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REGISTERED NUMBER: 01338579 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

RP MEATS WHOLESALE LIMITED

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RP MEATS WHOLESALE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: G J Thatcher





REGISTERED OFFICE: Basepoint Business Centre
Little High Street
Shoreham-By-Sea
West Sussex
BN43 5EG





REGISTERED NUMBER: 01338579 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 348,357 135,592
348,357 135,592

CURRENT ASSETS
Stocks 439,470 443,994
Debtors 6 3,734,995 3,173,023
Cash at bank and in hand 416,637 -
4,591,102 3,617,017
CREDITORS
Amounts falling due within one year 7 (2,594,052 ) (2,101,064 )
NET CURRENT ASSETS 1,997,050 1,515,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,345,407

1,651,545

CREDITORS
Amounts falling due after more than one
year

8

(728,056

)

(504,370

)

PROVISIONS FOR LIABILITIES (71,401 ) -
NET ASSETS 1,545,950 1,147,175

CAPITAL AND RESERVES
Called up share capital 23,000 23,000
Retained earnings 1,522,950 1,124,175
1,545,950 1,147,175

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





G J Thatcher - Director


RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

RP Meats Wholesale Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold - 33.33% straight line
Leasehold - over the life of the lease
Plant & Machinery - 20% on cost and 10% reducing balance
Motor Vehicles - 20% on reducing balance
Fixtures & Fittings - 20% straight line
Computer Equipment - 25% 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.


RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 29 ) .

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 4,000
AMORTISATION
At 1 March 2022
and 28 February 2023 4,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 127,531 513,402 640,933
Additions - 301,614 301,614
Disposals - (106,403 ) (106,403 )
At 28 February 2023 127,531 708,613 836,144
DEPRECIATION
At 1 March 2022 105,889 399,452 505,341
Charge for year 4,478 60,438 64,916
Eliminated on disposal - (82,470 ) (82,470 )
At 28 February 2023 110,367 377,420 487,787
NET BOOK VALUE
At 28 February 2023 17,164 331,193 348,357
At 28 February 2022 21,642 113,950 135,592

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022 91,321
Additions 192,110
Disposals (23,439 )
At 28 February 2023 259,992
DEPRECIATION
At 1 March 2022 55,024
Charge for year 30,358
Eliminated on disposal (15,235 )
At 28 February 2023 70,147
NET BOOK VALUE
At 28 February 2023 189,845
At 28 February 2022 36,297

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 1,244,447 1,449,469
Amounts owed by group undertakings 2,403,686 1,644,007
Other debtors 86,862 79,547
3,734,995 3,173,023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 985,388 758,062
Hire purchase contracts 41,811 13,285
Trade creditors 1,552,841 1,059,021
Amounts owed to group undertakings - 210,066
Taxation and social security (21,964 ) 30,190
Other creditors 35,976 30,440
2,594,052 2,101,064

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans 555,757 475,000
Hire purchase contracts 172,299 29,370
728,056 504,370

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 30,473 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank overdrafts 837,193 758,062
Bank loans 703,952 475,000
1,541,145 1,233,062

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 25 September 2020.

Fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 5 January 2016.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 5 in the financial statements, which discloses a prior year adjustment relating to a previously undetected historic bank difference. The adjustment has impacted the brought forward reserves in the prior year. Management has provided us with sufficient evidence to support the correction.
Our opinion is not modified in respect of this matter, and we have issued an unmodified audit opinion on the financial statements as a whole. This emphasis of matter paragraph is included solely to provide additional information to the users of the financial statements.

John Charles Males (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd