Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-307400364443No description of principal activityfalse2022-05-016563falsefalse 08927340 2022-05-01 2023-04-30 08927340 2021-05-01 2022-04-30 08927340 2023-04-30 08927340 2022-04-30 08927340 2021-05-01 08927340 5 2022-05-01 2023-04-30 08927340 5 2021-05-01 2022-04-30 08927340 d:Director1 2022-05-01 2023-04-30 08927340 d:Director2 2022-05-01 2023-04-30 08927340 d:RegisteredOffice 2022-05-01 2023-04-30 08927340 e:Buildings e:ShortLeaseholdAssets 2022-05-01 2023-04-30 08927340 e:Buildings e:ShortLeaseholdAssets 2023-04-30 08927340 e:Buildings e:ShortLeaseholdAssets 2022-04-30 08927340 e:PlantMachinery 2022-05-01 2023-04-30 08927340 e:PlantMachinery 2023-04-30 08927340 e:PlantMachinery 2022-04-30 08927340 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 08927340 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 08927340 e:MotorVehicles 2022-05-01 2023-04-30 08927340 e:MotorVehicles 2023-04-30 08927340 e:MotorVehicles 2022-04-30 08927340 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 08927340 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 08927340 e:OfficeEquipment 2022-05-01 2023-04-30 08927340 e:OfficeEquipment 2023-04-30 08927340 e:OfficeEquipment 2022-04-30 08927340 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 08927340 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 08927340 e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 08927340 e:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 08927340 e:Goodwill 2023-04-30 08927340 e:Goodwill 2022-04-30 08927340 e:CurrentFinancialInstruments 2023-04-30 08927340 e:CurrentFinancialInstruments 2022-04-30 08927340 e:Non-currentFinancialInstruments 2023-04-30 08927340 e:Non-currentFinancialInstruments 2022-04-30 08927340 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 08927340 e:CurrentFinancialInstruments e:WithinOneYear 2022-04-30 08927340 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 08927340 e:Non-currentFinancialInstruments e:AfterOneYear 2022-04-30 08927340 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-04-30 08927340 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-04-30 08927340 e:UKTax 2022-05-01 2023-04-30 08927340 e:UKTax 2021-05-01 2022-04-30 08927340 e:ShareCapital 2023-04-30 08927340 e:ShareCapital 2022-04-30 08927340 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 08927340 e:RetainedEarningsAccumulatedLosses 2023-04-30 08927340 e:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 08927340 e:RetainedEarningsAccumulatedLosses 2022-04-30 08927340 e:RetainedEarningsAccumulatedLosses 2021-05-01 08927340 d:OrdinaryShareClass1 2022-05-01 2023-04-30 08927340 d:OrdinaryShareClass1 2023-04-30 08927340 d:OrdinaryShareClass1 2022-04-30 08927340 d:FRS102 2022-05-01 2023-04-30 08927340 d:Audited 2022-05-01 2023-04-30 08927340 d:FullAccounts 2022-05-01 2023-04-30 08927340 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 08927340 e:WithinOneYear 2023-04-30 08927340 e:WithinOneYear 2022-04-30 08927340 e:BetweenOneFiveYears 2023-04-30 08927340 e:BetweenOneFiveYears 2022-04-30 08927340 e:MoreThanFiveYears 2023-04-30 08927340 e:MoreThanFiveYears 2022-04-30 08927340 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 08927340 e:HirePurchaseContracts e:WithinOneYear 2022-04-30 08927340 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 08927340 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-04-30 08927340 2 2022-05-01 2023-04-30 08927340 e:Goodwill e:OwnedIntangibleAssets 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08927340









MARBEC MEATS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
MARBEC MEATS LIMITED
 
 
COMPANY INFORMATION


Directors
M Beckworth 
A Beckworth 




Registered number
08927340



Registered office
Marbec House

Apsley Way

London

NW2 7LZ




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

Leytonstone

London

E11 1GA





 
MARBEC MEATS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9
Statement of cash flows
 
10 - 11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 25


 
MARBEC MEATS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
The company's principal activity continued to be that of a catering butcher selling meat and meat products to the catering industry.
The directors are pleased with the results of the company during the year and continue to benefit from the hard work carried out during the COVID period generating new customers and enhancing existing customers and contacts. These efforts will also result in new accounts starting after the year end.  The company is now trading above pre COVID levels and continues to perform strongly through the year. 

Principal risks and uncertainties
 
The company is subject to the same general risks and uncertainties as any other business, for example, the impact of natural disasters, changes in general economic conditions including currency and interest rate fluctuations and the impact of competition. 
The company, like many, will be exposed to any severe economic slump and the increase in utility prices. However as disclosed in the notes to the accounts, the directors have obtained funding for which they believe is sufficient to ensure the company is well placed for the future.

Financial key performance indicators
 
To measure the performance of the company in the period we look at the turnover, gross profit margins and profit before tax. These are key indicators of how our business has performed.
   
