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REGISTERED NUMBER: SC686469 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

PRIME CUTS FINEST LTD

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PRIME CUTS FINEST LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: Mr J Kennedy
Mrs J Kennedy





REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY





REGISTERED NUMBER: SC686469 (Scotland)





ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

STATEMENT OF FINANCIAL POSITION
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 108,714 50,382

CURRENT ASSETS
Debtors 5 113,729 60,795
Cash at bank and in hand 13,913 11,682
127,642 72,477
CREDITORS
Amounts falling due within one year 6 157,053 56,820
NET CURRENT (LIABILITIES)/ASSETS (29,411 ) 15,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,303

66,039

CREDITORS
Amounts falling due after more than one
year

7

(32,726

)

-

PROVISIONS FOR LIABILITIES (13,007 ) (4,346 )
NET ASSETS 33,570 61,693

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 33,470 61,593
SHAREHOLDERS' FUNDS 33,570 61,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

STATEMENT OF FINANCIAL POSITION - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mr J Kennedy - Director


PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Prime Cuts Finest Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - NIL ) .

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2022 27,506 26,640 745 - 54,891
Additions 12,750 3,184 - 60,605 76,539
At 31 August 2023 40,256 29,824 745 60,605 131,430
DEPRECIATION
At 1 September 2022 - 4,440 69 - 4,509
Charge for year - 2,982 74 15,151 18,207
At 31 August 2023 - 7,422 143 15,151 22,716
NET BOOK VALUE
At 31 August 2023 40,256 22,402 602 45,454 108,714
At 31 August 2022 27,506 22,200 676 - 50,382

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 113,729 60,795

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,680 -
Trade creditors 18,044 31,957
Taxation and social security 11,993 13,871
Other creditors 123,336 10,992
157,053 56,820

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 32,726 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

PRIME CUTS FINEST LTD (REGISTERED NUMBER: SC686469)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

9. RESERVES
Retained
earnings
£   

At 1 September 2022 61,593
Profit for the year 41,377
Dividends (69,500 )
At 31 August 2023 33,470