Markethill Livestock & Farm Sales Ltd - Accounts to registrar - small 17.1

REGISTERED NUMBER: NI040006 (Northern Ireland)

Financial Statements

for the Year Ended 31 January 2017

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

2,125,695

2,163,860

Investments

6

18,239

3,750

2,143,934

2,167,610

CURRENT ASSETS

Stocks

9,245

44,999

Debtors

7

2,125,070

1,847,633

Cash in hand

37

85

2,134,352

1,892,717

CREDITORS

Amounts falling due within one year

8

(1,965,538

)

(1,878,381

)

NET CURRENT ASSETS

168,814

14,336

TOTAL ASSETS LESS CURRENT LIABILITIES

2,312,748

2,181,946

CREDITORS

Amounts falling due after more than one year

9

(302,194

)

(362,516

)

PROVISIONS FOR LIABILITIES

(62,326

)

(60,179

)

ACCRUALS AND DEFERRED INCOME

(418,893

)

(440,615

)

NET ASSETS

1,529,335

1,318,636

CAPITAL AND RESERVES

Called up share capital

10,000

1

Retained earnings

1,519,335

1,318,635

SHAREHOLDERS' FUNDS

1,529,335

1,318,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 3 April 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of one years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

Investments in associates

Investments in associate undertakings are recognised at cost less any provision for impairment.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 45 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

105,000

AMORTISATION

At 1 February 2016

and 31 January 2017

105,000

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2016

1,741,531

734,237

2,475,768

Additions

15,996

63,089

79,085

Disposals

-

(19,665

)

(19,665

)

At 31 January 2017

1,757,527

777,661

2,535,188

DEPRECIATION

At 1 February 2016

60,666

251,242

311,908

Charge for year

26,577

84,451

111,028

Eliminated on disposal

-

(13,443

)

(13,443

)

At 31 January 2017

87,243

322,250

409,493

NET BOOK VALUE

At 31 January 2017

1,670,284

455,411

2,125,695

At 31 January 2016

1,680,865

482,995

2,163,860

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2016

10,645

56,020

66,665

Additions

-

20,041

20,041

Disposals

-

(19,665

)

(19,665

)

At 31 January 2017

10,645

56,396

67,041

DEPRECIATION

At 1 February 2016

497

23,495

23,992

Charge for year

213

11,587

11,800

Eliminated on disposal

-

(13,443

)

(13,443

)

At 31 January 2017

710

21,639

22,349

NET BOOK VALUE

At 31 January 2017

9,935

34,757

44,692

At 31 January 2016

10,148

32,525

42,673

6.	FIXED ASSET INVESTMENTS

Interest

in

Other

associate

investments

Totals

£

£

£

COST

At 1 February 2016

100

3,750

3,850

Additions

-

14,489

14,489

Disposals

(100

)

-

(100

)

At 31 January 2017

-

18,239

18,239

PROVISIONS

At 1 February 2016

100

-

100

Provision written back

(100

)

-

(100

)

At 31 January 2017

-

-

-

NET BOOK VALUE

At 31 January 2017

-

18,239

18,239

At 31 January 2016

-

3,750

3,750

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

1,861,290

1,679,181

Other debtors

263,780

168,452

2,125,070

1,847,633

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

1,548,630

1,460,299

Hire purchase contracts

12,967

12,174

Trade creditors

283,799

262,141

Taxation and social security

93,822

90,052

Other creditors

26,320

53,715

1,965,538

1,878,381

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans

283,294

336,658

Hire purchase contracts

18,900

25,858

302,194

362,516

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Bank overdrafts

1,504,926

1,416,642

Bank loans

326,998

380,315

1,831,924

1,796,957

Danske Bank hold a Charge over all Book Debts and a Floating Charge over all Property of the Company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2017 and

31 January 2016:

31.1.17

31.1.16

£

£

Mr Hampton George Hewitt

Balance outstanding at start of year

88,205

85,559

Amounts advanced

2,646

2,606

Amounts repaid

-

-

Balance outstanding at end of year

90,851

88,205

Mr Hampton George Hewitt

Balance outstanding at start of year

26,884

-

Amounts advanced

134

26,884

Amounts repaid

(27,000

)

-

Balance outstanding at end of year

18

26,884

Mr Hampton George Hewitt

Balance outstanding at start of year

-

-

Amounts advanced

103,790

-

Amounts repaid

(5,000

)

-

Balance outstanding at end of year

98,790

-

12.	RELATED PARTY DISCLOSURES

A director buys and sell their own livestock through the company. At 31 January 2017 the sum of £306,518 was

due to the company.