Company registration number 02584919 (England and Wales)
ACCRINGTON BEEF COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ACCRINGTON BEEF COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ACCRINGTON BEEF COMPANY LIMITED
BALANCE SHEET
AS AT
28 APRIL 2023
28 April 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
4
337,457
340,098
Cash at bank and in hand
26
24
337,483
340,122
Creditors: amounts falling due within one year
5
(282,858)
(291,811)
Net current assets
54,625
48,311
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
54,425
48,111
Total equity
54,625
48,311
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
Miss A Slinger
Director
Company Registration No. 02584919
ACCRINGTON BEEF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2023
- 2 -
1
Accounting policies
Company information
Accrington Beef Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ACCRINGTON BEEF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Other debtors
337,457
340,098
Included within other debtors are amounts due to the company from one of the directors and a close family member of the directors of £127,286 (2022 - £125,176 - as restated).
Also included within other debtors are amounts due from companies under common control. At 28 April 2023 the company was owed £165,200 (2022 - £165,200) in respect of these loans.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28,820
27,714
Taxation and social security
6,424
16,539
Other creditors
247,614
247,558
282,858
291,811
ACCRINGTON BEEF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2023
5
Creditors: amounts falling due within one year
(Continued)
- 4 -
Included within other creditors are amounts due to companies under common control. At 28 April 2023 the company owed £241,018 (2022 - £240,338) in respect of these loans.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
200
200
200
200
8
Prior period adjustment
Reconciliation of changes in equity
29 April
28 April
2021
2022
£
£
Adjustments to prior year
Dividends
-
(22,000)
Equity as previously reported
61,030
70,311
Equity as adjusted
61,030
48,311
Analysis of the effect upon equity
Profit and loss reserves
-
(22,000)
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
9,281
Profit as adjusted
9,281
Notes to reconciliation
Dividends adjustment
The prior period adjustment relates to dividends paid to shareholders which were omitted from the financial statements.
The adjustment has resulted in amounts being credited to amounts due to the company from directors and close family members of the directors.