REGISTERED NUMBER: |
FAIRVIEW MEATS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2024 |
REGISTERED NUMBER: |
FAIRVIEW MEATS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2024 |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MAY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
FAIRVIEW MEATS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
STATEMENT OF FINANCIAL POSITION |
30 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
STATEMENT OF FINANCIAL POSITION - continued |
30 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MAY 2024 |
1. | STATUTORY INFORMATION |
Fairview Meats Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03058953 and the registered office address is The Exchange, 5 Bank Street, Bury, Greater Manchester, England, BL9 0DN. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors recognise that the future cannot be predicted with certainty. The directors expect the company to continue trading and generating profit. Profit before tax for the year to 30 May 2024 was £50k (2023: £59k), and reserves were £44k (2023: £50k). Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to adopt the going concern basis in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Estimating the useful economic life of an asset and investment property and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge. |
Property, plant and equipment |
Fixtures and fittings | - 15% reducing balance |
Computer equipment | - 33% straight line |
Investment Property | - 2% straight line |
Motor vehicles | - 25% reducing balance |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease. |
Revenue |
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:- |
Revenue from property rental provided by the company is recognised on monthly basis on arrears based on the terms of the agreement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 31 May 2023 |
and 30 May 2024 |
DEPRECIATION |
At 31 May 2023 |
Charge for year |
At 30 May 2024 |
NET BOOK VALUE |
At 30 May 2024 |
At 30 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 31 May 2023 |
and 30 May 2024 |
DEPRECIATION |
At 31 May 2023 | 11,836 |
Charge for year | 1,791 |
At 30 May 2024 | 13,627 |
NET BOOK VALUE |
At 30 May 2024 |
At 30 May 2023 |
The historical cost of the investment property is £89,568. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |