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Registration number: NI624334

Eagleson's Farm Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Eagleson's Farm Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Eagleson's Farm Ltd

Company Information

Directors

Mr John Joseph Loughran

Mrs Mary Loughran

Registered office

10 Lower Kildress Road
Cookstown
Co Tyrone
BT80 9RN

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Eagleson's Farm Ltd

(Registration number: NI624334)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

222,187

236,077

Current assets

 

Debtors

6

335,725

348,861

Cash at bank and in hand

 

77,031

16,735

 

412,756

365,596

Creditors: Amounts falling due within one year

7

(265,119)

(307,960)

Net current assets

 

147,637

57,636

Total assets less current liabilities

 

369,824

293,713

Provisions for liabilities

(55,546)

(59,019)

Net assets

 

314,278

234,694

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

314,276

234,692

Total equity

 

314,278

234,694

For the financial year ending 31 May 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.

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 27 February 2025 and signed on its behalf by:
 

.........................................

Mr John Joseph Loughran
Director

 

Eagleson's Farm Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
10 Lower Kildress Road
Cookstown
Co Tyrone
BT80 9RN

These financial statements were authorised for issue by the Board on 27 February 2025.

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Eagleson's Farm Ltd

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

2

Accounting policies (continued)

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.

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 balance sheet 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 properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

5% Straight Line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Eagleson's Farm Ltd

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

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,890

13,890

 

Eagleson's Farm Ltd

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

5

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

277,805

277,805

At 31 May 2024

277,805

277,805

Depreciation

At 1 June 2023

41,728

41,728

Charge for the year

13,890

13,890

At 31 May 2024

55,618

55,618

Carrying amount

At 31 May 2024

222,187

222,187

At 31 May 2023

236,077

236,077

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

5,725

18,861

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

330,000

330,000

 

335,725

348,861

 

Eagleson's Farm Ltd

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

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,335

1,891

Corporation tax liability

 

30,001

14,397

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

227,883

287,883

Taxation and social security

 

4,400

3,289

Accruals and deferred income

 

500

500

 

265,119

307,960

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Related party transactions


Loans from related parties

At the beginning of the financial year the company owed £287,883 to a related party undertaking. During the year the company made a repayment of £60,000. At the year end £227,883 was owed by the company. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.

In the prior year the company advanced a loan of £330,000 to a related party undertaking. During the year there was no movement on the loan. The loan outstanding at the year end was £330,000. The loan is repayable on demand. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.