Caseware UK (AP4) 2023.0.135 2023.0.135 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Bank loans are secured by a fixed charge on the freehold land and buildings, which are carried in the Balance Sheet and a floating charge on other assets of the Group before any adjustments. Amounts owed to Group undertakings are unsecured, interest free and repayable on demand. Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.0false2023-07-01false0false NI661182 2023-07-01 2024-06-30 NI661182 2022-07-01 2023-06-30 NI661182 2024-06-30 NI661182 2023-06-30 NI661182 2022-07-01 NI661182 1 2023-07-01 2024-06-30 NI661182 d:CompanySecretary1 2023-07-01 2024-06-30 NI661182 d:Director1 2023-07-01 2024-06-30 NI661182 d:RegisteredOffice 2023-07-01 2024-06-30 NI661182 d:Agent1 2023-07-01 2024-06-30 NI661182 c:Buildings 2023-07-01 2024-06-30 NI661182 c:Buildings 2024-06-30 NI661182 c:Buildings 2023-06-30 NI661182 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI661182 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 NI661182 c:PlantMachinery 2023-07-01 2024-06-30 NI661182 c:MotorVehicles 2023-07-01 2024-06-30 NI661182 c:FurnitureFittings 2023-07-01 2024-06-30 NI661182 c:ComputerEquipment 2023-07-01 2024-06-30 NI661182 c:Goodwill 2023-07-01 2024-06-30 NI661182 c:CurrentFinancialInstruments 2024-06-30 NI661182 c:CurrentFinancialInstruments 2023-06-30 NI661182 c:Non-currentFinancialInstruments 2024-06-30 NI661182 c:Non-currentFinancialInstruments 2023-06-30 NI661182 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 NI661182 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 NI661182 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 NI661182 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 NI661182 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 NI661182 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 NI661182 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 NI661182 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 NI661182 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-06-30 NI661182 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-06-30 NI661182 c:ShareCapital 2023-07-01 2024-06-30 NI661182 c:ShareCapital 2024-06-30 NI661182 c:ShareCapital 2023-06-30 NI661182 c:ShareCapital 2022-07-01 NI661182 c:RevaluationReserve 2023-07-01 2024-06-30 NI661182 c:RevaluationReserve 2024-06-30 NI661182 c:RevaluationReserve 2023-06-30 NI661182 c:RevaluationReserve 2022-07-01 NI661182 c:ForeignCurrencyTranslationReserve 2023-07-01 2024-06-30 NI661182 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI661182 c:RetainedEarningsAccumulatedLosses 2024-06-30 NI661182 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI661182 c:RetainedEarningsAccumulatedLosses 2023-06-30 NI661182 c:RetainedEarningsAccumulatedLosses 2022-07-01 NI661182 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI661182 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI661182 d:OrdinaryShareClass1 2023-07-01 2024-06-30 NI661182 d:OrdinaryShareClass1 2024-06-30 NI661182 d:OrdinaryShareClass1 2023-06-30 NI661182 d:FRS102 2023-07-01 2024-06-30 NI661182 d:Audited 2023-07-01 2024-06-30 NI661182 d:FullAccounts 2023-07-01 2024-06-30 NI661182 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI661182 c:Subsidiary1 2023-07-01 2024-06-30 NI661182 c:Subsidiary1 1 2023-07-01 2024-06-30 NI661182 c:Subsidiary2 2023-07-01 2024-06-30 NI661182 c:Subsidiary2 1 2023-07-01 2024-06-30 NI661182 d:Consolidated 2024-06-30 NI661182 d:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 NI661182 2 2023-07-01 2024-06-30 NI661182 5 2023-07-01 2024-06-30 NI661182 6 2023-07-01 2024-06-30 NI661182 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Financial Statements
Annagh Properties Limited
For the year ended 30 June 2024





































