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Registration number: NI612677

SILLIS FRUIT LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

SILLIS FRUIT LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

SILLIS FRUIT LIMITED

Company Information

Directors

Orla O Neill

Aine O Neill

Registered office

80 Maytown Road
Enagh
Bessbrook
Newry
Co Down
BT35 7NF

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

SILLIS FRUIT LIMITED

(Registration number: NI612677)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

109,009

69,273

Current assets

 

Debtors

5

193,020

261,140

Cash at bank and in hand

 

538,818

882,276

 

731,838

1,143,416

Creditors: Amounts falling due within one year

6

(632,138)

(1,045,237)

Net current assets

 

99,700

98,179

Total assets less current liabilities

 

208,709

167,452

Creditors: Amounts falling due after more than one year

6

(16,176)

(26,331)

Provisions for liabilities

(20,162)

(12,492)

Net assets

 

172,371

128,629

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

172,369

128,627

Shareholders' funds

 

172,371

128,629

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

.........................................
Orla O Neill
Director

.........................................
Aine O Neill
Director

 
     
 

SILLIS FRUIT LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
80 Maytown Road
Enagh
Bessbrook
Newry
Co Down
BT35 7NF

These financial statements were authorised for issue by the Board on 22 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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

SILLIS FRUIT LIMITED

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

Tax

The tax expense for the period comprises current and deferred 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.

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

Motor vehicles

25% Reducing balance basis

Plant and Machinery

20% Reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SILLIS FRUIT LIMITED

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 4).

 

SILLIS FRUIT LIMITED

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

-

200,166

4,450

204,616

Additions

2,040

73,390

-

75,430

At 31 May 2024

2,040

273,556

4,450

280,046

Depreciation

At 1 June 2023

-

134,453

890

135,343

Charge for the year

204

34,778

712

35,694

At 31 May 2024

204

169,231

1,602

171,037

Carrying amount

At 31 May 2024

1,836

104,325

2,848

109,009

At 31 May 2023

-

65,713

3,560

69,273

5

Debtors

Current

2024
£

2023
£

Trade debtors

180,669

259,157

Prepayments

(1,000)

(1,000)

Other debtors

13,351

2,983

 

193,020

261,140

6

Creditors

Creditors: amounts falling due within one year

 

SILLIS FRUIT LIMITED

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,254

10,000

Trade creditors

 

7,293

432,515

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

557,777

559,800

Taxation and social security

 

4,712

9,748

Accruals and deferred income

 

3,170

3,945

Other creditors

 

48,932

29,229

 

632,138

1,045,237

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

16,176

26,331

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,254

10,000

Bank borrowings

Bounce Back Loan is denominated in Stg (£) with a nominal interest rate of 2.5%, and the final instalment is due on 16 November 2026. The carrying amount at year end is £Nil (2023 - £36,331).

9

Related party transactions

 

SILLIS FRUIT LIMITED

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

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Aine O Neill

Directors Loan

29,182

(15,600)

35,350

48,932

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Aine O Neill

Directors Loan

9,943

(16,111)

35,350

29,182

 

SILLIS FRUIT LIMITED

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,600

15,600

Summary of transactions with other related parties

Sillis Green Veg Limited is a company with common directors and shareholders. Sillis Fruit Ltd trades with this company, and as at the balance sheet date the amount due to Sillis Green Veg was £557,776.87 (2023 - £559,800).