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Registered number: 10578247
MCB Butchers Ltd
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10578247
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,592 49,035
32,592 49,035
CURRENT ASSETS
Stocks 5 118,563 101,580
Debtors 6 316,616 362,903
Cash at bank and in hand 937,101 297,572
1,372,280 762,055
Creditors: Amounts Falling Due Within One Year 7 (724,614 ) (312,982 )
NET CURRENT ASSETS (LIABILITIES) 647,666 449,073
TOTAL ASSETS LESS CURRENT LIABILITIES 680,258 498,108
NET ASSETS 680,258 498,108
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 680,248 498,098
SHAREHOLDERS' FUNDS 680,258 498,108
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Punter
Director
27/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MCB Butchers Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10578247 . The registered office is 2 Silver Wing Industrial Estate, Horatius Way, Croydon, CR0 4RU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 years
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 February 2023 18,000 99,087 81,109 5,896 204,092
Additions - - - 1,523 1,523
As at 31 January 2024 18,000 99,087 81,109 7,419 205,615
Depreciation
As at 1 February 2023 7,200 83,766 60,044 4,047 155,057
Provided during the period 1,800 7,661 7,021 1,484 17,966
As at 31 January 2024 9,000 91,427 67,065 5,531 173,023
Net Book Value
As at 31 January 2024 9,000 7,660 14,044 1,888 32,592
As at 1 February 2023 10,800 15,321 21,065 1,849 49,035
5. Stocks
2024 2023
£ £
Stock 118,563 101,580
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 144,000 164,000
Prepayments and accrued income 4,083 4,083
Other debtors 147,913 190,000
VAT 20,620 4,820
316,616 362,903
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 280,397 220,502
Corporation tax 88,631 34,003
Other taxes and social security 687 -
Other creditors 352,219 52,219
Accruals and deferred income 900 900
Director's loan account 1,780 5,358
724,614 312,982
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
Page 5