Registered number: NI661182

 
Annagh Properties Limited
 

Company Information


Director
Mary Dolores McCaffrey 




Company secretary
Mary Dolores McCaffrey



Registered number
NI661182



Registered office
78 Ballyconnell Road
Derrylin

Fermanagh

Northern Ireland

BT92 9DS




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank
South Business Centre

45-48 High Street

Portadown

Craigavon

Co. Armagh

BT62 1LB





 
Annagh Properties Limited
 

Contents



Page
Group strategic report
1 - 2
Director's report
3 - 6
Independent auditor's report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 41


 
Annagh Properties Limited
 

Group strategic report
For the year ended 30 June 2024

Introduction
 
The Director presents their report and the financial statements of the Group for the year ended 30 June 2024.

Principal activity and business review
 
The Group's principal activities are manufacturing of ambient, chilled and frozen commercial and gluten free dough-based products. They specialise in producing own label pizza bases, topped pizza, flatbreads and tortillas. The Group reported a pre-tax profit of £8,715,200 (2023: £5,368,543) on turnover of £125,306,909 (2023: £102,472,404). Long term growth prospects are also strong as the Group is committed to retaining high quality employees and is well positioned to benefit from an economic recovery thanks to continued and ongoing significant levels of reinvestment in our facilities.

Principal risks and uncertainties
 
Foreign exchange risk
The Group undertakes some transactions in foreign currencies, particularly euros. No hedging against the foreign exchange rate fluctuations exists. 
                                                                                                                                                                                                                                                                                                                                                                    
Economic risk
The risk of increased interest rates and/or inflation and fluctuations in exchange rates may have an adverse impact on served markets.
                                                                                                                                                                                                                                                                                                          
Interest rate risk
The Group manages its exposure to interest rate risk by maintaining appropriate balance of fixed and variable rate debt. 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Liquidity risk
The Group maintains adequate bank facilities to ensure sufficient short term finance for continuing operations.                                                                                                                                                                                                                            
Credit risk
Risk of credit control is currently being managed by carrying out credit checks to effectively manage the exposure to credit risk.

Financial key performance indicators
 
The Director considers that the following key performance indicators are the most effective measures to evaluate the performance of the business: Turnover £125,306,909 (2023: £102,472,404), Profit before tax £8,715,200 (2023: £5,368,543), and employee number 868 (2023797).

Other key performance indicators
 
The Director does not consider any non-financial key performance indicators to be appropriate.

Page 1

 
Annagh Properties Limited
 

Group strategic report (continued)
For the year ended 30 June 2024

Director's statement of compliance with duty to promote the success of the Group
 
From the perspective of the Director, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Group for the benefit of its shareholders but having regard amongst other matters to the following: 
 
the likely consequences of any decision in the long term; 
the interests of the Group’s employees; 
the need to foster the Group’s business relationships with customers and others; 
the impact of the Group’s operations on the community and the environment; 
the desirability of the Group maintaining a reputation for high standards of business conduct; and 
the need to act fairly as between members of the Group. 

For the Group, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Director is committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles. The Board of Directors of the Group, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 30 June 2024.

The following paragraphs summarise how the directors fulfil their duties:
 
As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner. 
As the Board of Directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered. 
As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Group faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report. 
Our employees are vital to the services provided by the Group. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of our employees is very important to us. 
In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.


This report was approved by the board on 26 March 2025 and signed on its behalf.



Mary Dolores McCaffrey
Director

Page 2

 
Annagh Properties Limited
 
 
Director's report
For the year ended 30 June 2024

The Director presents her report and the financial statements for the year ended 30 June 2024.

Director's responsibilities statement

The Director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Director is 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 the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Group’s principal activities are the manufacturing of ambient, chilled and frozen commercial and gluten free dough-based products. They specialise in producing own label pizza bases, topped pizza, flatbreads and tortillas.

Results and dividends

The profit for the year, after taxation, amounted to £6,662,051 (2023 - £4,495,103).

