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REGISTERED NUMBER: 01341075 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

CUMBERLAND MEAT PACKERS LIMITED

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


CUMBERLAND MEAT PACKERS LIMITED

COMPANY INFORMATION
for the Year Ended 30 September 2023







DIRECTORS: H R J Leman
A P Shelswell
R J W Leman





SECRETARY: Mrs G M Leman





REGISTERED OFFICE: Units 1-5 Barlow Road
Aldermans Green
Coventry
CV2 2LD





REGISTERED NUMBER: 01341075 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

STRATEGIC REPORT
for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The directors are pleased to report another strong year. The company has continued to build on the achievements from previous years and has increased it's profitable position.

The turnover has increased from last year and the company has a stable gross profit and margin.

The directors acknowledge that trading conditions remain challenging but remain optimistic about the prospects for the forthcoming year. Generally the results are considered to be very encouraging and reflect the effort of the directors and staff during the year

PRINCIPAL RISKS AND UNCERTAINTIES
The directors believe that the principal risks and uncertainties facing the company remain similar to those in the previous period:

- Price volatility of beef supplies
- Exposure to new legislation and regulatory requirements
- Recruitment and retention of a skilled workforce
- These risks are mitigated by ensuring training is offered to staff, a competitive employment package and good relationships are maintained with key suppliers and customers.

KEY PERFORMANCE INDICATORS
The board regularly monitor the management information available to them and use a number of key performance indicators to enable them to do this. These include:

- Sales within a period
- Gross margin
- Wages costs
- Working capital movements

This year has seen:

- An increase in turnover of 12.05% on the previous year
- A decrease in gross profit of £194k to £3.86m
- A decrease in administrative costs by £14k
- A decrease of £152K in profit before tax

ON BEHALF OF THE BOARD:





H R J Leman - Director


15 February 2024

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIVIDENDS
The following final dividends were paid on 30 September 2023:

96p per share on the ordinary shares
£150,000 per share on the ordinary A share
£105,000 per share on the ordinary B share
£60,000 per share on the ordinary C share

The total distribution of dividends for the year ended 30 September 2023 was £411,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

H R J Leman
A P Shelswell
R J W Leman

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donations of £1,167 (2022: £11,185)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2023


AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H R J Leman - Director


15 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUMBERLAND MEAT PACKERS LIMITED

Opinion
We have audited the financial statements of Cumberland Meat Packers Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUMBERLAND MEAT PACKERS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUMBERLAND MEAT PACKERS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance.

The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;
- addressing the risks of fraud through management override of controls by performing journal entry testing;
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;
- enquiring with management concerning actual and potential litigation claims Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUMBERLAND MEAT PACKERS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

15 February 2024

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

INCOME STATEMENT
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 44,504,291 39,717,216

Cost of sales 40,642,416 35,661,897
GROSS PROFIT 3,861,875 4,055,319

Administrative expenses 1,756,567 1,770,710
2,105,308 2,284,609

Other operating income 27,247 2,500
OPERATING PROFIT 4 2,132,555 2,287,109


Interest payable and similar expenses 5 5,609 7,882
PROFIT BEFORE TAXATION 2,126,946 2,279,227

Tax on profit 6 467,135 439,325
PROFIT FOR THE FINANCIAL YEAR 1,659,811 1,839,902

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,659,811 1,839,902


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,659,811

1,839,902

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,777,417 1,779,519
Investments 9 100 100
1,777,517 1,779,619

CURRENT ASSETS
Stocks 10 836,882 1,150,713
Debtors 11 7,768,346 6,413,320
Cash at bank and in hand 514,599 535,816
9,119,827 8,099,849
CREDITORS
Amounts falling due within one year 12 2,780,135 2,933,437
NET CURRENT ASSETS 6,339,692 5,166,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,117,209

6,946,031

CREDITORS
Amounts falling due after more than one
year

13

-

(86,633

)

PROVISIONS FOR LIABILITIES 17 (136,000 ) (127,000 )
NET ASSETS 7,981,209 6,732,398

CAPITAL AND RESERVES
Called up share capital 18 100,003 100,003
Retained earnings 19 7,881,206 6,632,395
SHAREHOLDERS' FUNDS 7,981,209 6,732,398

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





H R J Leman - Director


CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 100,000 5,146,493 5,246,493

Changes in equity
Issue of share capital 3 - 3
Dividends - (354,000 ) (354,000 )
Total comprehensive income - 1,839,902 1,839,902
Balance at 30 September 2022 100,003 6,632,395 6,732,398

Changes in equity
Dividends - (411,000 ) (411,000 )
Total comprehensive income - 1,659,811 1,659,811
Balance at 30 September 2023 100,003 7,881,206 7,981,209

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Cumberland Meat Packers 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Cumberland Meat Packers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Barlow Properties Limited, Units 1-5 Barlow Road, Aldermans Green Industrial Estate, Coventry, CV2 2LD

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

It is the opinion of the directors that there are no material estimates or judgements.

