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Company registration number: SC523846
Border Meats Limited
Unaudited filleted financial statements
31 January 2024
Border Meats Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Border Meats Limited
Directors and other information
Directors S I Carlisle
J W Carlisle
Company number SC523846
Registered office Lockerbie Abattoir
Mains Meadow
Lockerbie
DG11 2DE
Accountants Carson and Trotter CA
123 Irish Street
Dumfries
DG1 2PE
Border Meats Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Border Meats Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Border Meats Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Border Meats Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Border Meats Limited and state those matters that we have agreed to state to the board of directors of Border Meats Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Border Meats Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Border Meats Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Border Meats Limited. You consider that Border Meats Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Border Meats Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carson and Trotter CA
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
31 October 2024
Border Meats Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,109,154 1,258,043
_______ _______
1,109,154 1,258,043
Current assets
Stocks 122,813 121,445
Debtors 6 979,100 673,531
Cash at bank and in hand 50,879 51,668
_______ _______
1,152,792 846,644
Creditors: amounts falling due
within one year 7 ( 508,712) ( 241,861)
_______ _______
Net current assets 644,080 604,783
_______ _______
Total assets less current liabilities 1,753,234 1,862,826
Creditors: amounts falling due
after more than one year 8 ( 774,716) ( 783,373)
Provisions for liabilities ( 65,795) ( 98,402)
_______ _______
Net assets 912,723 981,051
_______ _______
Capital and reserves
Called up share capital 9 120 120
Profit and loss account 912,603 980,931
_______ _______
Shareholders funds 912,723 981,051
_______ _______
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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
S I Carlisle
Director
Company registration number: SC523846
Border Meats Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lockerbie Abattoir, Mains Meadow, Lockerbie, DG11 2DE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Property Improvements - 2 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 25 % reducing balance
Office Equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 25 ).
5. Tangible assets
Property Improvements Plant and machinery Fixtures, fittings and equipment Motor vehicles Office Equipment Total
£ £ £ £ £ £
Cost
At 1 February 2023 583,941 834,784 66,374 259,429 237,269 1,981,797
Additions - 11,566 1,100 - - 12,666
_______ _______ _______ _______ _______ _______
At 31 January 2024 583,941 846,350 67,474 259,429 237,269 1,994,463
_______ _______ _______ _______ _______ _______
Depreciation
At 1 February 2023 58,539 402,330 31,903 115,037 115,945 723,754
Charge for the year 11,679 83,373 6,676 36,100 23,727 161,555
_______ _______ _______ _______ _______ _______
At 31 January 2024 70,218 485,703 38,579 151,137 139,672 885,309
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 513,723 360,647 28,895 108,292 97,597 1,109,154
_______ _______ _______ _______ _______ _______
At 31 January 2023 525,402 432,454 34,471 144,392 121,324 1,258,043
_______ _______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 358,866 355,187
Other debtors 620,234 318,344
_______ _______
979,100 673,531
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 253,041 90,943
Trade creditors 101,817 66,444
Corporation tax 25,230 42,407
Other creditors 128,624 42,067
_______ _______
508,712 241,861
_______ _______
The company's outstanding bank loans and overdrafts are secured at the year end by a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 730,000 730,000
Other creditors 44,716 53,373
_______ _______
774,716 783,373
_______ _______
The company's outstanding bank loans and overdrafts are secured at the year end by a fixed and floating charge over the assets of the company.
9. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Ordinary A shares of £ 1.00 each 10 10 10 10
Ordinary B shares of £ 1.00 each 5 5 5 5
Ordinary C shares of £ 1.00 each 5 5 5 5
_______ _______ _______ _______
120 120 120 120
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S I Carlisle 207,919 298,364 - 506,283
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S I Carlisle 251,775 21,144 ( 65,000) 207,919
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Purchases from entity controlled by a Director 4,284,939 4,068,305
Dividends paid to Directors 44,642 41,208
_______ _______
12. Controlling party
The company is under the control of the directors.