During the year, the Group declared dividends of £2,311,012 (2023: £743,677). 

Director

The Director who served during the year was:

Mary Dolores McCaffrey 

Page 3

 
Annagh Properties Limited
 

Director's report (continued)
For the year ended 30 June 2024

Future developments

The Director considers the results for the year and the position of the Group at the year end to be satisfactory. The Group continues to explore opportunities to increase turnover. The Director is committed to long term shareholder value through increased market share. The business has progressed satisfactorily during the year and remains in a strong financial position at the year end. The Director anticipates satisfactory progress in the coming year and are confident that the Group will continue to generate significant shareholder value.

Research and development activities

The Group is focused on new product research and development, their ability to be innovative and enhancing products through the advancement of technology. The Group prioritise ongoing research and development of its products, which will contribute to increasing turnover across the next three years. Additional employees and significant overheads are invested to research and develop these new lines. In the preceding three years, considerable research has been carried out developing their Gluten Free Tortilla range as well as sourdough based products, high protein and dairy free pizzas.

Engagement with employees

During the year, the policy of providing employees with information about the Group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

Engagement with suppliers, customers and others

Our strategy prioritises growth and expansion of services. We continue to target new customers into the Group. To do this, we have developed and nurtured strong customer relationships.
We value all of our suppliers and have multi-year contracts in place with a number of our key suppliers.

Disabled employees

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Branches outside the United Kingdom

The Group has branches located in the Republic of Ireland.

Page 4

 
Annagh Properties Limited
 

Director's report (continued)
For the year ended 30 June 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

                                                                                          2024           2024                  2023           2023
Direct emissions                                                                tCO2          kWH                tCO2         kWH
Combustion of gas and use of fuel for transport                  3,483.11     3,483,115                519.57      519,565
Indirect emissons
Purchase of electricity                                                       3,657.86     3,657,867                91.5         426,887
                                                                                         
 tCO2/£m sales              tCO2/£m sales
Sales intensity ratio
Combustion of gas and use of fuel for transport                         0.00002780                         0.000303 
Purchase of electricity                                                              0.00002919                         0.000467  
 

Intensity measurement
We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2e per £m sales revenue as this is a common business metric for our industry sector.

Energy efficient action
The company has set targets, increased awareness and are actively involving staff in reducing energy consumption through training and engagement.

Methodologies used
We have followed the 2023 UK government environmental reporting guidance and we have used 2021 UK Government's GHG conversion factors for company reporting. We engaged with our suppliers to obtain actual usage information across the company.
We have availed of the exemption permitting non-disclosure of comparative information in the first year of reporting due to the unavailability of relevant data.

Matters covered in the Group strategic report

Under Schedule 7.1A of 'Large and Medium-Sized Companies and Groups (Accounting and Reporting) Regulations 2008', the Company has elected to disclose the following directors' report information in the Strategic report:

Principal activity and business review;
Principal risks and uncertainties;
Financial key performance indicators; and
S172 Reporting.


Page 5

 
Annagh Properties Limited
 

Director's report (continued)
For the year ended 30 June 2024

Disclosure of information to auditor

The Director at the time when this Director's report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

she has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





Mary Dolores McCaffrey
Director

Page 6

 
 
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Independent auditor's report to the members of Annagh Properties Limited
 

Opinion


We have audited the financial statements of Annagh Properties Limited (the 'parent Company') and its subsidiaries (the 'Group') which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity for the year ended 30 June 2024, and the related notes to the financial statements, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Annagh Properties Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the Company as at 30 June 2024 and of the Group financial performance and cash flows for the year then ended; and


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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and  Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 Director's 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the Director, with respect to going concern are described in the relevant sections of this report.
Page 7

 
 
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Independent auditor's report to the members of Annagh Properties Limited (continued)





Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Director's report and the Strategic Report. The Director are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, 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 Director's report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Director's report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Director's report and the Strategic 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 8

 
 
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Independent auditor's report to the members of Annagh Properties Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the Director 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.                                      
Page 9

 
 
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Independent auditor's report to the members of Annagh Properties Limited (continued)


We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgments made by management in their significant accounting estimates, including estimating useful lives of intangible and tangible fixed assets, estimating an allowance for the impairment of stock and estimating an allowance for the impairment of trade debtors; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may  involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.



