REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30th September 2023 |
for |
Alverton Bacon Supplies Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30th September 2023 |
for |
Alverton Bacon Supplies Limited |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Contents of the Financial Statements |
For The Year Ended 30th September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Alverton Bacon Supplies Limited |
Company Information |
For The Year Ended 30th September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Balance Sheet |
30th September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Balance Sheet - continued |
30th September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Notes to the Financial Statements |
For The Year Ended 30th September 2023 |
1. | STATUTORY INFORMATION |
Alverton Bacon Supplies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are the first that have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 except for modification to a fair value basis for investment property as specified in the accounting policies below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them. |
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 shorter. |
Freehold property | - 2% on cost for freehold buildings and not provided on freehold land |
Plant and machinery | - 33% on reducing balance and 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. |
Investment properties |
Investment properties are properties held to earn rentals and/or for capital appreciation. Mixed use property which is partly rented out is split between an investment property element and an owner occupied element. |
Investment properties are initially measured at cost, including transaction costs. |
Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements where applicable. Gains and losses arising from changes in fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise. |
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 Statement of Income and Retained Earnings, 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. |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The Company operates defined contribution pension schemes in respect of its directors and employees. The assets of the schemes are held separately from those of the Company in independently administered funds. During the year a new scheme commenced to comply with the new auto enrolment requirements. |
Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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 lease term, whichever is shorter. |
The interest element of these obligations is charged to profit and loss over the relevant period. the capital element of future payments is treated as a liability. |
Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the Lessor are charged to the profit and loss as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
Included within freehold land and buildings is land at cost of £60,000 (2021:£60,000) on which depreciation is not charged. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st October 2022 |
and 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
The investment property relates to the rental parts of a mixed use property which were reclassified on the transition to FRS102(1A). The rental element has arisen purely from surplus trading capacity. |
Such rental properties are stated at open market value, based on a professional valuation as at 12th June 2018 and re-verified in March 2024. |
The original cost of such properties was £ 174,665. |
The revaluation surplus of £25,335 is included in reserves and is non-distributable. |
The indexed cost of the rental properties has been calculated as still being in excess of the open market value. Consequently a deferred tax liability is not recorded. |
Alverton Bacon Supplies Limited (Registered number: 04493784) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors include accruals of £6,084 (2022 : £6,066). |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
9. | OTHER FINANCIAL COMMITMENTS |
The total leasing commitment at the Balance Sheet date was £Nil (2022: £10,172) |
10. | RETAINED EARNINGS |
30.9.23 | 30.9.22 |
£ | £ |
- Distributable | 357,584 | 364,830 |
- Non-distributable | 25,335 | 25,335 |
382,919 | 390,165 |