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Registration number: 13188476

Buttercross Butchers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Buttercross Butchers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Buttercross Butchers Ltd

Company Information

Director

M C Rowley

Registered office

Shiffords Grange Farm
Red Bull
Market Drayton
Shropshire
TF9 2QS

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Buttercross Butchers Ltd

(Registration number: 13188476)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

122,238

135,820

Tangible assets

5

110,361

120,174

 

232,599

255,994

Current assets

 

Stocks

6

100,350

93,327

Debtors

7

193,165

189,614

Cash at bank and in hand

 

4,138

1,795

 

297,653

284,736

Creditors: Amounts falling due within one year

8

(437,347)

(466,897)

Net current liabilities

 

(139,694)

(182,161)

Total assets less current liabilities

 

92,905

73,833

Creditors: Amounts falling due after more than one year

8

(90,166)

(66,055)

Net assets

 

2,739

7,778

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

2,639

7,678

Shareholders' funds

 

2,739

7,778

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Buttercross Butchers Ltd

(Registration number: 13188476)
Balance Sheet as at 31 March 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2023
 


M C Rowley
Director

 

Buttercross Butchers Ltd

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:
Shiffords Grange Farm
Red Bull
Market Drayton
Shropshire
TF9 2QS

These financial statements were authorised for issue by the director on 1 November 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.

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.

Tax

The tax expense for the period comprises current 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.

 

Buttercross Butchers Ltd

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

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

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

10% 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

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.

 

Buttercross Butchers Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 20).

 

Buttercross Butchers Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

135,820

135,820

At 31 March 2023

135,820

135,820

Amortisation

Amortisation charge

13,582

13,582

At 31 March 2023

13,582

13,582

Carrying amount

At 31 March 2023

122,238

122,238

At 31 March 2022

135,820

135,820

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,550

28,000

96,674

126,224

Additions

-

-

22,897

22,897

At 31 March 2023

1,550

28,000

119,571

149,121

Depreciation

At 1 April 2022

100

-

5,950

6,050

Charge for the year

362

7,000

25,348

32,710

At 31 March 2023

462

7,000

31,298

38,760

Carrying amount

At 31 March 2023

1,088

21,000

88,273

110,361

At 31 March 2022

1,450

28,000

90,724

120,174

6

Stocks

2023
£

2022
£

Other inventories

100,350

93,327

 

Buttercross Butchers Ltd

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

7

Debtors

2023
£

2022
£

Trade debtors

169,478

174,292

Prepayments

15,228

15,228

Other debtors

8,459

94

193,165

189,614

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

183,850

277,337

Trade creditors

 

171,999

150,409

Taxation and social security

 

45,315

14,806

Other creditors

 

36,183

24,345

 

437,347

466,897

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £183,850.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

90,166

66,055

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £90,166.

 

Buttercross Butchers Ltd

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,888

47,224

Finance lease liabilities

71,278

18,831

90,166

66,055

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,268

8,500

Bank overdrafts

110,272

130,880

Finance lease liabilities

53,310

137,957

183,850

277,337

11

Related party transactions

At 31 March 2023 the company was owed a balance of £6,008 (2022 - creditor £4,000) by the director, which is included in Other debtors (2022 - Other creditors).