 
 
Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
Date: 26 March 2025
Page 10

 
Annagh Properties Limited
 

Consolidated statement of comprehensive income
For the year ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
 4 
125,306,909
102,472,404

Cost of sales
  
(98,261,508)
(81,825,983)

Gross profit
  
27,045,401
20,646,421

Distribution costs
  
(3,538,997)
(3,509,557)

Administrative expenses
  
(15,197,478)
(11,544,679)

Other operating income
 5 
741,430
190,213

Operating profit
 6 
9,050,356
5,782,398

Interest receivable and similar income
  
45,534
264

Interest payable and similar expenses
 10 
(380,690)
(414,119)

Profit before taxation
  
8,715,200
5,368,543

Tax on profit
 11 
(2,053,149)
(873,440)

Profit for the financial year
  
6,662,051
4,495,103

  

Currency translation differences
  
(275,381)
673,829

Other comprehensive income for the year
  
(275,381)
673,829

Total comprehensive income for the year
  
6,386,670
5,168,932

Profit for the year attributable to:
  

Owners of the parent Company
  
6,662,051
4,495,103

  
6,662,051
4,495,103

The notes on pages 19 to 41 form part of these financial statements.

Page 11

 
Annagh Properties Limited
Registered number:NI661182

Consolidated balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
(2,109,130)
(2,481,329)

Tangible assets
 14 
26,211,061
20,370,650

  
24,101,931
17,889,321

Current assets
  

Stocks
 16 
4,948,565
5,587,991

Debtors: amounts falling due after more than one year
 17 
-
37,266

Debtors: amounts falling due within one year
 17 
12,630,697
12,197,096

Cash at bank and in hand
 18 
4,870,986
4,057,593

  
22,450,248
21,879,946

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(22,842,111)
(20,073,131)

Net current (liabilities)/assets
  
 
 
(391,863)
 
 
1,806,815

Total assets less current liabilities
  
23,710,068
19,696,136

Creditors: amounts falling due after more than one year
 20 
(2,813,446)
(3,195,495)

Provisions for liabilities
  

Deferred tax
 23 
(1,317,589)
(997,266)

  
 
 
(1,317,589)
 
 
(997,266)

Net assets
  
19,579,033
15,503,375


Capital and reserves
  

Called up share capital 
 24 
210
210

Revaluation reserve
 25 
1,127,776
1,127,776

Foreign exchange reserve
 25 
(432,946)
(157,565)

Profit and loss account
 25 
18,883,993
14,532,954

Shareholders' funds
  
19,579,033
15,503,375


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.

Mary Dolores McCaffrey
Director

The notes on pages 19 to 41 form part of these financial statements.

Page 12

 
Annagh Properties Limited
Registered number:NI661182

Company balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
7,528,469
5,251,544

Investments
 15 
200
200

  
7,528,669
5,251,744

Current assets
  

Debtors: amounts falling due within one year
 17 
1,424,460
322,791

Cash at bank and in hand
 18 
45,299
229,085

  
1,469,759
551,876

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(5,925,930)
(379,425)

Net current (liabilities)/assets
  
 
 
(4,456,171)
 
 
172,451

Total assets less current liabilities
  
3,072,498
5,424,195

  

Creditors: amounts falling due after more than one year
 20 
(688,338)
(899,722)

Provisions for liabilities
  

Deferred taxation
 23 
(238,334)
(281,944)

  
 
 
(238,334)
 
 
(281,944)

Net assets
  
2,145,826
4,242,529


Capital and reserves
  

Called up share capital 
 24 
210
210

Revaluation reserve
 25 
1,127,776
1,127,776

Profit and loss account
 25 
1,017,840
3,114,543

Shareholders' funds
  
2,145,826
4,242,529


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




Mary Dolores McCaffrey
Director

The notes on pages 19 to 41 form part of these financial statements.

