Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
CONTENTS
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BRITISH PREMIUM MEATS LIMITED
COMPANY INFORMATION
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BRITISH PREMIUM MEATS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the company continued to be that of food processing and sales.
The Directors are satisfied to report a profitable 2023 building on a strong 2022 which was a return to operating profit for the company, following two very difficult years as the company faced the challenge of Covid. The company has continued to grow its underlying business despite these difficult years and is now excellently placed to grow in 2024 and beyond.
The company operates in the food processing sector, supplying a wide range of customers from local authorities to hotel chains and restaurants across the whole of England. Despite this challenging environment the company has grown its underlying customer base and is in its strongest position ever to grow in future periods. During 2023 whilst the company was able to continue to grow turnover and protect gross margin, the company suffered increases in administrative and distribution costs due to the period of high inflation suffered by the UK economy. The company sought to pass on price increases to customers responsibly during this period and suffered a reduced net profit margin as a result. The company has made a gross profit of £8,630,743 in 2023 (2022 - £8,126,408), a profit before tax of £236,019 (2022: £682,161) and EBITDA of £1,603,392 (2022: £1,866,214). These results reflect the growth in business for the company against a backdrop of increased administrative costs. The Directors are therefore pleased the company has continued to show it is robust to the challenges and expect profitability to improve in 2024 and in future periods. The company continued to invest in its infrastructure in 2023, it continued the development of an expanded processing and storage facility as well as a new IT system to improve traceability at its headquarters in Welwyn Garden City. This continued investment will enable the business to fulfil orders to customers more efficiently across a significantly wider geographical focus, and has led to the Company adding national, as well as regional, accounts with larger customer groups. Turnover is expected to increase from 2024 onwards in line with the long term strategic plan for the business and further growth is planned for future periods. The business also intends to develop new complementary products and provide these to existing customers, further increasing turnover.
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BRITISH PREMIUM MEATS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
As for many businesses of a similar size, the business environment in which the company operates continues to be challenging in the current economic climate. We are subject to our customer's demands to deliver a cost effective and quality service on a continuous basis. The key risks are decreased customer demand and increased raw material costs. With these risks and uncertainties in mind, the company is constantly developing ways to further improve its service and offering, in order to reduce its exposure and to maintain customer relationships.
Treasury operations and financial instruments The company's principal financial instruments include financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. Liquidity risk The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Company facilities include cash, invoice discounting, term loans, asset finance and director loans. Interest rate risk The company is exposed to interest rate risk on some of its hire purchase contracts, on which interest is charged at a variable rate. The company is exposed to interest rate risk on amounts owed to directors. Despite these amounts being interest free, the discounting of the balance is impacted by fluctuations to the base rate. The company manages its mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. Cost inflation The company is exposed to inflationary pressures on stock in the market. In order to mitigate the impact of this the directors are working closely with suppliers and monitoring logistics in order to improve efficiencies and maximise opportunities to make the most of working capital.
We consider that our key financial performance indicators are those that reflect the financial performance and strength of the company: being turnover, gross profit margin and net profit margin (before taxation).
The turnover of the company for the period was £37,443,738 which was 4% higher than the previous year, as a result of increased customer numbers. The gross profit margin and net profit margin of the company were 23% (2022: 22.6%) and 0.2% (2022: 1.8%) for the year, which are in line with expectations for gross profit and lower than expected for net profit. However the directors accepted the lower net profit margin as price increases were passed on slowly in the high inflationary environment.
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BRITISH PREMIUM MEATS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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BRITISH PREMIUM MEATS LIMITED
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.
The loss for the year, after taxation, amounted to £59,172 (2022:profit £360,712).
A dividend of £120,000 (2022 - £Nil) was declared in the financial year.
The directors who served during the year were:
The future developments of the company will be influenced by the need to respond to various economic changes. However, following the development of increased production capacity over the preceding years, the long-term strategic plan of the directors is to continue to focus on expanding their customer range within existing, and also new, regions for the business.
made during the year and remain in force at the date of this report.
This report was approved by the board and signed on its behalf.
