REGISTERED NUMBER: NI613347 (Northern Ireland) |
LOUGH ERNE INVESTMENTS LIMITED |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements |
for the Period 26 December 2023 to 30 September 2024 |
REGISTERED NUMBER: NI613347 (Northern Ireland) |
LOUGH ERNE INVESTMENTS LIMITED |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements |
for the Period 26 December 2023 to 30 September 2024 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Contents of the Consolidated Financial Statements |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 4 |
Directors' Report | 5 | to | 8 |
Independent Auditors' Report | 9 | to | 12 |
Consolidated Income Statement | 13 |
Consolidated Statement of Financial Position | 14 |
Company Statement of Financial Position | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Statement of Cash Flows | 18 |
Notes to the Consolidated Statement of Cash Flows |
19 |
to |
20 |
Notes to the Consolidated Financial Statements | 21 | to | 38 |
LOUGH ERNE INVESTMENTS LIMITED |
Company Information |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: | Danske Bank |
Donegal Square West |
Belfast |
Co. Antrim |
BT1 6JS |
SOLICITORS: |
10 Belmore Street |
Enniskillen |
Co Fermanagh |
BT74 6AA |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Group Strategic Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
The directors present their strategic report of the Company and the Group for the period from 26 December 2023 to 30 September 2024. |
REVIEW OF THE GROUP'S BUSINESS |
The Company and the Group trades in the business of egg processing and farming. |
The Group is structured and positioned in a manner that will enable it to meet the demands of the market and business environment, consequently the directors are optimistic about the future prospects of the group. In the period to 30 September the group acquired Lough Erne Dairies Limited in the period. |
The Group has two facilities in Northern Ireland located in Lisnaskea, Co. Fermanagh and Donaghmore, Co. Tyrone, as well as a third facility in Chesterfield, England. |
KEY PERFORMANCE INDICATORS |
The directors consider the key performance indicators of the Group to be those that reflect the | performance of the Group as a whole: |
2024 | 2023 |
Revenue | £200,975,066 | £235,174,350 |
Gross profit margin | 15.8% | 14.8% |
Non financial key performance indicators |
2024 | 2023 |
Average number of employees | 309 | 299 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors acknowledge that as well as rewards there are risks and uncertainties inherent in the food production and processing sector which must be closely monitored and controlled. |
The level of activity in the food production and processing sector is affected by many factors including commodity markets, government and EU legislation and changes in international agricultural practices. The board has put in place systems and procedures which monitor these factors. |
The Group works with a range of food production and processing partners with strong records of delivery and closely examines its pool of suppliers for quality and consistency of raw materials, adherence to relevant industry legislation and sufficiency of resources and solvency. This combined with excellent people, well developed supply chains and an established customer base, allows the business to consistently deliver the growth enjoyed over recent periods. |
Financial risk: |
The Group's operations expose it to a variety of financial risks that include price risk, foreign exchange risk, credit risk and liquidity risk. The Group has in place a risk management programme that seeks to limit any adverse effects on the financial performance of the Group. |
Price risk: |
The Group is exposed to commodity price risk of its operations. However, given the size of the Group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Group's operations change in size or nature. |
Foreign exchange risk: |
While the majority of the Group's revenues and expenses are denominated in sterling, the Group is exposed to some foreign exchange risk in the normal course of business, principally on sales in euro. While the Group has not used financial instruments to date to hedge foreign exchange exposure, this position is kept constantly under review. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Group Strategic Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Credit risk: |
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit which is reassessed regularly by the board. |
Liquidity risk: |
The Group generates sufficient cashflow to ensure it has adequate available funds for operations and planned expansions. |
SECTION 172(1) STATEMENT |
The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to: |
a) the likely consequences of any decision in the long term; |
b) the interests of the Group's employees; |
c) the need to foster the Group's business relationships with suppliers, customers and others; |
d) the impact of the Group's operations on the community and the environment; |
e) the desirability of the Group maintaining a reputation for high standards of business conduct; and |
f) the need to act fairly as between members of the Group. |
The directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their section 172 duties. |
The Group undertakes many local community engagements and is a proud member of Business in the Community. Working together with other member companies, we are focussed on undertaking projects and initiatives that will build a better society and a more sustainable future. We also offer work placement programmes to provide students an opportunity to develop their knowledge and skillset within the working environment. |
Employee welfare is at the core of the Group's values. We invest in the services of an external occupational nurse once a year for free health checks which include eye and hearing tests and fitness to work in a food environment screening. Our life assurance scheme with Legal & General is available for all employees and our Employee Assistance Programme (EAP) is a welcome platform providing information, advice, training and services to help employees deal with events and issues in everyday work and personal life. |
