Company registration number NI007069 (Northern Ireland)
R. THOMPSON & SON (ARMAGH) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
R. THOMPSON & SON (ARMAGH) LIMITED
COMPANY INFORMATION
Directors
Mr D Thompson
Mr J Thompson
Mrs R May
(Appointed 1 January 2024)
Mr G Mitchell
(Appointed 1 January 2024)
Secretary
Mr D Thompson
Company number
NI007069
Registered office
58A Hamiltonsbawn Road
Armagh
Co Armagh
BT60 1HW
Auditor
GMcG BELFAST
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Business address
58A Hamiltonsbawn Road
Armagh
Co Armagh
BT60 1HW
Bankers
Danske Bank
78 Scotch Street
Armagh
Co Armagh
BT61 7DJ
Solicitors
GCS Armagh Solicitors
21 College Street
Armagh
BT61 9BT
R. THOMPSON & SON (ARMAGH) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
R. THOMPSON & SON (ARMAGH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company is the production, packaging and processing of eggs.

Review of the business

The company continued to produce egg products including free-range, barn and organic eggs for its customers in the food production and food service industry across Ireland and the UK.

The directors are pleased to report that, for the financial year to 31 December 2024, total sales increased by over £6m to £49,617,873, an increase of 14.5% on the previous financial year. This increase was primarily driven by a 14% increase in the quantity of eggs sold during the year.

The company’s profit before tax for the financial year is £3,281,162 (2023 - £3,700,058) and the company had net assets of £12,269,046 (2023 – £9,871,223).

The directors are pleased with the performance of the company during the year. The directors consider the company's financial position at the balance sheet date to be strong with adequate resources to enable the company to survive any downturn in market conditions.

Principal risks and uncertainties

The directors have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company.

The principal risks and uncertainties relate to:

- Economic factors - possible changes in the economic environment; actions of competitors and unfavourable fluctuations in egg prices and feed costs;

- Higher operating costs;

- Rise in interest rates and inflation increases;

- Currency fluctuations.

The directors are satisfied that systems are in place to mitigate exposure to major risks.

Key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit margin, operating profit and net assets.

There has been an increase in turnover of 14.5% in the year from £43.35m to £49.62m, mainly due to the increase in egg sales. The company's gross profit decreased from £5.00m to £4.88m, and the gross profit margin decreased to 9.83% (2023 – 11.53%).

The company generated an operating profit of £3.18m. This compares to operating profit of £3.60m in the prior year. At the year end, the company continued to have a strong net asset position of £12.27m (2023 - £9.87m).

On behalf of the board

Mr D Thompson
Director
25 June 2025
R. THOMPSON & SON (ARMAGH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £70,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Thompson
Mr J Thompson
Mrs R May
(Appointed 1 January 2024)
Mr G Mitchell
(Appointed 1 January 2024)
Auditor

The auditor, GMcG BELFAST, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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). 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

R. THOMPSON & SON (ARMAGH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D Thompson
Director
25 June 2025
R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED
- 4 -
Opinion

We have audited the financial statements of R. Thompson & Son (Armagh) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2024 and of its profit for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.

R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED (CONTINUED)
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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.

R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED (CONTINUED)
- 6 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED (CONTINUED)
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance, including the company’s remuneration policies for directors, bonus levels and performance targets, if any;

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

  - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;

  - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

  - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED (CONTINUED)
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and

- 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 indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

R. THOMPSON & SON (ARMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. THOMPSON & SON (ARMAGH) LIMITED (CONTINUED)
- 9 -

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 auditor's 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.

Mrs Susan Dunlop FCA
Senior Statutory Auditor
For and on behalf of GMcG BELFAST
25 June 2025
Chartered Accountants
Statutory Auditor
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
R. THOMPSON & SON (ARMAGH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
49,617,873
43,351,283
Cost of sales
(44,739,942)
(38,354,238)
Gross profit
4,877,931
4,997,045
Administrative expenses
(1,721,304)
(1,456,620)
Other operating income
20,786
60,316
Operating profit
4
3,177,413
3,600,741
Interest receivable and similar income
7
103,749
99,317
Profit before taxation
3,281,162
3,700,058
Tax on profit
8
(813,339)
(924,429)
Profit for the financial year
2,467,823
2,775,629

The profit and loss account has been prepared on the basis that all operations are continuing operations.

