Markethill Livestock & Farm Sales Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI040006 (Northern Ireland)

Financial Statements

for the Year Ended 31 January 2022

for

Markethill Livestock & Farm Sales Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Hampton George Hewitt

Mrs Sharon Carol Hewitt

SECRETARY:

Mrs Sharon Carol Hewitt

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NI040006 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Danske Bank

60 Main Street

Markethill

Armagh

Co. Armagh

BT60 1PL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,485,281

2,164,677

Investments

6

106,389

83,321

Investment property

7

-

30,000

2,591,670

2,277,998

CURRENT ASSETS

Stocks

8,989

3,830

Debtors

8

3,315,434

3,180,171

Cash in hand

56

81

3,324,479

3,184,082

CREDITORS

Amounts falling due within one year

9

(2,659,060

)

(2,400,715

)

NET CURRENT ASSETS

665,419

783,367

TOTAL ASSETS LESS CURRENT LIABILITIES

3,257,089

3,061,365

CREDITORS

Amounts falling due after more than one year

10

(562,418

)

(531,668

)

PROVISIONS FOR LIABILITIES

(56,900

)

(58,876

)

ACCRUALS AND DEFERRED INCOME

(341,753

)

(354,411

)

NET ASSETS

2,296,018

2,116,410

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

2,286,018

2,106,410

SHAREHOLDERS' FUNDS

2,296,018

2,116,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 22 March 2022 and were signed on its behalf by:

Mr Hampton George Hewitt - Director

1.	STATUTORY INFORMATION

Markethill Livestock & Farm Sales Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

25% on reducing balance, 2% on cost and not provided

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 10% on reducing balance

No depreciation has been charged on Freehold Land.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Grants

Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2021 - 47 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2021

and 31 January 2022

100,000

AMORTISATION

At 1 February 2021

and 31 January 2022

100,000

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2021

1,991,800

907,992

2,899,792

Additions

355,543

64,922

420,465

At 31 January 2022

2,347,343

972,914

3,320,257

DEPRECIATION

At 1 February 2021

195,275

539,840

735,115

Charge for year

27,056

72,805

99,861

At 31 January 2022

222,331

612,645

834,976

NET BOOK VALUE

At 31 January 2022

2,125,012

360,269

2,485,281

At 31 January 2021

1,796,525

368,152

2,164,677

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2021

83,321

Additions

16,148

Disposals

(386

)

Revaluations

7,306

At 31 January 2022

106,389

NET BOOK VALUE

At 31 January 2022

106,389

At 31 January 2021

83,321

Cost or valuation at 31 January 2022 is represented by:

Other

investments

£

Valuation in 2021

4,287

Valuation in 2022

7,306

Cost

94,796

106,389

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2021

30,000

Disposals

(30,000

)

At 31 January 2022

-

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

30,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

3,059,590

2,853,678

Other debtors

255,844

326,493

3,315,434

3,180,171

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts

1,621,221

1,804,549

Hire purchase contracts

8,664

8,325

Trade creditors

841,956

471,703

Taxation and social security

99,934

79,319

Other creditors

87,285

36,819

2,659,060

2,400,715

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

526,519

487,154

Hire purchase contracts

35,899

44,514

562,418

531,668

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.22

31.1.21

£

£

Bank overdrafts

1,526,504

1,727,835

Bank loans

621,236

563,868

2,147,740

2,291,703

Danske Bank hold a Charge over all Book Debts and a Floating Charge over all Property of the Company. Danske Bank also holds a fixed charge over 25 Acres of Land at Bryandrum Road, Markethill, Co Armagh.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2022 and 31 January 2021:

31.1.22

31.1.21

£

£

Mr H & Mrs S Hewitt

Balance outstanding at start of year

88,205

88,205

Amounts advanced

-

-

Amounts repaid

-

-

Balance outstanding at end of year

88,205

88,205

Mr H & Mrs S Hewitt

Balance outstanding at start of year

-

70,272

Amounts advanced

-

-

Amounts repaid

-

(70,272

)

Balance outstanding at end of year

-

-

Mr H & Mrs S Hewitt

Balance outstanding at start of year

78,935

-

Amounts advanced

-

79,018

Amounts repaid

(78,935

)

(83

)

Balance outstanding at end of year

-

78,935

Mr H & Mrs S Hewitt

Balance outstanding at start of year

-

-

Amounts advanced

71,231

-

Amounts repaid

(6,095

)

-

Balance outstanding at end of year

65,136

-

13.	RELATED PARTY DISCLOSURES

Total dividends of £79,023 were paid to the directors during the year.