Food safety and animal welfare are fundamental to the Group. All our sites are accredited to BRC Global Standards for Food Safety (Grade AA) and our inhouse laboratory is certified by CLAS, the leading independent accreditation scheme for the food industry. Our products are produced to exacting standards and customer specifications with the most robust and intricate supply chain systems ensuring full traceability. Our agricultural manager ensures our farmers remain educated on changing regulations within the industry and continue to supply the high-quality eggs that we, and our customers demand. |
The Group is renowned for our deep-rooted commitment to caring for the environment and every year we participate in the Business in the Community Environmental Benchmarking Survey. In 2021 we installed a new state-of-the-art waste water treatment facility. This will ensure we remain within our environmental consent limits whilst giving us the capacity to grow our expanding customer base. The Group has also voluntarily entered into Climate Change Agreements (CCAs) at both our sites as a further commitment to meeting and exceeding energy efficiency and carbon reduction targets in exchange for CCL relief until 31 March 2025. As well as proactively working to reduce our carbon emissions year-on-year, any CCL relief received will be reinvested in energy efficiency projects. |
Refer to the Principle risks and uncertainties section in the Strategic Report for further information concerning the Group's initiatives relating to the performance of the directors S172 duties. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Group Strategic Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
STRATEGY |
The Group's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors continue to work closely with suppliers, customers, staff and financial institutions to carefully manage the Group's operations. The Group aims to increase market share within UK. |
FUTURE DEVELOPMENTS |
The Group is committed to long term creation of shareholder value by increasing the Group's market share in the UK and Irish markets. The economic environment continues to evolve and is making a return to relative stability and certainty. Overall in the coming year the Group aims to increase revenue and operating profits. The Group will continue to develop relations with suppliers, generate new business where possible and increase retention levels while remaining highly competitive. The Group is continually researching and developing new products and services to ensure it continues to provide a strong product to the market. |
ENVIRONMENT |
The Group recognises its corporate responsibility to carry out its operations whilst ensuring that there is minimal environmental impact. The directors continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce wastage wherever possible. |
ON BEHALF OF THE BOARD: |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Directors' Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
The directors present their report with audited financial statements of the Company and the Group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the Company and the Group is egg processing and farming. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 was £95,000 (2023: £85,000). |
The directors do not recommend the payment of a final dividend (2023: £Nil). |
RESEARCH AND DEVELOPMENT |
The Group continues to recognise the importance of its research and development programme, which it believes is essential to ensure that the business continues to develop new products and remain competitive in the market. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 26 December 2023 to the date of this report. |
CHARITABLE DONATIONS AND EXPENDITURE |
The Group made no political donations or incurred any political expenditure during the current or prior year. |
DISCLOSURES REQUIRED UNDER SCHEDULE 7 |
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties and future developments in the Group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report. |
ENGAGEMENT WITH EMPLOYEES |
The employees of the company are kept informed on matters through meetings and the publication of company newsletters. The group maintains an internal human resources department which provides induction and advice in all disciplines of employment policies, procedures, legislation and staff development. It also encourages and promotes social interaction and staff team building activities. |
EMPLOYMENT OF DISABLED PERSONS |
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Directors' Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Lough Erne Investments Limited is committed to operating a responsible business. This commitment is reflected in initiatives aimed at making a positive impact on society and the environment, through our operations and with key stakeholders including customers, colleagues, communities and suppliers. This includes the following: |
Environment: |
We are subject to Integrated Pollution Prevention and Control (IPPC) Regulations. This requires industrial and agricultural activities with a high pollution potential to have a permit; this permit can only be issued if certain environmental conditions are met, so that the companies themselves bear responsibility for preventing and reducing any pollution they may cause. We report annually to the Environment Agency, complete inspections, and ensure we stay within our environmental consent limits. |
The group had voluntarily entered into a Climate Change Agreement (CCA) at both our sites as a further commitment to meeting and exceeding energy efficiency and carbon reduction targets. We were delighted that we achieved these targets and therefore can avail of CCL relief until 31 March 2025. |
Employee Engagement: |