R. THOMPSON & SON (ARMAGH) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
82,427
96,427
Tangible assets
11
8,242,006
2,716,959
Investment property
12
70,000
70,000
8,394,433
2,883,386
Current assets
Stocks
13
1,199,951
1,058,481
Debtors
14
8,138,461
6,976,334
Cash at bank and in hand
4,273,425
5,446,817
13,611,837
13,481,632
Creditors: amounts falling due within one year
15
(8,126,815)
(5,238,272)
Net current assets
5,485,022
8,243,360
Total assets less current liabilities
13,879,455
11,126,746
Creditors: amounts falling due after more than one year
16
(145,702)
(159,717)
Provisions for liabilities
Deferred tax liability
18
1,464,707
1,095,806
(1,464,707)
(1,095,806)
Net assets
12,269,046
9,871,223
Capital and reserves
Called up share capital
21
25,000
25,000
Profit and loss reserves
22
12,244,046
9,846,223
Total equity
12,269,046
9,871,223

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr D Thompson
Mr J Thompson
Director
Director
Company registration number NI007069 (Northern Ireland)
R. THOMPSON & SON (ARMAGH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
25,000
7,120,594
7,145,594
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,775,629
2,775,629
Dividends
9
-
(50,000)
(50,000)
Balance at 31 December 2023
25,000
9,846,223
9,871,223
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,467,823
2,467,823
Dividends
9
-
(70,000)
(70,000)
Balance at 31 December 2024
25,000
12,244,046
12,269,046
R. THOMPSON & SON (ARMAGH) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,189,725
3,061,731
Income taxes paid
(91,482)
(37,001)
Net cash inflow from operating activities
3,098,243
3,024,730
Investing activities
Purchase of intangible assets
-
0
(100,000)
Purchase of tangible fixed assets
(4,804,411)
(1,138,554)
Proceeds from disposal of tangible fixed assets
-
0
3,000
Loans advanced
(1,027)
-
0
Interest received
103,749
99,317
Net cash used in investing activities
(4,701,689)
(1,136,237)
Financing activities
Repayment of borrowings
-
0
(108,051)
Proceeds from new bank loans
500,000
-
0
Dividends paid
(70,000)
(50,000)
Net cash generated from/(used in) financing activities
430,000
(158,051)
Net (decrease)/increase in cash and cash equivalents
(1,173,446)
1,730,442
Cash and cash equivalents at beginning of year
5,446,817
3,716,375
Cash and cash equivalents at end of year
4,273,371
5,446,817
Relating to:
Cash at bank and in hand
4,273,425
5,446,817
Bank overdrafts included in creditors payable within one year
(54)
-
0
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

R. Thompson & Son (Armagh) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 58A Hamiltonsbawn Road, Armagh, Co Armagh, BT60 1HW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is three years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 15 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents, trademarks & licences
14% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

Land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 19 -
1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Those that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty (Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Stocks

At each b alance s heet date the company's stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock involves some estimation uncertainty.

Debtors

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

Investment property

Fair value is determined annually and derived from the current market rents and investment property yields for comparable real estate. Valuation involves some estimation uncertainty but is based on periodic advice from independent expert valuers.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
49,617,873
43,351,283
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
46,618,994
41,060,975
Republic of Ireland
2,998,879
2,290,308
49,617,873
43,351,283
2024
2023
£
£
Other revenue
Interest income
103,749
99,317
Grants received
15,846
18,007
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(15,846)
(18,007)
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
12,000
Depreciation of owned tangible fixed assets
368,839
216,795
Loss/(profit) on disposal of tangible fixed assets
1,541
(24)
Amortisation of intangible assets
14,000
3,573
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
46
45
Administrative staff
5
6
Management staff
4
2
Total
55
53

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,578,158
1,332,208
Social security costs
143,503
112,477
Pension costs
70,970
45,613
1,792,631
1,490,298
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
193,445
66,728
Company pension contributions to defined contribution schemes
46,497
13,321
239,942
80,049

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 1).

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
103,749
99,317
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
103,749
99,317
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
444,438
91,828
Deferred tax
Origination and reversal of timing differences
378,097
832,601
Adjustment in respect of prior periods
(9,196)
-
0
Total deferred tax
368,901
832,601
Total tax charge
813,339
924,429

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,281,162
3,700,058
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
820,291
925,015
Tax effect of expenses that are not deductible in determining taxable profit
2,244
2,064
Adjustments in respect of prior years
(9,196)
-
0
Effect of change in corporation tax rate
-
0
(5,779)
Permanent capital allowances in excess of depreciation
-
0
3,129
Taxation charge for the year
813,339
924,429
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
Dividends
2024
2023
£
£
Interim paid
70,000
50,000
10
Intangible fixed assets
Goodwill
Patents, trademarks & licences
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
285,145
100,000
385,145
Amortisation and impairment
At 1 January 2024
285,145
3,573
288,718
Amortisation charged for the year
-
0
14,000
14,000
At 31 December 2024
285,145
17,573
302,718
Carrying amount
At 31 December 2024
-
0
82,427
82,427
At 31 December 2023
-
0
96,427
96,427
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
863,118
1,015,221
4,134,338
61,576
280,715
6,354,968
Additions
-
0
2,099,844
3,753,583
-
0
47,000
5,900,427
Disposals
-
0
-
0
-
0
-
0
(49,000)
(49,000)
Transfers
-
0
(1,015,221)
1,015,221
-
0
-
0
-
0
At 31 December 2024
863,118
2,099,844
8,903,142
61,576
278,715
12,206,395
Depreciation and impairment
At 1 January 2024
300,541
-
0
3,113,604
56,984
166,880
3,638,009
Depreciation charged in the year
12,552
-
0
319,556
689
36,042
368,839
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(42,459)
(42,459)
At 31 December 2024
313,093
-
0
3,433,160
57,673
160,463
3,964,389
Carrying amount
At 31 December 2024
550,025
2,099,844
5,469,982
3,903
118,252
8,242,006
At 31 December 2023
562,577
1,015,221
1,020,734
4,592
113,835
2,716,959

