Company registration number 06028992 (England and Wales)
THE TEDDINGTON BUTCHER LTD
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
THE TEDDINGTON BUTCHER LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
THE TEDDINGTON BUTCHER LTD
STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
13,454
17,367
Current assets
Inventories
12,125
12,225
Trade and other receivables
4
2,938
5,224
Cash and cash equivalents
52,621
64,263
67,684
81,712
Current liabilities
5
(139,440)
(135,206)
Net current liabilities
(71,756)
(53,494)
Total assets less current liabilities
(58,302)
(36,127)
Non-current liabilities
6
(15,833)
(25,833)
Net liabilities
(74,135)
(61,960)
Equity
Called up share capital
7
50,000
50,000
Retained earnings
(124,135)
(111,960)
Total equity
(74,135)
(61,960)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 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 year 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
2 September 2024
02 September 2024
and are signed on its behalf by:
S L Phillips
P M Gilbert
Director
Director
Company Registration No. 06028992
THE TEDDINGTON BUTCHER LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
The Teddington Butcher Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 152 Waldegrave Road, Teddington, Middlesex, TW11 8NA.
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
The statement of financial position has a deficit of £true74,135 at the year end. However, most of the funding for the company is by way of advances from the directors, who have no intention to demand repayment for the foreseeable future.
The ability of the company to continue trading is dependent upon the continued financial support of the directors, who are confident that they have the financial resources to continue funding and supporting the company. Therefore, the directors believe that it is still appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & office equipment
25% reducing balance per annum
Motor vehicles
25% reducing balance per annum
1.5
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
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.
THE TEDDINGTON BUTCHER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 which are compensation for losses, or where there are no future associated costs, are recognised in income in the period they become receivable and government grants which relate to compensation for expenses are recognised in the periods in which the expenses are recognised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
8
THE TEDDINGTON BUTCHER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2023
102,654
Additions
571
At 31 December 2023
103,225
Depreciation and impairment
At 1 January 2023
85,287
Depreciation charged in the year
4,484
At 31 December 2023
89,771
Carrying amount
At 31 December 2023
13,454
At 31 December 2022
17,367
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
2,938
5,224
5
Current liabilities
2023
2022
£
£
Bank loans
10,000
10,000
Trade payables
52,236
52,302
Taxation and social security
4,967
4,409
Other payables
72,237
68,495
139,440
135,206
6
Non-current liabilities
2023
2022
£
£
Bank loans
15,833
25,833
THE TEDDINGTON BUTCHER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
8
Directors' transactions
During the year the company was charged £18,000 (2022 - £24,000) for rent of the company's premises by the company's directors. The company was using the premises rent free from October 2023.
At the end of the year the company owed the directors £60,343 (2022 - £58,639). The amount owed to the directors is repayable on demand, interest free and unsecured.