Training is paramount to our employees professional learning and development across all areas of the business. We continue to proactively invest in training and development to ensure our employees have an opportunity to progress and enhance their knowledge and skill base, which will in turn, further enhance our forward thinking and highly skilled workforce. |
Community Engagement: |
The group undertakes many local community engagements and is a proud member of Business in the Community. Working together with other member companies, we are focussed on undertaking projects and initiatives that will build a better society and a more sustainable future. We also offer work placement programmes to provide students an opportunity to develop their knowledge and skillset within the working environment. A number of charities that benefitted from donations from the Company in the year included Cancer Connect NI, NI Deaf Youth Association, Marie Curie Cancer, Macmillian Cancer Support and Lisnaskea and Enniskillen Foodbank. |
STREAMLINED ENERGY AND CARBON REPORTING |
Under Streamlined Energy and Carbon Report (SECR) legislation we are mandated to include energy consumption, emissions, intensity metrics, and all energy efficiency improvements implemented in our most recent financial year, for our UK operations. We are proud to say we achieved 100% verifiable data coverage with no estimations required. |
Lough Erne Investment`s Scope 1 and 3 direct emissions (combustion of natural gas and transportation fuels) for this reporting year are 2,592.25 tCO2e, resulting from the direct combustion of 11,054,088 kWh. This represents a carbon decrease of 1% from last year ending December 2023. |
Scope 2 indirect emissions (purchased electricity) for this reporting year are 868.59 tCO2e, resulting from the consumption of 4,332,786 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon decrease of 22% from last year ending December 2023. |
Lough Erne Investment`s operations have an intensity metric of 0.097 tCO2e/finished product tonnes for this reporting year. This represents an increase of 7% from last year ending December 2023. |
We are committed to year-on-year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Directors' Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Measure |
For the period ended 30 September 2024 |
For the year ended 31 December 2023 |
Units |
Energy consumption used to calculate emissions |
15,386,873 |
17,079,797 |
kWh |
Emissions from purchased electricity |
868.59 |
1,118.27 |
tCO2e |
Emissions from gas, fuels and transportation |
2,592.25 |
2,619.17 |
tCO2e |
Total Gross tCO2e | 3,469.14 | 3,737.45 | tCO2e |
Intensity ratio | 0.097 | 0.09 | Gross tCO2e/production tonne |
Measures ongoing and undertaken through 2024: |
1. | Enhanced Insulation in the Scrambled Egg Plant - Ready Egg improved the insulation on pipework within the scrambled egg plant, reducing heat loss and increasing overall energy efficiency |
2. | Upgraded Tank Chiller with Heat Recovery - An old, inefficient tank chiller was replaced with a new Carrier unit equipped with heat recovery, enhancing energy efficiency and reducing operational costs. |
3. | Replacement of Diesel Boilers with Steam-to-Hot Water Heat Exchanger - The processing plant room's hot water manifold, which supplies heat to office spaces, sugar tank heat exchangers, CIP heat exchangers, tray-pallet washing machines, factory sinks, and P1 and P2 hot water, was previously heated by two aging diesel boilers. Ready Egg installed an 800kW steam-to-hot water heat exchanger, eliminating the need for the inefficient diesel boilers by utilising spare capacity from the existing kerosene steam boiler. This upgrade significantly improved efficiency while reducing emissions and fuel consumption. |
Measures prioritised for implementation in 2025: |
1. | Installation of Reverse Osmosis System in the Drying Plant - Ready Egg plans to install a reverse osmosis (RO) system in the drying plant to concentrate egg white solids from 11% to 33% before drying. This will enhance energy efficiency by increasing |
2. | Installation of Reverse Osmosis System in the Boiler House - A reverse osmosis plant will be installed in the boiler house to reduce particle buildup in the steam boiler, improving efficiency and prolonging equipment lifespan. |
3. | Chiller Replacement at Markham Vale - An old chiller at Markham Vale will be replaced with a more energy-efficient unit. The potential for heat recovery will be evaluated for future implementation. |
4. | Installation of Automatic Doors in Chilled Areas - Ready Egg will install automatic doors in all chilled areas to reduce energy loss and improve temperature control. |
5. | Chiller Replacement in the Boiling Area - A chiller in the boiling area will be replaced with a more efficient model. The feasibility of integrating heat recovery into the system will be assessed for future energy savings. |
6. | Compressor Upgrade to VSD-Driven Unit - Ready Egg will replace an existing compressor with a new variable speed drive (VSD) unit, increasing energy efficiency and optimising performance. |
Human Rights, Modern Slavery and Human Trafficking |
As the world is grappling with the challenges of human nature and climate change, it is vitally important that we continue to identify, prevent, mitigate, and account for how we address adverse human rights impacts within our business and supply chain. |
We have a responsibility to respect international human rights standards (by not infringing on people's rights), and to address adverse human rights impacts that we cause or contribute to. |
Modern slavery is a crime and a violation of fundamental human rights. It takes various forms, such as slavery, servitude, forced and compulsory labour and human trafficking, all of which have in common the deprivation of a person's liberty by another in order to exploit them for personal or commercial gain. We have a zero-tolerance approach to modern slavery and we are committed to acting ethically and with integrity in all our business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Directors' Report |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
