Brian Etherington Meat Company Limited 02760858 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of a wholesale and retail butchers, farm shop and butchery academy. Digita Accounts Production Advanced 6.30.9574.0 true 02760858 2022-03-01 2023-02-28 02760858 2023-02-28 02760858 bus:Director3 1 2023-02-28 02760858 bus:Director3 2 2023-02-28 02760858 core:CapitalRedemptionReserve 2023-02-28 02760858 core:OtherReservesSubtotal 2023-02-28 02760858 core:RetainedEarningsAccumulatedLosses 2023-02-28 02760858 core:ShareCapital 2023-02-28 02760858 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 02760858 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 02760858 core:CurrentFinancialInstruments 2023-02-28 02760858 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02760858 core:Non-currentFinancialInstruments 2023-02-28 02760858 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 02760858 core:Goodwill 2023-02-28 02760858 core:LandBuildings 2023-02-28 02760858 core:MotorVehicles 2023-02-28 02760858 core:OtherPropertyPlantEquipment 2023-02-28 02760858 bus:SmallEntities 2022-03-01 2023-02-28 02760858 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02760858 bus:FullAccounts 2022-03-01 2023-02-28 02760858 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 02760858 bus:RegisteredOffice 2022-03-01 2023-02-28 02760858 bus:Director1 2022-03-01 2023-02-28 02760858 bus:Director2 2022-03-01 2023-02-28 02760858 bus:Director3 2022-03-01 2023-02-28 02760858 bus:Director3 1 2022-03-01 2023-02-28 02760858 bus:Director3 2 2022-03-01 2023-02-28 02760858 bus:Director4 2022-03-01 2023-02-28 02760858 bus:Director6 2022-03-01 2023-02-28 02760858 bus:Director8 2022-03-01 2023-02-28 02760858 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02760858 bus:Agent1 2022-03-01 2023-02-28 02760858 core:Goodwill 2022-03-01 2023-02-28 02760858 core:Buildings 2022-03-01 2023-02-28 02760858 core:LandBuildings 2022-03-01 2023-02-28 02760858 core:MotorVehicles 2022-03-01 2023-02-28 02760858 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 02760858 core:PlantMachinery 2022-03-01 2023-02-28 02760858 countries:EnglandWales 2022-03-01 2023-02-28 02760858 2022-02-28 02760858 bus:Director3 1 2022-02-28 02760858 bus:Director3 2 2022-02-28 02760858 core:Goodwill 2022-02-28 02760858 core:LandBuildings 2022-02-28 02760858 core:MotorVehicles 2022-02-28 02760858 core:OtherPropertyPlantEquipment 2022-02-28 02760858 2021-03-01 2022-02-28 02760858 2022-02-28 02760858 bus:Director1 1 2022-02-28 02760858 bus:Director2 1 2022-02-28 02760858 bus:Director3 1 2022-02-28 02760858 bus:Director4 1 2022-02-28 02760858 bus:Director6 1 2022-02-28 02760858 core:CapitalRedemptionReserve 2022-02-28 02760858 core:OtherReservesSubtotal 2022-02-28 02760858 core:RetainedEarningsAccumulatedLosses 2022-02-28 02760858 core:ShareCapital 2022-02-28 02760858 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 02760858 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 02760858 core:CurrentFinancialInstruments 2022-02-28 02760858 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 02760858 core:Non-currentFinancialInstruments 2022-02-28 02760858 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 02760858 core:Goodwill 2022-02-28 02760858 core:LandBuildings 2022-02-28 02760858 core:MotorVehicles 2022-02-28 02760858 core:OtherPropertyPlantEquipment 2022-02-28 02760858 bus:Director1 1 2021-03-01 2022-02-28 02760858 bus:Director2 1 2021-03-01 2022-02-28 02760858 bus:Director3 1 2021-03-01 2022-02-28 02760858 bus:Director4 1 2021-03-01 2022-02-28 02760858 bus:Director6 1 2021-03-01 2022-02-28 02760858 bus:Director1 1 2021-02-28 02760858 bus:Director2 1 2021-02-28 02760858 bus:Director3 1 2021-02-28 02760858 bus:Director4 1 2021-02-28 02760858 bus:Director6 1 2021-02-28 iso4217:GBP xbrli:pure

Brian Etherington Meat Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 02760858

