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Company registration number: NI004536
Drenagh Farms Limited
Unaudited filleted financial statements
30 July 2024
Drenagh Farms Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Drenagh Farms Limited
Directors and other information
Director Conolly P. McCausland
Secretary Conolly P. McCausland
Company number NI004536
Registered office Estate Office
Drenagh
Limavady
Co. Londonderry
BT49 0HP
Drenagh Farms Limited
Statement of financial position
30 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 2,396,034 2,371,145
Investments and debtors due after one year 7 1,141,310 1,154,350
_______ _______
3,537,344 3,525,495
Current assets
Debtors 8 19,140 25,390
_______ _______
19,140 25,390
Creditors: amounts falling due
within one year 9 ( 114,510) ( 144,318)
_______ _______
Net current liabilities ( 95,370) ( 118,928)
_______ _______
Total assets less current liabilities 3,441,974 3,406,567
Creditors: amounts falling due
after more than one year 10 ( 912,568) ( 932,756)
_______ _______
Net assets 2,529,406 2,473,811
_______ _______
Capital and reserves
Called up share capital 17,300 17,300
Revaluation reserve 871,215 871,215
Profit and loss account 1,640,891 1,585,296
_______ _______
Shareholders funds 2,529,406 2,473,811
_______ _______
For the year ending 30 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 October 2024 , and are signed on behalf of the board by:
Conolly P. McCausland
Director
Drenagh Farms Limited
Statement of changes in equity
Year ended 30 July 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 31 July 2022 17,300 871,215 1,534,502 2,423,017
Profit for the year 50,794 50,794
_______ _______ _______ _______
Total comprehensive income for the year - - 50,794 50,794
_______ _______ _______ _______
At 30 July 2023 and 31 July 2023 17,300 871,215 1,585,296 2,473,811
Profit for the year 55,595 55,595
_______ _______ _______ _______
Total comprehensive income for the year - - 55,595 55,595
_______ _______ _______ _______
At 30 July 2024 17,300 871,215 1,640,891 2,529,406
_______ _______ _______ _______
Drenagh Farms Limited
Notes to the financial statements
Year ended 30 July 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Drenagh Farms Limited, Estate Office, Drenagh, Limavady, Co. Londonderry, BT49 0HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - Not depreciated
Plant and machinery - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.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 or 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. Staff costs
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 14,282 138,468
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 7 ).
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 31 July 2023 2,204,758 291,829 - 2,496,587
Additions 5,200 32,606 9,350 47,156
_______ _______ _______ _______
At 30 July 2024 2,209,958 324,435 9,350 2,543,743
_______ _______ _______ _______
Depreciation
At 31 July 2023 - 125,441 - 125,441
Charge for the year - 20,398 1,870 22,268
_______ _______ _______ _______
At 30 July 2024 - 145,839 1,870 147,709
_______ _______ _______ _______
Carrying amount
At 30 July 2024 2,209,958 178,596 7,480 2,396,034
_______ _______ _______ _______
At 30 July 2023 2,204,758 166,388 - 2,371,146
_______ _______ _______ _______
7. Investments and debtors due after one year
Loans Deferred Tax Total
£ £ £
Cost
At 31 July 2023 642,624 511,726 1,154,350
Additions - ( 13,040) ( 13,040)
_______ _______ _______
At 30 July 2024 642,624 498,686 1,141,310
_______ _______ _______
Impairment
At 31 July 2023 - - -
At 31 July 2023 and 30 July 2024 - - -
_______ _______ _______
Carrying amount
At 30 July 2024 642,624 498,686 1,141,310
_______ _______ _______
At 30 July 2023 642,624 511,726 1,154,350
_______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 19,140 25,390
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 32,069 26,775
Trade creditors 28,463 63,811
Social security and other taxes 20,309 28,151
Other creditors and loans 33,669 25,581
_______ _______
114,510 144,318
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 850,000 850,000
Other creditors and loans 62,568 82,756
_______ _______
912,568 932,756
_______ _______
The bank loan is secured by a first legal charge over the company's property, a debenture over the company and a personal guarantee from the company's director.
11. Controlling party
Mr C P McCausland, director and majority shareholder is considered to be the company's controlling party.