| Corn Dolly Foods Limited |
| Notes to the Financial Statements |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Plant and machinery |
over 10 years |
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Fixtures, fittings, tools and equipment |
over 10 years |
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Motor Vehicles |
over 4 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Employee benefits |
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When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
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Research and development |
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Expenditure on research and development is written off against profits in the year in which it is incurred. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
43 |
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45 |
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| 3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 April 2024 |
249,740 |
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At 31 March 2025 |
249,740 |
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Amortisation |
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At 1 April 2024 |
191,475 |
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Provided during the year |
9,990 |
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At 31 March 2025 |
201,465 |
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Net book value |
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At 31 March 2025 |
48,275 |
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At 31 March 2024 |
58,265 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years. |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Equipment Fixtures & Fittings |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 April 2024 |
635,702 |
|
1,458,306 |
|
76,934 |
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2,170,942 |
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Additions |
- |
|
15,371 |
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- |
|
15,371 |
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At 31 March 2025 |
635,702 |
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1,473,677 |
|
76,934 |
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2,186,313 |
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Depreciation |
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At 1 April 2024 |
236,208 |
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1,281,893 |
|
47,744 |
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1,565,845 |
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Charge for the year |
12,714 |
|
36,551 |
|
16,524 |
|
65,789 |
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At 31 March 2025 |
248,922 |
|
1,318,444 |
|
64,268 |
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1,631,634 |
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Net book value |
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At 31 March 2025 |
386,780 |
|
155,233 |
|
12,666 |
|
554,679 |
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At 31 March 2024 |
399,494 |
|
176,413 |
|
29,190 |
|
605,097 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
175,875 |
|
186,168 |
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Other debtors |
24,816 |
|
29,096 |
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200,691 |
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215,264 |
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Amounts due after more than one year included above |
- |
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- |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans and overdrafts |
1,602 |
|
902 |
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Obligations under finance lease and hire purchase contracts |
22,124 |
|
33,020 |
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Trade creditors |
143,815 |
|
154,488 |
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Taxation and social security costs |
66,845 |
|
41,060 |
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Other creditors |
56,212 |
|
52,635 |
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290,598 |
|
282,105 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Obligations under finance lease and hire purchase contracts |
14,788 |
|
38,039 |
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Other creditors |
87,056 |
|
109,331 |
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101,844 |
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147,370 |
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| 8 |
Events after the reporting date |
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There were no events since the balance sheet date which would necessitate a change in the above figures. |
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| 9 |
Capital Commitment |
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The company did not have any capital commitments at 31 March 2025 not already provided for in the financial statements. |
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| 10 |
Contingent liabilities |
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There were no contingent liabilities at the year end. |
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| 11 |
Related party transactions |
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Related party transactions occurred between the company and its director.
All such transactions were in the normal course of business. |
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| 12 |
Directors' advances, credits and guarantees |
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The company owes £87,056 to the directors as at 31 March 2025. |
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| 13 |
Controlling party |
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The controlling parties have been identified as Mr Anthony O'Keefe and Mr James O'Keefe the company's directors and also the shareholders. |
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| 14 |
Other information |
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Corn Dolly Foods Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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Unit 7, Greenbank Insudtrial Estate |
|
Warrenpoint Road |
|
Newry |
|
Co Down |
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BT34 2QU |