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COMPANY REGISTRATION NUMBER: NI630484
Gill Hall Farms Limited (formerly Porter Farms Limited)
Filleted Financial Statements
31 March 2024
Gill Hall Farms Limited (formerly Porter Farms Limited)
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Gill Hall Farms Limited (formerly Porter Farms Limited)
Officers and Professional Advisers
The board of directors
Mr. W. C. Porter
Mr. R. Stack
Registered office
30 Lady Wallace Lane
Lisburn
BT28 3WT
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Shoosmiths (Northern Ireland) LLP
2-14 East Bridge Street
Belfast
BT1 3NQ
Carson McDowell
Murray House
Murray Street
Belfast
BT1 6DN
Gill Hall Farms Limited (formerly Porter Farms Limited)
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
11,666,672
12,855,272
Current assets
Stocks
2,166,859
1,978,240
Debtors
6
198,384
393,609
Cash at bank and in hand
9,023
40,240
------------
------------
2,374,266
2,412,089
Creditors: amounts falling due within one year
7
13,316,117
14,062,264
-------------
-------------
Net current liabilities
10,941,851
11,650,175
-------------
-------------
Total assets less current liabilities
724,821
1,205,097
Creditors: amounts falling due after more than one year
8
1,589,546
1,514,923
Provisions
96,632
------------
------------
Net liabilities
( 961,357)
( 309,826)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 961,457)
( 309,926)
---------
---------
Shareholders deficit
( 961,357)
( 309,826)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr. W. C. Porter
Director
Company registration number: NI630484
Gill Hall Farms Limited (formerly Porter Farms Limited)
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Lady Wallace Lane, Lisburn, BT28 3WT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had a net shareholders deficit of £961,457. The directors have prepared cashflow forecasts and have a reasonable expectation that they will have adequate resources to allow the company to continue its operations for a period of not less than 12 months from the date of approval of these financial statements. The company has the necessary cash cover, group and secured lender support to meet its total on-going unsecured creditor obligations and liabilities. In light of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
12,564,705
665,522
1,632
13,231,859
Additions
26,768
231,750
258,518
Disposals
( 1,250,000)
( 79,914)
( 1,329,914)
-------------
---------
-------
-------------
At 31 March 2024
11,341,473
817,358
1,632
12,160,463
-------------
---------
-------
-------------
Depreciation
At 1 April 2023
375,357
1,230
376,587
Charge for the year
64,579
97,191
80
161,850
Disposals
( 44,646)
( 44,646)
-------------
---------
-------
-------------
At 31 March 2024
64,579
427,902
1,310
493,791
-------------
---------
-------
-------------
Carrying amount
At 31 March 2024
11,276,894
389,456
322
11,666,672
-------------
---------
-------
-------------
At 31 March 2023
12,564,705
290,165
402
12,855,272
-------------
---------
-------
-------------
6. Debtors
2024
2023
£
£
Trade debtors
12,922
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,676
34,926
Other debtors
147,708
345,761
---------
---------
198,384
393,609
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
134,089
129,177
Trade creditors
46,693
21,960
Amounts owed to group undertakings and undertakings in which the company has a participating interest
12,980,004
13,776,771
Corporation tax
446
24,700
Other creditors
154,885
109,656
-------------
-------------
13,316,117
14,062,264
-------------
-------------
The bank loans and overdrafts are secured by mortgage debentures incorporating fixed and floating charges over all company assets. There are cross company guarantees in place between the company, its parent company and a number of its fellow subsidiary companies.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,379,156
1,514,648
Other creditors
210,390
275
------------
------------
1,589,546
1,514,923
------------
------------
Bank loans and overdrafts are secured by fixed and floating charges over the company's property and assets held by fellow group companies. There are cross company guarantees in place between the company, its parent company and a number of its fellow subsidiary companies.
9. Summary audit opinion
The auditor's report dated 25 March 2025 was unqualified .
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. W. C. Porter
1,000
( 19,303)
( 18,303)
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. W. C. Porter
1,000
1,000
----
-------
-------
11. Related party transactions
Control The company is a wholly owned subsidiary of Porter Property Holdings Limited, a company incorporated in Northern Ireland. Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.