Taste of Devon Butchers Limited 12859473 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of a butchers shop. Digita Accounts Production Advanced 6.30.9574.0 true true 12859473 2022-10-01 2023-09-30 12859473 2023-09-30 12859473 core:CurrentFinancialInstruments 2023-09-30 12859473 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 12859473 core:Non-currentFinancialInstruments 2023-09-30 12859473 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 12859473 core:Goodwill 2023-09-30 12859473 core:MotorVehicles 2023-09-30 12859473 core:PlantMachinery 2023-09-30 12859473 bus:SmallEntities 2022-10-01 2023-09-30 12859473 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 12859473 bus:FilletedAccounts 2022-10-01 2023-09-30 12859473 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 12859473 bus:RegisteredOffice 2022-10-01 2023-09-30 12859473 bus:Director3 2022-10-01 2023-09-30 12859473 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 12859473 core:Goodwill 2022-10-01 2023-09-30 12859473 core:IntangibleAssetsOtherThanGoodwill 2022-10-01 2023-09-30 12859473 core:MotorVehicles 2022-10-01 2023-09-30 12859473 core:PlantMachinery 2022-10-01 2023-09-30 12859473 core:Vehicles 2022-10-01 2023-09-30 12859473 countries:AllCountries 2022-10-01 2023-09-30 12859473 2022-09-30 12859473 core:Goodwill 2022-09-30 12859473 core:MotorVehicles 2022-09-30 12859473 core:PlantMachinery 2022-09-30 12859473 2021-10-01 2022-09-30 12859473 2022-09-30 12859473 core:CurrentFinancialInstruments 2022-09-30 12859473 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 12859473 core:Non-currentFinancialInstruments 2022-09-30 12859473 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 12859473 core:Goodwill 2022-09-30 12859473 core:MotorVehicles 2022-09-30 12859473 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 12859473

Taste of Devon Butchers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Taste of Devon Butchers Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Taste of Devon Butchers Limited

(Registration number: 12859473)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

68,000

76,500

Tangible assets

5

15,842

24,732

 

83,842

101,232

Current assets

 

Stocks

6

6,500

6,000

Debtors

7

14,479

15,376

Cash at bank and in hand

 

39,485

65,578

 

60,464

86,954

Creditors: Amounts falling due within one year

8

(68,447)

(123,864)

Net current liabilities

 

(7,983)

(36,910)

Total assets less current liabilities

 

75,859

64,322

Creditors: Amounts falling due after more than one year

8

(20,175)

(26,025)

Provisions for liabilities

(4,198)

(4,699)

Net assets

 

51,486

33,598

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

51,286

33,398

Shareholders' funds

 

51,486

33,598

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 March 2024 and signed on its behalf by:
 

 

Taste of Devon Butchers Limited

(Registration number: 12859473)
Statement of Financial Position as at 30 September 2023 (continued)


Mr T Churchill
Director

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
12 Park Road Beer
Seaton
Devon
EX12 3HJ

Principal activity

The principal activity of the company is that of a butchers shop.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives,

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

25% straight line

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Leases

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

85,000

85,000

At 30 September 2023

85,000

85,000

Amortisation

At 1 October 2022

8,500

8,500

Amortisation charge

8,500

8,500

At 30 September 2023

17,000

17,000

Carrying amount

At 30 September 2023

68,000

68,000

At 30 September 2022

76,500

76,500

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

38,001

2,495

40,496

Additions

1,645

-

1,645

At 30 September 2023

39,646

2,495

42,141

Depreciation

At 1 October 2022

14,622

1,142

15,764

Charge for the year

9,912

623

10,535

At 30 September 2023

24,534

1,765

26,299

Carrying amount

At 30 September 2023

15,112

730

15,842

At 30 September 2022

23,379

1,353

24,732

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

6,500

6,000

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

13,682

14,792

Other debtors

797

584

14,479

15,376

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,300

6,082

Trade creditors

 

9,977

9,054

Taxation and social security

 

13,651

4,179

Accruals and deferred income

 

2,397

1,458

Other creditors

 

37,122

103,091

 

68,447

123,864

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

20,175

26,025

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Taste of Devon Butchers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,175

22,003

Other borrowings

-

4,022

20,175

26,025

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,028

2,096

Other borrowings

3,272

3,986

5,300

6,082

11

Related party transactions

Other transactions with directors

As at 30 September 2023 the company owed its Directors £34,992.00 (2022: £101,652.00).