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REGISTERED NUMBER: 10262785 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SALCOMBE MEAT COMPANY LIMITED

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SALCOMBE MEAT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr A Brazier
Mrs L Brazier



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 10262785 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
32 Fore Street
Kingsbridge
Devon
TQ7 1PB

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 142,087 145,104

CURRENT ASSETS
Stocks 5 23,190 26,500
Debtors 6 5,702 19,512
Cash at bank and in hand 16,071 46,266
44,963 92,278
CREDITORS
Amounts falling due within one year 7 70,039 71,308
NET CURRENT (LIABILITIES)/ASSETS (25,076 ) 20,970
TOTAL ASSETS LESS CURRENT LIABILITIES 117,011 166,074

CREDITORS
Amounts falling due after more than one
year

8

(81,620

)

(97,063

)

PROVISIONS FOR LIABILITIES (8,767 ) (9,340 )
NET ASSETS 26,624 59,671

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 26,524 59,571
SHAREHOLDERS' FUNDS 26,624 59,671

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2023 and were signed on its behalf by:




Mr A Brazier - Director



Mrs L Brazier - Director


SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Salcombe Meat Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 2% on cost
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Buildings machinery fittings
£    £    £   
COST
At 1 April 2022 102,399 65,024 -
Additions 10,139 248 -
At 31 March 2023 112,538 65,272 -
DEPRECIATION
At 1 April 2022 7,333 24,091 -
Charge for year - 8,236 2,251
At 31 March 2023 7,333 32,327 2,251
NET BOOK VALUE
At 31 March 2023 105,205 32,945 (2,251 )
At 31 March 2022 95,066 40,933 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 10,680 9,740 187,843
Additions - - 10,387
At 31 March 2023 10,680 9,740 198,230
DEPRECIATION
At 1 April 2022 8,402 2,913 42,739
Charge for year 569 2,348 13,404
At 31 March 2023 8,971 5,261 56,143
NET BOOK VALUE
At 31 March 2023 1,709 4,479 142,087
At 31 March 2022 2,278 6,827 145,104

5. STOCKS
2023 2022
£    £   
Stocks 23,190 26,500

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,274 3,864
Directors' current accounts - 1,586
Tax 948 948
VAT 2,142 12,999
Prepayments 338 115
5,702 19,512

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,883 24,188
Trade creditors 21,531 31,261
Social security and other taxes 1,511 1,917
Other creditors 910 4,250
Pension creditor 34 -
Directors' current accounts 18,396 8,008
Accrued expenses 1,774 1,684
70,039 71,308

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 26,681 -
Bank loans - 2-5 years 46,374 78,963
Bank loans more 5 yr by instal 8,565 18,100
81,620 97,063

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,565 18,100

9. OTHER FINANCIAL COMMITMENTS

At 31/03/2022, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £746,666 (31 March 2022 £786,666).

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr A Brazier
Balance outstanding at start of year 1,586 25,706
Amounts advanced 4,034 1,020
Amounts repaid (8,535 ) (25,140 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,915 ) 1,586

Mrs L Brazier
Balance outstanding at start of year (8,008 ) 20,052
Amounts advanced 4,862 12,184
Amounts repaid (12,335 ) (40,244 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,481 ) (8,008 )

Loans are unsecured, interest free and repayable on demand.

11. BOUNCE BACK LOAN

The Company took a bounce back loan guaranteed by the Government. The loan is payable over 6 years with no repayments in the first year. The interest rate is 2.5%.