Ireland's Farm Machinery Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04483584

IRELAND'S FARM MACHINERY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 January 2026

IRELAND'S FARM MACHINERY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2026

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

IRELAND'S FARM MACHINERY LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2026

	2026		2025
Note	£	£	£

FIXED ASSETS

Tangible assets	5		3,271,596	3,871,830

CURRENT ASSETS

Stocks		2,756,054	2,752,190
Debtors	6	258,550	461,234
Cash at bank and in hand		4,076	2,208
		------------	------------
		3,018,680	3,215,632

CREDITORS: amounts falling due within one year	7	( 2,796,250)		( 2,712,962)
		------------		------------
NET CURRENT ASSETS			222,430	502,670
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,494,026	4,374,500

CREDITORS: amounts falling due after more than one year	8		( 691,316)	( 1,580,763)

PROVISIONS

Taxation including deferred tax	( 569,766)	( 574,369)
	------------	------------
NET ASSETS	2,232,944	2,219,368
	------------	------------

IRELAND'S FARM MACHINERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2026

	2026		2025
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	2,232,844	2,219,268
	------------	------------
SHAREHOLDERS FUNDS	2,232,944	2,219,368
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

For the year ending 31 January 2026 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 June 2026 , and are signed on behalf of the board by:

F M Ireland
Director

Company registration number: 04483584

IRELAND'S FARM MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Main Road, Carrington, Boston, Lincs, PE22 7HX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% reducing balance
Plant & Machinery	-	15% - 25% reducing balance
Fixtures & Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2025: 35 ).

5. Tangible assets

	Freehold Property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 February 2025	1,169,507	3,452,712	174,440	568,610	5,365,269
Additions	–	11,414	8,572	76,300	96,286
Disposals	( 2,196)	( 378,619)	( 16,104)	( 100,455)	( 497,374)
	------------	------------	---------	---------	------------
At 31 January 2026	1,167,311	3,085,507	166,908	544,455	4,964,181
	------------	------------	---------	---------	------------
Depreciation
At 1 February 2025	117,184	936,988	111,629	327,638	1,493,439
Charge for the year	13,544	291,211	10,604	64,381	379,740
Disposals	( 209)	( 99,195)	( 12,417)	( 68,773)	( 180,594)
	------------	------------	---------	---------	------------
At 31 January 2026	130,519	1,129,004	109,816	323,246	1,692,585
	------------	------------	---------	---------	------------
Carrying amount
At 31 January 2026	1,036,792	1,956,503	57,092	221,209	3,271,596
	------------	------------	---------	---------	------------
At 31 January 2025	1,052,323	2,515,724	62,811	240,972	3,871,830
	------------	------------	---------	---------	------------

6. Debtors

	2026	2025
	£	£
Trade debtors	233,608	370,244
Other debtors	24,942	90,990
	---------	---------
	258,550	461,234
	---------	---------

7. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	1,053,809	646,959
Trade creditors	503,130	725,547
Corporation tax	35,225	–
Social security and other taxes	257,735	177,749
Other creditors	946,351	1,162,707
	------------	------------
	2,796,250	2,712,962
	------------	------------

Included within other creditors are hire purchase contracts of £741,167 (2025: £1,070,656) which are secured against the assets to which they relate.

Bank loans of £32,316 (2025: £31,432) and overdrafts of £1,021,493 (2025: £615,527) are secured against company assets.

8. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	101,581	134,449
Obligations under finance leases and hire purchase contracts	589,735	1,340,829
Director loan accounts	–	105,485
	---------	------------
	691,316	1,580,763
	---------	------------

Amounts due under hire purchase agreements of £589,735 (2025: £1,340,829) are secured against the assets to which they relate.

Bank loans of £101,581 (2025: £134,449) are secured against the company's assets.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	20,340	20,340
	--------	--------

10. Pension commitments

The company attributes to a defined contribution scheme for the directors and employees. Contributions totalling £4,933 (2025: £5,512) were outstanding at the year end and this balance is included within other creditors.

11. Related party transactions

Included within other creditors is a balance due to the directors of £121,966 (2025: £165,485). In the previous year a balance of £105,485 was not expected to be paid within one year and therefore was shown within other creditors falling due after more than one year. This balance is unsecured and interest free. No other transactions arose which are required to be disclosed under FRS 102 (Section 1A).