From 2021 the group added its annual modern slavery statement to the UK government's Modern Slavery statement registry online. Please refer to this, or visit www.readyeggproducts.com for our full statement. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. |
AUDITORS |
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
Lough Erne Investments Limited |
Opinion |
We have audited the financial statements of Lough Erne Investments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Group's and of the Parent Company affairs as at 30 September 2024 and of the Group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Lough Erne Investments Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the Parent Company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. |
Independent Auditors' Report to the Members of |
Lough Erne Investments Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation; |
- | We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance; |
- | We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; |
- | Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and |
- | Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. |
The audit response to risks identified included: |
- | Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Independent Auditors' Report to the Members of |
Lough Erne Investments Limited |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Consolidated |
Income Statement |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
Notes | £ | £ |
REVENUE | 5 | 200,975,066 | 235,174,350 |
Cost of sales | (169,053,377 | ) | (200,209,467 | ) |
GROSS PROFIT | 31,921,689 | 34,964,883 |
Distribution costs | (4,112,849 | ) | (4,202,600 | ) |
Administrative expenses | (12,474,295 | ) | (14,235,818 | ) |
15,334,545 | 16,526,465 |
Other operating income | 43,822 | 436,556 |
OPERATING PROFIT | 7 | 15,378,367 | 16,963,021 |
Finance income | 366,178 | 103,204 |
15,744,545 | 17,066,225 |
Finance costs | 8 | (608,532 | ) | (876,827 | ) |
PROFIT BEFORE TAXATION | 15,136,013 | 16,189,398 |
Tax on profit | 9 | (3,932,797 | ) | (3,758,843 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
11,203,216 |
12,430,555 |
Profit attributable to: |
Owners of the parent | 5,990,761 | 6,445,008 |
Non-controlling interests | 5,212,455 | 5,985,547 |
11,203,216 | 12,430,555 |
Total comprehensive income attributable to: |
Owners of the parent | 5,990,761 | 6,445,008 |
Non-controlling interests | 5,212,455 | 5,985,547 |
11,203,216 | 12,430,555 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Consolidated Statement of Financial Position |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 13 | 15,642,832 | 17,935,925 |
Property, plant and equipment | 14 | 48,087,065 | 47,181,201 |
Investments | 15 | - | - |
63,729,897 | 65,117,126 |
CURRENT ASSETS |
Inventories | 16 | 6,527,455 | 5,751,293 |
Receivables: amounts falling due within one year |
17 |
39,722,661 |
36,385,719 |
Cash at bank | 15,107,645 | 12,549,657 |
61,357,761 | 54,686,669 |
PAYABLES |
Amounts falling due within one year | 18 | (32,354,476 | ) | (35,091,651 | ) |
NET CURRENT ASSETS | 29,003,285 | 19,595,018 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
92,733,182 |
84,712,144 |
PAYABLES |
Amounts falling due after more than one year |
19 |
(6,157,451 |
) |
(8,924,973 |
) |
PROVISIONS FOR LIABILITIES | 24 | (3,184,880 | ) | (3,489,559 | ) |
GOVERNMENT GRANTS | 25 | (10,884 | ) | (25,861 | ) |
NET ASSETS | 83,379,967 | 72,271,751 |
CAPITAL AND RESERVES |
Called up share capital | 26 | 1,169,771 | 1,169,671 |
Share premium | 7,070,740 | 7,070,740 |
Merger reserve | (100 | ) | - |
Retained earnings | 40,836,771 | 34,941,010 |
SHAREHOLDERS' FUNDS | 49,077,182 | 43,181,421 |
NON-CONTROLLING INTERESTS | 27 | 34,302,785 | 29,090,330 |
TOTAL EQUITY | 83,379,967 | 72,271,751 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by: |
C Crawford - Director |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Company Statement of Financial Position |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 13 |
Property, plant and equipment | 14 |
Investments | 15 |
CURRENT ASSETS |
Inventories | 16 |
Receivables: amounts falling due within one year |
17 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 24 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 26 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,670,232 | 914,137 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Consolidated Statement of Changes in Equity |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 26 December 2022 | 1,169,671 | 28,581,002 | 7,070,740 |
Changes in equity |
Dividends | - | (85,000 | ) | - |
Total comprehensive income | - | 6,445,008 | - |
Balance at 25 December 2023 | 1,169,671 | 34,941,010 | 7,070,740 |
Changes in equity |
Issue of share capital | 100 | - | - |
Dividends | - | (95,000 | ) | - |
Total comprehensive income | - | 5,990,761 | - |
Balance at 30 September 2024 | 1,169,771 | 40,836,771 | 7,070,740 |
Merger | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 26 December 2022 | - | 36,821,413 | 23,594,783 | 60,416,196 |
Changes in equity |
Dividends | - | (85,000 | ) | (490,000 | ) | (575,000 | ) |
Total comprehensive income | - | 6,445,008 | 5,985,547 | 12,430,555 |
Balance at 25 December 2023 | - | 43,181,421 | 29,090,330 | 72,271,751 |
Changes in equity |
Issue of share capital | - | 100 | - | 100 |
Dividends | - | (95,000 | ) | - | (95,000 | ) |
Total comprehensive income | - | 5,990,761 | 5,212,455 | 11,203,216 |
Movement in merger reserve | (100 | ) | (100 | ) | - | (100 | ) |
Balance at 30 September 2024 | (100 | ) | 49,077,182 | 34,302,785 | 83,379,967 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Company Statement of Changes in Equity |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 26 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 25 December 2023 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2024 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Consolidated Statement of Cash Flows |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 21,508,188 | 24,920,870 |