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on the despatch of goods), the amount of revenue can be measured reliably, it isis probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Straight line over 20 years
Plant and machinery - 10% per annum of cost
Fixtures and fittings - 10% per annum of cost
Motor vehicles - 20% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,934,449 2,653,527
Social security costs 284,534 265,190
Other pension costs 76,825 70,931
3,295,808 2,989,648

The average number of employees during the year was as follows:
2023 2022

Directors 3 9
Admin Staff 9 80
Direct Staff 85 3
97 92

2023 2022
£    £   
Directors' remuneration 218,707 214,536
Directors' pension contributions to money purchase schemes 5,000 10,000

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 96,750 93,417
Pension contributions to money purchase schemes - 5,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 215,707 203,420
Depreciation - assets on hire purchase contracts - 3,660
Profit on disposal of fixed assets - (4,000 )
Auditors' remuneration 6,280 7,150
Foreign exchange differences - 6,581

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 3,218 5,491
Hire purchase 2,391 2,391
5,609 7,882

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 458,135 431,427
Under/(over) provision in prior years - (1,102 )
Total current tax 458,135 430,325

Deferred tax 9,000 9,000
Tax on profit 467,135 439,325

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,126,946 2,279,227
Profit multiplied by the standard rate of corporation tax in the UK of
22.010% (2022 - 19%)

468,141

433,053

Effects of:
Expenses not deductible for tax purposes 257 114
Income not taxable for tax purposes (550 ) (475 )
Capital allowances in excess of depreciation (9,675 ) (1,264 )
Adjustments to tax charge in respect of previous periods (38 ) (1,103 )
Deferred Tax 9,000 9,000
Total tax charge 467,135 439,325

7. DIVIDENDS

20232022
£   £   
Ordinary shares of £1 each96,00096,000
Ordinary A shares of £1 each150,000155,000
Ordinary B shares of £1 each105,00060,000
Ordinary C shares of £1 each60,00043,000
411,000354,000

8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 1,318,416 1,819,661 18,251 407,970 3,564,298
Additions - 80,252 - 133,353 213,605
At 30 September 2023 1,318,416 1,899,913 18,251 541,323 3,777,903
DEPRECIATION
At 1 October 2022 368,537 1,169,968 7,204 239,070 1,784,779
Charge for year 65,892 88,813 1,823 59,179 215,707
At 30 September 2023 434,429 1,258,781 9,027 298,249 2,000,486
NET BOOK VALUE
At 30 September 2023 883,987 641,132 9,224 243,074 1,777,417
At 30 September 2022 949,879 649,693 11,047 168,900 1,779,519

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022
and 30 September 2023 36,600
DEPRECIATION
At 1 October 2022
and 30 September 2023 13,115
NET BOOK VALUE
At 30 September 2023 23,485
At 30 September 2022 23,485

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 100
NET BOOK VALUE
At 30 September 2023 100
At 30 September 2022 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Steak Direct Limited
Registered office: Units 1-5 Barlow Road, Aldermans Green Industrial Estate, Coventry, CV2 2LD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

10. STOCKS
2023 2022
£    £   
Stocks 836,882 1,150,713

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,139,251 5,814,809
Other debtors 24,878 23,678
Directors' current accounts 325,000 325,000
Tax 105,625 105,625
VAT 130,435 133,232
Prepayments 43,157 10,976
7,768,346 6,413,320

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 78,965 86,400
Hire purchase contracts (see note 15) 1,440 38,295
Trade creditors 1,224,700 1,763,337
Amounts owed to group undertakings 447,840 447,840
Corporation tax 458,135 131,427
Social security & other taxes 89,184 94,634
Other creditors 131,708 55,505
Directors' loan accounts 266,661 230,946
Accrued expenses 81,502 85,053
2,780,135 2,933,437

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) - 85,193
Hire purchase contracts (see note 15) - 1,440
- 86,633

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 78,965 86,400

Amounts falling due between one and two years:
Bank loans - 1-2 years - 85,193

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 1,440 38,295
Between one and five years - 1,440
1,440 39,735

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 78,965 171,593
Hire purchase contracts 1,440 39,735
80,405 211,328

The bank loans are secured by an unlimited guarantee given by Cumberland Meat Packers Limited and Barlow Properties Limited.

The bank loan is due for repayment in June 2024 and interest is charged at a rate of 2.5%.
The hire purchases creditors are secured against the asset that the finance relates to.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 127,000 118,000
Deferred tax 9,000 9,000
136,000 127,000

Deferred
tax
£   
Balance at 1 October 2022 127,000
Charge to Income Statement during year 9,000
Balance at 30 September 2023 136,000

CUMBERLAND MEAT PACKERS LIMITED (REGISTERED NUMBER: 01341075)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

18. CALLED UP SHARE CAPITAL

Allotted. issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1

During the prior year, the company issued £1 Ordinary A, Ordinary B and Ordinary C shares.

19. RESERVES
Retained
earnings
£   

At 1 October 2022 6,632,395
Profit for the year 1,659,811
Dividends (411,000 )
At 30 September 2023 7,881,206

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
H R J Leman
Balance outstanding at start of year 325,000 325,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 325,000 325,000

21. ULTIMATE CONTROLLING PARTY

The parent company of Cumberland Meat Packers Limited is Barlow Properties Limited, whose registered office is Units 1-5 Barlow Road, Aldermans Green Industrial Estate, Coventry, CV2 2LD.