Southport Bacon Co Ltd 01724254 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of bacon (and allied products) importers, processors and wholesalers Digita Accounts Production Advanced 6.30.9574.0 true 01724254 2022-10-01 2023-09-30 01724254 2023-09-30 01724254 bus:OrdinaryShareClass1 2023-09-30 01724254 bus:OrdinaryShareClass2 2023-09-30 01724254 core:CurrentFinancialInstruments 2023-09-30 01724254 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01724254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 01724254 core:MotorVehicles 2023-09-30 01724254 core:OtherPropertyPlantEquipment 2023-09-30 01724254 bus:SmallEntities 2022-10-01 2023-09-30 01724254 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 01724254 bus:FullAccounts 2022-10-01 2023-09-30 01724254 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 01724254 bus:RegisteredOffice 2022-10-01 2023-09-30 01724254 bus:Director1 2022-10-01 2023-09-30 01724254 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 01724254 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 01724254 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 01724254 core:LandBuildings 2022-10-01 2023-09-30 01724254 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01724254 core:MotorVehicles 2022-10-01 2023-09-30 01724254 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 01724254 core:PlantMachinery 2022-10-01 2023-09-30 01724254 countries:England 2022-10-01 2023-09-30 01724254 2022-09-30 01724254 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 01724254 core:MotorVehicles 2022-09-30 01724254 core:OtherPropertyPlantEquipment 2022-09-30 01724254 2021-10-01 2022-09-30 01724254 2022-09-30 01724254 bus:OrdinaryShareClass1 2022-09-30 01724254 bus:OrdinaryShareClass2 2022-09-30 01724254 core:CurrentFinancialInstruments 2022-09-30 01724254 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 01724254 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 01724254 core:MotorVehicles 2022-09-30 01724254 core:OtherPropertyPlantEquipment 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01724254

Southport Bacon Co Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Southport Bacon Co Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Southport Bacon Co Ltd

Company Information

Director

Mr A Hodge

Registered office

Daneway House
Windsor Road
Southport
Merseyside
PR9 0RJ

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Southport Bacon Co Ltd

(Registration number: 01724254)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

151,676

155,490

Current assets

 

Stocks

5

8,407

5,415

Debtors

6

30,807

32,985

Cash at bank and in hand

 

69,291

79,555

 

108,505

117,955

Creditors: Amounts falling due within one year

7

(144,061)

(142,436)

Net current liabilities

 

(35,556)

(24,481)

Total assets less current liabilities

 

116,120

131,009

Provisions for liabilities

(2,131)

(2,698)

Net assets

 

113,989

128,311

Capital and reserves

 

Called up share capital

9

6,100

6,100

Retained earnings

107,889

122,211

Shareholders' funds

 

113,989

128,311

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.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 February 2024
 

.........................................
Mr A Hodge
Director

 

Southport Bacon Co Ltd

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.

The address of its registered office is:
Daneway House
Windsor Road
Southport
Merseyside
PR9 0RJ

These financial statements were authorised for issue by the director on 8 February 2024.

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.

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 sales/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.

 

Southport Bacon Co Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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, as follows:

Asset class

Depreciation method and rate

Land and buildings

1% reducing balance basis on buildings

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Southport Bacon Co Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2022

177,643

113,400

146,654

437,697

At 30 September 2023

177,643

113,400

146,654

437,697

Depreciation

At 1 October 2022

36,353

103,689

142,142

282,184

Charge for the year

881

2,428

528

3,837

At 30 September 2023

37,234

106,117

142,670

286,021

Carrying amount

At 30 September 2023

140,409

7,283

3,984

151,676

At 30 September 2022

141,290

9,711

4,489

155,490

Included within the net book value of land and buildings above is £140,409 (2022 - £141,290) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

8,407

5,415

 

Southport Bacon Co Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

19,324

17,547

Prepayments

6,277

9,596

Other debtors

5,206

5,842

 

30,807

32,985

 

Southport Bacon Co Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

112,035

108,353

Trade creditors

 

22,490

27,763

Taxation and social security

 

303

-

Other creditors

 

9,233

6,320

 

144,061

142,436

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

112,035

108,353

 

Southport Bacon Co Ltd

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,100

5,100

5,100

5,100

Ordinary "B" Shares of £1 each

1,000

1,000

1,000

1,000

 

6,100

6,100

6,100

6,100