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COMPANY REGISTRATION NUMBER: SC714815
John Stewart Quality Butcher Ltd
Unaudited Financial Statements
30 November 2023
John Stewart Quality Butcher Ltd
Financial Statements
Year ended 30 November 2023
Contents
Page
Directors' report
1
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of John Stewart Quality Butcher Ltd.
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
John Stewart Quality Butcher Ltd
Directors' Report
Year ended 30 November 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2023 .
Directors
The directors who served the company during the year were as follows:
Mr A Grant
Mr M MacLeman
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 March 2024 and signed on behalf of the board by:
Mr A Grant
Director
Trading address:
63 High Street
Banff
Scotland
AB45 1AN
John Stewart Quality Butcher Ltd
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of John Stewart Quality Butcher Ltd.
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Stewart Quality Butcher Ltd for the year ended 30 November 2023, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of John Stewart Quality Butcher Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of John Stewart Quality Butcher Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Stewart Quality Butcher Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that John Stewart Quality Butcher Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John Stewart Quality Butcher Ltd. You consider that John Stewart Quality Butcher Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of John Stewart Quality Butcher Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RITSONS Chartered Accountants
103 HIGH STREET FORRES MORAY IV36 1AA
16 April 2024
John Stewart Quality Butcher Ltd
Statement of Comprehensive Income
Year ended 30 November 2023
Period from
Year to
11 Nov 21 to
30 Nov 23
30 Nov 22
Note
£
£
Turnover
1,021,182
636,617
Cost of sales
662,796
422,863
------------
---------
Gross profit
358,386
213,754
Administrative expenses
294,949
175,925
Other operating income
4,500
---------
---------
Operating profit
67,937
37,829
---------
---------
Profit before taxation
5
67,937
37,829
Tax on profit
17,361
15,193
--------
--------
Profit for the financial year and total comprehensive income
50,576
22,636
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
John Stewart Quality Butcher Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
103,370
106,044
Current assets
Stocks
13,586
10,821
Debtors
7
76,274
45,488
Cash at bank and in hand
123,399
77,541
---------
---------
213,259
133,850
Creditors: amounts falling due within one year
8
229,194
205,940
---------
---------
Net current liabilities
15,935
72,090
---------
---------
Total assets less current liabilities
87,435
33,954
Provisions
Taxation including deferred tax
14,221
11,316
--------
--------
Net assets
73,214
22,638
--------
--------
John Stewart Quality Butcher Ltd
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
73,212
22,636
--------
--------
Shareholders funds
73,214
22,638
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr A Grant
Mr M MacLeman
Director
Director
Company registration number: SC714815
John Stewart Quality Butcher Ltd
Statement of Changes in Equity
Year ended 30 November 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 11 November 2021
Profit for the year
22,636
22,636
----
--------
--------
Total comprehensive income for the year
22,636
22,636
Issue of shares
2
2
----
--------
--------
Total investments by and distributions to owners
2
2
At 30 November 2022
2
22,636
22,638
Profit for the year
50,576
50,576
----
--------
--------
Total comprehensive income for the year
50,576
50,576
----
--------
--------
At 30 November 2023
2
73,212
73,214
----
--------
--------
John Stewart Quality Butcher Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ritsons, 103 High Street, Forres, Moray, IV36 1AA, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
Year to
11 Nov 21 to
30 Nov 23
30 Nov 22
£
£
Depreciation of tangible assets
12,244
13,146
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
46,485
30,149
40,723
983
850
119,190
Additions
9,400
170
9,570
--------
--------
--------
----
----
---------
At 30 Nov 2023
46,485
39,549
40,893
983
850
128,760
--------
--------
--------
----
----
---------
Depreciation
At 1 Dec 2022
4,522
8,144
197
283
13,146
Charge for the year
5,254
6,550
157
283
12,244
--------
--------
--------
----
----
---------
At 30 Nov 2023
9,776
14,694
354
566
25,390
--------
--------
--------
----
----
---------
Carrying amount
At 30 Nov 2023
46,485
29,773
26,199
629
284
103,370
--------
--------
--------
----
----
---------
At 30 Nov 2022
46,485
25,627
32,579
786
567
106,044
--------
--------
--------
----
----
---------
7. Debtors
2023
2022
£
£
Trade debtors
51,432
41,553
Other debtors
24,842
3,935
--------
--------
76,274
45,488
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,592
54,174
Corporation tax
14,456
3,877
Social security and other taxes
3,492
2,235
Other creditors
145,654
145,654
---------
---------
229,194
205,940
---------
---------