HEATHERLEA FINE FOODS NI LIMITED Filleted accounts for Companies House (small and micro)

HEATHERLEA FINE FOODS NI LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI603216

HEATHERLEA FINE FOODS NI LIMITED

Filleted Unaudited Financial Statements

31 December 2020

HEATHERLEA FINE FOODS NI LIMITED

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of HEATHERLEA FINE FOODS NI LIMITED

Year ended 31 December 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 HEATHERLEA FINE FOODS NI LIMITED for the year ended 31 December 2020, which comprise the statement of financial position and the 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 HEATHERLEA FINE FOODS NI LIMITED, as a body, in accordance with the terms of our engagement letter dated 4 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of HEATHERLEA FINE FOODS NI LIMITED and state those matters that we have agreed to state to you, 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 HEATHERLEA FINE FOODS NI LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that HEATHERLEA FINE FOODS NI LIMITED 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 HEATHERLEA FINE FOODS NI LIMITED. You consider that HEATHERLEA FINE FOODS NI LIMITED 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 HEATHERLEA FINE FOODS NI LIMITED. 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.

JOSEPH MURRAY LIMITED Chartered accountants

11a NEWRY STREET RATHFRILAND CO. DOWN BT34 5PY

22 September 2021

HEATHERLEA FINE FOODS NI LIMITED

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	130,500	147,000
Tangible assets	6	237,672	275,163
		---------	---------
		368,172	422,163

Current assets

Stocks		2,300	3,500
Debtors	7	90,475	127,311
Cash at bank and in hand		113,666	2,071
		---------	---------
		206,441	132,882

Creditors: amounts falling due within one year	8	327,036		441,421
		---------		---------
Net current liabilities			120,595	308,539
			---------	---------
Total assets less current liabilities			247,577	113,624

Creditors: amounts falling due after more than one year	9	79,000	–
		---------	---------
Net assets		168,577	113,624
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	168,575	113,622
	---------	---------
Shareholders funds	168,577	113,624
	---------	---------

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 December 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 .

HEATHERLEA FINE FOODS NI LIMITED

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 22 September 2021 , and are signed on behalf of the board by:

Mr Paul Getty

Director

Company registration number: NI603216

HEATHERLEA FINE FOODS NI LIMITED

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 94 Main Street, BANGOR, Co. Down, BT20 4AG.

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, 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.

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.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & Machinery	-	15% reducing balance
Commercial vehicles	-	20% 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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 41 (2019: 43 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2020 and 31 December 2020	330,000
	---------
Amortisation
At 1 January 2020	183,000
Charge for the year	16,500
	---------
At 31 December 2020	199,500
	---------
Carrying amount
At 31 December 2020	130,500
	---------
At 31 December 2019	147,000
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2020	410,701	41,103	451,804
Additions	5,793	–	5,793
	---------	--------	---------
At 31 December 2020	416,494	41,103	457,597
	---------	--------	---------
Depreciation
At 1 January 2020	162,237	14,404	176,641
Charge for the year	37,984	5,300	43,284
	---------	--------	---------
At 31 December 2020	200,221	19,704	219,925
	---------	--------	---------
Carrying amount
At 31 December 2020	216,273	21,399	237,672
	---------	--------	---------
At 31 December 2019	248,464	26,699	275,163
	---------	--------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	71,641	122,811
Other debtors	18,834	4,500
	--------	---------
	90,475	127,311
	--------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	6,000	84,120
Trade creditors	202,643	180,374
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,165	7,165
Corporation tax	6,879	–
Social security and other taxes	9,013	17,771
Other creditors	95,336	151,991
	---------	---------
	327,036	441,421
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	79,000	–
	--------	----

10. 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	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Paul Getty	( 44,263)	( 15,091)	44,255	( 15,099)
Mrs Patricia Getty	( 44,261)	( 15,090)	44,256	( 15,095)
	--------	--------	--------	--------
	( 88,524)	( 30,181)	88,511	( 30,194)
	--------	--------	--------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Paul Getty	2,973	( 114,866)	67,630	( 44,263)
Mrs Patricia Getty	2,974	( 114,865)	67,630	( 44,261)
	-------	---------	---------	--------
	5,947	( 229,731)	135,260	( 88,524)
	-------	---------	---------	--------