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Filleted
Registration number: 03858466

Welsh Black Beef Direct Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Welsh Black Beef Direct Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Welsh Black Beef Direct Limited

Company Information

Directors

Mr SG Owen

Mrs MR Owen

Registered office

Tynddraenen
Swyddffynnon
Ystrad Meurig
Ceredigion
SY25 6AL

Accountants

LHP (Aberaeron)
Chartered Certified Accountants
1 North Road
Aberaeron
Ceredigion
SA46 0JD

 

Welsh Black Beef Direct Limited

(Registration number: 03858466)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

806,799

792,273

Current assets

 

Stocks

5

1,350

1,350

Debtors

6

52,054

93,976

Cash at bank and in hand

 

44,282

18,227

 

97,686

113,553

Creditors: Amounts falling due within one year

7

(341,467)

(334,578)

Net current liabilities

 

(243,781)

(221,025)

Total assets less current liabilities

 

563,018

571,248

Creditors: Amounts falling due after more than one year

7

(300,037)

(386,614)

Net assets

 

262,981

184,634

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

262,979

184,632

Shareholders' funds

 

262,981

184,634

For the financial 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.

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 31 July 2024 and signed on its behalf by:
 

 

Welsh Black Beef Direct Limited

(Registration number: 03858466)
Balance Sheet as at 31 October 2023

.........................................
Mr SG Owen
Director

.........................................
Mrs MR Owen
Director

 
     
 

Welsh Black Beef Direct Limited

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

1

General information

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

The address of its registered office is:
Tynddraenen
Swyddffynnon
Ystrad Meurig
Ceredigion
SY25 6AL

These financial statements were authorised for issue by the Board on 31 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 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 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.

 

Welsh Black Beef Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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

Plant and Machinery

10% Straight Line Basis

Motor vehicles

25% Reducing Balance

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.

 

Welsh Black Beef Direct Limited

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

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.

Leases

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.

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.

3

Staff numbers

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

 

Welsh Black Beef Direct Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

339,098

867,362

-

1,206,460

Additions

29,043

67,431

11,908

108,382

At 31 October 2023

368,141

934,793

11,908

1,314,842

Depreciation

At 1 November 2022

-

414,187

-

414,187

Charge for the year

-

92,864

992

93,856

At 31 October 2023

-

507,051

992

508,043

Carrying amount

At 31 October 2023

368,141

427,742

10,916

806,799

At 31 October 2022

339,098

453,175

-

792,273

Included within the net book value of land and buildings above is £368,141 (2022 - £339,098) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

1,350

1,350

 

Welsh Black Beef Direct Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

52,054

47,567

Other debtors

-

46,409

 

52,054

93,976

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

91,111

95,691

Trade creditors

 

77,053

74,158

Taxation and social security

 

3,644

-

Other related parties

 

142,168

157,269

Other creditors

 

1,400

1,620

Corporation tax liability

 

26,091

5,840

 

341,467

334,578

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

300,037

386,614

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

Welsh Black Beef Direct Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

286,262

354,125

Hire purchase contracts

13,775

32,489

300,037

386,614

Current loans and borrowings

2023
£

2022
£

Bank borrowings

72,442

77,022

Hire purchase contracts

18,669

18,669

91,111

95,691

Other borrowings

Barclays Bank PLC hold a legal charge dated 06 May 2016

 

Welsh Black Beef Direct Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Other payments made to company by director
£

At 31 October 2023
£

Mr SG Owen

Interest free loan repayable on demand

(150,805)

17,159

(133,647)

Mrs MR Owen

Interest free loan repayable on demand

(6,464)

(2,057)

(8,521)

2022

At 1 November 2021
£

Other payments made to company by director
£

At 31 October 2022
£

Mr SG Owen

Interest free loan repayable on demand

(31,344)

(119,461)

(150,805)

Mrs MR Owen

Interest free loan repayable on demand

(8,984)

2,520

(6,464)