Interest paid | (576,929 | ) | (842,364 | ) |
Interest element of hire purchase payments paid |
(31,603 |
) |
(34,463 |
) |
Tax paid | (3,224,464 | ) | (3,290,552 | ) |
Taxation refund | - | (372,268 | ) |
Net cash from operating activities | 17,675,192 | 20,381,223 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,398,929 | ) | (7,277,419 | ) |
Sale of tangible fixed assets | 64,200 | 463,958 |
Earn out paid | (8,000,000 | ) | - |
Interest received | 366,178 | 103,204 |
Net cash from investing activities | (11,968,551 | ) | (6,710,257 | ) |
Cash flows from financing activities |
Loan repayments in year | (2,793,063 | ) | (1,967,937 | ) |
HP repayments in year | (65,733 | ) | (75,347 | ) |
Amount introduced by directors | 378,519 | - |
Amount withdrawn by directors | (60,764 | ) | - |
Equity dividends paid | (95,000 | ) | (575,000 | ) |
Net cash from financing activities | (2,636,041 | ) | (2,618,284 | ) |
Increase in cash and cash equivalents | 3,070,600 | 11,052,682 |
Cash and cash equivalents at beginning of period |
2 |
12,036,213 |
983,531 |
Cash and cash equivalents at end of period |
2 |
15,106,813 |
12,036,213 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Statement of Cash Flows |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
£ | £ |
Profit before taxation | 15,136,013 | 16,189,398 |
Depreciation charges | 3,458,673 | 4,144,316 |
Profit on disposal of fixed assets | (29,806 | ) | (258,269 | ) |
Goodwill amortisation | 2,293,093 | 2,293,093 |
Government grants | (13,377 | ) | (51,662 | ) |
Finance costs | 608,532 | 876,827 |
Finance income | (366,178 | ) | (103,204 | ) |
21,086,950 | 23,090,499 |
(Increase)/decrease in inventories | (776,162 | ) | 1,430,514 |
Increase in trade and other debtors | (3,793,028 | ) | (6,077,227 | ) |
Increase in trade and other creditors | 4,990,428 | 6,477,084 |
Cash generated from operations | 21,508,188 | 24,920,870 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 30 September 2024 |
30/9/24 | 26/12/23 |
£ | £ |
Cash and cash equivalents | 15,107,645 | 12,549,657 |
Bank overdrafts | (832 | ) | (513,444 | ) |
15,106,813 | 12,036,213 |
Year ended 25 December 2023 |
25/12/23 | 26/12/22 |
£ | £ |
Cash and cash equivalents | 12,549,657 | 4,128,040 |
Bank overdrafts | (513,444 | ) | (3,144,509 | ) |
12,036,213 | 983,531 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Statement of Cash Flows |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 26/12/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank | 12,549,657 | 2,557,988 | 15,107,645 |
Bank overdrafts | (513,444 | ) | 512,612 | (832 | ) |
12,036,213 | 3,070,600 | 15,106,813 |
Debt |
Finance leases | (587,822 | ) | 65,733 | (522,089 | ) |
Debts falling due within 1 year | (2,459,792 | ) | 90,587 | (2,369,205 | ) |
Debts falling due after 1 year | (8,435,725 | ) | 2,702,476 | (5,733,249 | ) |
(11,483,339 | ) | 2,858,796 | (8,624,543 | ) |
Total | 552,874 | 5,929,396 | 6,482,270 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
1. | GENERAL INFORMATION |
Lough Erne Investments Limited is a |
2. | STATEMENT OF COMPLIANCE |
The financial statements of the Group for the period ended 30 September 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group's financial statements. |
The financial statements are prepared in Sterling which is the functional currency of the Group, and rounded to the nearest pound (£), except when otherwise stated. |
Basis of consolidation |
The consolidated financial statements include the financial statements of the holding company and all its subsidiary companies made up to 30 September 2024. |
Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Joint ventures are all entities over which the group has joint control with one or more other joint venture partners. Investments in associates are accounted for using the gross equity method of accounting. Under the gross equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. |
For both the current and preceding periods, merger accounting combines the Statement of Comprehensive Income, Balance sheet and Statement of Cash Flows of all group entites on a line by line basis without adjustment to fair value but with adjustment to ensure uniformity of accounting policies. No goodwill arises on consolidation. Any excess between the share capital and consideration given is shown as a merger reserve within the shareholders' funds. Business combinations are accounted for using the purchase method. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The following criteria must also be met before revenue is recognised: |
Sale of service: |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the significant risks and rewards of ownership have been transferred to the buyer; |
- the group retains no continuing involvement or control over the goods; |
- the amount of revenue can be measured reliably; |
- it is probable that future economic benefits will flow through the group; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of Services: |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably |
- it is probable that the group will receive the consideration due under the contract |
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and; |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business. |
Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Property, plant and equipment and depreciation |
Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Freehold property | 4% - 5% | Straight line |
Plant and machinery | 5% - 33% | Straight line |
Fixtures and fittings | 10% - 33% | Straight line |
Motor vehicles | 20% | Reducing balance |
Computer equipment | 20% | Straight line |
The cost of freehold land is not depreciated. |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable and is charged to the Income Statement. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Inventories |
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
Biological assets |
Biological assets are measured on initial recognition and at subsequent reporting dates at fair value less costs to sell. |