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BRITISH PREMIUM MEATS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BRITISH PREMIUM MEATS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PREMIUM MEATS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
We have audited the financial statements of British Premium Meats Limited (the 'company') for the year ended 31 December 2023, which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BRITISH PREMIUM MEATS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PREMIUM MEATS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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BRITISH PREMIUM MEATS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PREMIUM MEATS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the wholesale sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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BRITISH PREMIUM MEATS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PREMIUM MEATS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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BRITISH PREMIUM MEATS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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BRITISH PREMIUM MEATS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
British Premium Meats Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH, and the principal place of business is 32 Hyde Way, Welwyn Garden City, Hertfordshire, AL7 3UQ.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company holds a 100% stake in two dormant subsidiary companies and is exempt from the requirement to prepare consolidated financial statements by virtue of Sections 402 and 405(2) of the Companies Act 2006, as these dormant subsidiaries are not material for the purpose of giving a true and fair view. These financial statements therefore present information about the company as an individual undertaking and not about its group.
During the year ended 31 December 2023, the company made a profit before taxation of £0.23m (2022: £0.68m); with EBITDA of £1,579,592 (2022: £1,917,594). Profitability and EBITDA are attributable to trading levels returning to pre-pandemic levels, with turnover increasing from £36m in 2022 to £37.4m in 2023. The company was in a net current liability position of £0.48m at the year end (2022: £0.35m). The company's profit and loss reserves are still in deficit at £0.24m, improving from £0.37m in 2022.
The company had cash at bank at year end of £0.14m (2022: £0.18m), plus further facilities at its disposal. The facilities comprise: an invoice discounting agreement, asset financing agreements, term loans and director loans. Management accounts up to 31 August 2024 are showing an EBITDA of £443,427. In addition, the company has prepared detailed cash flow forecasts and projections through to October 2025. The forecasts show a modest increase in revenue, and EBITDA and profitability running slightly ahead of results achieved in the last two years. The forecast revenue allows for customer churn and the securing of new customers. The forecasts show that the business has sufficient headroom within its facilities, providing mitigation for downside scenarios. In addition, the directors remain focused on cost controls in delivering the forecasts in the year ahead. Based on these forecasts, facilities, and making other relevant enquiries, the directors have a reasonable expectation that the company will have sufficient resources to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Having considered the long term relationships with its customers, the Directors believe that 10 years useful life of goodwill is reasonable.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date (see note 2.7).
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based appraisals by the directors of the company. A revaluation of motor vehicles does not occur unless the fair value at the balance sheet date can be measured reliably.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Impairment of financial assets
Financial assets 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 profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Useful economic lives of goodwill and tangible assets The annual amortisation and depreciation charges for goodwill and tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 10 and 11 for the net carrying amount of goodwill and tangible assets, and note 2.4 and 2.5 for the useful economic lives for each class of assets. Inventory provisioning The company’s products are perishable items. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the inventory, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods based on the risk of stock obsolescence. Bad debt provision The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Loan discounting The directors of the company advanced a loan to British Premium Meats Limited in 2021 which has a balance outstanding of £1.2m at 31 December 2023 (2022: £1.6m) on which no interest is charged. The loan has been treated under the amortised cost method and discounted to the net present value of the loan. The directors have estimated the repayment profile of the loan based on the loan's subordination to the company's bank finance, and have used their judgment to assess an applicable interest rate, which takes into account this subordination and an additional risk premium as a consequence.
The total turnover for the company has been derived from its principal activity wholly undertaken within the United Kingdom for this and the preceding period.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Other reserves
Profit and loss account
In 2022 a revaluation reserve was created from the revaluation of a certain of motor vehicles. The excess annual depreciation resulting from this revaluation is being matched by a transfer through reserves in the statement of changes in equity. Accordingly, the company has transferred £312,692 (2022: £Nil), which comprises depreciation on the revalued assets of £288,892 (2022: £Nil) and a loss on disposal on revalued assets of £23,780 (2022: £Nil), from the revaluation reserve to the profit and loss reserve.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £108,736 (2022: £97,160). Included in creditors are amounts totalling £6,328 (2022: £11,648) relating to unpaid pension contributions.
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BRITISH PREMIUM MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There was no ultimate controlling party in the current and preceding period.
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