REGISTERED NUMBER: NI662649 (Northern Ireland)

S M Livestock Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

to

6

Director:

Mr S R Matchett

Registered office:

43 Cloncarrish Road

Portadown

Armagh

BT62 1RN

Registered number:

NI662649 (Northern Ireland)

Accountants:

Wylie Ruddell

Chartered Accountants

Armagh Business Centre

2 Loughgall Road

Armagh

BT61 7NH

Fixed assets

Property, plant and equipment

4

37,953

13,025

Current assets

Inventories

5

199,200

107,450

Receivables

6

7,481

3,127

Prepayments

1,121

-

207,802

110,577

Payables

Amounts falling due within one year

7

(161,840

)

(82,802

)

Net current assets

45,962

27,775

Total assets less current liabilities

83,915

40,800

Payables

Amounts falling due after more than one year

8

(13,500

)

-

Provisions for liabilities

9

(7,211

)

(2,475

)

Net assets

63,204

38,325

Capital and reserves

Called up share capital

10

100

100

Retained earnings

63,104

38,225

Shareholders' funds

63,204

38,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 July 2025 and were signed by:

Mr S R Matchett - Director

1.	Statutory information

S M Livestock Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Receivables

Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables

Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

The director is of the opinion that there are no areas of estimation uncertainty.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	Employees and directors

The average number of employees during the year was 1 (2024 - 1 ) .

4.	Property, plant and equipment

Plant and

machinery

£

Cost

At 1 April 2024

15,633

Additions

28,000

At 31 March 2025

43,633

Depreciation

At 1 April 2024

2,608

Charge for year

3,072

At 31 March 2025

5,680

Net book value

At 31 March 2025

37,953

At 31 March 2024

13,025

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

Cost

Additions

28,000

At 31 March 2025

28,000

Depreciation

Charge for year

467

At 31 March 2025

467

Net book value

At 31 March 2025

27,533

5.	Inventories

2025

2024

£

£

Inventories

199,200

107,450

6.	Receivables less than one year

2025

2024

£

£

VAT

7,481

3,127

7.	Payables: amounts falling due

within one year

2025

2024

£

£

Bank loans and overdrafts

91,612

20,712

Hire purchase contracts

4,500

-

Trade payables

3,902

-

Tax

1,217

1,979

Other payables

59,710

59,210

Accruals

899

901

161,840

82,802

Included within other payables is an amount of £59,710 (2024: £59,210) owing to the director. The loan is interest free and repayable on demand.

8.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Hire purchase contracts

13,500

-

9.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

7,211

2,475

Deferred tax

£

Balance at 1 April 2024

2,475

Charge to Statement of income and retained earnings during year

4,736

Balance at 31 March 2025

7,211

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

11.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Mr S R Matchett

Balance outstanding at start of year

(59,210

)

(14,876

)

Amounts advanced

-

6,666

Amounts repaid

(500

)

(51,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(59,710

)

(59,210

)