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COMPANY REGISTRATION NUMBER: NI019419
Ardglass Sea Products Limited
Financial Statements
31 March 2024
Ardglass Sea Products Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Ardglass Sea Products Limited
Strategic Report
Year ended 31 March 2024
The directors present their report and audited financial statements of the company for the year ended 31 March 2024. Principal activities The principal activity of the company during the year was that of buying and selling of fish and hire of equipment. Review of business and future developments Performance The directors consider the results for the current year and position of the company at year end to be satisfactory. The directors are committed to long term creation of shareholder value by increasing the company's market share through organic growth. The directors have plans in place to ensure the company is strongly placed to retain its market position. The company's result for the year is an operating profit of £901,900 (2023: £817,258) and a profit on ordinary activities before taxation of £795,830 (2023: £755,680). At the year end net assets of the company were £3,318,043 (2023: £2,799,282). Principal risks and uncertainties The company's performance is sensitive to any changes in interest rates, inflation, foreign exchange, stability of suppliers, competition from other suppliers, employee retention and consumer spending habits. With these risks and uncertainties in mind, the directors are aware that any plans for future development of the business may be subject to unforeseen future events outside of their control. The directors, however, focus on managing and mitigating these risks as part of the overall business strategy via strong customer service, not being overly reliant on one supplier and investment in people and facilities. Key performance indicators The key performance indicators that have been monitored on an ongoing basis during the period were: - Sales growth compared to prior year - Gross profit margins The directors are satisfied with the results of the key performance indicators.
This report was approved by the board of directors on 7 March 2025 and signed on behalf of the board by:
Mr P Milligan
Mr J P Milligan
Director
Director
Registered office:
16 Downpatrick Road
Ardglass
Downpatrick
BT30 7SF
Ardglass Sea Products Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr P Milligan
Mr J P Milligan
Mr D Milligan
(Appointed 27 March 2024)
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 7 March 2025 and signed on behalf of the board by:
Mr P Milligan
Mr J P Milligan
Director
Director
Registered office:
16 Downpatrick Road
Ardglass
Downpatrick
BT30 7SF
Ardglass Sea Products Limited
Independent Auditor's Report to the Members of Ardglass Sea Products Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Ardglass Sea Products Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Cathal Maneely
(Senior Statutory Auditor)
For and on behalf of
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
7 March 2025
Ardglass Sea Products Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
14,002,784
13,607,551
Cost of sales
11,671,264
11,084,366
-------------
-------------
Gross profit
2,331,520
2,523,185
Administrative expenses
1,448,335
1,724,642
Other operating income
5
18,715
18,715
------------
------------
Operating profit
6
901,900
817,258
Interest payable and similar expenses
9
106,070
61,578
------------
------------
Profit before taxation
795,830
755,680
Tax on profit
10
275,069
207,952
---------
---------
Profit for the financial year and total comprehensive income
520,761
547,728
---------
---------
Dividends paid and payable
11
( 2,000)
( 4,000)
Retained earnings at the start of the year
2,719,280
2,175,552
------------
------------
Retained earnings at the end of the year
3,238,041
2,719,280
------------
------------
All the activities of the company are from continuing operations.
Ardglass Sea Products Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
87,739
97,491
Tangible assets
13
2,836,522
2,536,810
------------
------------
2,924,261
2,634,301
Current assets
Stocks
14
2,384,350
2,281,520
Debtors
15
2,037,810
1,346,831
Cash at bank and in hand
2,221,057
1,674,599
------------
------------
6,643,217
5,302,950
Creditors: amounts falling due within one year
17
5,021,203
3,975,208
------------
------------
Net current assets
1,622,014
1,327,742
------------
------------
Total assets less current liabilities
4,546,275
3,962,043
Creditors: amounts falling due after more than one year
18
842,270
929,950
Provisions
19
385,962
232,811
------------
------------
Net assets
3,318,043
2,799,282
------------
------------
Capital and reserves
Called up share capital
23
80,002
80,002
Profit and loss account
3,238,041
2,719,280
------------
------------
Shareholders funds
3,318,043
2,799,282
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
Mr P Milligan
Mr J P Milligan
Director
Director
Company registration number: NI019419
Ardglass Sea Products Limited
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
520,761
547,728
Adjustments for:
Depreciation of tangible assets
153,989
155,821
Amortisation of intangible assets
9,752
9,752
Government grant income
( 18,715)
( 18,715)
Interest payable and similar expenses
106,070
61,578
Tax on profit
275,069
207,952
Accrued (income)/expenses
( 393,873)
366,359
Changes in:
Stocks
( 102,830)
199,618
Trade and other debtors
( 690,979)
170,565
Trade and other creditors
2,093,614
( 708,765)
------------
---------
Cash generated from operations
1,952,858
991,893
Interest paid
( 106,070)
( 61,578)
Tax paid
( 157,447)
( 55,914)
------------
---------
Net cash from operating activities
1,689,341
874,401
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 453,701)
( 48,543)
------------
---------
Net cash used in investing activities
( 453,701)
( 48,543)
------------
---------
Cash flows from financing activities
Proceeds from borrowings
( 170,544)
( 161,574)
Government grant income
18,715
18,715
Payments of finance lease liabilities
( 2,394)
Dividends paid
( 2,000)
( 4,000)
------------
---------
Net cash used in financing activities
( 153,829)