Page 13

 
Annagh Properties Limited
 

Consolidated statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£

At 1 July 2023
210
1,127,776
(157,565)
14,532,954
15,503,375
15,503,375



Profit for the year
-
-
-
6,662,051
6,662,051
6,662,051

Currency translation differences
-
-
(275,381)
-
(275,381)
(275,381)

Dividends: Equity capital
-
-
-
(2,311,012)
(2,311,012)
(2,311,012)


At 30 June 2024
210
1,127,776
(432,946)
18,883,993
19,579,033
19,579,033



Consolidated statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£

At 1 July 2022
210
1,127,776
(831,394)
10,781,528
11,078,120
11,078,120



Profit for the year
-
-
-
4,495,103
4,495,103
4,495,103

Currency translation differences
-
-
673,829
-
673,829
673,829

Dividends: Equity capital
-
-
-
(743,677)
(743,677)
(743,677)


At 30 June 2023
210
1,127,776
(157,565)
14,532,954
15,503,375
15,503,375


The notes on pages 19 to 41 form part of these financial statements.

Page 14

 
Annagh Properties Limited
 

Company statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
210
1,127,776
3,114,543
4,242,529



Profit for the year
-
-
214,309
214,309

Dividends: Equity capital
-
-
(2,311,012)
(2,311,012)


At 30 June 2024
210
1,127,776
1,017,840
2,145,826



Company statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
210
1,127,776
1,825,864
2,953,850



Profit for the year
-
-
2,032,356
2,032,356

Dividends: Equity capital
-
-
(743,677)
(743,677)


At 30 June 2023
210
1,127,776
3,114,543
4,242,529


The notes on pages 19 to 41 form part of these financial statements.


Page 15

 
Annagh Properties Limited
 

Consolidated statement of cash flows
For the year ended 30 June 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
6,662,051
4,495,103

Adjustments for:

Amortisation of intangible assets
(372,199)
(437,222)

Depreciation of tangible assets
2,165,615
2,010,065

Interest paid
380,690
414,119

Interest received
(45,534)
(264)

Taxation charge
2,053,149
873,440

Decrease/(increase) in stocks
639,426
(1,973,844)

Decrease/(increase) in debtors
395,670
(4,596,823)

(Increase) in amounts owed by participating ints
(787,784)
(378,787)

Increase in creditors
725,215
6,188,920

Increase in tax provisions
-
15,711

Corporation tax received/(paid)
44,354
(889,970)

Movement in foreign exchange reserves
(275,379)
673,829

Net cash generated from operating activities

11,585,274
6,394,277


Cash flows from investing activities

Non-cash movements
-
2,919,211

Purchase of tangible fixed assets
(8,093,837)
(6,431,492)

Sale of tangible fixed assets
87,811
18,740

Interest received
45,534
264

Net cash used in investing activities

(7,960,492)
(3,493,277)

Cash flows from financing activities

Net movement in borrowings
(637,025)
(585,890)

Repayment of/new finance leases
517,338
149,196

Dividends paid
(2,311,012)
(743,677)

Interest paid
(380,690)
(414,119)

Net cash used in financing activities
(2,811,389)
(1,594,490)

Net increase in cash and cash equivalents
813,393
1,306,510
Page 16

 
Annagh Properties Limited
 

Consolidated statement of cash flows (continued)
For the year ended 30 June 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
4,057,593
2,751,083

Cash and cash equivalents at the end of year
4,870,986
4,057,593


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,870,986
4,057,593

4,870,986
4,057,593


The notes on pages 19 to 41 form part of these financial statements.

