Registered number
06415975
Angus Foods Ltd.
Filleted Accounts
31 January 2024
Angus Foods Ltd.
Registered number: 06415975
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 55,967 65,595
Current assets
Stocks 19,241 17,372
Debtors 4 7,882 5,937
Cash at bank and in hand 75,121 64,883
102,244 88,192
Creditors: amounts falling due within one year 5 (45,186) (51,690)
#NAME? 57,058 36,502
Total assets less current liabilities 113,025 102,097
Creditors: amounts falling due after more than one year 6 (218,907) (233,884)
Provisions for liabilities (10,064) (11,769)
#NAME? (115,946) (143,556)
Capital and reserves
Called up share capital 100 100
Profit and loss account (116,046) (143,656)
Shareholders' funds (115,946) (143,556)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Angus
Director
Approved by the board on 16 October 2024
Angus Foods Ltd.
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% per annum - diminishing balance
Fixtures, fittings, tools and equipment 15% per annum - diminishing balance
Property improvements 20 years - straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 26 28
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 313,391 9,080 322,471
Additions 2,474 - 2,474
At 31 January 2024 315,865 9,080 324,945
Depreciation
At 1 February 2023 249,008 7,868 256,876
Charge for the year 11,799 303 12,102
At 31 January 2024 260,807 8,171 268,978
Net book value
At 31 January 2024 55,058 909 55,967
At 31 January 2023 64,383 1,212 65,595
4 Debtors 2024 2023
£ £
Trade debtors 6,001 4,426
Other debtors 1,881 1,511
7,882 5,937
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 32,856 41,376
Corporation tax 2,331 -
Other taxes and social security costs 8,755 8,803
Other creditors 1,244 1,511
45,186 51,690
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 218,907 233,884
7 Other information
Angus Foods Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Forfar
Seaton Lane
Seaham
Co. Durham
SR7 0LP
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