Company Registration No. NI613633 (Northern Ireland)
HALLVIEW FARM EGGS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
HALLVIEW FARM EGGS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HALLVIEW FARM EGGS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr David Boyes
Mrs Katherine Boyes
Mr William Boyes
Secretary
Mrs Katherine Boyes
Company number
NI613633
Registered office
56 Halfpenny Gate Road
Moira
Craigavon
Co. Armagh
BT67 0HP
Accountants
Johnston Kennedy DFK
Ground Floor, Block A
The Sidings
Antrim Road
Lisburn
BT28 3AJ
Bankers
HSBC
52/56 Meadow Lane
Portadown
Co Armagh
BT62 3NJ
HALLVIEW FARM EGGS LTD
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
547,806
527,036
Current assets
Debtors
4
41,688
23,308
Cash at bank and in hand
16,143
14,937
57,831
38,245
Creditors: amounts falling due within one year
5
(85,771)
(71,436)
Net current liabilities
(27,940)
(33,191)
Total assets less current liabilities
519,866
493,845
Creditors: amounts falling due after more than one year
6
(287,393)
(299,593)
Provisions for liabilities
7
(53,300)
(40,200)
Net assets
179,173
154,052
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
179,169
154,048
Total equity
179,173
154,052
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
HALLVIEW FARM EGGS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2019
31 July 2019
- 3 -
Directors' statement in respect of the financial statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and the Financial Reporting Standard FRS102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2020 and are signed on its behalf by:
Mr David Boyes
..............................
Mr David Boyes
Director
Company Registration No. NI613633
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 4 -
1
Accounting policies
General information and basis of preparation
Hallview Farm Eggs Ltd is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
56 Halfpenny Gate Road, Moira, Craigavon, Armagh, BT67 0HP.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.1
Turnover
Turnover
represents amounts receivable for goods and services net of VAT and trade discounts.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
2% / 10% straight line
Plant and machinery
5% / 10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
related parties
and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2019
2018
Number
Number
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 August 2018
266,180
415,315
681,495
Additions
55,000
1,100
56,100
At 31 July 2019
321,180
416,415
737,595
Depreciation and impairment
At 1 August 2018
45,060
109,399
154,459
Depreciation charged in the year
11,275
24,055
35,330
At 31 July 2019
56,335
133,454
189,789
Carrying amount
At 31 July 2019
264,845
282,961
547,806
At 31 July 2018
221,120
305,916
527,036
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,664
11,010
Other debtors
31,024
12,298
41,688
23,308
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
63,381
57,723
Corporation tax
6,400
-
Other taxation and social security
10,181
9,258
Accruals
5,809
4,455
85,771
71,436
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans
287,393
299,593
Analysis of loans
Repayable by instalments
350,774
357,316
350,774
357,316
Included in current liabilities
(63,381)
(57,723)
287,393
299,593
Loan maturity analysis
In more than one year but not more than two years
63,381
57,723
In more than two years but not more than five years
190,142
173,169
In more than five years
33,871
68,701
The bank loan is secured by:
- a first legal mortgage over the freehold property owned by the company;
- a second legal charge over the freehold property held in the name of the directors;
- a fixed and floating charge over all the assets and undertakings of the company.
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
7
Provisions for liabilities
Deferred tax liability
£
Balance at 1 August 2018
40,200
Profit and loss account
(13,100)
Balance at 31 July 2019
53,300
The deferred tax liability is made up as follows:
2019
2018
£
£
Accelerated capital allowances
53,300
40,200
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4
9
Financial commitments
The company had no financial commitments at 31 July 2019 or at 31 July 2018.
10
Related party transactions
During the year there were transactions between Hallview Farm Eggs Ltd and related trading entities. At 31 July 2019 the balance due from related entities amounted to
£31,024 (2018: £12,298)
and is included in debtors payable within one year. No interest is payable on this loan.
2019-07-31
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false
30 April 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
Mr David Boyes
Mr William Boyes
Mr William Boyes
Mrs Margaret Boyes
Mrs Katherine Boyes
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