Company registration number NI604618 (Northern Ireland)
PRIMACY MEATS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PRIMACY MEATS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PRIMACY MEATS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
280,000
320,000
Tangible assets
4
361,664
399,055
Current assets
Stocks
136,811
168,120
Debtors
5
338,391
313,732
Cash at bank and in hand
554,491
918,096
1,029,693
1,399,948
Creditors: amounts falling due within one year
6
(441,880)
(638,702)
Net current assets
587,813
761,246
Total assets less current liabilities
1,229,477
1,480,301
Provisions for liabilities
(52,078)
(58,459)
Net assets
1,177,399
1,421,842
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,177,299
1,421,742
Total equity
1,177,399
1,421,842

The directors of the company have elected not to include a copy of the profit and loss account 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.

PRIMACY MEATS LIMITED
BALANCE SHEET (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 3 October 2023 and are signed on its behalf by:
Mr Stephen Bowman
Director
Company Registration No. NI604618
PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Primacy Meats Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 26A Primacy Road, Bangor, Co Down, BT19 7PQ.

1.1
Accounting convention

The 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets - goodwill

Goodwill is the difference between the fair value of the consideration given on the acquisition of a business and the aggregate fair value of the separate net assets acquired. Goodwill is being amortised over 10 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:

Leasehold improvements
0%
Machinery and equipment
15% 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
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).

1.6
Stock

Stock is stated at the lower of cost and estimated selling price. Provision is made at the year end for any quantities of unsaleable foodstuffs.

PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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 profit and loss account 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.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

Total
69
71
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
400,000
Amortisation and impairment
At 1 April 2022
80,000
Amortisation charged for the year
40,000
At 31 March 2023
120,000
Carrying amount
At 31 March 2023
280,000
At 31 March 2022
320,000
PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Leassehold improvements
Machinery and equipment
Total
£
£
£
Cost
At 1 April 2022
77,772
1,071,471
1,149,243
Additions
-
0
12,708
12,708
At 31 March 2023
77,772
1,084,179
1,161,951
Depreciation and impairment
At 1 April 2022
-
0
750,188
750,188
Depreciation charged in the year
-
0
50,099
50,099
At 31 March 2023
-
0
800,287
800,287
Carrying amount
At 31 March 2023
77,772
283,892
361,664
At 31 March 2022
77,772
321,283
399,055
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors and prepayments
324,523
297,121
VAT refundable
13,868
16,611
338,391
313,732
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
21,733
28,125
Trade creditors
227,167
390,293
Accruals
68,471
75,543
Corporation tax
124,509
144,741
441,880
638,702
7
Related party transactions

The company occupies property belonging to the directors and pays rent at a market rate.

 

The company purchases livestock from a director. These transactions take place at arms length.

 

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