 

Brian Etherington Meat Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

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

Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5DF

Bankers

HSBC
17 Boscawen Street
Truro
Cornwall
TR1 2QZ

Accountants

Francis Clark LLP
Chartered Accountants
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Brian Etherington Meat Company Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,448,069

2,466,833

Current assets

 

Stocks

1,019,692

770,229

Debtors

7

654,712

820,806

Other financial assets

6

13,553

17,251

Cash at bank and in hand

 

151,703

471,153

 

1,839,660

2,079,439

Creditors: Amounts falling due within one year

8

(841,228)

(979,443)

Net current assets

 

998,432

1,099,996

Total assets less current liabilities

 

3,446,501

3,566,829

Creditors: Amounts falling due after more than one year

8

(369,474)

(577,431)

Deferred income

 

(230,246)

(244,343)

Provisions for liabilities

(253,115)

(238,858)

Net assets

 

2,593,666

2,506,197

Capital and reserves

 

Called up share capital

66,666

66,666

Capital redemption reserve

33,334

33,334

Fair value reserve

(19,557)

(15,859)

Profit and loss account

2,513,223

2,422,056

Total equity

 

2,593,666

2,506,197

 

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:

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 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 Board on 30 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Etherington
Director

Company Registration Number: 02760858

 

Brian Etherington Meat Company Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 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:
Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5DF

These financial statements were authorised for issue by the Board on 30 October 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 - '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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 78 (2022 - 77).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

85,850

85,850

At 28 February 2023

85,850

85,850

Amortisation

At 1 March 2022

85,850

85,850

At 28 February 2023

85,850

85,850

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

 

Brian Etherington Meat Company Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

2,003,944

533,571

1,164,110

3,701,625

Additions

-

43,995

150,430

194,425

Disposals

-

(70,400)

(23,795)

(94,195)

At 28 February 2023

2,003,944

507,166

1,290,745

3,801,855

Depreciation

At 1 March 2022

207,038

285,633

742,121

1,234,792

Charge for the year

36,654

83,313

75,642

195,609

Eliminated on disposal

-

(58,869)

(17,746)

(76,615)

At 28 February 2023

243,692

310,077

800,017

1,353,786

Carrying amount

At 28 February 2023

1,760,252

197,089

490,728

2,448,069

At 28 February 2022

1,796,906

247,938

421,989

2,466,833

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

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

At 28 February 2023

13,553

13,553

At 28 February 2022

17,251

17,251

7

Debtors

2023
£

2022
£

Trade debtors

548,177

754,852

Prepayments

42,461

19,526

Other debtors

64,074

46,428

654,712

820,806

 

Brian Etherington Meat Company Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

209,488

206,426

Trade creditors

 

413,977

530,403

Social security and other taxes

 

39,590

44,968

Outstanding defined contribution pension costs

 

-

7,618

Other creditors

 

1,077

888

Accrued expenses

 

108,271

132,049

Corporation tax

68,825

57,091

 

841,228

979,443

Due after one year

 

Loans and borrowings

9

369,474

577,431

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

201,105

198,336

Hire purchase contracts

8,383

8,090

209,488

206,426

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

346,635

546,264

HP and finance lease liabilities

22,839

31,167

369,474

577,431

10

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 £7,846 (2022 - £4,197). This relates to operating lease commitments in respect of motor vehicles payable over the next year.

 

Brian Etherington Meat Company Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

11

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

Interest free loan, repayable on demand

630

39,816

(25,997)

14,449

-

-

-

-

 

630

39,816

(25,997)

14,449

       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr M A Etherington

Interest free loan, repayable on demand

28,614

5,973

(33,958)

630

 

28,614

5,973

(33,958)

630

       

Mr B Etherington

Interest free loan, repayable on demand

35,017

11,822

(46,839)

-

 

35,017

11,822

(46,839)

-

       

Mrs G J Etherington

Interest free loan, repayable on demand

31,204

13,750

(44,954)

-

 

31,204

13,750

(44,954)

-

       

Mr J J Pascoe

Interest free loan, repayable on demand

50,913

12,222

(63,135)

-

 

50,913

12,222

(63,135)

-

       

Mrs D Pascoe

Interest free loan, repayable on demand

37,864

13,793

(51,657)

-

 

37,864

13,793

(51,657)

-