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Company No: 00504905 (England and Wales)

O & C BUTCHER (OUTFITTERS) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

O & C BUTCHER (OUTFITTERS) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

O & C BUTCHER (OUTFITTERS) LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
O & C BUTCHER (OUTFITTERS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Mr J E Stacey
SECRETARY Mr J E Stacey
REGISTERED OFFICE 129 High Street
Aldeburgh
Suffolk
IP15 5AS
United Kingdom
COMPANY NUMBER 00504905 (England and Wales)
ACCOUNTANT Ensors Accountants LLP
Blyth House
Rendham Road
Saxmundham
IP17 1WA
O & C BUTCHER (OUTFITTERS) LIMITED

BALANCE SHEET

As at 29 February 2024
O & C BUTCHER (OUTFITTERS) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 128,189 158,840
128,189 158,840
Current assets
Stocks 333,952 369,776
Debtors 6 4,755 4,420
Cash at bank and in hand ( 2,483) ( 131,502)
336,224 242,694
Creditors: amounts falling due within one year 7 ( 336,654) ( 226,569)
Net current (liabilities)/assets (430) 16,125
Total assets less current liabilities 127,759 174,965
Creditors: amounts falling due after more than one year 8 ( 57,029) ( 72,087)
Provision for liabilities ( 4,814) ( 10,488)
Net assets 65,916 92,390
Capital and reserves
Called-up share capital 9 3,000 3,000
Profit and loss account 62,916 89,390
Total shareholder's funds 65,916 92,390

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of O & C Butcher (Outfitters) Limited (registered number: 00504905) were approved and authorised for issue by the Director on 11 July 2024. They were signed on its behalf by:

Mr J E Stacey
Director
O & C BUTCHER (OUTFITTERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
O & C BUTCHER (OUTFITTERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

O & C Butcher (Outfitters) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 129 High Street, Aldeburgh, Suffolk, IP15 5AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 18 19

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2023 26,740 26,740
At 29 February 2024 26,740 26,740
Accumulated amortisation
At 01 March 2023 26,740 26,740
At 29 February 2024 26,740 26,740
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2023 294,203 165,258 459,461
Additions 0 3,615 3,615
Disposals 0 ( 98,104) ( 98,104)
At 29 February 2024 294,203 70,769 364,972
Accumulated depreciation
At 01 March 2023 150,284 150,337 300,621
Charge for the financial year 28,696 4,416 33,112
Disposals 0 ( 96,950) ( 96,950)
At 29 February 2024 178,980 57,803 236,783
Net book value
At 29 February 2024 115,223 12,966 128,189
At 28 February 2023 143,919 14,921 158,840

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 3,004 1,843
Other debtors 1,751 2,577
4,755 4,420

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 15,413 14,849
Trade creditors 66,780 48,839
Amounts owed to Parent undertakings 195,000 110,000
Taxation and social security 47,744 40,279
Other creditors 11,717 12,602
336,654 226,569

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 57,029 72,087

The bank loan is secured by a fixed and floating charge over the company's assets.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,000 Ordinary shares of £ 1.00 each 3,000 3,000
6,000 Preference shares of £ 1.00 each 6,000 6,000
9,000 9,000

10. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease commitments 446,333 498,333

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

11. Ultimate controlling party

Parent Company:

WH Stacey & Son Limited
129-131 High Street
Aldeburgh
IP15 5AS