REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
42-44 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BL |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
BALANCE SHEET |
31st October 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | ( |
) | (2,213,170 | ) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
BALANCE SHEET - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2023 |
1. | STATUTORY INFORMATION |
Harold Savage (Farmers & Butchers) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
The company uses the fair value model to value stocks of biological assets. |
Taxation |
Taxation for the year 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Subsidies |
RPA subsidies are credited to the profit and loss account at the date the qualifying conditions are met. |
Going concern basis |
The company has continued to endure difficult trading conditions and has done so for a number of years with trading losses continuing to be incurred. The company remains reliant on the continued support of its directors and banking facilities. |
The company owns freehold land and buildings which are disclosed in the accounts at a written down value of £1,123,572. This amount has been derived from the historical purchase cost of the land and buildings together with subsequent revaluations of these assets. The market value of these properties is significantly in excess of the net book value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
Included in cost of land and buildings is freehold land of £ 756,432 (2022 - £ 1,274,355 ) which is not depreciated. |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The freehold land and buildings were valued on an open market basis by a firm of independent Chartered Surveyors on 31st October 1994 and are included at a professional valuation of £1,590,856. Freehold land and buildings purchased since the valuation date are stated at cost. |
If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the valuation. |
The transitional provisions of the FRS102 are being followed and consequently the valuation has not been updated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 213,894 | 15,305 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans - 2-5 years |
Bank loans >5 years |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans >5 years | 385,505 | 1,151,503 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 159,452 | 130,375 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 200,000 | 200,000 |
Preferred ordinary | £1 | 100,000 | 100,000 |
300,000 | 300,000 |
HAROLD SAVAGE (FARMERS & BUTCHERS) |
LIMITED (REGISTERED NUMBER: 00567690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
9. | CALLED UP SHARE CAPITAL - continued |
The preferred ordinary shares do not carry any voting rights unless either, at the date of the notice convening the meeting the preference dividend is six months in arrears or the business of the meeting including the consideration of a resolution for winding up the company or any resolution varying or abrogating any of the special rights or privileges attached to the preference shares. The preferred ordinary shares are on winding up entitled to receive any dividends accrued at the commencement of the winding up. Thereafter they shall rank pari passu with ordinary shares in respect of return of capital and the next £5 per share of surplus assets but shall not participate in any further surplus assets. No dividend has been paid on the 100,000 preferred ordinary shares since they were issued on 3 March 1983. The arrears total £540,000 (2022: £510,000). |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1st November 2022 |
and 31st October 2023 |
11. | RELATED PARTY DISCLOSURES |
Included in other debtors is £62,424 (2022: £62,424) in respect of a loan made by the company to the trustees of H & E Savage Grandchildren's fund, a participator in the company. |
Included in creditors is £205,907 (2022: £9,440) in respect of a loans made to the company by participators. |