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Registration number: 08855431

Jelleys Meats Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Jelleys Meats Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jelleys Meats Limited

(Registration number: 08855431)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,667

6,078

Current assets

 

Stocks

5

600

600

Debtors

6

38,538

2,249

Cash at bank and in hand

 

2,834

8,613

 

41,972

11,462

Creditors: Amounts falling due within one year

7

(50,863)

(15,422)

Net current liabilities

 

(8,891)

(3,960)

Total assets less current liabilities

 

2,776

2,118

Provisions for liabilities

(2,217)

(1,155)

Net assets

 

559

963

Capital and reserves

 

Called up share capital

100

100

Retained earnings

459

863

Shareholders' funds

 

559

963

For the financial year ending 28 February 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.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

 

Jelleys Meats Limited

(Registration number: 08855431)
Balance Sheet as at 28 February 2023

.........................................
Mr Karl Jelley
Director

.........................................
Mrs Donna Jelley
Director

 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
4 Grove Road
Harpenden
Hertfordshire
AL5 1PX
England

These financial statements were authorised for issue by the Board on 17 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities. The directors pledge their ongoing support and as such the accounts have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received 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.

 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which
the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the entity with no future related costs shall be
recognised in income in the period in which it becomes receivable.

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.

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, 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

4 year straight line

Office equipment

4 year straight line

Furniture & fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. 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.

 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using an average cost method. Provisions are made for stock that is believed to be held above its carrying value, with any adjustment being charged through profit and 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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

8,900

21,930

3,759

34,589

Additions

1,092

-

9,722

10,814

At 28 February 2023

9,992

21,930

13,481

45,403

Depreciation

At 1 March 2022

7,738

18,651

2,122

28,511

Charge for the year

563

1,822

2,840

5,225

At 28 February 2023

8,301

20,473

4,962

33,736

Carrying amount

At 28 February 2023

1,691

1,457

8,519

11,667

At 28 February 2022

1,162

3,279

1,637

6,078

5

Stocks

2023
£

2022
£

Other inventories

600

600

6

Debtors

Current

2023
£

2022
£

Trade debtors

573

432

Other debtors

37,965

1,817

 

38,538

2,249

7

Creditors

Creditors: amounts falling due within one year

 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

37,768

1,022

Trade creditors

 

1,144

144

Taxation and social security

 

9,688

10,822

Accruals and deferred income

 

2,241

3,434

Other creditors

 

22

-

 

50,863

15,422

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £110.00 (2022 - £460.00) per each Ordinary

 

11,000

 

46,000

         
 

Jelleys Meats Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the directors owed £26,742 to the company, (2022: £462). There is no set repayment terms or interest being charged.
 

11

Controlling party

The ultimate controlling party is Karl and Donna Jelley as directors acting in concert.

12

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

37,768

1,022

The above liabilities are secured on the assets concerned.