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Registration number: 04620441

Priors of West Lynn Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Priors of West Lynn Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Priors of West Lynn Ltd

Company Information

Directors

Mr A Prior

Mrs CP Prior

Mr C Prior

Company secretary

Mrs CP Prior

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Priors of West Lynn Ltd

(Registration number: 04620441)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

44,293

60,543

Current assets

 

Stocks

6

4,500

4,500

Debtors

7

88,436

48,571

Cash at bank and in hand

 

365,532

389,215

 

458,468

442,286

Creditors: Amounts falling due within one year

8

(170,804)

(174,470)

Net current assets

 

287,664

267,816

Total assets less current liabilities

 

331,957

328,359

Provisions for liabilities

(10,170)

(11,503)

Net assets

 

321,787

316,856

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

320,787

315,856

Shareholders' funds

 

321,787

316,856

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

 

Priors of West Lynn Ltd

(Registration number: 04620441)
Statement of financial position as at 31 December 2023

.........................................
Mr A Prior
Director

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

The principal place of business is:
164 St. Peters Road,
West Lynn,
King's Lynn
Norfolk
PE34 3JF

These financial statements were authorised for issue by the Board 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% reducing balance

Fittings, Fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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.

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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 directors) during the year, was 28 (2022 - 28).

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

22,500

22,500

At 31 December 2023

22,500

22,500

Amortisation

At 1 January 2023

22,500

22,500

At 31 December 2023

22,500

22,500

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

16,380

119,981

6,232

49,616

Additions

-

-

267

1,500

Disposals

(868)

(1,000)

(3,535)

(21,068)

At 31 December 2023

15,512

118,981

2,964

30,048

Depreciation

At 1 January 2023

12,129

90,606

3,183

25,748

Charge for the year

588

5,150

264

5,092

Eliminated on disposal

(541)

(958)

(1,981)

(16,068)

At 31 December 2023

12,176

94,798

1,466

14,772

Carrying amount

At 31 December 2023

3,336

24,183

1,498

15,276

At 31 December 2022

4,251

29,375

3,049

23,868

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

192,209

Additions

1,767

Disposals

(26,471)

At 31 December 2023

167,505

Depreciation

At 1 January 2023

131,666

Charge for the year

11,094

Eliminated on disposal

(19,548)

At 31 December 2023

123,212

Carrying amount

At 31 December 2023

44,293

At 31 December 2022

60,543

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

4,500

4,500

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

9,699

18,077

Amounts owed by related parties

10

36,140

-

Prepayments

 

690

729

Other debtors

 

41,907

29,765

   

88,436

48,571

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

107,261

81,336

Amounts due to related parties

10

16,494

54,491

Social security and other taxes

 

5,424

5,623

Accruals

 

3,410

2,804

Tax liability

38,215

30,216

 

170,804

174,470

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

400

400

400

400

Ordinary B Shares of £1 each

250

250

250

250

Ordinary C Shares of £1 each

220

220

220

220

Ordinary D Shares of £1 each

130

130

130

130

 

1,000

1,000

1,000

1,000

 

Priors of West Lynn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

10

Related party transactions

Key management personnel

Priors of West Lynn Ltd paid Mr C Prior and Mrs C P Prior £8,000 for rent in the year (2022: £16,000).

Summary of transactions with other related parties

Prior of West Lynn Ltd are due £36,140 from Priors SSAS at the year end. The Priors SSAS is controlled by Mr C Prior and Mr A Prior who are also directors of Priors of West Lynn Ltd.
 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

8,000

2022

Key management
£

Amounts payable to related party

16,000

Loans to related parties

2023

Other related parties
£

Total
£

Advanced

36,140

36,140

At end of period

36,140

36,140