Registration number: NI674870

Laurel Farm Supplies Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Laurel Farm Supplies Limited

Company Information

Directors

Mr Jamie Doyle Mr William Doyle

Registered office

16 Kinallen Road Ballyward Castlewellan Down Northern Ireland BT319QU

Accountants

SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street Newry Co Down BT35 6BE

Laurel Farm Supplies Limited

(Registration number: NI674870)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	71,606	59,581
Current assets
Debtors	5	13,740	7,936
Cash at bank and in hand		12,557	4,192
		26,297	12,128
Creditors: Amounts falling due within one year	6	(141,185)	(126,444)
Net current liabilities		(114,888)	(114,316)
Total assets less current liabilities		(43,282)	(54,735)
Creditors: Amounts falling due after more than one year	6	(14,938)	(22,654)
Provisions for liabilities		(5,581)	(1,896)
Net liabilities		(63,801)	(79,285)
Capital and reserves
Called up share capital	7	100	100
Retained earnings		(63,901)	(79,385)
Shareholders' deficit		(63,801)	(79,285)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 December 2025 and signed on its behalf by:
 

......................................... Mr Jamie Doyle Director

......................................... Mr William Doyle Director

Laurel Farm Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
16 Kinallen Road
Ballyward
Castlewellan
Down
BT319QU
Northern Ireland

These financial statements were authorised for issue by the Board on 12 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Laurel Farm Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Reducing balance basis
Land and buildings	0% Reducing balance basis
Motor Vehicles	20% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Laurel Farm Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 1).

Laurel Farm Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	8,645	6,000	64,100	78,745
Additions	-	-	27,765	27,765
At 31 December 2024	8,645	6,000	91,865	106,510
Depreciation
At 1 January 2024	-	2,928	16,236	19,164
Charge for the year	-	614	15,126	15,740
At 31 December 2024	-	3,542	31,362	34,904
Carrying amount
At 31 December 2024	8,645	2,458	60,503	71,606
At 31 December 2023	8,645	3,072	47,864	59,581

Included within the net book value of land and buildings above is £8,645 (2023 - £8,645) in respect of freehold land and buildings.
 

5

Debtors

Current	2024 £	2023 £
Trade debtors	7,400	-
Other debtors	6,340	7,936
	13,740	7,936

Laurel Farm Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	7,716	7,170
Trade creditors		19,967	22,297
Accruals and deferred income		1,250	1,000
Other creditors		112,252	95,977
		141,185	126,444

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	14,938	22,654

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary share capital of £1 each	100	100	100	100

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	14,938	22,654

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	7,716	7,170

9	Related party transactions