Financial instruments |
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. |
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates that have been enacted or substantively enacted by the Statement of Financial Position date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
Hire purchase and leasing commitments |
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the group are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement. |
Net finance expenses |
Finance expenses: |
Finance expenses comprise interest payable on borrowings and leases. |
Finance income: |
Finance income comprises interest receivable on funds invested in loans and cash and cash equivalents. Interest is recognised in profit or loss as it accrues. |
Employee benefits |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
Investments in subsidiaries |
Investments are held at cost. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Distributions to equity holders |
Dividends and other distributions to the group's shareholders are recognised as a liability in the |
financial statements in the period in which the dividends and other distributions are approved by thegroup's shareholders. These amounts are recognised in the statement of changes in equity. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new |
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Preference Share Capital |
The preference shares are redeemable and non-voting. They carry a cumulative fixed 5% rate of return. |
4. | SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
a) Critical judgements in applying the entity's accounting policies |
There are no critical judgements in applying the entity's accounting policies. |
b) Key accounting estimates and assumptions |
There are no critical accounting estimates and assumptions. |
5. | REVENUE |
An analysis of revenue by class of business and geographical market is not given as, in the opinion of the Directors, this would be seriously prejudicial to the Group's interest. |
6. | EMPLOYEES AND DIRECTORS |
The average number of employees, including directors employed during the year, was as follows: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
Production and processing staff | 288 | 261 | 3 | 3 |
Admin staff | 21 | 38 | 1 | 1 |
309 | 299 | 4 | 4 |
Staff costs, including directors' remuneration, for the above persons were as follows: |
2024 | 2023 |
£ | £ |
Wages and salaries | 7,305,428 | 9,242,454 |
Social security costs | 816,624 | 772,100 |
Other pension costs | 169,861 | 232,290 |
8,291,913 | 10,246,844 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
Director emoluments during the year were as follows: |
2024 | 2023 |
£ | £ |
Directors emoluments | 805,381 | 1,517,935 |
Company contribution to defined pension schemes | 11,125 | 12,768 |
815,506 | 1,530,703 |
During the year, retirement benefits were accruing to 3 director (2023: 3) in respect of defined benefit pension schemes. The directors are considered to be key management. |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Directors' emoluments | 323,593 | 617,964 |
The directors are considered to be the key management personnel of the group. |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Operating lease payments | 37,397 | 57,744 |
Depreciation of tangible assets |
- owned assets | 3,458,673 | 4,000,066 |
Profit on disposal of fixed assets | (29,806 | ) | (262,595 | ) |
Goodwill amortisation | 2,293,093 | 2,293,093 |
Fees payable to the company's auditors and their associates: |
- the audit of the financial statements | 53,400 | 44,300 |
- taxation compliance services | 8,600 | 33,693 |
- advisory services | - | 1,306 |
Foreign exchange differences | 130,476 | 54,462 |
Discounts received | (405 | ) | (4,985 | ) |
Amortisation of Government Grants | (13,377 | ) | (51,662 | ) |
8. | FINANCE COSTS |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
£ | £ |
Bank interest | 576,929 | 836,977 |
Hire purchase interest | 31,603 | 39,850 |
608,532 | 876,827 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
£ | £ |
Current tax: |
UK corporation tax | 4,435,286 | 3,585,456 |
Adjustment in respect of prior |
period | (197,810 | ) | (787,792 | ) |
Total current tax | 4,237,476 | 2,797,664 |
Deferred tax: |
Origination and reversal of temporary differences and impact of rate change |
(49,437 |
) |
904,913 |
Adjustment in respect of prior |
period | (255,242 | ) | 56,266 |
Total deferred tax | (304,679 | ) | 961,179 |
Tax on profit | 3,932,797 | 3,758,843 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
£ | £ |
Profit before tax | 15,136,013 | 16,189,398 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) |
3,784,003 |
3,807,746 |
Effects of: |
Expenses not deductible for tax purposes | 13,996 | 257,123 |
Income not taxable for tax purposes | (19,337 | ) | - |
Adjustments to tax charge in respect of previous periods | (453,051 | ) | (912,152 | ) |
Non-relevant depreciation | 52,266 | 170,604 |
Movement in unrecognised deferred tax | (18,353 | ) | (175,953 | ) |
Impact of super-deduction | - | (23,018 | ) |
Impact of rate change | - | 95,158 |
Amortisation of goodwill | 573,273 | 539,335 |
Total tax charge | 3,932,797 | 3,758,843 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
11. | DIVIDENDS |
Period |
26/12/23 |
to | Year ended |
30/9/24 | 25/12/23 |
£ | £ |
Ordinary shares of 1 each |
Interim | 40,000 | 40,000 |
Preference shares of 1 each |
Interim | 55,000 | 45,000 |
95,000 | 85,000 |
12. | ACQUISITION OF BUSINESS |
On 30 September 2024 the Group acquired 100% of the share capital of Lough Erne Dairies Limited in the form of a share for share transfer. |
The following table sets out the values of the identifiable assets and liabilities acquired and their professional values to the Group. |
Value |
£ |
Assets |
Tangible fixed assets | 1,123,344 |
Inventory | 1,270,818 |
Debtors transferred | 183,190 |
2,616,763 |
Liabilities |
Bank loans and overdrafts | (832 | ) |
Hire purchase creditor | (443,654 | ) |
Other creditors transferred | (212,270 | ) |
