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REGISTERED NUMBER: 04873374 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

L J SMITH FAMILY BUTCHERS LIMITED

L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L J SMITH FAMILY BUTCHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr I C Smith
Miss D M Smith





SECRETARY: Mrs W Smith





REGISTERED OFFICE: Unit 12
Parham Drive
Boyatt Wood
Eastleigh
Hampshire
SO50 4NU





REGISTERED NUMBER: 04873374 (England and Wales)






L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 228,645 280,299
228,645 280,299

CURRENT ASSETS
Stocks 25,250 20,250
Debtors 7 459,553 347,452
Cash at bank and in hand 347,312 309,543
832,115 677,245
CREDITORS
Amounts falling due within one year 8 395,031 264,621
NET CURRENT ASSETS 437,084 412,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,729

692,923

CREDITORS
Amounts falling due after more than one
year

9

(26,744

)

(53,722

)

PROVISIONS FOR LIABILITIES (43,443 ) (53,257 )
NET ASSETS 595,542 585,944

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 595,442 585,844
SHAREHOLDERS' FUNDS 595,542 585,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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 Board of Directors and authorised for issue on 22nd February 2024 and were signed on its behalf by:





Mr I C Smith - Director


L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

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


1. STATUTORY INFORMATION

L J Smith Family Butchers 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining term of the lease
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

All fixed assets are initially recorded 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.

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.

L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

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


3. ACCOUNTING POLICIES - continued

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 49,000
AMORTISATION
At 1st March 2022
and 28th February 2023 49,000
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

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


6. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2022 15,874 429,409 107,031 3,259 555,573
Additions - 3,586 - 2,621 6,207
Disposals - - (22,870 ) - (22,870 )
At 28th February 2023 15,874 432,995 84,161 5,880 538,910
DEPRECIATION
At 1st March 2022 4,360 221,627 46,894 2,393 275,274
Charge for year 1,195 38,507 13,781 311 53,794
Eliminated on disposal - - (18,803 ) - (18,803 )
At 28th February 2023 5,555 260,134 41,872 2,704 310,265
NET BOOK VALUE
At 28th February 2023 10,319 172,861 42,289 3,176 228,645
At 28th February 2022 11,514 207,782 60,137 866 280,299

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 404,159 321,637
Other debtors 55,394 25,815
459,553 347,452

Included in other debtors is £26,595 (2022: £5,049) in relation to prepayments and accrued income.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 16,977 26,482
Trade creditors 164,962 134,545
Taxation and social security 113,796 35,931
Other creditors 89,296 57,663
395,031 264,621

Included in other creditors is £25,142 (2022: £20,538) in relation to accruals and deferred income.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,500 32,500
Hire purchase contracts 4,244 21,222
26,744 53,722

Bank loans include £32,500 (2022: £42,500) borrowed under the Bounce Back Loan Scheme. £10,000 (2022: £10,000) is included in creditors amounts falling due within one year and £22,500 (2022: £32,500) is included in creditors amounts falling due after more than one year. The Bounce Back Loan Scheme provides the lender with a government-backed guarantee against the outstanding facility balance.

L J SMITH FAMILY BUTCHERS LIMITED (REGISTERED NUMBER: 04873374)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 21,221 47,704

Hire purchase contracts are secured over the assets acquired under the agreements.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £217,708 (2022: £270,208).

This amount is in relation to operating lease commitments which are payable over the next five years (2022: six years).