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Registration number: NI674145

W Morrow Butchers Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

W Morrow Butchers Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

W Morrow Butchers Limited

Company Information

Directors

Mr Wayne Morrow

Mrs Carol Morrow

Registered office

115 Moore Street
Aughnacloy
Co Tyrone

Accountants

Thomas Oliver & Associates Limited
Certified Public Accountant
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

W Morrow Butchers Limited

(Registration number: NI674145)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,840

14,760

Tangible assets

5

46,054

48,920

 

55,894

63,680

Current assets

 

Stocks

6

49,194

53,312

Debtors

7

4,981

7,629

Cash at bank and in hand

 

268,133

254,048

 

322,308

314,989

Creditors: Amounts falling due within one year

(308,216)

(298,699)

Net current assets

 

14,092

16,290

Total assets less current liabilities

 

69,986

79,970

Creditors: Amounts falling due after more than one year

(17,685)

(27,685)

Accruals and deferred income

 

(1,175)

(1,150)

Net assets

 

51,126

51,135

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

51,026

51,035

Shareholders' funds

 

51,126

51,135

For the financial year ending 30 November 2023 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 year 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.

 

W Morrow Butchers Limited

(Registration number: NI674145)
Abridged Balance Sheet as at 30 November 2023

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 30 August 2024 and signed on its behalf by:
 

.........................................

Mr Wayne Morrow

Director

.........................................

Mrs Carol Morrow

Director

 

W Morrow Butchers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
115 Moore Street
Aughnacloy
Co Tyrone

These financial statements were authorised for issue by the Board on 30 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 abridged 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 abridged 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 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.

 

W Morrow Butchers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

20% 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

20% straight line

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.

 

W Morrow Butchers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

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 and subsequently measured at amortised cost using the effective interest method.

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 year, was 8 (2022 - 11).

 

W Morrow Butchers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

24,600

At 30 November 2023

24,600

Amortisation

At 1 December 2022

9,840

Amortisation charge

4,920

At 30 November 2023

14,760

Carrying amount

At 30 November 2023

9,840

At 30 November 2022

14,760

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

51,849

3,015

15,268

70,132

Additions

-

-

4,842

4,842

At 30 November 2023

51,849

3,015

20,110

74,974

Depreciation

At 1 December 2022

13,960

3,015

4,237

21,212

Charge for the year

5,683

-

2,025

7,708

At 30 November 2023

19,643

3,015

6,262

28,920

Carrying amount

At 30 November 2023

32,206

-

13,848

46,054

At 30 November 2022

37,889

-

11,031

48,920

 

W Morrow Butchers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Other inventories

49,194

53,312

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £96.00 (2022 - £40.00) per ordinary share

9,600

4,000

9,600

4,000

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

17,640

17,640