1.
General Information
R.F. Canners (Ulster) Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI008635
. The registered office is 130 Blackisland Road, Derryhubbert, Dungannon, Co. Tyrone, BT71 6NL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Significant judgements and estimations
In preparing these financial statements, management is required to make judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses, as required by FRS 102. These judgements and estimates are based on historical experience and other factors considered reasonable in the circumstances, and the resulting accounting estimates may differ from actual outcomes.
Management has not identified any critical judgements, apart from those involving estimation, that have had a significant effect on the amounts recognised in the financial statements.
Areas involving a higher degree of estimation uncertainty are those where assumptions or measurement techniques may materially affect the carrying amounts of assets and liabilities within the next financial year. Where such judgements or estimates have been applied, the key factors considered and the basis of the underlying assumptions are set out in the relevant accounting policies and the corresponding notes to these financial statements.
2.3.
Turnover
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Sale of pet supplies | 15,916,403 | 16,783,613 | |
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Rental income |
|
|
|
| 44,600 | 38,850 | ||
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 17,586 | - | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Sales, marketing and distribution |
|
|
|
|
|
|
||
9.
Director's remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
10.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Loan Interest Received | 53,849 | 39,759 | |
| 351,387 | 243,111 | ||
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
11.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Late payment tax charges |
|
|
|
| 43,870 | 52,971 | ||
12.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 1,698,263 | 2,083,466 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
|
|
|||
| Total tax charge for the period | 424,820 | 525,058 | |||
13.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
|
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
...CONTINUED
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
|
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
14.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 April 2024 and 31 March 2025 |
|
| Additions |
|
| As at 31 March 2025 |
|
15.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
16.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors (1) |
|
|
|
| VAT |
|
|
|
| Director's loan account |
|
- | |
| Amounts owed by group undertakings | - |
|
|
|
|
|
||
17.
Current Asset Investments
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Unlisted investments | 150,000 | 150,000 | |
The company holds 20% or more of the share capital of the following company:
|
Company
|
Country of registration or incorporation
|
Nature of business
|
Class of shares
|
Proportion of shares held
|
|
Principal Cooling Ltd
|
Northern Ireland
|
Installation of industrialequipment
|
Ordinary
|
40%
|
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
18.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| Accruals and deferred income |
|
|
|
| Director's loan account | - |
|
|
|
|
|
||
19.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 36,680 | 34,627 | |
20.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2024 |
|
34,627 |
| Additions |
|
2,053 |
| Balance at 31 March 2025 |
|
36,680 |
22.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £31,369 (2024: £30,559).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
R.F. Canners (Ulster) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
24.
Reserves
|
Retained Earnings
|
Share Premium
|
Totals
|
|
|
£
|
£
|
£
|
|
|
At 1 April 2024
|
16,004,340
|
355
|
16,004,695
|
|
Profit for the year
|
1,251,383
|
1,251,383
|
|
|
Dividends
|
-
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|
|
-
|
|
At 31 March 2025
|
17,255,723
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
355
|
17,255,723
|
25.
Related Party Disclosures
|
Transaction value
|
Balance owed by/(owed to)
|
|||
|
2025
|
2024
|
2025
|
2024
|
|
|
£
|
£
|
£
|
£
|
|
|
R.F. Canners (Leinster) Ltd
|
(28,843)
|
-
|
-
|
28,843
|
|
Principal Cooling Ltd
|
-
|
-
|
300,000
|
300,000
|
|
CQ Wood Ltd
|
(44,600)
|
(42,104)
|
452,486
|
497,086
|
R.F. Canners (Leinster) Ltd is a related party of the company as 50% of the shares in this company are owned by Brian Farquhar, a minority shareholder and company director.
Principal Cooling Ltd is a related party as it is 40% owned by R.F. Canners (Ulster) Limited.
CQ Wood Ltd is a related party as it is controlled by the same directors as Principal Cooling Ltd.