VT Lancaster & Son Limited 04359354 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of retail butchers Digita Accounts Production Advanced 6.30.9574.0 true true 04359354 2023-02-01 2024-01-31 04359354 2024-01-31 04359354 bus:OrdinaryShareClass1 2024-01-31 04359354 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 04359354 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 04359354 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-01-31 04359354 core:CurrentFinancialInstruments 2024-01-31 04359354 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04359354 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04359354 core:Goodwill 2024-01-31 04359354 core:FurnitureFittingsToolsEquipment 2024-01-31 04359354 core:LandBuildings 2024-01-31 04359354 core:MotorVehicles 2024-01-31 04359354 bus:SmallEntities 2023-02-01 2024-01-31 04359354 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04359354 bus:FullAccounts 2023-02-01 2024-01-31 04359354 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04359354 bus:RegisteredOffice 2023-02-01 2024-01-31 04359354 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 04359354 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 04359354 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04359354 core:Goodwill 2023-02-01 2024-01-31 04359354 core:Buildings 2023-02-01 2024-01-31 04359354 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 04359354 core:LandBuildings 2023-02-01 2024-01-31 04359354 core:MotorVehicles 2023-02-01 2024-01-31 04359354 countries:UnitedKingdom 2023-02-01 2024-01-31 04359354 2023-01-31 04359354 core:Goodwill 2023-01-31 04359354 core:FurnitureFittingsToolsEquipment 2023-01-31 04359354 core:LandBuildings 2023-01-31 04359354 core:MotorVehicles 2023-01-31 04359354 2022-02-01 2023-01-31 04359354 2023-01-31 04359354 bus:OrdinaryShareClass1 2023-01-31 04359354 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 04359354 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 04359354 core:CurrentFinancialInstruments 2023-01-31 04359354 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04359354 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04359354 core:FurnitureFittingsToolsEquipment 2023-01-31 04359354 core:LandBuildings 2023-01-31 04359354 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04359354

VT Lancaster & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

VT Lancaster & Son Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

VT Lancaster & Son Limited

(Registration number: 04359354)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

242,801

230,931

Investment property

6

638,051

638,051

Other financial assets

7

646

646

 

881,498

869,628

Current assets

 

Stocks

8

3,475

3,650

Debtors

9

7,781

4,693

Cash at bank and in hand

 

134,082

126,167

 

145,338

134,510

Creditors: Amounts falling due within one year

10

(266,665)

(228,797)

Net current liabilities

 

(121,327)

(94,287)

Total assets less current liabilities

 

760,171

775,341

Creditors: Amounts falling due after more than one year

10

(31,636)

(14,407)

Provisions for liabilities

(18,197)

(15,878)

Net assets

 

710,338

745,056

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

710,238

744,956

Shareholders' funds

 

710,338

745,056

For the financial year ending 31 January 2024 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 1 July 2024 and signed on its behalf by:
 

.........................................
R V Lancaster
Company secretary and director

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
15 Queen Street
Market Rasen
Lincolnshire
LN8 3EH

The principal place of business is:
47 Queen Street
Market Rasen
Lincolnshire
LN8 3EN

These financial statements were authorised for issue by the Board on 1 July 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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements cover the individual entity, and 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 have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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 the statement of income and retained earnings.

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.

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

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

Motor vehicles

25% straight line basis

Fixtures, fittings and equipment

20% straight line basis

Freehold buildings

5% straight line basis

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit and loss.

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

5% Straight line basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 8 (2023 - 8).

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Amortisation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

262,706

168,034

31,495

462,235

Additions

-

6,475

29,995

36,470

At 31 January 2024

262,706

174,509

61,490

498,705

Depreciation

At 1 February 2023

85,346

142,677

3,281

231,304

Charge for the year

1,947

7,906

14,747

24,600

At 31 January 2024

87,293

150,583

18,028

255,904

Carrying amount

At 31 January 2024

175,413

23,926

43,462

242,801

At 31 January 2023

177,360

25,357

28,214

230,931

Included within the net book value of land and buildings above is £175,413 (2023 - £177,360) in respect of freehold land and buildings.
 

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Investment properties

2024
£

At 1 February

638,051

At 31 January

638,051

Investment properties were subject to valuation by R Lancaster (a director who is not a professionally qualified valuer). The basis of this valuation was a fair value basis in the context of the location and class of investment properties being revalued.

There has been no valuation of investment property by an independent valuer.

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

646

646

At 31 January 2024

646

646

Impairment

Carrying amount

At 31 January 2024

646

646

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

3,475

3,650

9

Debtors

Current

2024
£

2023
£

Trade debtors

3,091

3,566

Prepayments

498

328

Other debtors

4,192

799

 

7,781

4,693

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

233,743

205,586

Trade creditors

 

2,391

500

Taxation and social security

 

14,602

9,645

Accruals and deferred income

 

15,929

13,065

Other creditors

 

-

1

 

266,665

228,797

 

VT Lancaster & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

31,636

14,407

2024
£

2023
£

Due after more than five years

-

-

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

12

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

31,636

14,407

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

723

Hire purchase contracts

6,492

5,084

Other borrowings

227,251

199,779

233,743

205,586