1 January 2024 false Taxfiler 2024.7.4 NI656870business:PrivateLimitedCompanyLtd2024-01-012024-12-31 NI6568702023-12-31 NI6568702024-01-012024-12-31 NI656870business:AuditExempt-NoAccountantsReport2024-01-012024-12-31 NI656870business:FilletedAccounts2024-01-012024-12-31 NI6568702024-12-31 NI656870business:Director12024-01-012024-12-31 NI656870business:Director22024-01-012024-12-31 NI656870business:CompanySecretary12024-01-012024-12-31 NI656870business:RegisteredOffice2024-01-012024-12-31 NI6568702023-12-31 NI656870core:WithinOneYear2024-12-31 NI656870core:WithinOneYear2023-12-31 NI656870core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 NI656870core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 NI656870core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 NI656870core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 NI656870core:PreviouslyStatedAmount2024-12-31 NI656870core:PreviouslyStatedAmount2023-12-31 NI656870business:SmallEntities2024-01-012024-12-31 NI656870countries:NorthernIreland2024-01-012024-12-31 NI656870core:LandBuildings2024-01-012024-12-31 NI656870core:PlantMachinery2024-01-012024-12-31 NI656870core:MotorVehicles2024-01-012024-12-31 NI656870core:PlantMachinery2023-12-31 NI656870core:PlantMachinery2024-12-31 NI656870core:PlantMachinerycore:LeasedAssetsHeldAsLessee2024-12-31 NI656870core:PlantMachinerycore:LeasedAssetsHeldAsLessee2023-12-31 NI656870core:AcceleratedTaxDepreciationDeferredTax2024-12-31 NI656870core:AcceleratedTaxDepreciationDeferredTax2023-12-31 NI6568702022-12-31 NI6568702023-01-012023-12-31 NI656870business:OrdinaryShareClass12024-01-012024-12-31 NI656870business:OrdinaryShareClass12023-01-012023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. NI656870 (Northern Ireland)
Ramaley Farm Ltd Companies House accounts for the year ended 31 December 2024
Ramaley Farm Ltd Companies House accounts Contents
Page
- 2 -
Ramaley Farm Ltd Company Information for the year ended 31 December 2024
Directors
John C Wallace Lesley Wallace
Secretary
John Charles Wallace
Company Number
NI656870 (Northern Ireland)
Registered Office
143 Aghintain Road Clabby Fivemiletown Co Tyrone BT75 0RW N Ireland
- 3 -
Ramaley Farm Ltd Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
497,859 
72,991 
Current assets
Debtors
61,659 
9,126 
Cash at bank and in hand
233,030 
110,809 
294,689 
119,935 
Creditors: amounts falling due within one year
(420,926)
(50,157)
Net current (liabilities)/assets
(126,237)
69,778 
Total assets less current liabilities
371,622 
142,769 
Provisions for liabilities
Deferred tax
(94,593)
(14,307)
Net assets
277,029 
128,462 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
276,929 
128,362 
Shareholders' funds
277,029 
128,462 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by
Lesley Wallace Director Company Registration No. NI656870
- 4 -
Ramaley Farm Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Ramaley Farm Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI656870. The registered office is 143 Aghintain Road, Clabby, Fivemiletown, Co Tyrone, BT75 0RW, N Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are prepared in £ Sterling.
Turnover and income recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
- 5 -
Ramaley Farm Ltd Notes to the Accounts for the year ended 31 December 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 January 2024
108,515 
Additions
512,725 
At 31 December 2024
621,240 
Depreciation
At 1 January 2024
35,524 
Charge for the year
87,857 
At 31 December 2024
123,381 
Net book value
At 31 December 2024
497,859 
At 31 December 2023
72,991 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
42,296 
29,760 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
2,355 
- 
Trade debtors
59,304 
9,126 
61,659 
9,126 
- 6 -
Ramaley Farm Ltd Notes to the Accounts for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
371,294 
- 
Obligations under finance leases and hire purchase contracts
40,165 
20,000 
Taxes and social security
335 
13,932 
Other creditors
5,482 
13,825 
Loans from directors
2,000 
1,700 
Accruals
1,650 
700 
420,926 
50,157 
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
94,593 
14,307 
2024 
2023 
£ 
£ 
Provision at start of year
14,307 
14,320 
Charged/(credited) to the profit and loss account
80,286 
(13)
Provision at end of year
94,593 
14,307 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 7 -