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REGISTERED NUMBER: SC456630 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

PRIME CUTS BUTCHERS (AYRSHIRE) LTD

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)






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




Page

Company Information 1

Statement of Financial Position 2

Statement of Changes in Equity 4

Notes to the Financial Statements 5


PRIME CUTS BUTCHERS (AYRSHIRE) LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTOR: Mr J Kennedy



REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY



REGISTERED NUMBER: SC456630 (Scotland)



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



BANKERS: Santander
Customer Service Centre
Bootle
Merseyside
L30 4GB

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

STATEMENT OF FINANCIAL POSITION
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,100
Tangible assets 5 47,798 54,091
47,798 55,191

CURRENT ASSETS
Stocks 6 6,182 4,182
Debtors 7 134,076 182,612
Cash at bank and in hand 29,332 30,720
169,590 217,514
CREDITORS
Amounts falling due within one year 8 151,658 126,889
NET CURRENT ASSETS 17,932 90,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,730

145,816

CREDITORS
Amounts falling due after more than one
year

9

(30,417

)

(30,833

)

PROVISIONS FOR LIABILITIES (8,819 ) (9,957 )
NET ASSETS 26,494 105,026

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 26,394 104,926
SHAREHOLDERS' FUNDS 26,494 105,026

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

STATEMENT OF FINANCIAL POSITION - continued
31 August 2023


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 director acknowledges his 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.

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 director and authorised for issue on 29 August 2024 and were signed by:





Mr J Kennedy - Director


PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2021 100 103,761 103,861

Changes in equity
Total comprehensive income - 1,165 1,165
Balance at 31 August 2022 100 104,926 105,026

Changes in equity
Dividends - (69,500 ) (69,500 )
Total comprehensive income - (9,032 ) (9,032 )
Balance at 31 August 2023 100 26,394 26,494

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

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

1. STATUTORY INFORMATION

Prime Cuts Butchers (Ayrshire) 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.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

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 represents net invoiced sales of retail butcher products, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33.3% on cost

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 11,000
AMORTISATION
At 1 September 2022 9,900
Amortisation for year 1,100
At 31 August 2023 11,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 1,100

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022 98,414 10,172 2,286 110,872
Additions 1,715 859 - 2,574
At 31 August 2023 100,129 11,031 2,286 113,446
DEPRECIATION
At 1 September 2022 48,790 6,373 1,618 56,781
Charge for year 7,701 699 467 8,867
At 31 August 2023 56,491 7,072 2,085 65,648
NET BOOK VALUE
At 31 August 2023 43,638 3,959 201 47,798
At 31 August 2022 49,624 3,799 668 54,091

6. STOCKS
2023 2022
£    £   
Stocks 6,182 4,182

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 134,076 182,612

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 10,000
Trade creditors 11,462 9,479
Taxation and social security 35,513 33,240
Other creditors 99,683 74,170
151,658 126,889

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 30,417 30,833

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 30,417 30,833

PRIME CUTS BUTCHERS (AYRSHIRE) LTD (REGISTERED NUMBER: SC456630)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 35,417 40,833

The bank loan is secured by a bond and floating charge over the assets for the company.

11. CALLED UP SHARE CAPITAL

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

12. RESERVES
Retained
earnings
£   

At 1 September 2022 104,926
Deficit for the year (9,032 )
Dividends (69,500 )
At 31 August 2023 26,394

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
Mr J Kennedy
Balance outstanding at start of year 136,930 85,828
Amounts advanced 61,853 116,470
Amounts repaid (85,763 ) (65,368 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 113,020 136,930