21 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07395246 2021-01-01 2021-12-31 07395246 2021-12-31 07395246 2020-12-31 07395246 2020-01-01 2020-12-31 07395246 2020-12-31 07395246 core:PlantMachinery 2021-01-01 2021-12-31 07395246 core:FurnitureFittings 2021-01-01 2021-12-31 07395246 core:MotorVehicles 2021-01-01 2021-12-31 07395246 bus:Director1 2021-01-01 2021-12-31 07395246 core:PlantMachinery 2020-12-31 07395246 core:FurnitureFittings 2020-12-31 07395246 core:MotorVehicles 2020-12-31 07395246 core:PlantMachinery 2021-12-31 07395246 core:FurnitureFittings 2021-12-31 07395246 core:MotorVehicles 2021-12-31 07395246 core:WithinOneYear 2021-12-31 07395246 core:WithinOneYear 2020-12-31 07395246 core:ShareCapital 2021-12-31 07395246 core:ShareCapital 2020-12-31 07395246 core:RetainedEarningsAccumulatedLosses 2021-12-31 07395246 core:RetainedEarningsAccumulatedLosses 2020-12-31 07395246 core:PlantMachinery 2020-12-31 07395246 core:FurnitureFittings 2020-12-31 07395246 core:MotorVehicles 2020-12-31 07395246 bus:Director1 2020-12-31 07395246 bus:Director1 2021-12-31 07395246 bus:Director1 2019-12-31 07395246 bus:Director1 2020-12-31 07395246 bus:SmallEntities 2021-01-01 2021-12-31 07395246 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 07395246 bus:FullAccounts 2021-01-01 2021-12-31 07395246 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 07395246 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: 07395246
Meatland Supplies Ltd
Filleted Unaudited Financial Statements
31 December 2021
Meatland Supplies Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
5
33,553
41,941
Tangible assets
6
89,545
81,306
---------
---------
123,098
123,247
Current assets
Stocks
147,500
112,500
Debtors
7
1,048,882
753,996
Cash at bank and in hand
64,582
74,847
------------
---------
1,260,964
941,343
Creditors: amounts falling due within one year
8
341,716
219,103
------------
---------
Net current assets
919,248
722,240
------------
---------
Total assets less current liabilities
1,042,346
845,487
------------
---------
Net assets
1,042,346
845,487
------------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,041,346
844,487
------------
---------
Shareholders funds
1,042,346
845,487
------------
---------
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 2021 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 .
Meatland Supplies Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 20 May 2022 , and are signed on behalf of the board by:
Mr Kyriacos Theodorou
Director
Company registration number: 07395246
Meatland Supplies Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avondale House, 262 Uxbridge Road, Harch End, Pinner, HA5 4HS, Middlesex.
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
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Leasehold premises
-
20% reducing balance
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 and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor 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.
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 21 (2020: 15 ).
5. Intangible assets
Intangible asset user defined 1
£
Cost
At 1 January 2021 and 31 December 2021
52,426
--------
Amortisation
At 1 January 2021
10,485
Charge for the year
8,388
--------
At 31 December 2021
18,873
--------
Carrying amount
At 31 December 2021
33,553
--------
At 31 December 2020
41,941
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
57,372
49,117
76,373
182,862
Additions
24,499
24,499
--------
--------
--------
---------
At 31 December 2021
81,871
49,117
76,373
207,361
--------
--------
--------
---------
Depreciation
At 1 January 2021
41,921
29,652
29,983
101,556
Charge for the year
3,090
3,892
9,278
16,260
--------
--------
--------
---------
At 31 December 2021
45,011
33,544
39,261
117,816
--------
--------
--------
---------
Carrying amount
At 31 December 2021
36,860
15,573
37,112
89,545
--------
--------
--------
---------
At 31 December 2020
15,451
19,465
46,390
81,306
--------
--------
--------
---------
7. Debtors
2021
2020
£
£
Trade debtors
240,735
293,334
Amounts owed by group undertakings and undertakings in which the company has a participating interest
338,984
391,412
Other debtors
469,163
69,250
------------
---------
1,048,882
753,996
------------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
50,000
112
Trade creditors
159,493
110,345
Corporation tax
110,869
95,708
Social security and other taxes
5,874
7,372
Other creditors
15,480
5,566
---------
---------
341,716
219,103
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Kyriacos Theodorou
( 1,045)
398,958
397,913
-------
---------
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Kyriacos Theodorou
( 1,045)
( 1,045)
-------
----
-------