REGISTERED NUMBER: NI062872 (Northern Ireland)

LOUGHSHORE VEG LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Ursula Cushnahan

Oliver Cushnahan

REGISTERED OFFICE:

28 Cloghog Road

Coalisland

Co. Tyrone

BT71 5EH

REGISTERED NUMBER:

NI062872 (Northern Ireland)

ACCOUNTANTS:

Cooper Parry Advisory Limited

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

1,895,018

1,633,284

CURRENT ASSETS

Inventories

6

193,966

191,630

Receivables

7

545,922

752,469

Cash at bank and in hand

468,104

105,917

1,207,992

1,050,016

PAYABLES

Amounts falling due within one year

8

(1,201,979

)

(1,048,994

)

NET CURRENT ASSETS

6,013

1,022

TOTAL ASSETS LESS CURRENT LIABILITIES

1,901,031

1,634,306

PAYABLES

Amounts falling due after more than one year

9

(680,020

)

(588,788

)

GOVERNMENT GRANTS

(119,865

)

(86,989

)

NET ASSETS

1,101,146

958,529

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

1,101,046

958,429

SHAREHOLDERS' FUNDS

1,101,146

958,529

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 directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

Ursula Cushnahan - Director

Oliver Cushnahan - Director

1.	STATUTORY INFORMATION

Loughshore Veg Limited 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue

The revenue shown in the Income Statement represents amounts received or receivable for goods and services provided in the normal course of business, exclusive of Value Added Tax. Revenue is recognised upon delivery of goods to the customer.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property

- 2% Straight Line

Plant and machinery

- 12.5% Reducing Balance

Fixtures and fittings

- 15% Straight Line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.

Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

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

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2024 - 49 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

461,679

2,538,867

151,788

72,196

3,224,530

Additions

-

525,157

1,849

-

527,006

Disposals

-

(41,000

)

-

-

(41,000

)

At 31 March 2025

461,679

3,023,024

153,637

72,196

3,710,536

DEPRECIATION

At 1 April 2024

101,908

1,362,136

97,945

29,257

1,591,246

Charge for year

9,234

210,113

26,047

10,735

256,129

Eliminated on disposal

-

(31,857

)

-

-

(31,857

)

At 31 March 2025

111,142

1,540,392

123,992

39,992

1,815,518

NET BOOK VALUE

At 31 March 2025

350,537

1,482,632

29,645

32,204

1,895,018

At 31 March 2024

359,771

1,176,731

53,843

42,939

1,633,284

6.	INVENTORIES

2025

2024

£

£

Inventories

193,966

191,630

7.	RECEIVABLES

2025

2024

£

£

Trade receivables

382,580

642,066

Amounts owed by group undertakings

141,445

85,792

Other receivables

21,897

24,611

545,922

752,469

The amounts owing by the group undertakings are interest free and receivable on demand.

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 10)

79,908

138,168

Hire purchase contracts (see note 11)

163,108

126,206

Trade payables

625,262

521,582

Taxation and social security

50,858

19,107

Other payables

282,843

243,931

1,201,979

1,048,994

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2025

2024

£

£

Bank loans (see note 10)

182,203

208,386

Hire purchase contracts (see note 11)

497,817

380,402

680,020

588,788

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

79,908

138,168

Amounts falling due between one and two years:

Bank loans - 1-2 years

182,203

208,386

The bank loan and overdrafts are secured by way of an all monies fixed charge over the undertaking of the company and all of its property.

11.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

163,108

126,206

Between one and five years

497,817

380,402

660,925

506,608

Hire purchase liabilities are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1

100

100

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end a balance of £277,027 (2024 - £238,115) was due to the directors in respect of monies advanced to the company.