REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023 |
FOR |
CENTRAL MEAT (SMITHFIELD) LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023 |
FOR |
CENTRAL MEAT (SMITHFIELD) LIMITED |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 7 |
CENTRAL MEAT (SMITHFIELD) LIMITED |
COMPANY INFORMATION |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
REPORT OF THE DIRECTOR |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
The director presents his report with the financial statements of the company for the period 1 July 2022 to 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of wholesalers of meat. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CENTRAL MEAT (SMITHFIELD) LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Central Meat (Smithfield) Limited for the period ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Central Meat (Smithfield) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Central Meat (Smithfield) Limited and state those matters that we have agreed to state to the director of Central Meat (Smithfield) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Meat (Smithfield) Limited and its director for our work or for this report. |
It is your duty to ensure that Central Meat (Smithfield) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Central Meat (Smithfield) Limited. You consider that Central Meat (Smithfield) Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Central Meat (Smithfield) 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 financial statements. |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
INCOME STATEMENT |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
Period |
1.7.22 |
to | Year Ended |
31.3.23 | 30.6.22 |
£ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
92,558 | 145,216 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL PERIOD |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
The director acknowledges his 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. |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2023 |
The financial statements were approved by the director and authorised for issue on |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Central Meat (Smithfield) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 unless otherwise stated in these accounting policies. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Computer equipment - 25% on reducing balance |
Fixtures and fittings - 15% on reducing balance |
Motor vehicles - 20% on reducing balance |
The company has adopted the policy of depreciating the assets in the first year, however full depreciation is provided in the year of disposal. |
Land and building held and used in the Company's own activities for production and supply of goods or for |
administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ form using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. |
Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Inventories |
Inventories 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 period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 July 2022 |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 30 June 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
Short | Fittings | Motor | Computer |
leasehold | & Machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 30 June 2022 |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 11,808 | 2,609 |
11,808 | 6,657 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during period |
Balance at 31 March 2023 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
and 31 March 2023 |
CENTRAL MEAT (SMITHFIELD) LIMITED (REGISTERED NUMBER: 01547227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JULY 2022 TO 31 MARCH 2023 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included in the other debtors is an amount of £9,932 (2022: £9,932) due from the connected companies with common directorship.The loan was interest free and repayable on demand. |
Included in the other creditors is an amount of £20,061 (2022: £20,061) due to the connected companies with common directorship.The loan was interest free and repayable on demand. |