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REGISTERED NUMBER: 10262785 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SALCOMBE MEAT COMPANY LIMITED

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SALCOMBE MEAT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A Brazier
Mrs L Brazier



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 10262785 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
32 Fore Street
Kingsbridge
Devon
TQ7 1PB

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 129,435 142,087

CURRENT ASSETS
Stocks 5 24,000 23,190
Debtors 6 4,431 5,702
Cash at bank and in hand 21,894 16,071
50,325 44,963
CREDITORS
Amounts falling due within one year 7 67,446 70,039
NET CURRENT LIABILITIES (17,121 ) (25,076 )
TOTAL ASSETS LESS CURRENT LIABILITIES 112,314 117,011

CREDITORS
Amounts falling due after more than one
year

8

(63,497

)

(81,620

)

PROVISIONS FOR LIABILITIES (6,577 ) (8,767 )
NET ASSETS 42,240 26,624

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 42,140 26,524
SHAREHOLDERS' FUNDS 42,240 26,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

BALANCE SHEET - continued
31 MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:




Mr A Brazier - Director



Mrs L Brazier - Director


SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Salcombe Meat Company 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.
Buildings - 2% on cost
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
Buildings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 112,538 65,272 10,680 9,740 198,230
Disposals - (3,414 ) - - (3,414 )
At 31 March 2024 112,538 61,858 10,680 9,740 194,816
DEPRECIATION
At 1 April 2023 9,584 32,327 8,971 5,261 56,143
Charge for year 2,251 6,307 427 2,259 11,244
Eliminated on disposal - (2,006 ) - - (2,006 )
At 31 March 2024 11,835 36,628 9,398 7,520 65,381
NET BOOK VALUE
At 31 March 2024 100,703 25,230 1,282 2,220 129,435
At 31 March 2023 102,954 32,945 1,709 4,479 142,087

5. STOCKS
2024 2023
£    £   
Stocks 24,000 23,190

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,779 2,274
Tax - 948
VAT 1,279 2,142
Prepayments 373 338
4,431 5,702

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 28,003 25,883
Trade creditors 24,406 21,531
Tax 3,240 -
Social security and other taxes 702 1,511
Other creditors 797 910
Pension creditor - 34
Directors' current accounts 8,396 18,396
Accrued expenses 1,902 1,774
67,446 70,039

SALCOMBE MEAT COMPANY LIMITED (REGISTERED NUMBER: 10262785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 29,469 26,681
Bank loans - 2-5 years 27,762 46,374
Bank loans more 5 yr by instal 6,266 8,565
63,497 81,620

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,266 8,565

9. OTHER FINANCIAL COMMITMENTS

At 31/03/2024, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £706,666 (31 March 2023 £746,666).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr A Brazier
Balance outstanding at start of year (2,915 ) 1,586
Amounts advanced 6,516 4,034
Amounts repaid (8,000 ) (8,535 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,399 ) (2,915 )

Mrs L Brazier
Balance outstanding at start of year (15,481 ) (8,008 )
Amounts advanced 19,484 4,862
Amounts repaid (8,000 ) (12,335 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,997 ) (15,481 )

Loans are unsecured, interest free and repayable on demand.

11. BOUNCE BACK LOAN

The Company took a bounce back loan guaranteed by the Government. The loan is payable over 6 years with no repayments in the first year. The interest rate is 2.5%.