Included in leasehold land and buildings is land at a cost of £235,528 (20 23 - £2 35,528) which is not depreciated.

Assets under construction are not depreciated until they are ready for use.

12
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
70,000

Investment property comprises a property at Dobbin Street, Armagh, which is valued by the directors at £70,000 on the basis of open market value. If the investment property was measured using the cost model, the carrying value would be £40,000.

13
Stocks
2024
2023
£
£
Eggs
294,009
159,074
Hens, packaging and meal
905,942
899,407
1,199,951
1,058,481
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,568,841
6,377,025
Other debtors
447,984
320,978
Prepayments and accrued income
121,636
278,331
8,138,461
6,976,334
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
500,054
-
0
Trade creditors
6,199,842
4,965,542
Corporation tax
444,784
91,828
Other taxation and social security
37,748
34,925
Government grants
19
14,012
15,843
Accruals and deferred income
930,375
130,134
8,126,815
5,238,272

Bank loans and overdrafts are secured by way of a floating charge over all of the c ompany's assets and a legal mortgage over the c ompany's premises at 58A Hamiltonsbawn Road, Armagh.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Government grants
19
145,702
159,717
17
Loans and overdrafts
2024
2023
£
£
Bank loans
500,000
-
0
Bank overdrafts
54
-
0
500,054
-
0
Payable within one year
500,054
-
0

Bank loans of £500k relate to a short term loan with an interest rate of 1.8% above base rate.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,464,707
1,095,806
2024
Movements in the year:
£
Liability at 1 January 2024
1,095,806
Charge to profit or loss
378,097
Other
(9,196)
Liability at 31 December 2024
1,464,707
19
Government grants
2024
2023
£
£
Arising from government grants
159,714
175,560
Included in the financial statements as follows:
Current liabilities
14,012
15,843
Non-current liabilities
145,702
159,717
159,714
175,560
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,970
45,613

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
22
Profit and loss reserves

The profit and loss account represents retained earnings of the company and includes £30,000 arising from the revaluation of investment property that is not available for distribution.

23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
2,474,500
2,368,846
24
Related party transactions

No shareholder acting on their own can exercise control over the affairs of the company.

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

1. The company made purchases of £221,884 (2023 - £171,304) and sold goods of £59,323 (2023 - £80,072) from/to a farm run by Mr J Thompson, a company director. The amount owed to the company at the balance sheet date was £931 (2023 - £nil).

2. The company made purchases of £960,996 (2023 - £1,125,059) and sold goods of £344,420 (2023 - £382,546) from/to a farming partnership run by Mr R Thompson and Mr A Thompson, company shareholders. The net amount owed by the company at the balance sheet date was £34,183 (2023 - £19,354).

25
Directors' transactions

Dividends totalling £35,000 (2023 - £25,000) were paid in the year in respect of shares held by the company's directors.

At the beginning of the year no amounts w ere due to the c ompany from directors. During the year the total amount of advances to and expenses paid on behalf of a director was £1,027. A t the year end £1,027 was due to the company from a director. No interest is charged on outstanding balances and they are considered to be repayable on demand.

R. THOMPSON & SON (ARMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
26
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,467,823
2,775,629
Adjustments for:
Taxation charged
813,339
924,429
Investment income
(103,749)
(99,317)
Loss/(gain) on disposal of tangible fixed assets
1,541
(24)
Amortisation and impairment of intangible assets
14,000
3,573
Depreciation and impairment of tangible fixed assets
368,839
216,795
Movements in working capital:
(Increase)/decrease in stocks
(141,470)
14,880
Increase in debtors
(1,161,100)
(843,266)
Increase in creditors
946,348
87,039
Decrease in deferred income
(15,846)
(18,007)
Cash generated from operations
3,189,725
3,061,731
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,446,817
(1,173,392)
4,273,425
Bank overdrafts
-
0
(54)
(54)
5,446,817
(1,173,446)
4,273,371
Borrowings excluding overdrafts
-
(500,000)
(500,000)
5,446,817
(1,673,446)
3,773,371
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