Company Registration No. SC094305 (Scotland)
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
BALANCE SHEET
AS AT
27 MARCH 2024
27 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,299,932
1,292,734
Current assets
Stocks
598,812
329,252
Debtors
5
808,442
729,066
Cash at bank and in hand
153,003
16,580
1,560,257
1,074,898
Creditors: amounts falling due within one year
6
(1,031,656)
(796,831)
Net current assets
528,601
278,067
Total assets less current liabilities
1,828,533
1,570,801
Creditors: amounts falling due after more than one year
7
(392,458)
(457,166)
Provisions for liabilities
(201,505)
(73,072)
Net assets
1,234,570
1,040,563
Capital and reserves
Called up share capital
160,717
160,717
Other reserves
167,109
167,109
Profit and loss reserves
906,744
712,737
Total equity
1,234,570
1,040,563
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
BALANCE SHEET (CONTINUED)
AS AT
27 MARCH 2024
27 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 27 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
A.A. Jess
Director
Company Registration No. SC094305
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024
- 3 -
1
Accounting policies
Company information
Charcuterie Continental Limited is a private company limited by shares incorporated in Scotland. The registered office is The Green, Twechar, Glasgow, G65 9QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as well as the continuing support of its parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods in relation to the sale of quality meat products. It is measured at the fair value of consideration received or receivable and represents amounts receivable net of discounts and value added tax, where applicable.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years straight line
Plant and machinery
5-10 years straight line
Fixtures, fittings & equipment
3-15 years straight line
Tenants Improvements
3 years straight line
Motor Vehicles
4 years straight line
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.
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Any impairment loss is recognised in the profit and loss account. Subsequent reversals are reversed recognised in profit and loss but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years.
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits including holiday pay are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
Depreciation of fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.
Stock Provision
Stock provisions are provided at rates to write off stock for theft, spoilage, obsoletion or other damages to physical stock holdings. The provisions are reviewed annually by the directors and revised accordingly. Provisions are made where it is probable current stock holdings, due to slow movements, are likely to become obsolete or spoiled.
Bad Debts
Bad debt provisions are provided at rates deemed appropriate by directors.
Specific allowances are provided for when it is known to the directors that the debtor is not recoverable in part or in full.
General allowances are provided based on the directors cumulative knowledge and experience of the industry, where it is deemed probable a portion of the debtors balance will become unrecoverable.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
34
32
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
- 8 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Tenants Improvements
Motor Vehicles
Total
£
£
£
£
£
£
Cost
At 30 March 2023
360,797
1,915,016
170,284
13,876
25,751
2,485,724
Additions
236,053
3,799
239,852
Disposals
(76,680)
(76,680)
At 27 March 2024
360,797
2,074,389
174,083
13,876
25,751
2,648,896
Depreciation and impairment
At 30 March 2023
3,608
1,076,137
96,646
9,088
7,511
1,192,990
Depreciation charged in the period
7,216
159,595
13,984
629
6,438
187,862
Eliminated in respect of disposals
(31,888)
(31,888)
At 27 March 2024
10,824
1,203,844
110,630
9,717
13,949
1,348,964
Carrying amount
At 27 March 2024
349,973
870,545
63,453
4,159
11,802
1,299,932
At 29 March 2023
357,189
838,879
73,638
4,788
18,240
1,292,734
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
4
Tangible fixed assets
(Continued)
- 9 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
331,560
382,253
Motor Vehicles
11,803
18,240
343,363
400,493
Depreciation charge for the period in respect of leased assets
46,889
35,260
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
640,678
619,815
Amounts owed by group undertakings
34,062
8,057
Other debtors
133,702
101,194
808,442
729,066
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,473
19,134
Trade creditors
650,499
477,793
Amounts owed to group undertakings
11,730
Taxation and social security
16,318
17,055
Other creditors
344,366
271,119
1,031,656
796,831
The bank hold a floating charge which covers all the property and assets of the company which respect to amounts advanced by the bank.
The bank also hold a charge over the premises owned by the company.
CHARCUTERIE CONTINENTAL LIMITED
TRADING AS JESS FINE FOODS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
- 10 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
190,201
210,675
Other creditors
202,257
246,491
392,458
457,166
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
8,800
8,800
10
Parent company
The parent company of Charcuterie Continental Limited is A P Jess Ltd. and its registered office is The Green, Twechar, Glasgow, G65 9QA.
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