 Year ended 30 April 2023     Year ended 30 April 2022
Turnover      £14,822,169               £11,304,586
Gross profit      £  2,425,918                  £   1,533,453
Gross profit margin           16.4%                             13.6%
Profit/(loss) before tax    £    658,326                        £  217,606


This report was approved by the board on 26 September 2023 and signed on its behalf.






M Beckworth
Director

Page 1

 
MARBEC MEATS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £534,104 (2022 - £172,646).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

M Beckworth 
A Beckworth 

Page 2

 
MARBEC MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board on 26 September 2023 and signed on its behalf.
 







M Beckworth
Director

Page 3

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED
 

Opinion


We have audited the financial statements of Marbec Meats Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and
performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.
 
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.  


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Andrew May ACCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
Leytonstone
London
E11 1GA

2 October 2023
Page 7

 
MARBEC MEATS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
                                                                                                                          Note
£
£

  

Turnover
 4 
14,822,169
11,304,586

Cost of sales
  
(12,396,251)
(9,771,133)

Gross profit
  
2,425,918
1,533,453

Administrative expenses
  
(1,693,879)
(1,310,141)

Other operating income
 5 
-
58,737

Operating profit
 6 
732,039
282,049

Interest receivable and similar income
 9 
290
-

Interest payable and similar charges
 10 
(74,003)
(64,443)

Profit before tax
  
658,326
217,606

Tax on profit
 11 
(124,222)
(44,960)

Profit after tax
  
534,104
172,646

  

  

Retained earnings at the beginning of the year
  
1,610,485
1,441,839

  
1,610,485
1,441,839

Profit for the year
  
534,104
172,646

Dividends declared and paid
  
(4,000)
(4,000)

Retained earnings at the end of the year
  
2,140,589
1,610,485

The notes on pages 13 to 25 form part of these financial statements.

Page 8

 
MARBEC MEATS LIMITED
REGISTERED NUMBER: 08927340

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
                                                                         Note
£
£

Fixed assets
  

Intangible assets
 13 
1,107,500
1,207,500

Tangible assets
 14 
574,950
475,983

  
1,682,450
1,683,483

Current assets
  

Stocks
 15 
322,003
250,303

Debtors: amounts falling due within one year
 16 
2,309,867
2,011,407

Cash at bank and in hand
 17 
43,441
2,372

  
2,675,311
2,264,082

Creditors: amounts falling due within one year
 18 
(1,645,621)
(1,749,347)

Net current assets
  
 
 
1,029,690
 
 
514,735

Total assets less current liabilities
  
2,712,140
2,198,218

Creditors: amounts falling due after more than one year
 19 
(571,451)
(587,633)

  

Net assets
  
2,140,689
1,610,585


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
  
2,140,589
1,610,485

  
2,140,689
1,610,585


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2023.




M Beckworth
Director

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
MARBEC MEATS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
534,104
172,646

Adjustments for:

Amortisation of intangible assets
100,000
100,000

Depreciation of tangible assets
143,717
137,784

Loss on disposal of tangible assets
9,907
21,313

Interest paid
74,003
64,443

Interest received
(290)
-

Taxation charge
126,268
44,960

(Increase) in stocks
(71,700)
(30,419)

(Increase) in debtors
(342,465)
(756,762)

(Decrease)/increase in creditors
(5,681)
142,929

Corporation tax paid
(955)
-

Net cash generated from operating activities

566,908
(103,106)


Cash flows from investing activities

Purchase of tangible fixed assets
(6,500)
(6,889)

Sale of tangible fixed assets
600
-

Interest received
290
-

Net cash from investing activities

(5,610)
(6,889)
Page 10

 
MARBEC MEATS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(40,000)
(16,667)

Repayment of/new finance leases
(124,454)
(115,877)

Dividends paid
(4,000)
(4,000)

Interest paid
(64,344)
(56,319)

HP interest paid
(9,659)
(8,124)

Net cash used in financing activities
(242,457)
(200,987)

Net increase/(decrease) in cash and cash equivalents
318,841
(310,982)

Cash and cash equivalents at beginning of year
(275,400)
35,582

Cash and cash equivalents at the end of year
43,441
(275,400)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
43,441
2,372

Bank overdrafts
-
(277,772)

43,441
(275,400)


Page 11

 
MARBEC MEATS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023





At 1 May 2022
Cash flows
New finance leases
At 30 April 2023
£

£

£

£

Cash at bank and in hand

2,372

41,069

-

43,441

Bank overdrafts

(277,772)

277,772

-

-

Debt due after 1 year

(143,333)

40,000

-

(103,333)

Debt due within 1 year

(272,868)

144,368

-

(128,500)

Finance leases

(178,937)

126,585

(248,822)

(301,174)


(870,538)
629,794
(248,822)
(489,566)

The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Marbec Meats Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is Marbec House, Apsley Way, London, NW2 7LZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. 
With the easing of restrictions for the entire duration of the period, the Company has been able to operate at similar levels to that pre-COVID. The directors have taken this into account when adopting the strategy to mitigate the risks associated with this and general rises in energy prices. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.     

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 13

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:


Improvements to leasehold property
-
Over the length of the lease
Plant, machinery and trade equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Furniture, fittings and office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

Page 14

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. 

