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Registration number: 03838735

Clarke Meats Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Clarke Meats Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 24

 

Clarke Meats Limited

Company Information

Directors

JH Clarke

KL Clarke

Company secretary

JH Clarke

Registered office

Unit 1 The Triangle Business Park
Paddock
Huddersfield
West Yorkshire
HD1 4RR

Auditors

Balance Accountants
Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

Clarke Meats Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of wholesale of meat, poultry and game and a licenced cutting plant.

Fair review of the business

The company has increased turnover during the period under review but has experienced pressure on margins due to increasing prices from suppliers.

Principal risks and uncertainties

There are a variety of risks relating to the processing, storage and sale of raw food products but these are minimised by following robust health and safety and food hygiene policies.
The main uncertainty at the moment is supplier prices and inflation.

Approved and authorised by the Board on 26 June 2024 and signed on its behalf by:
 

.........................................
JH Clarke
Director

 

Clarke Meats Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

JH Clarke

KL Clarke

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 26 June 2024 and signed on its behalf by:
 

.........................................
JH Clarke
Director

 

Clarke Meats Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Clarke Meats Limited

Independent Auditor's Report to the Members of Clarke Meats Limited

Opinion

We have audited the financial statements of Clarke Meats Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The comparative figures included in these accounts were not audited. We have, however, obtained sufficient audit evidence to be able to conclude that there are no misstatements in those figures significant enough to impact the current period figures.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Clarke Meats Limited

Independent Auditor's Report to the Members of Clarke Meats Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Clarke Meats Limited

Independent Auditor's Report to the Members of Clarke Meats Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as UK tax legislation and the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and the risk of management bias in accounting estimates.

There are inherent limitations in the audit procedures undertaken. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr R A Barrowclough (Senior Statutory Auditor)
For and on behalf of Balance Accountants, Statutory Auditor

Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

28 June 2024

 

Clarke Meats Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

17,271,449

20,681,067

Cost of sales

 

(13,985,084)

(17,215,273)

Gross profit

 

3,286,365

3,465,794

Administrative expenses

 

(2,272,610)

(2,540,244)

Operating profit

5

1,013,755

925,550

Income from other Fixed assets investments

 

-

311,132

Interest payable and similar expenses

7

(2,401)

(619)

   

(2,401)

310,513

Profit before tax

 

1,011,354

1,236,063

Tax on profit

11

(286,067)

(157,511)

Profit for the financial year

 

725,287

1,078,552

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Clarke Meats Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

725,287

1,078,552

Total comprehensive income for the year

725,287

1,078,552

 

Clarke Meats Limited

(Registration number: 03838735)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

1,287,448

1,029,637

Current assets

 

Stocks

14

173,544

125,472

Debtors

15

7,311,486

6,614,443

Investments

16

50,000

50,000

Cash at bank and in hand

17

279,192

365,579

 

7,814,222

7,155,494

Creditors: Amounts falling due within one year

18

(1,215,381)

(1,061,728)

Net current assets

 

6,598,841

6,093,766

Total assets less current liabilities

 

7,886,289

7,123,403

Creditors: Amounts falling due after more than one year

18

(3,282)

(5,250)

Provisions for liabilities

19

(119,282)

(79,814)

Net assets

 

7,763,725

7,038,339

Capital and reserves

 

Called up share capital

3,100

3,001

Capital redemption reserve

1

1

Retained earnings

7,760,624

7,035,337

Shareholders' funds

 

7,763,725

7,038,339

Approved and authorised by the Board on 26 June 2024 and signed on its behalf by:
 

.........................................
JH Clarke
Director

 

Clarke Meats Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

3,001

1

7,035,337

7,038,339

Profit for the year

-

-

725,287

725,287

New share capital subscribed

99

-

-

99

At 31 March 2024

3,100

1

7,760,624

7,763,725

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

3,001

1

5,996,785

5,999,787

Profit for the year

-

-

1,078,552

1,078,552

Dividends

-

-

(40,000)

(40,000)

At 31 March 2023

3,001

1

7,035,337

7,038,339

 

Clarke Meats Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

725,287

1,078,552

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

211,861

175,752

Profit on disposal of tangible assets

4

(30,355)

-

Finance income

6

-

(311,132)

Finance costs

7

2,401

619

Income tax expense

11

286,067

157,511

 

1,195,261

1,101,302

Working capital adjustments

 

Increase in stocks

14

(48,072)

(32,597)

Increase in trade debtors

15

(697,043)

(2,630,096)

Increase/(decrease) in trade creditors

18

111,357

(165,962)

Cash generated from operations

 

561,503

(1,727,353)

Income taxes paid

11

(204,302)

(167,637)

Net cash flow from operating activities

 

357,201

(1,894,990)

Cash flows from investing activities

 

Interest received

6

-

311,132

Acquisitions of tangible assets

(470,067)

(686,462)

Proceeds from sale of tangible assets

 

30,750

-

(Increase)/decrease in investments

 

-

2,000,002

Net cash flows from investing activities

 

(439,317)

1,624,672

Cash flows from financing activities

 

Interest paid

7

(2,401)

(619)

Proceeds from issue of ordinary shares, net of issue costs

 

