| SAFE Livestock Limited |
| Notes to the Accounts |
| for the year ended 31 January 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts 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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Throughput |
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Throughput represents the total value of animals sold in the company's livestock marts in the accounting period. |
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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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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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Plant, fixtures and alterations |
20% reducing balance |
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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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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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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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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Thomas Beggs ACA |
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Firm: |
Fitzpatrick & Kearney Ltd |
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Date of audit report: |
30 September 2025 |
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| 3 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
10 |
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10 |
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| 4 |
Tangible fixed assets |
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Plant, fixtures and alterations |
| £ |
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Cost |
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At 1 February 2024 |
315,789 |
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Additions |
34,250 |
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At 31 January 2025 |
350,039 |
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Depreciation |
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At 1 February 2024 |
175,209 |
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Charge for the year |
31,134 |
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At 31 January 2025 |
206,343 |
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Net book value |
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At 31 January 2025 |
143,696 |
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At 31 January 2024 |
140,580 |
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There were no assets revalued in the year. |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
3,626,749 |
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2,919,966 |
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Other debtors |
10,088 |
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9,911 |
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3,636,837 |
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2,929,877 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans and overdrafts |
1,543,048 |
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1,196,145 |
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Trade creditors |
50,934 |
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69,517 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,225,443 |
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873,799 |
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Corporation tax |
1,719 |
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- |
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Other taxes and social security costs |
3,549 |
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4,980 |
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Other creditors |
37,836 |
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24,679 |
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2,862,529 |
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2,169,120 |
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| 7 |
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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| 8 |
Bank & other borrowings |
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The Company's borrowings and trade credit at 31 January 2025 were secured as follows:
A shared charge over the company's property at Camlough between Ulster Bank and DCC Energy Ltd giving Bank priority.
A charge over the company's book debts in favour of DCC Energy Ltd.
All monies mortgage debenture giving a floating charge over all assets of company to Ulster Bank. |
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| 9 |
Contingent liabilities |
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There were no contingent liabilities at the year end. |
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| 10 |
Related party transactions |
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Transactions have occurred in the year between the company and the holding company. The balances outstanding at the year end are reflected in Note 6 Creditors. |
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During the year payments were made to a director totalling £20,000 (2024: £20,000). These payments were made under normal commerical terms and for services normally used by the company. |
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| 11 |
Controlling party |
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The company is a wholly owned subsidiary of South Armagh Farming Enterprises Limited (SAFE Limited) an agricultural co-operative society registered under the Industrial and Provident Societies Act (N.I.) 1969. The Registered office of the parent is 8, Newry Road, Camlough, Newry, Co. Down, BT35 7JP. The directors regard the Board of SAFE Limited to be the ultimate controlling party. |
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| 12 |
Other information |
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SAFE Livestock Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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8, Newry Road |
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Camlough |
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Newry |
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Co. Down |
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BT35 7JP |