( 149,253)
------------
---------
Net increase in cash and cash equivalents
1,081,811
676,605
Cash and cash equivalents at beginning of year
937,094
260,489
------------
---------
Cash and cash equivalents at end of year
16
2,018,905
937,094
------------
---------
Ardglass Sea Products Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Downpatrick Road, Ardglass, Downpatrick, BT30 7SF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Plant and machinery
-
Coldstore & Blast Freezers - 10% RB. Equipment - 15% RB
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
14,002,784
13,607,551
-------------
-------------
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
1,803,199
1,915,033
USA
1,817,131
5,702,667
Europe
7,675,874
4,522,806
Africa
1,791,495
1,467,045
Asia
915,085
-------------
-------------
14,002,784
13,607,551
-------------
-------------
5. Other operating income
2024
2023
£
£
Government grant income
18,715
18,715
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
9,752
9,752
Depreciation of tangible assets
153,989
155,821
Foreign exchange differences
( 78,876)
( 40,644)
---------
---------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
20
22
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
450,253
424,750
Social security costs
38,483
35,145
Other pension costs
10,356
9,282
---------
---------
499,092
469,177
---------
---------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
43,706
40,752
--------
--------
9. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
237
Other interest payable and similar charges
106,070
61,341
---------
--------
106,070
61,578
---------
--------
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
121,918
157,380
Deferred tax:
Origination and reversal of timing differences
153,151
50,572
---------
---------
Tax on profit
275,069
207,952
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
795,830
755,680
---------
---------
Profit on ordinary activities by rate of tax
198,957
143,579
Effect of expenses not deductible for tax purposes
87
Effect of capital allowances and depreciation
( 77,126)
13,801
Movement in provision for deferred taxation
153,151
50,572
---------
---------
Tax on profit
275,069
207,952
---------
---------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,000
4,000
-------
-------
12. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
195,000
---------
Amortisation
At 1 April 2023
97,509
Charge for the year
9,752
---------
At 31 March 2024
107,261
---------
Carrying amount
At 31 March 2024
87,739
---------
At 31 March 2023
97,491
---------
13. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Total
£
£
£
£
Cost
At 1 April 2023
1,160,599
170,611
2,479,827
3,811,037
Additions
453,701
453,701
------------
---------
------------
------------
At 31 March 2024
1,160,599
170,611
2,933,528
4,264,738
------------
---------
------------
------------
Depreciation
At 1 April 2023
112,857
1,161,370
1,274,227
Charge for the year
3,412
150,577
153,989
------------
---------
------------
------------
At 31 March 2024
116,269
1,311,947
1,428,216
------------
---------
------------
------------
Carrying amount
At 31 March 2024
1,160,599
54,342
1,621,581
2,836,522
------------
---------
------------
------------
At 31 March 2023
1,160,599
57,754
1,318,457
2,536,810
------------
---------
------------
------------
14. Stocks
2024
2023
£
£
Finished goods and goods for resale
2,384,350
2,281,520
------------
------------
15. Debtors
2024
2023
£
£
Trade debtors
1,863,284
1,164,938
Prepayments and accrued income
6,429
13,257
Other debtors
168,097
168,636
------------
------------
2,037,810
1,346,831
------------
------------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
2,221,057
1,674,599
Bank overdrafts
( 202,152)
( 737,505)
------------
------------
2,018,905
937,094
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
329,560
864,913
Trade creditors
4,021,126
1,909,300
Accruals and deferred income
209,257
603,130
Corporation tax
121,832
157,361
Social security and other taxes
5,626
5,122
Director loan accounts
333,802
435,382
------------
------------
5,021,203
3,975,208
------------
------------
18. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
529,057
598,021
Accruals and deferred income
313,213
331,929
---------
---------
842,270
929,950
---------
---------
19. Provisions
Deferred tax (note 20)
£
At 1 April 2023
232,811
Additions
( 7,521)
Charge against provision
160,672
---------
At 31 March 2024
385,962
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
385,962
232,811
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
385,962
232,811
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 10,356 (2023: £ 9,282 ).
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in creditors:
Deferred government grants due within one year
18,715
18,715
Deferred government grants due after more than one year
313,213
331,929
---------
---------
331,928
350,644
---------
---------
Recognised in other operating income:
Government grants released to profit or loss
18,715
18,715
--------
--------
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
74,002
74,002
74,002
74,002
Ordinary Class 2 shares of £ 1 each
6,000
6,000
6,000
6,000
--------
--------
--------
--------
80,002
80,002
80,002
80,002
--------
--------
--------
--------
24. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
1,674,599
546,458
2,221,057
Bank overdrafts
(737,505)
535,353
(202,152)
Debt due within one year
(562,790)
101,580
(461,210)
Debt due after one year
(598,021)
68,964
(529,057)
------------
------------
------------
( 223,717)
1,252,355
1,028,638
------------
------------
------------
Ardglass Sea Products Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
25. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Milligan
( 300)
( 150)
( 450)
Mr P Milligan
( 273,842)
47,380
( 226,462)
Mr J P Milligan
( 161,240)
54,350
( 106,890)
---------
---------
---------
( 435,382)
101,580
( 333,802)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Milligan
( 300)
( 300)
Mr P Milligan
( 311,942)
38,100
( 273,842)
Mr J P Milligan
( 200,237)
38,997
( 161,240)
---------
--------
---------
( 512,479)
77,097
( 435,382)
---------
--------
---------