Company Registration No. NI613633 (Northern Ireland)
HALLVIEW FARM EGGS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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 2022
31 July 2022
- 2 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
442,395
476,228
Current assets
Debtors
4
104,292
70,269
Cash at bank and in hand
20,454
14,541
124,746
84,810
Creditors: amounts falling due within one year
5
(75,086)
(52,126)
Net current assets
49,660
32,684
Total assets less current liabilities
492,055
508,912
Creditors: amounts falling due after more than one year
6
(199,590)
(235,231)
Provisions for liabilities
7
(33,900)
(37,100)
Net assets
258,565
236,581
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
258,561
236,577
Total equity
258,565
236,581
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 2022
31 July 2022
- 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 2022 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.
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 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 24 July 2023 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 2022
- 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 amounts 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 and cash equivalents 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.
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.
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
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 payments 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. Amounts 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
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.
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 6 -
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:
2022
2021
Number
Number
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 August 2021
321,180
416,415
737,595
Additions
1,972
1,972
At 31 July 2022
321,180
418,387
739,567
Depreciation and impairment
At 1 August 2021
79,619
181,748
261,367
Depreciation charged in the year
11,642
24,163
35,805
At 31 July 2022
91,261
205,911
297,172
Carrying amount
At 31 July 2022
229,919
212,476
442,395
At 31 July 2021
241,561
234,667
476,228
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
10,665
9,330
Other debtors
93,627
60,939
104,292
70,269
HALLVIEW FARM EGGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
34,679
32,225
Corporation tax
17,226
7,956
Other taxation and social security
14,055
7,355
Accruals
9,126
4,590
75,086
52,126
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
199,590
235,231
Analysis of loans
Repayable by instalments
234,269
267,456
234,269
267,456
Included in current liabilities
(34,679)
(32,225)
199,590
235,231
Loan maturity analysis
In more than one year but not more than two years
34,679
32,225
In more than two years but not more than five years
104,037
96,675
In more than five years
60,874
106,331
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 2022
- 8 -
7
Provisions for liabilities
Deferred tax liability
£
Balance at 1 August 2021 as restated
37,100
Profit and loss account
(3,200)
Balance at 31 July 2022
33,900
The deferred tax liability is made up as follows:
2022
2021
£
£
Accelerated capital allowances
33,900
37,100
8
Called up share capital
2022
2021
£
£
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 2022 or at 31 July 2021.
10
Related party transactions
During the year there were transactions between Hallview Farm Eggs Ltd and related trading entities. At 31 July 2022 the balance due from related entities amounted to £93,627 (2021: £60,939) and is included in debtors payable within one year. No interest is payable on this loan.
11
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2020
2021
£
£
Adjustments to prior year
Restatement of deferred tax
10,200
(600)
Equity as previously reported
210,810
226,981
Equity as adjusted
221,010
226,381
Analysis of the effect upon equity
Profit and loss reserves
10,200
(600)
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