Net assets acquired | 1,960,007 |
Consideration | 1,960,007 |
The consideration was satisfied by an intercompany transaction. |
13. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 26 December 2023 |
and 30 September 2024 | 22,930,927 |
AMORTISATION |
At 26 December 2023 | 4,995,002 |
Amortisation for period | 2,293,093 |
At 30 September 2024 | 7,288,095 |
NET BOOK VALUE |
At 30 September 2024 | 15,642,832 |
At 25 December 2023 | 17,935,925 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
13. | INTANGIBLE FIXED ASSETS - continued |
Group |
The company did not hold intangible fixed assets at 30 September 2024 (2023: £Nil). |
14. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Freehold |
land and | Improvements | Plant and |
property | to property | machinery |
£ | £ | £ |
COST |
At 26 December 2023 | 33,552,174 | 3,692,021 | 38,735,150 |
Additions | 1,511,339 | 32,958 | 2,267,382 |
Disposals | (5,000 | ) | - | (85,651 | ) |
At 30 September 2024 | 35,058,513 | 3,724,979 | 40,916,881 |
DEPRECIATION |
At 26 December 2023 | 7,308,380 | 1,819,298 | 20,462,990 |
Charge for period | 706,913 | 105,007 | 2,476,491 |
Eliminated on disposal | - | - | (72,366 | ) |
At 30 September 2024 | 8,015,293 | 1,924,305 | 22,867,115 |
NET BOOK VALUE |
At 30 September 2024 | 27,043,220 | 1,800,674 | 18,049,766 |
At 25 December 2023 | 26,243,794 | 1,872,723 | 18,272,160 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 26 December 2023 | 828,747 | 1,074,314 | 77,882,406 |
Additions | 93,874 | 493,376 | 4,398,929 |
Disposals | - | (97,264 | ) | (187,915 | ) |
At 30 September 2024 | 922,621 | 1,470,426 | 82,093,420 |
DEPRECIATION |
At 26 December 2023 | 526,456 | 584,081 | 30,701,205 |
Charge for period | 66,714 | 103,547 | 3,458,672 |
Eliminated on disposal | - | (81,155 | ) | (153,521 | ) |
At 30 September 2024 | 593,170 | 606,473 | 34,006,356 |
NET BOOK VALUE |
At 30 September 2024 | 329,451 | 863,953 | 48,087,064 |
At 25 December 2023 | 302,291 | 490,233 | 47,181,201 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
14. | PROPERTY, PLANT AND EQUIPMENT - continued |
Company |
Freehold | Fixtures |
land and | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 26 December 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 26 December 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 25 December 2023 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in group undertakings |
£ |
Cost at 26 December 2023 and 30 September 2024 | 7,172,635 |
The company's principal subsidiary is: |
Direct Holding |
Name |
Country of incorporation |
Principal Activity |
Share % |
Ownership Class |
Ready Egg Products Limited |
Northern Ireland |
Egg processing |
51 |
Ordinary Shares |
Lough Erne Dairies Limited |
Northern Ireland |
Dairy Farm |
100% |
Ordinary Shares |
The registered address of the subsidiaries are 116 Crom Road, Milltate, Lisnaskea, Co. Fermanagh, BT92 0BN. |
Indirect Holding |
Name |
Country of incorporation |
Principal Activity |
Share % |
Ownership Class |
Skea Egg Farms Limited |
Northern Ireland |
Egg processing |
51 |
Ordinary Shares |
The registered address of the subsidiary is 116 Crom Road, Milltate, Lisnaskea, Co. Fermanagh, BT92 0BN. |
The aggregate capital, reserves and results of the company's subsidiary undertakings for the year were: |
2024 | 2023 |
£ | £ |
Capital and reserves |
Ready Egg Products Limited | 68,213,327 | 60,024,026 |
Skea Egg Farms Limited | 16,705,152 | 15,014,798 |
Profit for financial year |
Ready Egg Products Limited | 11,189,301 | 13,032,484 |
Skea Egg Farms Limited | 4,690,355 | 5,424,909 |
The directors believe that the carrying value of the investments is supported by their underlying net assets. |
16. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Inventories | 485,036 | 576,388 |
Raw materials | 2,856,509 | 2,242,355 |
Finished goods | 1,655,418 | 2,241,108 |
Biological Assets | 1,530,492 | 691,442 | 1,530,492 | 691,442 |
6,527,455 | 5,751,293 |
The replacement cost of inventories did not differ significantly from the figures shown. |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
17. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade receivables | 34,005,942 | 31,785,316 |
Amounts owed by group undertakings | - | - |
Amounts owed by connected parties | 161,433 | 320,192 |
Other receivables | 4,535,771 | 2,443,290 |
Corporation tax | - | 454,484 |
VAT | - | 82,269 |
Prepayments | 1,019,515 | 1,300,168 |
39,722,661 | 36,385,719 |
The amounts owed by group undertakings and connected parties are unsecured, interest free and payable on demand. |
18. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | 2,370,037 |
2,973,236 |
Hire purchase contracts (see note 21) | 97,887 | 98,574 |
Trade payables | 23,809,248 | 18,220,972 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | - | 192,629 | - | - |
Corporation tax | 558,528 | - |
Social security and other taxes | 373,605 | 218,443 |
Other payables | 239,986 | - |
Directors' current accounts | 388,019 | 105,285 | 388,019 | 105,285 |
Accruals and deferred income | 4,517,166 | 13,282,512 |
32,354,476 | 35,091,651 |
The amounts owed to participating interests are unsecured, interest free and repayable on demand. |
19. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 20) | 5,733,249 | 8,435,725 |
Hire purchase contracts (see note 21) | 424,202 | 489,248 |
6,157,451 | 8,924,973 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 832 | 513,444 |
Bank loans | 2,369,205 | 2,459,792 |
2,370,037 | 2,973,236 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 2,369,205 | 2,460,072 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 2,107,614 | 4,380,216 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,256,430 | 1,595,437 | 1,256,430 | 1,595,437 |
Bank loans due more than five years are repaid by 3 monthly installments and the interest is charged at 2.1%. |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 97,887 | 98,574 |
Between one and five years | 319,863 | 351,540 |
In more than five years | 104,339 | 137,708 |
522,089 | 587,822 |
