Registration number:
Kilmoyle Farm Services Limited
for the Year Ended 31 March 2021
Kilmoyle Farm Services Limited
(Registration number: NI639488)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
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Stocks |
|
|
|
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Profit and loss account |
(72,753) |
(102,298) |
|
Shareholders' deficit |
(72,751) |
(102,296) |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Kilmoyle Farm Services Limited
(Registration number: NI639488)
Balance Sheet as at 31 March 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
The Company's total liabilities are more than the book value of the assets. Nevertheless, the directors consider it appropriate to prepare the financial statements on a going concern basis. The directors have undertaken not to demand repayment of their loan in the near future and the directors expect that the Company will begin to trade profitably in the incoming year.
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.
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.
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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 |
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 and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
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.
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Other tangible assets |
Total |
|
Cost or valuation |
||
At 1 April 2020 |
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|
Additions |
|
|
Disposals |
( |
( |
At 31 March 2021 |
|
|
Depreciation |
||
At 1 April 2020 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 March 2021 |
|
|
Carrying amount |
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At 31 March 2021 |
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|
At 31 March 2020 |
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|
Stocks |
2021 |
2020 |
|
Stock |
|
|
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
2021 |
2020 |
|
Due within one year |
||
Hire purchase liabilities and other borrowings |
|
|
Trade creditors |
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Directors current account |
|
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Taxation and social security |
|
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Accruals and deferred income |
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|
|
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Due after one year |
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Hire purchase liabilities |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
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Hire purchase |
|
|
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Hire purchase |
|
|
|
|
Kilmoyle Farm Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Related party transactions |
Included in creditors is an amount of £68,425 (2020 £103,328) owed to the director James Blair. No interest is charged in respect of this amount.