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REGISTERED NUMBER: 06047847 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

BLAKES MEATS LIMITED

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)






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


BLAKES MEATS 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
BN435EG





BUSINESS ADDRESS: Units 1&2
Brighton Meat Market
Upper Hollingdean
Brighton
BN1 7GW





REGISTERED NUMBER: 06047847 (England and Wales)





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

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 77,562 95,812
Tangible assets 5 102,970 130,713
180,532 226,525

CURRENT ASSETS
Stocks 183,339 160,758
Debtors 6 1,673,890 1,545,481
Cash at bank and in hand 37,688 2,722
1,894,917 1,708,961
CREDITORS
Amounts falling due within one year 7 (1,188,317 ) (588,032 )
NET CURRENT ASSETS 706,600 1,120,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

887,132

1,347,454

CREDITORS
Amounts falling due after more than one
year

8

(113,767

)

(239,607

)

PROVISIONS FOR LIABILITIES (25,743 ) -
NET ASSETS 747,622 1,107,847

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 182,400 182,400
Retained earnings 565,122 925,347
747,622 1,107,847

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


BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

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

1. STATUTORY INFORMATION

Blakes Meats 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 in the ordinary course of the Company's activities. Turnover is shown net of sales/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.

Goodwill
Goodwill is amortised through the income statement in equal instalments over its assessed useful life of 20 years. Goodwill is assessed for impairment annually and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

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 stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price , costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to wite off each asset over its estimated useful life:
Plant and machinery -25% Reducing balance
Fixtures and fittings-25% Reducing balance
Motor vehicles-25% Reducing balance

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 the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 365,000
AMORTISATION
At 1 March 2022 269,188
Charge for year 18,250
At 28 February 2023 287,438
NET BOOK VALUE
At 28 February 2023 77,562
At 28 February 2022 95,812

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 279,867
Additions 5,662
At 28 February 2023 285,529
DEPRECIATION
At 1 March 2022 149,154
Charge for year 33,405
At 28 February 2023 182,559
NET BOOK VALUE
At 28 February 2023 102,970
At 28 February 2022 130,713

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

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
and 28 February 2023 116,250
DEPRECIATION
At 1 March 2022 49,285
Charge for year 16,741
At 28 February 2023 66,026
NET BOOK VALUE
At 28 February 2023 50,224
At 28 February 2022 66,965

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 522,978 419,072
Amounts owed by group undertakings 957,575 957,575
Other debtors 193,337 168,834
1,673,890 1,545,481

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 183,703
Hire purchase contracts 26,089 42,134
Trade creditors 72,810 158,554
Amounts owed to group undertakings 665,407 126,333
Taxation and social security 6,006 21,085
Other creditors 368,005 56,223
1,188,317 588,032

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 112,500 212,500
Hire purchase contracts 1,267 27,107
113,767 239,607

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts - 183,703
Bank loans 162,500 212,500
162,500 396,203

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 10 June 2020.

Fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 9 January 2017.

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

The Report of the Auditors was unqualified.

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