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REGISTERED NUMBER: 00960333 (England and Wales)















WATKIN & SONS (PORK BUTCHERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)






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




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


WATKIN & SONS (PORK BUTCHERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: C P G Watkin
Mrs C E L Forder
Mrs S C Morgan



REGISTERED OFFICE: Old Hall Garth
Main Street
Honington
Grantham
Lincolnshire
NG32 2PG



REGISTERED NUMBER: 00960333 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: Lloyds Bank plc
42 St Peters Hill
Grantham
Lincolnshire
NG31 6QJ

WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 252,164 233,551
Investment property 5 593,914 830,000
846,078 1,063,551

CURRENT ASSETS
Debtors 6 350,274 365,353
Cash at bank 125,158 146,312
475,432 511,665
CREDITORS
Amounts falling due within one year 7 30,996 1,801
NET CURRENT ASSETS 444,436 509,864
TOTAL ASSETS LESS CURRENT LIABILITIES 1,290,514 1,573,415

CREDITORS
Amounts falling due after more than one year 8 (153,000 ) (375,360 )

PROVISIONS FOR LIABILITIES (1,233 ) (30,652 )
NET ASSETS 1,136,281 1,167,403

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 225,873 340,874
Retained earnings 910,308 826,429
SHAREHOLDERS' FUNDS 1,136,281 1,167,403

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

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

WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





C P G Watkin - Director


WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)

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

1. STATUTORY INFORMATION

Watkin & Sons (Pork Butchers) 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 as modified by the revaluation of certain assets.

Income from investments
Investment income comprises the fair value of rental income from the company's investment properties which is recognised in the period receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & equipment 15% - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement and the fair value reserve. No depreciation is provided in respect of investment properties. This treatment is not in accordance with the Companies Act but the directors consider that this accounting policy results in a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

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

WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 233,169 3,580 236,749
Additions 14,410 6,458 20,868
At 31 January 2024 247,579 10,038 257,617
DEPRECIATION
At 1 February 2023 - 3,198 3,198
Charge for year - 2,255 2,255
At 31 January 2024 - 5,453 5,453
NET BOOK VALUE
At 31 January 2024 247,579 4,585 252,164
At 31 January 2023 233,169 382 233,551

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 830,000
Additions 343,914
Disposals (580,000 )
At 31 January 2024 593,914
NET BOOK VALUE
At 31 January 2024 593,914
At 31 January 2023 830,000

The investment properties were valued by the directors as at 31 January 2024 by considering cost and fair values of recent, comparable property sales in the local area.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 332,548 350,455
Director's loan account 15,280 11,645
Tax - 1,953
Prepayments and accrued income 2,446 1,300
350,274 365,353

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation 27,345 -
Other creditors 1,030 -
Accruals and deferred income 2,621 1,801
30,996 1,801

WATKIN & SONS (PORK BUTCHERS) LIMITED (REGISTERED NUMBER: 00960333)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Mortgages 153,000 375,360

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgages 153,000 375,360

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages - 375,360

The mortgages are secured against the company's properties and personal guarantees have also been provided by the directors.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
value
reserve
£   
At 1 February 2023 340,874
Reserve transfer (115,001 )

At 31 January 2024 225,873

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

20242023
£ £
Balance outstanding at start of year11,64524,775
Amounts advanced6,3453,824
Amounts repaid(2,710)(16,954)
Balance outstanding at end of year15,28011,645

The loan made is unsecured, repayable on demand and interest has been charged at 2% per annum.