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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of income and retained earnings |
10 |
Company statement of income and retained earnings |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Northern Ireland |
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Auditor |
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Chartered accountants & statutory auditor |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Bankers |
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1-9 Victoria Street |
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Belfast |
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BT1 3GA |
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Solicitors |
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2-14 East Bridge Street |
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Belfast |
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BT1 3NQ |
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Murray House |
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Murray Street |
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Belfast |
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BT1 6DN |
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Strategic Report |
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Director |
Registered office: |
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Northern Ireland |
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Directors' Report |
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Director |
Registered office: |
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Northern Ireland |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
|
Consolidated Statement of Income and Retained Earnings |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
(
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Income from interests in associates |
10 |
– |
(
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Other interest receivable and similar income |
11 |
|
– |
Interest payable and similar expenses |
12 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
13 |
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
------------ |
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Retained earnings at the start of the year |
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------------- |
------------- |
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Retained earnings at the end of the year |
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------------- |
------------- |
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Company Statement of Income and Retained Earnings |
2024 |
2023 |
|
Note |
£ |
£ |
Profit for the financial year and total comprehensive income |
(
|
(
|
Retained earnings at the start of the year |
|
|
------------ |
------------ |
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Retained earnings at the end of the year |
|
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------------ |
------------ |
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Consolidated Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
14 |
|
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
|
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------------- |
------------- |
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Creditors: amounts falling due within one year |
18 |
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------------- |
------------- |
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Net current assets |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Provisions |
21 |
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------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
25 |
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Profit and loss account |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Investments |
15 |
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Stocks |
16 |
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Debtors |
17 |
|
|
Cash at bank and in hand |
|
– |
|
------------ |
------------ |
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Creditors: amounts falling due within one year |
18 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
25 |
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Profit and loss account |
|
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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|
Director |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Fair value adjustment of investment property |
(
|
(
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Government grant income |
(
|
(
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Income from interests in associates |
– |
|
Other interest receivable and similar income |
(
|
– |
Interest payable and similar expenses |
|
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Gains on disposal of tangible assets |
(
|
(
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Tax on profit |
|
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Accrued (income)/expenses |
(
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Changes in: |
||
Stocks |
|
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Trade and other debtors |
|
(
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Trade and other creditors |
(
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------------ |
------------ |
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Cash generated from operations |
|
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Interest paid |
(
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(
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Interest received |
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– |
Tax paid |
(
|
(
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------------ |
------------ |
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Net cash from operating activities |
|
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------------ |
------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
|
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Proceeds from sale of interests in associates and joint ventures |
– |
|
------------ |
------------ |
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Net cash from/(used in) investing activities |
|
(
|
------------ |
------------ |
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Proceeds from borrowings |
(
|
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Proceeds from loans from participating interests |
|
(
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Government grant income |
|
|
Payments of finance lease liabilities |
(
|
(
|
------------ |
------------ |
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Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
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Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
169,420 |
111,434 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Financial Statements |
Land and buildings |
- |
None
|
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Plant and machinery |
- |
|
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Fixtures, fittings and equipment |
- |
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Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sales |
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Farm turnover |
|
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Rental income |
|
|
------------- |
------------- |
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------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Government grant income |
|
|
Other operating income |
– |
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Fair value adjustments to investment property |
(
|
(
|
Impairment of trade debtors |
52,235 |
– |
Foreign exchange differences |
|
– |
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
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Social security costs |
|
|
Other pension costs |
|
|
--------- |
--------- |
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|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
(Gain)/loss on FV adj to interests in associates |
– |
(2) |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on bank deposits |
|
– |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax income |
|
|
Adjustments in respect of prior periods |
(
|
|
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
|
------------ |
--------- |
|
Tax on profit |
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
|
Effect of expenses not deductible for tax purposes |
(
|
(
|
Effect of capital allowances and depreciation |
|
|
Unused tax losses |
– |
|
Origination and reversal of timing differences |
|
|
------------ |
------------ |
|
Tax on loss |
|
|
------------ |
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Apr 2023 |
|
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|
Additions |
|
|
– |
|
– |
|
Disposals |
(
|
(
|
– |
– |
– |
(
|
Revaluations |
– |
– |
– |
– |
|
|
Transfers |
– |
(
|
|
– |
– |
(
|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
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At 31 Mar 2024 |
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|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
|
Depreciation |
||||||
At 1 Apr 2023 |
– |
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
– |
(
|
– |
– |
– |
(
|
Transfers |
– |
(
|
|
– |
– |
(
|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
|
At 31 Mar 2024 |
|
|
|
|
– |
|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
|
Carrying amount |
||||||
At 31 Mar 2024 |
|
|
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|
|
|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
|
At 31 Mar 2023 |
|
|
|
|
|
|
------------- |
------------ |
-------- |
--------- |
------------- |
------------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
---- |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
|
At 31 March 2023 |
|
---- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Stock and work in progress |
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
|
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
|
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
--------- |
------------ |
|
|
|
|
|
|
------------ |
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
------------ |
---- |
---- |
|
|
|
– |
– |
|
--------- |
------------ |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 April 2023 |
|
Additions |
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
------------ |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
------------ |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Deferred government grants due after more than one year |
|
|
– |
– |
--------- |
---- |
---- |
---- |
|
Government grants recognised directly in income |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
600 |
|
600 |
|
|
2 |
|
2 |
---- |
---- |
---- |
---- |
|
|
602 |
|
602 |
|
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(29,232) |
|
Debt due within one year |
(2,398,539) |
(1,821,500) |
(4,220,039) |
Debt due after one year |
(10,299,612) |
3,490,028 |
(6,809,584) |
------------- |
------------ |
------------- |
|
(
|
|
(
|
|
------------- |
------------ |
------------- |
|
2024 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
(
|
|
--------- |
-------- |
--------- |
||
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
(
|
(
|
|
--------- |
--------- |
--------- |
||