99

-

Payments to finance lease creditors

 

(1,968)

(2,461)

Dividends paid

-

(40,000)

Rounding

 

(1)

-

Net cash flows from financing activities

 

(4,271)

(43,080)

Net decrease in cash and cash equivalents

 

(86,387)

(313,398)

Cash and cash equivalents at 1 April

 

365,579

678,977

Cash and cash equivalents at 31 March

 

279,192

365,579

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Triangle Business Park
Paddock
Huddersfield
West Yorkshire
HD1 4RR

These financial statements were authorised for issue by the Board on 26 June 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 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Leasehold Improvements

2% Straight Line

Plant and machinery

20% Straight Line

Fixtures and fittings

20% Straight Line

Office equipment

33% Straight Line

Motor vehicles

25% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4 years

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 at the transaction price.

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,264,626

20,681,067

Other revenue

6,823

-

17,271,449

20,681,067

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

30,355

-

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

211,861

175,752

Profit on disposal of property, plant and equipment

(30,355)

-

6

Other interest receivable and similar income

2024
£

2023
£

Income from other fixed asset investments

-

311,132

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

495

619

Interest expense on other finance liabilities

1,906

-

2,401

619

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,105,703

1,293,155

Social security costs

97,036

116,405

Pension costs, defined contribution scheme

149,964

113,396

1,352,703

1,522,956

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

43

42

43

42

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

17,576

21,970

Contributions paid to money purchase schemes

120,000

80,000

137,576

101,970

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,602

7,595


 

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

216,267

173,909

Tax expense relating to changes in accounting policies and material errors included in profit and loss

30,331

(34,469)

Total current income tax

246,598

139,440

Deferred taxation

Arising from origination and reversal of timing differences

39,469

18,071

Tax expense in the income statement

286,067

157,511

12

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

85,000

85,000

At 31 March 2024

85,000

85,000

Amortisation

At 1 April 2023

85,000

85,000

At 31 March 2024

85,000

85,000

Carrying amount

At 31 March 2024

-

-

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

13

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

747,135

54,944

617,448

40,176

466,708

1,926,411

Additions

115,814

4,394

32,354

9,416

308,089

470,067

Disposals

-

(535)

(5,391)

-

(132,203)

(138,129)

At 31 March 2024

862,949

58,803

644,411

49,592

642,594

2,258,349

Depreciation

At 1 April 2023

36,752

49,958

477,963

18,610

313,491

896,774

Charge for the year

15,887

3,036

51,578

10,856

130,504

211,861

Eliminated on disposal

-

(535)

(4,996)

-

(132,203)

(137,734)

At 31 March 2024

52,639

52,459

524,545

29,466

311,792

970,901

Carrying amount

At 31 March 2024

810,310

6,344

119,866

20,126

330,802

1,287,448

At 31 March 2023

710,383

4,986

139,485

21,566

153,217

1,029,637

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

14

Stocks

2024
£

2023
£

Other inventories

173,544

125,472

15

Debtors

Current

2024
£

2023
£

Trade debtors

1,480,702

1,242,349

Other debtors

5,827,184

5,370,622

Prepayments

3,600

1,472

 

7,311,486

6,614,443

16

Current asset investments

2024
£

2023
£

Other investments

50,000

50,000

17

Cash and cash equivalents

2024
£

2023
£

Cash on hand

9,955

5,574

Cash at bank

169,237

360,005

Short-term deposits

100,000

-

279,192

365,579

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

1,968

1,968

Trade creditors

 

964,536

853,193

Social security and other taxes

 

18,925

20,527

Outstanding defined contribution pension costs

 

822

822

Other payables

 

78

25

Accruals

 

12,848

11,285

Corporation tax liability

11

216,204

173,908

 

1,215,381

1,061,728

Due after one year

 

Loans and borrowings

22

3,282

5,250

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

79,814

79,814

Additional provisions

39,468

39,468

At 31 March 2024

119,282

119,282

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £149,964 (2023 - £113,396).

Contributions totalling £822 (2023 - £822) were payable to the scheme at the end of the year and are included in creditors.

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

50

50

1

1

Ordinary B of £1 (2023 - £0) each

50

50

1

-

 

100

100

2

1

Allotted, called up and not fully paid shares

 

2024

2023

 

No.

£

No.

£

E shares of £0.01 each

300,000

3,000

300,000

3,000

         

New shares allotted

During the year 49 Ordinary A having an aggregate nominal value of £49 were allotted for an aggregate consideration of £49.

During the year 50 Ordinary B having an aggregate nominal value of £50 were allotted for an aggregate consideration of £50.

22

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

3,282

5,250

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

1,968

1,968

 

Clarke Meats Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

23

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

5,200,000

5,200,000

Advanced

450,000

450,000

At end of period

5,650,000

5,650,000

2023

Other related parties
£

Total
£

At start of period

2,500,000

2,500,000

Advanced

2,700,000

2,700,000

At end of period

5,200,000

5,200,000

Terms of loans to related parties

During the year, the company made loans to Clarke Commercial Property Limited, a company under the control of the directors, these loans are unsecured, interest free and not subject to any fixed terms of repayment.