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COMPANY REGISTRATION NUMBER: 05950729
M J Dalton Butchers Limited
Filleted Unaudited Financial Statements
31 October 2023
M J Dalton Butchers Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
22,500
30,000
Tangible assets
6
11,468
13,637
--------
--------
33,968
43,637
Current assets
Stocks
8,860
8,362
Debtors
7
18,603
48,257
Cash at bank and in hand
531,274
460,206
---------
---------
558,737
516,825
Creditors: amounts falling due within one year
8
52,772
40,981
---------
---------
Net current assets
505,965
475,844
---------
---------
Total assets less current liabilities
539,933
519,481
---------
---------
Net assets
539,933
519,481
---------
---------
Capital and reserves
Share premium account
100
100
Profit and loss account
539,833
519,381
---------
---------
Shareholders funds
539,933
519,481
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M J Dalton Butchers Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Mr M J Dalton
Director
Company registration number: 05950729
M J Dalton Butchers Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 409 Gloucester Road, Horfield, Bristol, BS7 8TS.
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.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
150,000
---------
Amortisation
At 1 November 2022
120,000
Charge for the year
7,500
---------
At 31 October 2023
127,500
---------
Carrying amount
At 31 October 2023
22,500
---------
At 31 October 2022
30,000
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
30,179
23,858
13,195
323
67,555
--------
--------
--------
----
--------
Depreciation
At 1 November 2022
19,620
22,001
12,021
276
53,918
Charge for the year
1,584
279
294
12
2,169
--------
--------
--------
----
--------
At 31 October 2023
21,204
22,280
12,315
288
56,087
--------
--------
--------
----
--------
Carrying amount
At 31 October 2023
8,975
1,578
880
35
11,468
--------
--------
--------
----
--------
At 31 October 2022
10,559
1,857
1,174
47
13,637
--------
--------
--------
----
--------
7. Debtors
2023
2022
£
£
Trade debtors
17,084
17,405
Other debtors
1,519
30,852
--------
--------
18,603
48,257
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,035
28,164
Corporation tax
15,043
Social security and other taxes
2,292
901
Other loans
1,630
Other creditors
12,772
11,916
--------
--------
52,772
40,981
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M J Dalton
( 1,054)
280
( 774)
-------
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M J Dalton
( 341)
( 713)
( 1,054)
----
----
-------