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.18

Taxation

Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgments in applying accounting policies
The company does not consider there to be any critical judgments in applying accounting policies.
Accounting judgments and estimation
The company does not consider there to be any material sources of estimation uncertainty.

Page 16

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Furlough income
-
58,737



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation on tangible fixed assets
143,717
137,784

Amortisation of intangible assets, including goodwill
100,000
100,000

Auditor's remuneration
14,000
14,000

Other operating lease rentals
107,916
58,412

Page 17

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,767,854
1,644,679

Social security costs
174,673
146,519

Cost of defined contribution scheme
35,603
29,859

1,978,130
1,821,057


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
12
12



Drivers
20
20



Butchers
23
22



Labourers
10
9

65
63


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
11,000
11,000


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable and similar income

2023
2022
£
£


Bank interest
290
-

Page 18

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Interest payable and similar charges

2023
2022
£
£


Bank interest
14,344
6,319

Other interest
50,000
50,000

Finance leases and hire purchase contracts
9,659
8,124

74,003
64,443


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
126,268
44,960

Adjustments in respect of previous periods
(2,046)
-

Total current tax
124,222
44,960
Page 19

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
658,326
217,606


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
164,582
41,345

Effects of:


Non-tax deductible amortisation of goodwill and impairment
25,000
19,000

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,317
320

Depreciation for the year in excess of capital allowances
(38,959)
(10,432)

Utilisation of tax losses
-
(9,500)

Adjustments to tax charge in respect of prior periods
(2,047)
-

Other differences leading to an increase in the tax charge
-
4,227

Differences due to a change in tax rate
(35,671)
-

Total tax charge for the year
124,222
44,960


12.


Dividends

2023
2022
£
£


Ordinary share dividends
4,000
4,000

Page 20

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Intangible assets




Goodwill

£



Cost


At 1 May 2022
2,007,500



At 30 April 2023

2,007,500



Amortisation


At 1 May 2022
800,000


Charge for the year on owned assets
100,000



At 30 April 2023

900,000



Net book value



At 30 April 2023
1,107,500



At 30 April 2022
1,207,500



Page 21

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Tangible fixed assets





Improvements to leasehold property
Plant, machinery and trade equipment
Motor vehicles
Furniture, fittings and office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
8,897
442,152
866,871
66,049
1,383,969


Additions
-
6,500
246,691
-
253,191


Disposals
-
-
(84,945)
-
(84,945)



At 30 April 2023

8,897
448,652
1,028,617
66,049
1,552,215



Depreciation


At 1 May 2022
-
361,082
499,658
47,246
907,986


Charge for the year on owned assets
-
20,508
48,662
5,125
74,295


Charge for the year on financed assets
-
-
69,422
-
69,422


Disposals
-
-
(74,438)
-
(74,438)



At 30 April 2023

-
381,590
543,304
52,371
977,265



Net book value



At 30 April 2023
8,897
67,062
485,313
13,678
574,950



At 30 April 2022
8,897
81,070
367,213
18,803
475,983

Motor vehicles with a net book value of £349,831 (2022 - £226,231) are held under hire purchase contracts.

Page 22

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Stocks

2023
2022
£
£

Meat products for resale
322,003
250,303



16.


Debtors

2023
2022
£
£


Trade debtors
2,135,824
1,867,433

Other debtors
115,239
79,099

Prepayments and accrued income
58,804
64,875

2,309,867
2,011,407



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
43,441
2,372

Less: bank overdrafts
-
(277,772)

43,441
(275,400)



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
277,772

Bank loans
40,000
40,000

Trade creditors
1,143,648
952,785

Corporation tax
126,268
44,960

Other taxation and social security
46,120
42,073

Obligations under finance lease and hire purchase contracts
145,006
93,700

Other creditors
144,579
298,057

1,645,621
1,749,347


Page 23

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
103,333
143,333

Net obligations under finance leases and hire purchase contracts
156,168
85,237

Other creditors
311,950
359,063

571,451
587,633


Security
Net obligations under finance leases and hire purchases contracts of £301,174 (2022 - £178,937) are secured against the assets to which they relate.
Bank overdraft of £Nil 
(2022 - £277,772) is secured by a fixed and floating charge over all assets.


20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
40,000
40,000

Amounts falling due 2-5 years

Bank loans
103,333
143,333


143,333
183,333



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
145,006
93,700

Between 1-5 years
156,168
85,237

301,174
178,937

Page 24

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



23.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £35,603 (2022 - £29,859). Contributions totalling £7,654 (2022 - £6,721) were accrued at the year end.


24.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
99,000
99,000

Later than 1 year and not later than 5 years
396,000
396,000

Later than 5 years
297,000
396,000

792,000
891,000


25.


Related party transactions

Included in other creditors at the year end are amounts owed to the directors of the company of £400,450 (2022 - £591,931). Interest of £50,000 (2022 - £50,000) was paid to the directors in respect of these loans. 
During the year the directors had an interest in dividends of £4,000 
(2022 - £4,000).

 
Page 25