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Registration number: 00705141

Lewco Meat Feeders Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

Pages for filing with Registrar

 

Lewco Meat Feeders Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lewco Meat Feeders Limited

Company Information


 

Directors

Mrs L Smith

Mr J R Smith

Company secretary

Mr J R Smith

Registered office

White Coppice Farm
Anglezarke
Chorley
Lancashire
PR6 9DF

 

Lewco Meat Feeders Limited

(Registration number: 00705141)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,328

8,556

Investment property

5

34,000

34,000

 

42,328

42,556

Current assets

 

Debtors

6

28,526

29,878

Cash at bank and in hand

 

8,980

8,619

 

37,506

38,497

Creditors: Amounts falling due within one year

7

(26,724)

(26,666)

Net current assets

 

10,782

11,831

Total assets less current liabilities

 

53,110

54,387

Provisions for liabilities

(481)

(3,820)

Net assets

 

52,629

50,567

Capital and reserves

 

Called up share capital

30,999

30,999

Retained earnings

21,630

19,568

Shareholders' funds

 

52,629

50,567

 

Lewco Meat Feeders Limited

(Registration number: 00705141)
Balance Sheet as at 30 September 2023 (continued)

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.

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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

.........................................
Mr J R Smith
Company secretary and director

 

Lewco Meat Feeders Limited

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 and Wales.

The address of its registered office is:
White Coppice Farm
Anglezarke
Chorley
Lancashire
PR6 9DF

These financial statements were authorised for issue by the Board on 3 April 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.

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 £.

Judgements

No significant judgements have had to be made by management and directors in preparing these financial statements.

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.

 

Lewco Meat Feeders Limited

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

2

Accounting policies (continued)

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.

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

2% Straight line

Plant and machinery

10% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Lewco Meat Feeders Limited

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

2

Accounting policies (continued)

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.

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.

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.

 

Lewco Meat Feeders Limited

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

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Lewco Meat Feeders Limited

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

4

Tangible assets

Land and buildings
£

Plant & Machinery
£

Total
£

Cost or valuation

At 1 October 2022

11,413

30,451

41,864

At 30 September 2023

11,413

30,451

41,864

Depreciation

At 1 October 2022

2,857

30,451

33,308

Charge for the year

228

-

228

At 30 September 2023

3,085

30,451

33,536

Carrying amount

At 30 September 2023

8,328

-

8,328

At 30 September 2022

8,556

-

8,556

5

Investment properties

2023
£

At 1 October

34,000

At 30 September

34,000

There has been no valuation of investment property by an independent valuer. The directors deem the value of the property to still be appropriate so no revaluation has taken place during the year.

 

Lewco Meat Feeders Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,755

2,755

Other debtors

25,771

27,123

 

28,526

29,878

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

280

-

Taxation and social security

6,584

6,502

Accruals and deferred income

1,594

1,898

Other creditors

18,266

18,266

26,724

26,666

8

Related party transactions

Loans to related parties

2023

Key management
£

At start of period

27,123

Advances and repayments

(1,923)

Interest at 2.25%

572

At end of period

25,772

 

Lewco Meat Feeders Limited

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

8

Related party transactions (continued)

2022

Key management
£

At start of period

43,121

Advances and repayments

26,690

Repaid

(43,121)

Interest at 2.00%

433

At end of period

27,123

Terms of loans to related parties

Loans owed by key management are repayable on demand.
 

9 Company reserves

Within the profit and loss reserve account totalling £21,630, there are amounts that are distributable and non-distributable.

Amounts totalling £19,580 (2022: £17,518) are distributable and amounts totalling £2,050 (2022: £2,050) are non-distributable.