: Mr P Wylie
Mrs P Wylie





Registered office: 49 Rhone Road
Dungannon
Co. Tyrone
BT71 7EN





Registered number: NI616052 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

PPW Farms Ltd (Registered number: NI616052)

Statement of Financial Position
30 June 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 32,692 42,842

Current assets
Inventories 5 50,225 49,560
Receivables 6 35,737 47,295
Cash at bank 152,655 31,846
238,617 128,701
Payables
Amounts falling due within one year 7 (170,604 ) (120,613 )
Net current assets 68,013 8,088
Total assets less current liabilities 100,705 50,930

Payables
Amounts falling due after more than one
year

8

(9,636

)

(19,517

)

Provisions for liabilities 9 (8,173 ) (10,711 )
Net assets 82,896 20,702

Capital and reserves
Called up share capital 10 2 2
Retained earnings 82,894 20,700
Shareholders' funds 82,896 20,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by:



Mr P Wylie - Director


PPW Farms Ltd (Registered number: NI616052)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. Statutory information

PPW Farms Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 20% on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PPW Farms Ltd (Registered number: NI616052)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. Accounting policies - continued

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Property, plant and equipment
Plant and Computer
machinery equipment Totals
£ £ £
Cost
At 1 July 2023 72,401 5,455 77,856
Additions - 808 808
At 30 June 2024 72,401 6,263 78,664
Depreciation
At 1 July 2023 31,877 3,137 35,014
Charge for year 10,131 827 10,958
At 30 June 2024 42,008 3,964 45,972
Net book value
At 30 June 2024 30,393 2,299 32,692
At 30 June 2023 40,524 2,318 42,842

5. Inventories
2024 2023
£ £
Stocks 50,225 49,560

6. Receivables: amounts falling
due within one year
2024 2023
£ £
Trade receivables 26,908 29,010
VAT 8,829 3,285
Prepayments - 15,000
35,737 47,295

PPW Farms Ltd (Registered number: NI616052)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


7. Payables: amounts falling due
within one year
2024 2023
£ £
Bank loans and overdrafts 9,883 9,883
Trade payables 85,148 86,966
Tax 31,998 3,240
Social security and other taxes 455 -
Directors' current accounts 40,120 17,674
Accrued expenses 3,000 2,850
170,604 120,613

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 9,636 9,883
Bank loans - 2-5 years - 9,634
9,636 19,517

9. Provisions for liabilities
2024 2023
£ £
Deferred tax 8,173 10,711

Deferred tax
£
Balance at 1 July 2023 10,711
Credit to Statement of income and retained earnings during year (2,538 )
Balance at 30 June 2024 8,173

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary 1 2 2

11. Directors' advances, credits and guarantees

20232023
£   £   
Balance outstanding at start of year(17,674)(11,933)
Amounts advanced91897,835
Amounts repaid(31,635)(13,576)
Balance outstanding at end of year(40,120)(17,674)