Company |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
22. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdrafts | 832 | 513,444 |
Bank loans | 8,102,454 | 10,895,517 |
Hire purchase contracts | 522,089 | 587,822 | - | - |
8,625,375 | 11,996,783 |
The bank loans of the Parent above are secured over any land holdings by the Company greater than 20 acres, a personal guarantee of £600,000 from Mr Charles Crawford and a floating charge over all present and future freehold / leasehold property and any rights attaching thereto, all rents, fixtures and fittings, plant, machinery, equipment, furniture, licences, goodwill, uncalled capital, choses in action, claims, intellectual property, debts, credit balances, negotiable instruments, insurances and other property. |
The bank facilities of the subsidiary are secured by fixed charges over the property of Ready Egg Products Limited and a floating charge over the assets of the Company |
Hire purchase liabilities are secured against the asset to which they relate. |
23. | FINANCIAL INSTRUMENTS |
2024 | 2023 |
£ | £ |
Carrying amount of financial assets in the Group |
Measured at fair value through the income statement | 38,281,134 | 35,470,582 |
Carrying amount of financial liabilities in the Group |
Measured at amortised cost | 31,034,321 | 42,884,328 |
24. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 3,379,924 | 3,521,684 |
Other timing differences | (195,044 | ) | (32,125 | ) | 60,198 | - |
3,184,880 | 3,489,559 | 60,198 | - |
Group |
Deferred tax |
£ |
Balance at 26 December 2023 | 3,489,559 |
Provided during period | (304,679 | ) |
Balance at 30 September 2024 | 3,184,880 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
24. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred tax |
£ |
Provided during period |
Balance at 30 September 2024 |
25. | GOVERNMENT GRANTS |
Group |
2024 | 2023 |
£ | £ |
Deferred government grants | 10,884 | 25,861 |
26. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 69,771 | 69,671 |
Preference | 1 | 1,100,000 | 1,100,000 |
1,169,771 | 1,169,671 |
100 Ordinary shares of 1 each were allotted and fully paid for |
27. | NON-CONTROLLING INTERESTS |
2024 | 2023 |
£ | £ |
Balance at start of year | 29,090,330 | 23,594,783 |
Share of profit for the year | 5,212,455 | 5,985,547 |
Dividend paid in the year | - | (490,000 | ) |
Balance at end of year | 34,302,785 | 29,090,330 |
28. | PENSION COMMITMENTS |
The group makes contributions to a defined contribution scheme, the assets of the scheme being held separately from the assets of the group. The pension cost charge represents contributions payable to the scheme and amounted to £169,861 (2023: £232,290). Contributions were payable to the scheme at the year end amounting to £4,142 (2023: £12,573). |
29. | CONTINGENT LIABILITIES |
There is a contingent liability to repay certain government grants received under the terms of letters of offer from Invest Northern Ireland if the group fails to honour certain undertakings and commitments. In the opinion of the directors the terms of the letters of offer have been complied with and no loss is expected. |
30. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 165,480 | - |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
31. | FINANCIAL COMMITMENTS |
Group |
Total future minimum lease payments under non-cancellable operating leases are as follows: |
Land and buildings |
Land and buildings |
2024 | 2023 |
£ | £ |
Due: |
Within one year | 30,000 | 30,000 |
30,000 | 30,000 |
Company |
Total future minimum lease payments under non-cancellable operating leases are as follows: |
Land and buildings |
Land and buildings |
2024 | 2023 |
£ | £ |
Due: |
Within one year | 30,000 | 30,000 |
30,000 | 30,000 |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
32. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ending 30 September | 2024 and 25 December 2023. |
2024 | 2023 |
£ | £ |
Directors |
Balance outstanding at the start of year | (105,285 | ) | (177,219 | ) |
Amounts advanced | (431,223 | ) | (11,977 | ) |
Amounts repaid | 148,488 | 83,911 |
Balance outstanding at end of year | (388,019 | ) | (105,285 | ) |
LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024 |
33. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence | over the entity |
The group has identified the following transactions with non-wholly owned subsidiaries, which must be disclosed. |
RELATED PARTY DISCLOSURES |
During the year the following related party transactions were conducted under normal commercial terms: |
Ready Egg Products Limited is regarded as a related party as Lough Erne Investments Limited hold 51% of the share capital in this entity. Lough Erne Investments have charged Ready Egg Products Limited a management charge of £844,310 (2023: £479,838). |
Skea Egg farms Limited is regarded as a related party by virtue of Ready Egg Products limited holding 100% of the share capital. Lough Erne Investments have charged Skea Egg Farms Limited a management charge of £418,592 (2023: £500,302). |
At the year end there were amounts due from Fane Valley of £161,433 (2023: £320,192) disclosed within note 16. |
At the year end there were no amounts owed to Fane Valley (2023: £192,629) disclosed within note 17. |
At the year end there were amounts owed to the directors of £70,264 (2023: £105,285) disclosed within note 17. The directors are regarded as related parties due to their position in the company. |
Mr Charles Crawford is regarded as a related party due to his position as a director in the company. As disclosed in note 21, Mr Crawford has provided personal guarantee to the bank. |
The dividends of £95,000 were paid to directors by virtue of their shareholding in the company. |
34. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Lough Erne Investments Limited, a company incorporated in Northern Ireland. |
The smallest and largest group for which consolidated accounts are prepared including the results of this company Lough Erne Investments Limited. |
At year end the ultimate controlling party is Mr Charles Crawford. |