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Registration number: 08911032

Havercroft's Meats Ltd
Unaudited Financial Statements
for the Year Ended 31 March 2023

Havercroft's Meats Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

Havercroft's Meats Ltd

Company Information

Directors | S J Havercroft Mrs W P Havercroft

Registered office | Unit 12 Warne Park Warne Road Weston-super-Mare Somerset BS23 3TP

Accountants | Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-super-Mare Somerset BS23 1NF

Havercroft's Meats Ltd

(Registration number: 08911032)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Intangible assets | 4 | 34,724 | 66,344
Tangible assets | 5 | 63,656 | 70,422
|  | 98,380 | 136,766
Current assets |  |  |
Stocks | 6 | 11,907 | 14,352
Debtors | 7 | 134,642 | 142,167
Cash at bank and in hand |  | 297,458 | 190,434
|  | 444,007 | 346,953
Creditors: Amounts falling due within one year | 8 | (158,030) | (156,537)
Net current assets |  | 285,977 | 190,416
Total assets less current liabilities |  | 384,357 | 327,182
Provisions for liabilities |  | (12,094) | (13,380)
Net assets |  | 372,263 | 313,802
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 372,163 | 313,702
Shareholders' funds |  | 372,263 | 313,802

Havercroft's Meats Ltd

(Registration number: 08911032)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:

......................................... S J Havercroft Director

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the position of the company with respect to its obligations to ensure the business can continue in operational existence for the foreseeable future.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2 | Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 15% on reducing balance
Motor vehicles | 25% on reducing balance
Computer equipment | Straight line over 3 years
Fixtures and fittings | 15% on reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2014 and 2020, is being amortised evenly over its estimated useful life of ten years.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stocks are valued on a first in, first out basis.

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2 | Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 April 2022 | 316,205 | 316,205
At 31 March 2023 | 316,205 | 316,205
Amortisation
At 1 April 2022 | 249,861 | 249,861
Amortisation charge | 31,620 | 31,620
At 31 March 2023 | 281,481 | 281,481
Carrying amount
At 31 March 2023 | 34,724 | 34,724
At 31 March 2022 | 66,344 | 66,344

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5 | Tangible assets

| Fixtures and fittings £ | Motor vehicles £ | Computer equipment £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2022 | 54,053 | 78,277 | 5,244 | 47,988 | 185,562
Additions | 995 | - | 1,707 | 5,037 | 7,739
At 31 March 2023 | 55,048 | 78,277 | 6,951 | 53,025 | 193,301
Depreciation
At 1 April 2022 | 32,321 | 60,376 | 3,925 | 18,518 | 115,140
Charge for the year | 3,409 | 4,475 | 1,445 | 5,176 | 14,505
At 31 March 2023 | 35,730 | 64,851 | 5,370 | 23,694 | 129,645
Carrying amount
At 31 March 2023 | 19,318 | 13,426 | 1,581 | 29,331 | 63,656
At 31 March 2022 | 21,732 | 17,901 | 1,319 | 29,470 | 70,422

6 | Stocks

| 2023 £ | 2022 £
Stocks | 11,907 | 14,352

Havercroft's Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 129,913 | 135,593
Prepayments | 4,729 | 6,574
| 134,642 | 142,167

8 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade creditors | 67,577 | 90,490
Taxation and social security | 37,969 | 35,384
Accruals and deferred income | 8,513 | 8,315
Other creditors | 43,971 | 22,348
| 158,030 | 156,537