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Registration number: NI047432

Ferguson Meats Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Ferguson Meats Ltd

(Registration number: NI047432)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,000

14,000

Tangible assets

5

26,359

29,287

 

40,359

43,287

Current assets

 

Stocks

6

21,183

34,500

Debtors

7

49,430

54,824

Cash at bank and in hand

 

46,747

14,047

 

117,360

103,371

Creditors: Amounts falling due within one year

8

(100,147)

(107,948)

Net current assets/(liabilities)

 

17,213

(4,577)

Net assets

 

57,572

38,710

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

57,472

38,610

Shareholders' funds

 

57,572

38,710

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Ferguson Meats Ltd

(Registration number: NI047432)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 20 May 2025
 

.........................................
Mr Thomas Ferguson
Director

 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Unit B, 65 Dreen Road, Cullybackey, Co. Antrim, BT44 1EB.

These financial statements were authorised for issue by the director on 20 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Preparation room & storage shed

4% straight line basis

Equipment

20% straight line basis

Motor vehicles

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

Debtors and creditors with no stated interest rate receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 9).

 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

14,000

14,000

At 31 August 2024

14,000

14,000

Amortisation

Carrying amount

At 31 August 2024

14,000

14,000

At 31 August 2023

14,000

14,000

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

59,484

35,250

182,135

276,869

At 31 August 2024

59,484

35,250

182,135

276,869

Depreciation

At 1 September 2023

31,261

35,250

181,071

247,582

Charge for the year

2,378

-

550

2,928

At 31 August 2024

33,639

35,250

181,621

250,510

Carrying amount

At 31 August 2024

25,845

-

514

26,359

At 31 August 2023

28,223

-

1,064

29,287


 

Included within the net book value of land and buildings above is £25,845 (2023 - £28,223) in respect of short leasehold land and buildings.

6

Stocks

2024
£

2023
£

Other inventories

21,183

34,500

 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

44,436

48,137

Prepayments

844

1,018

Other debtors

4,150

5,669

 

49,430

54,824

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

64,871

88,915

Taxation and social security

18,845

3,835

Other creditors

16,431

15,198

100,147

107,948

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Ferguson Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Related party transactions

At the year end the Company owed the director £11,910 (2023: £7,900). No interest has been charged on the amounts outstanding and no interest has been charged.

11

Parent and ultimate parent undertaking

The ultimate controlling party is Thomas and Hazel Ferguson.