Elite Sires Ltd 30/06/2020 iXBRL

Elite Sires Ltd 30/06/2020 iXBRL

ELITE SIRES LIMITED - Company Information

Print Friendly Version

9 30/06/2020 2020-06-30 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2019-07-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP NI022234 2019-07-01 2020-06-30 NI022234 2020-06-30 NI022234 2019-06-30 NI022234 2018-07-01 2019-06-30 NI022234 2019-06-30 NI022234 core:PlantMachinery 2019-07-01 2020-06-30 NI022234 core:MotorVehicles 2019-07-01 2020-06-30 NI022234 bus:RegisteredOffice 2019-07-01 2020-06-30 NI022234 bus:LeadAgentIfApplicable 2019-07-01 2020-06-30 NI022234 bus:Director1 2019-07-01 2020-06-30 NI022234 bus:Director3 2019-07-01 2020-06-30 NI022234 bus:CompanySecretary1 2019-07-01 2020-06-30 NI022234 core:LandBuildings core:OwnedOrFreeholdAssets 2019-06-30 NI022234 core:PlantMachinery 2019-06-30 NI022234 core:MotorVehicles 2019-06-30 NI022234 core:LandBuildings core:OwnedOrFreeholdAssets 2020-06-30 NI022234 core:PlantMachinery 2020-06-30 NI022234 core:MotorVehicles 2020-06-30 NI022234 core:WithinOneYear 2020-06-30 NI022234 core:WithinOneYear 2019-06-30 NI022234 core:AfterOneYear 2020-06-30 NI022234 core:ShareCapital 2020-06-30 NI022234 core:ShareCapital 2019-06-30 NI022234 core:RetainedEarningsAccumulatedLosses 2020-06-30 NI022234 core:RetainedEarningsAccumulatedLosses 2019-06-30 NI022234 core:LandBuildings core:OwnedOrFreeholdAssets 2019-06-30 NI022234 core:PlantMachinery 2019-06-30 NI022234 core:MotorVehicles 2019-06-30 NI022234 bus:Director1 2019-06-30 NI022234 bus:Director1 2020-06-30 NI022234 bus:Director1 2018-06-30 NI022234 bus:Director1 2019-06-30 NI022234 bus:Director1 2018-07-01 2019-06-30 NI022234 bus:SmallEntities 2019-07-01 2020-06-30 NI022234 bus:AuditExemptWithAccountantsReport 2019-07-01 2020-06-30 NI022234 bus:FullAccounts 2019-07-01 2020-06-30 NI022234 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 NI022234 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 NI022234 core:AllSubsidiaries 2020-06-30 NI022234 core:AllSubsidiaries 2019-06-30 NI022234 core:Associate1 2019-07-01 2020-06-30
Company registration number: NI022234
ELITE SIRES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2020
ELITE SIRES LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
_________________________________________________________________________________________
Contents
Directors and other information
Directors responsibilities statement
Accountants report
Balance sheet
Notes to the financial statements
ELITE SIRES LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
_________________________________________________________________________________________
Company Information
Directors Mr Alan Shepherd
Mr Cyril Millar
Secretary Mrs Ann Millar
Company number NI022234
Registered office 40 Glenleary Road
Coleraine
Co Derry
BT51 3QY
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Danske Bank Ltd
P.O Box 183
Donegall Square West
Belfast
BT1 6JS
Solicitors Wray & Baxter
35 New Row
Coleraine
Co Derry
BT52 1AH
ELITE SIRES LTD
DIRECTORS RESPONSIBILITIES
YEAR ENDED 30 JUNE 2020
_________________________________________________________________________________________
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ELITE SIRES LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELITE SIRES LTD (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elite Sires Ltd for the year ended 30 June 2020 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Elite Sires Ltd, as a body, in accordance with the terms of our engagement letter dated 13 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Elite Sires Ltd and state those matters that we have agreed to state to the board of directors of Elite Sires Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite Sires Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elite Sires Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elite Sires Ltd. You consider that Elite Sires Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elite Sires Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
29 June 2021
ELITE SIRES LTD
BALANCE SHEET (CONTINUED)
30 JUNE 2020
_________________________________________________________________________________________
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 722,225 646,644
_______ _______
722,225 646,644
Current assets
Stocks 30,612 31,125
Debtors 6 1,067,432 832,562
Cash at bank and in hand 287,165 384,717
_______ _______
1,385,209 1,248,404
Creditors: amounts falling due
within one year 7 ( 434,169) ( 429,713)
_______ _______
Net current assets 951,040 818,691
_______ _______
Total assets less current liabilities 1,673,265 1,465,335
Creditors: amounts falling due
after more than one year 8 ( 50,000) -
_______ _______
Net assets 1,623,265 1,465,335
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 1,573,265 1,415,335
_______ _______
Shareholders funds 1,623,265 1,465,335
_______ _______
For the year ending 30 June 2020 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 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 Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , and are signed on behalf of the board by:
Mr Alan Shepherd Mr Cyril Millar
Director Director
Company registration number: NI022234
ELITE SIRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 40 Glenleary Road, Coleraine, Co Derry, BT51 3QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Motor vehicles - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 9 (2019: 11 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 July 2019 321,945 636,826 52,428 1,011,199
Additions - 145,249 7,900 153,149
Disposals - - ( 7,000) ( 7,000)
_______ _______ _______ _______
At 30 June 2020 321,945 782,075 53,328 1,157,348
_______ _______ _______ _______
Depreciation
At 1 July 2019 - 327,676 36,879 364,555
Charge for the year - 68,160 5,558 73,718
Disposals - - ( 3,150) ( 3,150)
_______ _______ _______ _______
At 30 June 2020 - 395,836 39,287 435,123
_______ _______ _______ _______
Carrying amount
At 30 June 2020 321,945 386,239 14,041 722,225
_______ _______ _______ _______
At 30 June 2019 321,945 309,150 15,549 646,644
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 226,717 352,393
Other debtors 840,715 480,169
_______ _______
1,067,432 832,562
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 2,130 1,740
Trade creditors 222,912 293,560
Corporation tax 15,086 55,496
Social security and other taxes 12,762 26,507
Other creditors 181,279 52,410
_______ _______
434,169 429,713
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 50,000 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 27,660) ( 33,119) ( 60,779)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 49,019) 21,359 ( 27,660)
_______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Elite Sires GB Ltd 150,000 - 302,500 152,500
Elite Sires Genetics Ltd 160,546 51,908 488,215 327,669
_______ _______ _______ _______
The directors in Elite Sires Ltd are also directors in Elite Sires GB Limited and Elite Sires Genetics Ltd .
11. Controlling party
The ultimate controlling party is considered to be the directors .