Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2022-07-02falseNo description of principal activity1313trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06923703 2022-07-02 2023-06-30 06923703 2021-07-03 2022-07-01 06923703 2023-06-30 06923703 2022-07-01 06923703 2021-07-03 06923703 c:Director2 2022-07-02 2023-06-30 06923703 d:PlantMachinery 2022-07-02 2023-06-30 06923703 d:PlantMachinery 2023-06-30 06923703 d:PlantMachinery 2022-07-01 06923703 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-02 2023-06-30 06923703 d:MotorVehicles 2022-07-02 2023-06-30 06923703 d:MotorVehicles 2023-06-30 06923703 d:MotorVehicles 2022-07-01 06923703 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-02 2023-06-30 06923703 d:FurnitureFittings 2022-07-02 2023-06-30 06923703 d:FurnitureFittings 2023-06-30 06923703 d:FurnitureFittings 2022-07-01 06923703 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-02 2023-06-30 06923703 d:OwnedOrFreeholdAssets 2022-07-02 2023-06-30 06923703 d:CurrentFinancialInstruments 2023-06-30 06923703 d:CurrentFinancialInstruments 2022-07-01 06923703 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06923703 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-01 06923703 d:ShareCapital 2023-06-30 06923703 d:ShareCapital 2022-07-01 06923703 d:RetainedEarningsAccumulatedLosses 2023-06-30 06923703 d:RetainedEarningsAccumulatedLosses 2022-07-01 06923703 c:FRS102 2022-07-02 2023-06-30 06923703 c:AuditExempt-NoAccountantsReport 2022-07-02 2023-06-30 06923703 c:FullAccounts 2022-07-02 2023-06-30 06923703 c:PrivateLimitedCompanyLtd 2022-07-02 2023-06-30 06923703 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 06923703 d:AcceleratedTaxDepreciationDeferredTax 2022-07-01 06923703 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 06923703 d:TaxLossesCarry-forwardsDeferredTax 2022-07-01 06923703 d:OtherDeferredTax 2023-06-30 06923703 d:OtherDeferredTax 2022-07-01 iso4217:GBP xbrli:pure

Registered number: 06923703









SMITHFIELD (WHOLESALE BUTCHERS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 52 WEEKS ENDED 30 JUNE 2023

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
REGISTERED NUMBER: 06923703

BALANCE SHEET
AS AT 30 JUNE 2023

30 June
30 June
1 July
1 July
2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
61,245
61,722

  
61,245
61,722

Current assets
  

Stocks
  
57,212
59,333

Debtors: amounts falling due within one year
 5 
186,974
228,447

Cash at bank and in hand
 6 
178,400
123,076

  
422,586
410,856

Creditors: amounts falling due within one year
 7 
(226,897)
(181,995)

Net current assets
  
 
 
195,689
 
 
228,861

Total assets less current liabilities
  
256,934
290,583

Provisions for liabilities
  

Deferred tax
 8 
-
(9,945)

  
 
 
-
 
 
(9,945)

Net assets
  
256,934
280,638


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
256,834
280,538

  
256,934
280,638


Page 1

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
REGISTERED NUMBER: 06923703
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 52 weeks in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 February 2024.



J W Crosby
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

1.


General information

Smithfield Wholesale Butchers Limited is a private company limited by shares and incorporated in England and Wales with registration number 06923703. Its registered office is Old Station Road, Loughton, Essex, IG10 4PL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied.

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods supplied during the 52 weeks, exclusive of Value Added Tax and trade discounts. Turnover is recognised on dispatch of goods.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the 52 weeks comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
straight line
Motor vehicles
-
20%
straight line
Fixtures & fittings
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 6

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the 52 weeks was 13 (2022 - 13).

Page 7

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

4.


Tangible fixed assets







Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 2 July 2022
34,853
90,199
122,518
247,570


Additions
10,159
-
4,078
14,237



At 30 June 2023

45,012
90,199
126,596
261,807



Depreciation


At 2 July 2022
18,563
52,841
114,443
185,847


Charge for the 52 weeks on owned assets
3,263
9,340
2,112
14,715



At 30 June 2023

21,826
62,181
116,555
200,562



Net book value



At 30 June 2023
23,186
28,018
10,041
61,245



At 1 July 2022
16,290
37,358
8,075
61,723

Page 8

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

5.


Debtors

30 June
1 July
2023
2022
£
£


Trade debtors
127,621
155,186

Other debtors
13,183
25,628

Prepayments and accrued income
46,170
47,633

186,974
228,447



6.


Cash and cash equivalents

30 June
1 July
2023
2022
£
£

Cash at bank and in hand
178,400
123,076

178,400
123,076



7.


Creditors: Amounts falling due within one year

30 June
1 July
2023
2022
£
£

Trade creditors
165,151
140,690

Other taxation and social security
11,764
9,357

Other creditors
1,139
888

Accruals and deferred income
48,843
31,060

226,897
181,995


Page 9

 
SMITHFIELD (WHOLESALE BUTCHERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 30 JUNE 2023

8.


Deferred taxation






2023
2022


£

£






At beginning of year
(9,945)
(3,034)


Charged to profit or loss
9,945
(6,911)



At end of year
-
(9,945)

The deferred taxation balance is made up as follows:

30 June
1 July
2023
2022
£
£


Accelerated capital allowances
(13,394)
(9,985)

Tax losses carried forward
13,287
-

Other movements
107
40

-
(9,945)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £12,460 (2022  £10,034). Contributions totalling £1,139 (2022 - £888) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

Key management personnel compensation in the year totalled £39,560 (2022: £51,460).


11.


Controlling party

The ultimate parent company is All Stars Finance Limited , a company incorporated in England and Wales. 

 
Page 10