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COMPANY REGISTRATION NUMBER: 02095876
Northern Butchers Supplies Limited
Filleted Unaudited Financial Statements
31 March 2022
Northern Butchers Supplies Limited
Financial Statements
Year ended 31 March 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Northern Butchers Supplies Limited
Officers and Professional Advisers
Director
J. Maffei
Registered office
2 Davenhill Road
Levenshulme
Manchester
M19 2GN
Accountants
SKS Bailey Group Ltd
Chartered Accountants
Units 10-12 County End Business Centre
Jackson Street
Springhead
Oldham
OL4 4TZ
Bankers
The Royal Bank of Scotland
Albert House
2 Station Road
Cheadle Hulme
Cheadle
SK8 5AE
Northern Butchers Supplies Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
9,234
5,438
Current assets
Stocks
64,306
63,874
Debtors
6
18,412
22,109
Cash at bank and in hand
3,336
14,581
---------
----------
86,054
100,564
Creditors: amounts falling due within one year
7
( 75,590)
( 90,827)
---------
----------
Net current assets
10,464
9,737
---------
---------
Total assets less current liabilities
19,698
15,175
---------
---------
Net assets
19,698
15,175
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
19,696
15,173
---------
---------
Shareholders funds
19,698
15,175
---------
---------
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 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Northern Butchers Supplies Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 11 July 2022 , and are signed on behalf of the board by:
J. Maffei
Director
Company registration number: 02095876
Northern Butchers Supplies Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Davenhill Road, Levenshulme, Manchester, M19 2GN.
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.
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
Provision is made for taxation deferred as a result of material timing differences between the incidence of income and expenditure for taxation and accounts purposes using the liability method, only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the near future.
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.
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:
Leasehold office & fixtures
-
20% reducing balance
Plant and Machinery
-
15% reducing balance
Office equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Computer equipment
-
25% 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.
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2021
2,493
4,786
1,148
10,488
8,562
27,477
Additions
6,871
6,871
-------
---------
-------
---------
-------
---------
At 31 Mar 2022
2,493
11,657
1,148
10,488
8,562
34,348
-------
---------
-------
---------
-------
---------
Depreciation
At 1 Apr 2021
2,493
4,613
1,143
5,571
8,219
22,039
Charge for the year
1,747
4
1,230
94
3,075
-------
---------
-------
---------
-------
---------
At 31 Mar 2022
2,493
6,360
1,147
6,801
8,313
25,114
-------
---------
-------
---------
-------
---------
Carrying amount
At 31 Mar 2022
5,297
1
3,687
249
9,234
-------
---------
-------
---------
-------
---------
At 31 Mar 2021
173
5
4,917
343
5,438
-------
---------
-------
---------
-------
---------
6. Debtors
2022
2021
£
£
Trade debtors
16,126
19,829
Other debtors
2,286
2,280
---------
---------
18,412
22,109
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
13,427
Corporation tax
624
3,068
Social security and other taxes
2,308
1,752
Other creditors
72,658
72,580
---------
---------
75,590
90,827
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
J. Maffei
( 60,243)
( 60,243)
---------
----
---------
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
J. Maffei
( 67,043)
6,800
( 60,243)
---------
-------
---------
9. Related party transactions
The company was under the control of J. Maffei throughout the current year. The director and former director own the property which the company rents at a commercial rate. During the year the director has received £21,000 (2021 : £21,000) as rental income.