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REGISTERED NUMBER: 00567690 (England and Wales)















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: Mrs V L Finlay
Mrs D Savage
Mr J S H Savage
Mrs N Gregory





SECRETARY: Mrs V L Finlay





REGISTERED OFFICE: 42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL





REGISTERED NUMBER: 00567690 (England and Wales)





ACCOUNTANTS: Beeley Hawley & Co. Ltd
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 1,578,526 2,008,165

CURRENT ASSETS
Stocks 903,845 917,946
Debtors 5 316,436 268,785
1,220,281 1,186,731
CREDITORS
Amounts falling due within one year 6 1,126,845 2,265,524
NET CURRENT ASSETS/(LIABILITIES) 93,436 (1,078,793 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,671,962

929,372

CREDITORS
Amounts falling due after more than one
year

7

583,357

1,367,477
NET ASSETS/(LIABILITIES) 1,088,605 (438,105 )

CAPITAL AND RESERVES
Called up share capital 9 300,000 300,000
Revaluation reserve 10 1,475,065 1,475,065
Retained earnings (686,460 ) (2,213,170 )
SHAREHOLDERS' FUNDS 1,088,605 (438,105 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23rd September 2024 and were signed on its behalf by:





Mrs V L Finlay - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

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 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st November 2022 2,090,813 1,214,717 3,305,530
Additions 64,736 177,069 241,805
Disposals (564,693 ) (247,440 ) (812,133 )
At 31st October 2023 1,590,856 1,144,346 2,735,202
DEPRECIATION
At 1st November 2022 463,269 834,096 1,297,365
Charge for year 11,903 87,299 99,202
Eliminated on disposal (43,531 ) (196,360 ) (239,891 )
At 31st October 2023 431,641 725,035 1,156,676
NET BOOK VALUE
At 31st October 2023 1,159,215 419,311 1,578,526
At 31st October 2022 1,627,544 380,621 2,008,165

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 417,100
Additions 97,243
Disposals (19,500 )
At 31st October 2023 494,843
DEPRECIATION
At 1st November 2022 173,484
Charge for year 53,994
Eliminated on disposal (7,852 )
At 31st October 2023 219,626
NET BOOK VALUE
At 31st October 2023 275,217
At 31st October 2022 243,616

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 73,636 60,058
Other debtors 242,800 208,727
316,436 268,785

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 315,499 1,373,183
Hire purchase contracts 45,090 47,855
Trade creditors 208,919 498,935
Social security and other taxes 21,782 24,295
Other creditors 304,365 293,279
Directors' loan accounts 213,894 15,305
Accrued expenses 17,296 12,672
1,126,845 2,265,524

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans - 2-5 years 83,490 133,454
Bank loans >5 years 385,505 1,151,503
Hire purchase contracts 114,362 82,520
583,357 1,367,477

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 294,626 1,339,819
Bank loans 489,868 1,318,321
Hire purchase contracts 159,452 130,375
943,946 2,788,515

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
200,000 Ordinary £1 200,000 200,000
100,000 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 1,475,065

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.