Page 17

 
Annagh Properties Limited
 

Consolidated Analysis of Net Debt
For the year ended 30 June 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

4,057,593

813,393

4,870,986

Debt due after 1 year

(2,763,399)

564,070

(2,199,329)

Debt due within 1 year

(690,583)

72,955

(617,628)

Finance leases

(619,293)

(517,338)

(1,136,631)


(15,682)
933,080
917,398

The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

The financial statements comprising the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, and the Consolidated and Company Statement of changes in equity, and the related notes constitute the consolidated financial statements of Annagh Properties Limited for the financial year ended 30 June 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notifications of, and no objection to, the use of exemptions by the Company's shareholders. The Company has taken advantage of the following exemptions in its individual financial statements:
from preparing a statement of cashflows, on the basis that it is a qualifying entity and the consolidated statement of cashflows, included in these financial
from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures;
from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.            
 
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have considered the Company’s forecasts and projections. Based upon the projections prepared, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 21

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.10

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

 Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.14

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

 Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 23

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.16

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Long-term leasehold property
-
30%
Plant and machinery
-
10%
Motor vehicles
-
20%
Fixtures and fittings
-
10%
Windmill
-
4%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.17

 Impairment of assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.18

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 24

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.19

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.20

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.21

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.22

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.23

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.24

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 
Page 25

 
Annagh Properties Limited
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.24
 Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-derivative instruments that are equity to the issuer are measured: 
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; 
at cost less impairment for all other investments. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.25

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant effects on the financial statements.
Allowance for impairment of trade debtors
The Company estimates the allowance for doubtful debtors based on the assessment of specific accounts where the Company has objective evidence comprising of default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship.
Allowances for impairment in the value of stock
The Company estimates the impairment in the value of stock based on the current condition and use. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. 
Estimating useful lives of tangible fixed assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of those assets.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
105,466,315
88,241,267

Rest of Europe
19,840,593
14,231,137

125,306,908
102,472,404



5.


Other operating income

2024
2023
£
£

Other operating income
-
87,972

Net rents receivable
84,336
63,240

Government grants receivable
626,444
39,001

Sundry income
30,650
-

741,430
190,213


Page 27

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
2,195,690
2,009,885

Exchange differences
8,665
89,113

Other operating lease rentals
617,757
619,182

Amortisation
(372,199)
(437,882)

Government grant
(626,444)
(39,001)


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
53,000
49,500

Taxation compliance services
-
4,500

Page 28

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

8.


Employees

Staff costs, including Director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
27,433,350
20,863,775

Social security costs
2,697,646
1,953,059

Cost of defined contribution scheme
351,843
215,231

30,482,839
23,032,065


The average monthly number of employees, including the Director, during the year was as follows:


        2024
        2023
            No.
            No.







Production Staff
816
748



Distribution Staff
21
17



Administrative Staff
31
32

868
797


9.
 Director's remuneration


2024
2023

£
£


Directors salaries
76,817
43,943


76,817
43,943


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
89,558
187,780

Other loan interest payable
29,056
104,953

Finance leases and hire purchase contracts
87,307
51,616

Other interest payable
174,769
69,770

380,690
414,119

Page 29

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,666,324
1,271,514

Adjustments in respect of previous periods
66,502
(413,785)


1,732,826
857,729



Origination and reversal of timing differences
320,323
15,711

Total deferred tax
320,323
15,711


Taxation on profit on ordinary activities
2,053,149
873,440

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
8,715,200
5,368,543


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
1,932,051
1,127,394

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
35,844
17,579

Capital allowances for year in excess of depreciation
144,530
169,104

Adjustments to tax charge in respect of prior periods
46,651
(413,785)

Adjustments to tax charge in respect of prior periods - deferred tax
(105,927)
(3,654)

Other timing differences leading to an increase (decrease) in taxation
-
(25,218)

Remeasurement of deferred tax for change in rates
-
2,020

Total tax charge for the year
2,053,149
873,440


Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.

