Beverley Butchers Limited 01163937 false 2023-03-01 2024-02-28 2024-02-28 The principal activity of the company is that of arable farming and beef rearing Digita Accounts Production Advanced 6.30.9574.0 true 01163937 2023-03-01 2024-02-28 01163937 2024-02-28 01163937 core:CurrentFinancialInstruments 2024-02-28 01163937 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-28 01163937 core:LandBuildings 2024-02-28 01163937 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-28 01163937 core:OfficeEquipment 2024-02-28 01163937 core:PlantMachinery 2024-02-28 01163937 bus:SmallEntities 2023-03-01 2024-02-28 01163937 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 01163937 bus:FullAccounts 2023-03-01 2024-02-28 01163937 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 01163937 bus:RegisteredOffice 2023-03-01 2024-02-28 01163937 bus:CompanySecretaryDirector1 2023-03-01 2024-02-28 01163937 bus:Director1 2023-03-01 2024-02-28 01163937 bus:Director3 2023-03-01 2024-02-28 01163937 bus:Director4 2023-03-01 2024-02-28 01163937 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 01163937 core:RevaluationReserve core:LandBuildings 2023-03-01 2024-02-28 01163937 core:LandBuildings 2023-03-01 2024-02-28 01163937 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 01163937 core:OfficeEquipment 2023-03-01 2024-02-28 01163937 core:PlantMachinery 2023-03-01 2024-02-28 01163937 countries:EnglandWales 2023-03-01 2024-02-28 01163937 2023-02-28 01163937 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01163937 core:OfficeEquipment 2023-02-28 01163937 core:PlantMachinery 2023-02-28 01163937 2022-03-01 2023-02-28 01163937 2023-02-28 01163937 core:CurrentFinancialInstruments 2023-02-28 01163937 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01163937 core:LandBuildings 2023-02-28 01163937 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01163937 core:OfficeEquipment 2023-02-28 01163937 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 01163937

Beverley Butchers Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 28 February 2024

 

Beverley Butchers Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Beverley Butchers Limited

Company Information

Directors

I P Robson

J C Robson

T P Robson

H K Robson

Company secretary

H K Robson

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Beverley Butchers Limited

(Registration number: 01163937)
Balance Sheet as at 28 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,645,009

1,500,872

Current assets

 

Stocks

5

19,466

35,818

Debtors

6

35,121

68,795

Cash at bank and in hand

 

899,424

136,468

 

954,011

241,081

Creditors: Amounts falling due within one year

7

(189,885)

(92,987)

Net current assets

 

764,126

148,094

Total assets less current liabilities

 

2,409,135

1,648,966

Provisions for liabilities

(290)

(166)

Net assets

 

2,408,845

1,648,800

Capital and reserves

 

Called up share capital

5,000

5,000

Revaluation reserve

1,456,828

1,213,298

Retained earnings

947,017

430,502

Shareholders' funds

 

2,408,845

1,648,800

For the financial period ending 28 February 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 period 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 13 August 2024 and signed on its behalf by:
 

.........................................
I P Robson
Director

 

Beverley Butchers Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01163937.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

These financial statements were authorised for issue by the Board on 13 August 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 presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the growing of crops 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.

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.

 

Beverley Butchers Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 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 the 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 the 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Freehold buildings

Straight line over thirty four years

Plant and machinery

15% 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 the sale of crops and the provision of agricultural services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

Beverley Butchers Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

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.

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.

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.

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 period, was 4 (2023 - 4).

 

Beverley Butchers Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

1,500,000

1,508

-

1,501,508

Revaluations

243,530

-

-

243,530

Additions

-

-

599

599

Disposals

(99,680)

-

-

(99,680)

At 28 February 2024

1,643,850

1,508

599

1,645,957

Depreciation

At 1 March 2023

-

636

-

636

Charge for the period

-

131

181

312

At 28 February 2024

-

767

181

948

Carrying amount

At 28 February 2024

1,643,850

741

418

1,645,009

At 28 February 2023

1,500,000

872

-

1,500,872

Included within the net book value of land and buildings above is £1,643,850 (2023 - £1,500,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's land and buildings was revalued on by the directors during the year ended 29 February 2024. An independent valuer was not involved.

The directors confirm that the value held in the accounts for land and freehold property reflects the current market value
.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £220,705 (2023 - £320,385).

5

Stocks

2024
£

2023
£

Work in progress

13,866

16,468

Other inventories

5,600

19,350

19,466

35,818

 

Beverley Butchers Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

-

38,500

Other debtors

3,773

295

Prepayments

31,348

30,000

35,121

68,795

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

74,077

78,645

Taxation and social security

 

114,793

13,328

Accruals and deferred income

 

1,015

1,014

 

189,885

92,987

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

74,077

78,645

Other borrowings include unsecured amounts due to third parties as well as unsecured Director loan balances. Third party loans attract interest at a rate of 7.5%.

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

243,530

243,530

10

Related party transactions

Other transactions with directors

At the year end, the company owed the director £28,353 (2023: £32,922). This amount is unsecured, interest free and repayable on demand.