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Filleted
Registration number: 10357577

Kerslake Meats Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Kerslake Meats Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Kerslake Meats Ltd

Company Information

Directors

Mr Richard Stephen Kerslake

Mrs Tracey Lilian Kerslake

Mr Robert James Kerslake

Registered office

First Floor
Agricultural House
Winch Lane
Haverfordwest
SA61 1RW

Accountants

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

Kerslake Meats Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

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

Mr Richard Stephen Kerslake

Mrs Tracey Lilian Kerslake

Mr Robert James Kerslake

Principal activity

The principal activity of the company is Selling Meat

Small companies provision statement

This report has 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.

Approved by the Board on 10 June 2024 and signed on its behalf by:

.........................................
Mr Robert James Kerslake
Director
06 October 2021

   
     
 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kerslake Meats Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kerslake Meats Ltd for the year ended 31 December 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements which are disclosed and available at the following website https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

This report is made solely to the Board of Directors of Kerslake Meats Ltd, as a body, in accordance with the terms of our engagement letter dated 2 September 2016. Our work has been undertaken solely to prepare for your approval the accounts of Kerslake Meats Ltd and state those matters that we have agreed to state to the Board of Directors of Kerslake Meats Ltd, as a body, in this report in accordance with the requirements of the ACCA as detailed at the following website http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kerslake Meats Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kerslake Meats Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kerslake Meats Ltd. You consider that Kerslake Meats Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kerslake Meats Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

10 June 2024

 

Kerslake Meats Ltd

(Registration number: 10357577)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

73,908

82,119

Current assets

 

Stocks

5

14,870

7,838

Debtors

6

532,897

477,083

Cash at bank and in hand

 

32,831

45,548

 

580,598

530,469

Creditors: Amounts falling due within one year

7

(393,908)

(256,567)

Net current assets

 

186,690

273,902

Net assets

 

260,598

356,021

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

260,298

355,721

Shareholders' funds

 

260,598

356,021

For the financial year ending 31 December 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.

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.

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 10 June 2024 and signed on its behalf by:
 

.........................................
Mr Robert James Kerslake
Director

   
     
 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
First Floor
Agricultural House
Winch Lane
Haverfordwest
SA61 1RW

The principal place of business is:
Hill Arms Farm
Keyston
Haverfordwest
SA62 6AD

These financial statements were authorised for issue by the Board on 10 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 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 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.

 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Motor vehicles

10% reducing balance

Plant and machinery

10% reducing balance

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.

 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

21,095

112,789

133,884

At 31 December 2023

21,095

112,789

133,884

Depreciation

At 1 January 2023

9,586

42,179

51,765

Charge for the year

1,150

7,061

8,211

At 31 December 2023

10,736

49,240

59,976

Carrying amount

At 31 December 2023

10,359

63,549

73,908

At 31 December 2022

11,509

70,610

82,119

5

Stocks

2023
£

2022
£

Other inventories

14,870

7,838

6

Debtors

Current

2023
£

2022
£

Trade debtors

327,749

271,883

Prepayments

198,199

198,218

Other debtors

6,949

6,982

 

532,897

477,083

 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

340,144

194,129

Taxation and social security

 

471

553

Other related parties

 

35,800

34,626

Other creditors

 

17,493

3,285

Corporation tax liability

 

-

23,974

 

393,908

256,567

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordniary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

300

300

300

300

 

Kerslake Meats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Richard Stephen Kerslake

Interest free loan with no fixed repayment terms

3,913

-

(3,499)

414

Mrs Tracey Lilian Kerslake

Interest free loan with no fixed repayment terms

(34,626)

-

(1,173)

(35,800)

Mr Robert James Kerslake

Interest free loan with no fixed repayment terms

1,222

3,470

-

4,692

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Richard Stephen Kerslake

Interest free loan with no fixed repayment terms

(6,200)

10,113

-

3,913

Mrs Tracey Lilian Kerslake

Interest free loan with no fixed repayment terms

(32,453)

-

(2,173)

(34,626)

Mr Robert James Kerslake

Interest free loan with no fixed repayment terms

4,370

-

(3,149)

1,222

Summary of transactions with all joint ventures

Pembrokeshire Holdings Ltd
(Mr R S Kerslake & Mr R J Kerslake are also directors of Pembrokeshire Holdings Ltd)

 

Summary of transactions with other related parties

There is an Inter-company loan to Pembrokeshire Holdings Ltd of £198,198.80. (2022; £198,218.80)