Company registration number 05011759 (England and Wales)
N HOCKING BUTCHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
N HOCKING BUTCHERS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
N HOCKING BUTCHERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,338
52,385
Investments
5
163,712
156,125
209,050
208,510
Current assets
Stocks
15,000
11,000
Debtors
7
12,840
51,674
Cash at bank and in hand
51,954
35,388
79,794
98,062
Creditors: amounts falling due within one year
8
(65,978)
(82,660)
Net current assets
13,816
15,402
Total assets less current liabilities
222,866
223,912
Provisions for liabilities
(8,136)
(9,475)
Net assets
214,730
214,437
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
214,630
214,337
Total equity
214,730
214,437
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
N HOCKING BUTCHERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 October 2023 and are signed on its behalf by:
Mrs B Hocking
Mr N Hocking
Director
Director
Company registration number 05011759 (England and Wales)
N HOCKING BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
N Hocking Butchers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Henson Close, South Church Enterprise Park, Bishop Auckland, Co Durham, DL14 6WA.
1.1
Accounting convention
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received for the goods supplied net of Value Added Tax.
1.3
Intangible fixed assets - goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible asset cannot be made, the life is presumed not to exceed ten years.
1.4
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:
Property improvements
15% - reducing balance
Equipment
15% - reducing balance
Computers
33% - straight line
Motor vehicles
25% - reducing balance
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.
1.5
Fixed asset investments
This is a bond held with a Prudential Investment Plan. It will be held for a medium term investment potential and is valued at market value.
N HOCKING BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are measured at the lower of cost and estimated selling price.
1.8
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.
1.9
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 income statement 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 income statement, 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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
N HOCKING BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
137,500
Amortisation and impairment
At 1 April 2022 and 31 March 2023
137,500
Carrying amount
At 31 March 2023
At 31 March 2022
2023
2022
£
£
Cost
-
-
Accumulated amortisation
-
-
Carrying value
-
-
4
Tangible fixed assets
Property improvements
Equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
10,135
127,155
2,438
23,000
162,728
Additions
2,221
102
2,323
At 31 March 2023
10,135
129,376
2,540
23,000
165,051
Depreciation and impairment
At 1 April 2022
6,486
92,794
2,438
8,625
110,343
Depreciation charged in the year
547
5,283
6
3,534
9,370
At 31 March 2023
7,033
98,077
2,444
12,159
119,713
Carrying amount
At 31 March 2023
3,102
31,299
96
10,841
45,338
At 31 March 2022
3,649
34,361
14,375
52,385
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
163,712
156,125
N HOCKING BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
156,125
Valuation changes
7,587
At 31 March 2023
163,712
Carrying amount
At 31 March 2023
163,712
At 31 March 2022
156,125
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
163,712
156,125
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,374
6,816
Other debtors
7,466
44,858
12,840
51,674
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,267
35,922
Corporation tax
18,893
18,581
Other taxation and social security
2,970
2,702
Other creditors
19,848
25,455
65,978
82,660
N HOCKING BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
10,000
10,000
Between two and five years
19,833
29,833
In over five years
29,833
39,833