Year Ended
Registration number:
Brian Etherington Meat Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brian Etherington Meat Company Limited
Company Information
Directors |
Mr B Etherington Mr M A Etherington Mrs D Pascoe Mrs G J Etherington Mr M D Pascoe |
Registered office |
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Bankers |
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Accountants |
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Brian Etherington Meat Company Limited
Balance Sheet
28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
13,553 |
17,251 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Deferred income |
(230,246) |
(244,343) |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Fair value reserve |
( |
( |
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Profit and loss account |
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Total equity |
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Brian Etherington Meat Company Limited
Balance Sheet
28 February 2023
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:
• |
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 02760858
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Government grants
During the previous year the company received Government support as a result of the Coronavirus pandemic by way of the Coronavirus Job Retention Scheme, Coronavirus Business Interruption Loan Scheme and local business rate grants. Each of these measures were designed to mitigate the impact of Covid 19 restrictions on the business.
The company has previously received Government grants in support of capital development projects.
The company has elected to account for grants under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in other operating income within profit or loss in the same period as the related expenditure. Grants of a capital nature are taken to the balance sheet as deferred income and amortised so as to match the consumption of the associated capital asset. Annual amortisation of capital grants is recognised in other operating income within profit or loss.
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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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 |
15% - 20% on written down value |
Motor vehicles |
30% on written down value |
Buildings |
2% straight line basis |
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:
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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 stocks 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.
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.
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.
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Amortisation |
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At 1 March 2022 |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
- |
- |
At 28 February 2022 |
- |
- |
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
( |
At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Included within the net book value of land and buildings above is £1,760,252 (2022 - £1,796,906) in respect of freehold land and buildings.
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 March 2022 |
17,251 |
17,251 |
Fair value adjustments |
(3,698) |
(3,698) |
At 28 February 2023 |
13,553 |
13,553 |
Carrying amount |
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At 28 February 2023 |
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13,553 |
At 28 February 2022 |
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17,251 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
- |
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Other creditors |
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Accrued expenses |
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Corporation tax |
68,825 |
57,091 |
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Due after one year |
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Loans and borrowings |
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Creditors due within one year include secured liabilities in relation to bank loans and overdrafts of £201,105 (2022 - £198,336), and in relation to hire purchase liabilities of £8,383 (2022 - £8,090),
Creditors due after one year include secured liabilities in relation to bank loans of £346,635 (2022 - £546,264), and in relation to hire purchase liabilities of £22,839 (2022 - £31,167).
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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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 £
Brian Etherington Meat Company Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Related party transactions |
Transactions with directors |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr M A Etherington |
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Interest free loan, repayable on demand |
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( |
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- |
- |
- |
- |
630 |
39,816 |
(25,997) |
14,449 |
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2022 |
At 1 March 2021 |
Advances to director |
Repayments by director |
At 28 February 2022 |
Mr M A Etherington |
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Interest free loan, repayable on demand |
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( |
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28,614 |
5,973 |
(33,958) |
630 |
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Mr B Etherington |
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Interest free loan, repayable on demand |
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( |
- |
35,017 |
11,822 |
(46,839) |
- |
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Mrs G J Etherington |
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Interest free loan, repayable on demand |
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( |
- |
31,204 |
13,750 |
(44,954) |
- |
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Mr J J Pascoe |
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Interest free loan, repayable on demand |
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( |
- |
50,913 |
12,222 |
(63,135) |
- |
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Mrs D Pascoe |
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Interest free loan, repayable on demand |
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( |
- |
37,864 |
13,793 |
(51,657) |
- |
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