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Registration number: NI625565

Casey Supermarket Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Casey Supermarket Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 13

 

Casey Supermarket Limited

Company Information

Directors

Peter Casey

Brian Casey

Registered office

7 Lower Catherine Street
Newry
Co. Down
BT35 6BE

Solicitors

Gus Campbell Solicitors
10-12 Carleton Street
Portadown
Armagh
BT62 3EN

Accountants

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

 

Casey Supermarket Limited

(Registration number: NI625565)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,724,554

1,802,206

Current assets

 

Stocks

5

389,683

328,462

Debtors

6

903,993

85,706

Cash at bank and in hand

 

222,231

70,117

 

1,515,907

484,285

Creditors: Amounts falling due within one year

7

(876,297)

(1,071,691)

Net current assets/(liabilities)

 

639,610

(587,406)

Total assets less current liabilities

 

2,364,164

1,214,800

Creditors: Amounts falling due after more than one year

7

(1,801,698)

(753,384)

Net assets

 

562,466

461,416

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

562,464

461,414

Shareholders' funds

 

562,466

461,416

For the financial year ending 31 October 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 29 July 2025 and signed on its behalf by:
 

.........................................
Brian Casey
Director

   
     
 

Casey Supermarket Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
7 Lower Catherine Street
Newry
Co. Down
BT35 6BE

These financial statements were authorised for issue by the Board on 29 July 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.

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.

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.

 

Casey Supermarket Limited

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

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

Land and buildings

2% straight line basis

Plant and machinery

20% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Motor vehicles

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.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Casey Supermarket Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Dividends

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

 

Casey Supermarket Limited

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

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 82 (2023 - 88).

 

Casey Supermarket Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

1,774,265

383,292

53,588

944,208

3,155,353

Additions

-

-

36,500

-

36,500

Disposals

-

-

(29,288)

-

(29,288)

At 31 October 2024

1,774,265

383,292

60,800

944,208

3,162,565

Depreciation

At 1 November 2023

314,364

245,408

20,937

772,438

1,353,147

Charge for the year

35,486

27,577

4,739

34,354

102,156

Eliminated on disposal

-

-

(17,292)

-

(17,292)

At 31 October 2024

349,850

272,985

8,384

806,792

1,438,011

Carrying amount

At 31 October 2024

1,424,415

110,307

52,416

137,416

1,724,554

At 31 October 2023

1,459,901

137,884

32,651

171,770

1,802,206

Included within the net book value of land and buildings above is £1,424,415 (2023 - £1,459,901) in respect of freehold land and buildings.
 

 

Casey Supermarket Limited

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

5

Stocks

2024
£

2023
£

Other inventories

389,683

328,462

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

44,831

11,346

Amounts owed by related parties

11

692,442

(121,120)

Prepayments

 

46,853

50,513

Other debtors

 

119,867

144,967

   

903,993

85,706

 

Casey Supermarket Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

200,767

396,111

Trade creditors

 

593,829

585,257

Taxation and social security

 

39,376

27,187

Accruals and deferred income

 

34,401

39,984

Other creditors

 

7,924

23,152

 

876,297

1,071,691

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,801,698

753,384

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,257,800

70,278

Hire purchase contracts

10,324

-

Other borrowings

533,574

683,106

1,801,698

753,384

Current loans and borrowings

 

Casey Supermarket Limited

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

2024
£

2023
£

Bank borrowings

66,200

42,193

Bank overdrafts

-

202,915

Hire purchase contracts

3,071

8,416

Other borrowings

131,496

142,587

200,767

396,111

Bank borrowings

Danske bank loan is denominated in pounds sterling with a nominal interest rate of 3.997%, and the final instalment is due on 4 February 2025. The carrying amount at year end is £Nil (2023 - £112,471).

Danske Bank held a fixed and floating charge over the property at Newry Road, Co Armagh and any undertaking of the company. The charge also restricted the company from creating further security that will rank equally with or ahead of this charge. This charge was satisfied on 4th February 2025

Bounceback Loan is denominated in pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 28 October 2024. The carrying amount at year end is £Nil (2023 - £26,597).

Barclays Loan is denominated in sterling with a nominal interest rate of 6.85%, and the final instalment is due on 24 October 2029. The carrying amount at year end is £1,324,000 (2023 - £Nil).

Barclays Bank hold a fixed and floating charge over the property at Newry Road, Co Armagh and any undertaking of the company and contains a negative pledge

Other borrowings

Henderson Loan no 3 is denominated in pounds sterling with a nominal interest rate of 0%, and the final instalment is due on 30 November 2029. The carrying amount at year end is £Nil (2023 - £505,726).

Henderson Loan no 4 is denominated in pounds sterling with a nominal interest rate of 6.5%, and the final instalment is due on 30 November 2029. The carrying amount at year end is £Nil (2023 - £293,370).

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £25,000.00 per each Ordinary

50,000

50,000

 

 

11

Related party transactions

 

Casey Supermarket Limited

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

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Brian Casey

Directors Loan account repayable on demand

(5,103)

(62,311)

69,727

2,314

Peter Casey

Directors Loan account repayable on demand

(5,104)

(76,646)

84,064

2,314

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Brian Casey

Directors Loan account repayable on demand

(1,533)

(75,320)

71,750

(5,103)

Peter Casey

Directors Loan account repayable on demand

(1,533)

(97,177)

93,605

(5,104)

 

Casey Supermarket Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

22,990

22,990

Contributions paid to money purchase schemes

317

316

23,307

23,306

In respect of the highest paid director:

2024
£

2023
£

Remuneration

11,495

11,495

Dividends paid to directors

2024
£

2023
£

Peter Casey

Dividends

25,000

25,000

 

 

Brian Casey

Dividends

25,000

25,000

 

 

Summary of transactions with other related parties

 

Casey Supermarket Limited

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

During the year the company had transactions with the following related parties :

Casey Filling Station Limited (common directors and shareholders)
Intercompany loan - At the balance sheet date the amount due (to)/from Casey Filling Station was (£47,299) (2023 - (£23,454)

Rathcoole Filling Station Limited (common directors and shareholders)
Intercompany loan - At the balance sheet date the amount due (to)/from Rathcoole Filling Station was £670,554 (2023 - (£107,659) )

Coole Oils Limited (common directors and shareholders)
Intercompany loan - At the balance sheet date the amount due (to)/from Coole Oils was £69,187 (2023 - £9,992)

All of the above balances are included in the other creditors due within one year

During the year the company sold goods to the following related parties

Casey Filling Station Limited (common directors and shareholders)
The company sold goods to Casey Filling Station Limited. At the balance sheet date the amount owing from Casey Filling Station Limited was £17,531 (2023 - £1,259)

Coole Oils Limited (common directors and shareholders)
The company sold goods to Coole Oils Limited. At the balance sheet date the amount owing from Coole Oils Limited was £16,430 (2023 - £1,677 )

The above balances are included in the trade debtors due within one year