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Registration number: 08709763

The Butchers At Darts Farm Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2023

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

Company Information

Directors

P G David

A J David

Registered office

Darts Farm
Topsham
Exeter
Devon
EX3 0QH

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

318,100

310,870

Current assets

 

Stocks

6

97,591

103,154

Debtors

7

604,026

129,256

Cash at bank and in hand

 

522,425

934,888

 

1,224,042

1,167,298

Creditors: Amounts falling due within one year

8

(582,004)

(410,896)

Net current assets

 

642,038

756,402

Total assets less current liabilities

 

960,138

1,067,272

Provisions for liabilities

(79,221)

(70,816)

Net assets

 

880,917

996,456

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

880,817

996,356

Total equity

 

880,917

996,456

For the financial year ending 31 January 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.

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

Balance Sheet as at 31 January 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 October 2023 and signed on its behalf by:
 

.........................................
P G David
Director

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Darts Farm
Topsham
Exeter
Devon
EX3 0QH

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Government grants

Apprenticeship grants are recognised under the accrual model and have been credited to other income over the periods in which the compensated costs have been recognised.

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 income 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.

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum on a reducing balance basis

Furniture, fittings and equipment

20% per annum on a reducing balance basis

Motor vehicles

20% per annum on a straight line basis

Leasehold improvements

Over the term of the lease

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

20% per annum on a straight line basis

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.

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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.

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.

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 Butchers At Darts Farm Limited
(Registration number: 08709763)

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

22,000

22,000

At 31 January 2023

22,000

22,000

Amortisation

At 1 February 2022

22,000

22,000

At 31 January 2023

22,000

22,000

Carrying amount

At 31 January 2023

-

-

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 February 2022

18,617

90,108

143,118

303,659

555,502

Additions

-

9,405

1,000

74,055

84,460

Disposals

-

-

(5,000)

-

(5,000)

At 31 January 2023

18,617

99,513

139,118

377,714

634,962

Depreciation

At 1 February 2022

2,519

52,143

60,166

129,804

244,632

Charge for the year

1,242

7,962

23,479

43,547

76,230

Eliminated on disposal

-

-

(4,000)

-

(4,000)

At 31 January 2023

3,761

60,105

79,645

173,351

316,862

Carrying amount

At 31 January 2023

14,856

39,408

59,473

204,363

318,100

At 31 January 2022

16,098

37,965

82,952

173,855

310,870

Included within the net book value of land and buildings above is £14,856 (2022 - £16,098) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other stocks

97,591

103,154

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

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

7

Debtors

2023
£

2022
£

Trade debtors

86,500

49,032

Other debtors

516,277

73,813

Prepayments and accrued income

1,249

6,411

Total current trade and other debtors

604,026

129,256

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

124,361

193,812

Taxation and social security

55,446

99,744

Other creditors

53,980

8,622

Accrued expenses

348,217

108,718

582,004

410,896

9

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 £900,000 (2022 - £975,000). The amount falling due within one year is £75,000 (2022 - £75,000).

 

The Butchers At Darts Farm Limited
(Registration number: 08709763)

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

10

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Director 1: Interest free loan, repayable on demand

2,436

3,436

(5,872)

-

Director 2: Interest free loan, repayable on demand

436

19,436

(19,872)

-

 

2,872

22,872

(25,744)

-

       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Director 1: Interest free loan, repayable on demand

10,300

6,386

(14,250)

2,436

Director 2: Interest free loan, repayable on demand

6,050

6,386

(12,000)

436

 

16,350

12,772

(26,250)

2,872