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Registration number: 10647136

Barnards Butchers Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 March 2023

 

Barnards Butchers Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Barnards Butchers Limited

Company Information

Directors

Mr D W Barnard

Mr D J Barnard

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Barnards Butchers Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Barnards Butchers Limited for the year ended 31 March 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Barnards Butchers Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2018. Our work has been undertaken solely to prepare for your approval the accounts of Barnards Butchers Limited and state those matters that we have agreed to state to the Board of Directors of Barnards Butchers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barnards Butchers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Barnards Butchers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Barnards Butchers Limited. You consider that Barnards Butchers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Barnards Butchers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

14 September 2023

 

Barnards Butchers Limited

(Registration number: 10647136)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17,200

21,500

Tangible assets

5

17,854

13,362

 

35,054

34,862

Current assets

 

Stocks

6

6,541

6,430

Debtors

7

5,441

5,786

Cash at bank and in hand

 

46,702

58,607

 

58,684

70,823

Creditors: Amounts falling due within one year

8

(25,727)

(30,191)

Net current assets

 

32,957

40,632

Total assets less current liabilities

 

68,011

75,494

Provisions for liabilities (Deferred taxation)

(4,084)

(2,190)

Net assets

 

63,927

73,304

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

63,827

73,204

Shareholders' funds

 

63,927

73,304

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.

 

Barnards Butchers Limited

(Registration number: 10647136)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................
Mr D W Barnard
Director

.........................................
Mr D J Barnard
Director

 

Barnards Butchers Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 April 2022

100

73,204

73,304

Profit for the year

-

16,842

16,842

Total comprehensive income

-

16,842

16,842

Dividends

-

(26,219)

(26,219)

At 31 March 2023

100

63,827

63,927

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 April 2021

100

59,838

59,938

Profit for the year

-

32,116

32,116

Total comprehensive income

-

32,116

32,116

Dividends

-

(18,750)

(18,750)

At 31 March 2022

100

73,204

73,304

 

Barnards Butchers Limited

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.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
279 Hawthorn Drive
Ipswich, Suffolk
Suffolk
IP3 0QG
United Kingdom

These financial statements were authorised for issue by the Board on 14 September 2023.

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 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 £.

Revenue recognition

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Barnards Butchers Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

The current corporation 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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% reducing balance method

Computer equipment (inc in fixtures, fittings & equipment)

36 months straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Barnards Butchers Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Barnards Butchers Limited

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

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.

The pension charge relates to employer contributions to employees work place pension schemes under the pensions auto enolment regulations.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

Barnards Butchers Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 April 2022

43,000

43,000

At 31 March 2023

43,000

43,000

Amortisation

At 1 April 2022

21,500

21,500

Amortisation charge

4,300

4,300

At 31 March 2023

25,800

25,800

Carrying amount

At 31 March 2023

17,200

17,200

At 31 March 2022

21,500

21,500

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2022

21,064

-

21,064

Additions

114

8,300

8,414

Disposals

(460)

-

(460)

At 31 March 2023

20,718

8,300

29,018

Depreciation

At 1 April 2022

7,702

-

7,702

Charge for the year

2,021

1,729

3,750

Eliminated on disposal

(288)

-

(288)

At 31 March 2023

9,435

1,729

11,164

Carrying amount

At 31 March 2023

11,283

6,571

17,854

At 31 March 2022

13,362

-

13,362

 

Barnards Butchers Limited

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

6

Stocks

2023
£

2022
£

Stock of goods

6,541

6,430

7

Debtors

2023
£

2022
£

Prepayments

4,741

4,547

Other debtors

700

1,239

5,441

5,786

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,711

4,270

Taxation and social security

4,296

9,209

Accruals and deferred income

2,406

2,628

Other creditors

12,314

14,084

25,727

30,191

9

Reserves

The profit and loss reserves are fully distributable.

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £262.20 (2022 - £187.50) per each ordinary shares

 

26,219

 

18,750

         
 

Barnards Butchers Limited

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

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £13,500). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total lease payments payable by the company to the end of the lease on their business premises.

12

Related party transactions

Other transactions with directors

Included in other creditors at the 31st March 2023 is a sum of £12,228 (2022 - £13,999) owed to the director, Mr D W Barnard, in respect of the residue of funds injected into the company.

The director has not charged interest on this loan made to the company.