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Registration number: NI687100

Drumey Farm Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Drumey Farm Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Drumey Farm Limited

Company Information

Directors

Mr Norman Brodison

Mr Brian Brodison

Mrs Margaret Brodison

Registered office

31 Mineveigh Road
Dungannon
Co Tyrone
BT71 4EE

Accountants

Thomas Oliver and Associates Limited
Certified Public Accoutants1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Drumey Farm Limited

(Registration number: NI687100)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,663,482

2,809,653

Current assets

 

Stocks

5

1,635,450

1,312,755

Debtors

6

398,377

348,232

Cash at bank and in hand

 

33,481

188,344

 

2,067,308

1,849,331

Prepayments and accrued income

 

2,873

2,819

Creditors: Amounts falling due within one year

(2,284,376)

(1,704,675)

Net current (liabilities)/assets

 

(214,195)

147,475

Total assets less current liabilities

 

3,449,287

2,957,128

Creditors: Amounts falling due after more than one year

(2,606,010)

(2,453,841)

Accruals and deferred income

 

(3,600)

(3,500)

Net assets

 

839,677

499,787

Capital and reserves

 

Called up share capital

7

3

3

Retained earnings

839,674

499,784

Shareholders' funds

 

839,677

499,787

For the financial year ending 30 June 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.

 

Drumey Farm Limited

(Registration number: NI687100)
Abridged Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

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

Mr Norman Brodison

Director

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

Mr Brian Brodison

Director

 

Drumey Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
31 Mineveigh Road
Dungannon
Co Tyrone
BT71 4EE

These financial statements were authorised for issue by the Board on 14 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 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.

 

Drumey Farm Limited

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

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 and machinery

15% reducing balance

Fixtures and fittings

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.

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.

 

Drumey Farm Limited

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

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

 

Drumey Farm Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

1,123,500

429

1,933,313

3,057,242

Additions

1,017,750

-

82,643

1,100,393

Disposals

-

-

(24,000)

(24,000)

At 30 June 2024

2,141,250

429

1,991,956

4,133,635

Depreciation

At 1 July 2023

-

215

247,374

247,589

Charge for the year

-

107

224,557

224,664

Eliminated on disposal

-

-

(2,100)

(2,100)

At 30 June 2024

-

322

469,831

470,153

Carrying amount

At 30 June 2024

2,141,250

107

1,522,125

3,663,482

At 30 June 2023

1,123,500

214

1,685,939

2,809,653

Included within the net book value of land and buildings above is £2,141,250 (2023 - £1,123,500) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

1,635,450

1,312,755

6

Debtors

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

 

Drumey Farm Limited

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

3

3

3

3