Page 30

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

12.


Dividends

2024
2023
£
£


Dividends paid
2,311,012
743,677

2,311,012
743,677


13.


Intangible assets

Group 





Goodwill

£



Cost


At 1 July 2023
(2,919,211)



At 30 June 2024

(2,919,211)



Amortisation


At 1 July 2023
(437,882)


Charge for the year on owned assets
(372,199)



At 30 June 2024

(810,081)



Net book value



At 30 June 2024
(2,109,130)



At 30 June 2023
(2,481,329)

On the 6th September 2022, the Group completed the acquisition of Crust and Crumb Breads Ltd, the principal activity of which is the manufacture of chilled and frozen breads. 
The goodwill arising on acquisition is attributable to the acquisition of fixed assets with a fair value of £2,919,211 for a consideration of £1. The negative goodwill will be released over the value of the related assets in accordance with depreciation.



Page 31
 

Annagh Properties Limited
 
 
 

Notes to the financial statements
For the year ended 30 June 2024


14.


Tangible fixed assets


Group







Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Wind turbine
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 July 2023
9,842,850
296,160
13,485,907
1,214,871
581,666
310,656
25,732,110


Additions
3,038,921
285,735
3,488,101
1,117,558
313,740
-
8,244,055


Disposals
-
-
-
(148,400)
-
-
(148,400)


Exchange adjustments
(74,491)
-
(72,985)
(261)
(2,481)
-
(150,218)



At 30 June 2024

12,807,280
581,895
16,901,023
2,183,768
892,925
310,656
33,677,547



Depreciation


At 1 July 2023
538,119
104,731
3,972,280
430,269
237,999
78,062
5,361,460


Charge for the year
266,286
52,385
1,465,846
277,932
123,938
9,303
2,195,690


Disposals
-
-
-
(60,589)
-
-
(60,589)


Exchange adjustments
(6,613)
-
(21,783)
-
(1,679)
-
(30,075)



At 30 June 2024

797,792
157,116
5,416,343
647,612
360,258
87,365
7,466,486



Net book value



At 30 June 2024
12,009,488
424,779
11,484,680
1,536,156
532,667
223,291
26,211,061



At 30 June 2023
9,304,731
191,429
9,513,627
784,602
343,667
232,594
20,370,650
Page 32  

 

Annagh Properties Limited
 
 
 

Notes to the financial statements
For the year ended 30 June 2024

           14.Tangible fixed assets (continued)



Company






Freehold property

£

Cost or valuation


At 1 July 2023
5,413,525


Additions
2,353,241



At 30 June 2024

7,766,766



Depreciation


At 1 July 2023
161,981


Charge for the year
76,316



At 30 June 2024

238,297



Net book value



At 30 June 2024
7,528,469



At 30 June 2023
5,251,544






Page 33  
 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
200



At 30 June 2024
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Crust & Crumb Bakery Ltd
37 Main Street, Mullyneeny, Derrylin, Co. Fermanagh, BT92 9JZ
Ordinary
100%
Crust & Crumb Ireland Limited
Ballyconnell Corporate Park, Ballyconnell, Cavan
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
4,331,306
4,437,299

Work in progress (goods to be sold)
617,259
1,150,692

4,948,565
5,587,991


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Prepayments and accrued income
-
37,266
-
-

-
37,266
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
9,985,757
10,461,966
-
-

Amounts owed by group undertakings
-
-
154,726
-

Amounts owed by related parties
1,254,161
462,156
1,249,924
284,010

Other debtors
210,951
232,362
19,810
38,781

Prepayments and accrued income
933,800
481,997
-
-

Tax recoverable
246,028
558,615
-
-

12,630,697
12,197,096
1,424,460
322,791


Amounts owed by group undertakings, joint ventures, and associate undertakings are unsecured,         interest free and repayable on demand


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,870,986
4,057,593
45,299
229,085

