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Registration number: NI656146

R and N Poultry Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2024

 

R and N Poultry Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

R and N Poultry Limited

Company Information

Directors

Mr Roy McKane

Mr Noel McKane

Registered office

81 Aughnagar Road
Ballygawley
Co Tyrone
BT70 2PN

Accountants

Thomas Oliver & Associates Limited
Certified Public Accountants1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

R and N Poultry Limited

(Registration number: NI656146)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

201,571

157,284

Current assets

 

Stocks

5

60,787

27,716

Debtors

6

30,387

22,946

Cash at bank and in hand

 

229,206

150,393

 

320,380

201,055

Prepayments and accrued income

 

3,757

3,138

Creditors: Amounts falling due within one year

(213,219)

(178,410)

Net current assets

 

110,918

25,783

Total assets less current liabilities

 

312,489

183,067

Provisions for liabilities

(26,051)

(18,365)

Accruals and deferred income

 

(1,200)

(1,200)

Net assets

 

285,238

163,502

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

285,138

163,402

Shareholders' funds

 

285,238

163,502

For the financial year ending 31 October 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and 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.

 

R and N Poultry Limited

(Registration number: NI656146)
Abridged Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

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

Mr Roy McKane

Director

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

Mr Noel McKane

Director

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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:
81 Aughnagar Road
Ballygawley
Co Tyrone
BT70 2PN

These financial statements were authorised for issue by the Board on 26 March 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 abridged 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 abridged 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.

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.

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.

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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 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

Freehold Property

4% Straight Line

Plant & Machinary

15% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

Motor Vehicles

20% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

64,774

31,316

41,027

155,794

292,911

Additions

-

2,225

50,000

20,510

72,735

At 31 October 2024

64,774

33,541

91,027

176,304

365,646

Depreciation

At 1 November 2023

17,876

17,254

25,954

74,543

135,627

Charge for the year

3,575

2,283

10,364

12,226

28,448

At 31 October 2024

21,451

19,537

36,318

86,769

164,075

Carrying amount

At 31 October 2024

43,323

14,004

54,709

89,535

201,571

At 31 October 2023

46,898

14,062

15,073

81,251

157,284

Included within the net book value of land and buildings above is £43,323 (2023 - £46,898) in respect of freehold land and buildings.
 

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

5

Stocks

2024
£

2023
£

Other inventories

60,787

27,716

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £500.00 per each Ordinary Shares

50,000

50,000

 

 

9

Related party transactions

 

R and N Poultry Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

6,000

6,000