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COMPANY REGISTRATION NUMBER: SC036643
James Chapman (Butchers) Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
James Chapman (Butchers) Limited
Financial Statements
Year ended 31st January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
James Chapman (Butchers) Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,785,371
1,833,037
Investments
6
26,420
26,380
------------
------------
1,811,791
1,859,417
Current assets
Stocks
143,018
162,976
Debtors
7
98,159
171,665
Cash at bank and in hand
139,535
139,945
---------
---------
380,712
474,586
Creditors: amounts falling due within one year
8
477,713
474,406
---------
---------
Net current (liabilities)/assets
( 97,001)
180
------------
------------
Total assets less current liabilities
1,714,790
1,859,597
Creditors: amounts falling due after more than one year
9
60,374
50,745
Provisions
33,921
33,921
------------
------------
Net assets
1,620,495
1,774,931
------------
------------
James Chapman (Butchers) Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
30,400
30,400
Share premium account
5,335
5,335
Revaluation reserve
916,220
916,220
Profit and loss account
668,540
822,976
------------
------------
Shareholders funds
1,620,495
1,774,931
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
Mr J C Chapman
Miss D Chapman
Director
Director
Mr J H Chapman
Director
Company registration number: SC036643
James Chapman (Butchers) Limited
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Glasgow Road, Wishaw, ML2 7PG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The working capital of the Company is partly financed by way of loans from the directors. This policy will continue for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Long leasehold property
-
2% straight line
Plant and Machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Investments are measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension plans
The company operates both a defined benefit pension scheme and a defined contribution scheme for employees. The assets of the schemes are held separately from those of the company. The contributions to the schemes are charged to the profit and loss account so as to spread the cost of pensions over the service lives of employees. Variations from the regular costs are spread over the average expected remaining working lives of current members in the defined benefit scheme. The defined benefit scheme is closed to new members and has been replaced with a group personal pension scheme operating as a defined contribution scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 82 (2023: 78 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment properties
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
2,257,418
3,158,605
264,871
281,836
240,000
6,202,730
Additions
18,456
33,995
52,451
------------
------------
---------
---------
---------
------------
At 31 Jan 2024
2,257,418
3,177,061
264,871
315,831
240,000
6,255,181
------------
------------
---------
---------
---------
------------
Depreciation
At 1 Feb 2023
924,032
2,939,438
262,623
243,600
4,369,693
Charge for the year
42,383
38,648
1,429
17,657
100,117
------------
------------
---------
---------
---------
------------
At 31 Jan 2024
966,415
2,978,086
264,052
261,257
4,469,810
------------
------------
---------
---------
---------
------------
Carrying amount
At 31 Jan 2024
1,291,003
198,975
819
54,574
240,000
1,785,371
------------
------------
---------
---------
---------
------------
At 31 Jan 2023
1,333,386
219,167
2,248
38,236
240,000
1,833,037
------------
------------
---------
---------
---------
------------
Property investments were valued by the directors in conjunction with an independent surveyor, to fair value as at 31st January 2019.
Tangible assets held at valuation
Freehold land and buildings were valued by the directors in conjunction with an independent surveyor, to fair value as at 31st January 2019.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildings
£
At 31st January 2024
Aggregate cost
1,366,153
Aggregate depreciation
(747,040)
------------
Carrying value
619,113
------------
At 31st January 2023
Aggregate cost
1,360,567
Aggregate depreciation
(689,343)
------------
Carrying value
671,224
------------
6. Investments
Other investments other than loans
£
Cost
At 1st February 2023
26,380
Additions
40
--------
At 31st January 2024
26,420
--------
Impairment
At 1st February 2023 and 31st January 2024
--------
Carrying amount
At 31st January 2024
26,420
--------
At 31st January 2023
26,380
--------
7. Debtors
2024
2023
£
£
Trade debtors
69,621
117,367
Other debtors
28,538
54,298
--------
---------
98,159
171,665
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,429
12,142
Trade creditors
37,469
37,365
Corporation tax
16,679
Social security and other taxes
38,424
16,506
Other creditors
389,391
391,714
---------
---------
477,713
474,406
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,247
43,809
Other creditors
29,127
6,936
--------
--------
60,374
50,745
--------
--------
10. Defined benefit pension scheme
The James Chapman (Butchers) Limited Retirement Benefits Scheme provides for pensions and death benefits under a Definitive Trust Deed dated 1 August 1963 and is a tax-exempt approved scheme under Chapter II of Part II of the Finance Act 1970. The scheme rules were changed with effect from 1 August 2000 so that the scheme is now closed to new members. The Statutory Funding Objective, introduced under the Pensions Act 2004, states that the Trustees should hold sufficient and appropriate assets to cover the value of benefits accrued up to the valuation date (the technical provisions). The Statement of Funding Principles (SFP), agreed between the Trustees and the Employer, sets out the method and assumptions to be used in calculating the technical provisions.
The latest Actuarial Valuation Report, as at 1 August 2021, which was released in August 2022, shows that the scheme was in deficit, however the Actuary has looked at the position as at 30th June 2022 and has reported a positive post valuation experience such that the fund is in surplus at that date and had a technical funding level of approximately 100%. The position was examined again during 2023 and it was found that the fund had a technical funding level of approx. 120%. Accordingly the Trustees and James Chapman (Butchers) Limited have agreed that no further employer contributions will be paid to the scheme. The next actuarial report will be as at 1 August 2024 and employer contributions will be reviewed as part of that report.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,500
2,500
Later than 1 year and not later than 5 years
10,000
10,000
Later than 5 years
3,500
7,500
--------
--------
16,000
20,000
--------
--------
12. Charges on assets
At the balance sheet date the company had total commitments under non-cancellable Hire purchase agreements of £40,576 (2023 - £21,496).
13. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.