4,870,986
4,057,593
45,299
229,085


Page 35

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
617,628
629,835
199,217
192,260

Trade creditors
15,165,011
14,386,081
19,715
5,165

Amounts owed to group undertakings
-
-
5,693,585
-

Amounts owed to related parties
4,221
-
-
-

Corporation tax
2,807,248
1,030,061
1,508
91,335

Other taxation and social security
801,169
758,987
-
-

Obligations under finance lease and hire purchase contracts
554,475
291,752
-
-

Other creditors
95,913
113,897
-
-

Accruals and deferred income
2,796,446
2,862,518
11,905
90,665

22,842,111
20,073,131
5,925,930
379,425


Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.                                                    
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.


The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
617,628
629,835
199,217
192,260

617,628
629,835
199,217
192,260

Details of security provided:

Bank loans are secured by a fixed charge on the freehold land and buildings, which are carried in the Balance Sheet and a floating charge on other assets of the Group before any adjustments.

Page 36

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,199,329
2,824,147
688,338
899,722

Net obligations under finance leases and hire purchase contracts
582,156
327,541
-
-

Government grants received
31,961
43,807
-
-

2,813,446
3,195,495
688,338
899,722



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
2,199,329
2,824,147
688,338
899,722

2,199,329
2,824,147
688,338
899,722

Details of security provided:

Bank loans are secured by a fixed charge on the freehold land and buildings, which are carried in the Balance Sheet and a floating charge on other assets of the Group before any adjustments.



Page 37

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
617,628
629,835
199,217
192,260


617,628
629,835
199,217
192,260

Amounts falling due 1-2 years

Bank loans
206,074
199,648
206,074
199,648


206,074
199,648
206,074
199,648

Amounts falling due 2-5 years

Bank loans
1,947,790
2,368,286
436,799
525,498


1,947,790
2,368,286
436,799
525,498

Amounts falling due after more than 5 years

Bank loans
45,465
256,213
45,465
174,576

45,465
256,213
45,465
174,576

2,816,957
3,453,982
887,555
1,091,982



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
554,475
291,752

Between 1-5 years
582,156
327,541

1,136,631
619,293

Page 38

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
(997,266)


Charged to profit or loss
(320,323)



At end of year
(1,317,589)

Company


2024


£



At beginning of year
(281,944)


Credited to profit or loss
43,610



At end of year
(238,334)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,317,589)
(997,266)
(238,334)
(281,944)

(1,317,589)
(997,266)
(238,334)
(281,944)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



210 (2023 - 210) Ordinary shares of £1.00 each
210
210


Page 39

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

25.


Reserves

Called up share capital

This represents the nominal value of shares that have been issued.

Revaluation reserve

This includes all gains and losses on the revaluation of the properties held.

Foreign exchange reserve

Includes the difference on retranslation of entities denominated in foreign currencies.

Profit and loss account

This includes all current and prior period retained profits and losses.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £338,306 (2023: £215,231). The balance outstanding at the year end amounted to£86,293 (2023: £106,885).


27.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
368,762
672,941

Later than 1 year and not later than 5 years
862,743
992,998

Later than 5 years
3,094,155
3,337,106

4,325,660
5,003,045

28.Other financial commitments

The Group had no other financial commitments at the balance sheet date.


29.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

Page 40

 
Annagh Properties Limited
 
 
Notes to the financial statements
For the year ended 30 June 2024

30.


Post balance sheet events

There have been no significant events affecting the Company since the financial year end.


31.


Controlling party

Annagh Properties Limited is the ultimate parent and owns 100% of the share capital of Crust & Crumb Ireland Limited and Crust & Crumb Bakery Ltd. Crust and Crumb Bakery Limited owns 100% of the share capital of Crust & Crumb Breads Limited 
The shareholder and director is the ultimate controlling party. The smallest and largest group the financial statements are consolidated in to is Annagh Properties Limited.


32.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £214,309 (2023: £2,032,357).


Page 41