Company registration number NI604618 (Northern Ireland)
PRIMACY MEATS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PRIMACY MEATS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PRIMACY MEATS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
240,000
280,000
Tangible assets
4
314,695
361,664
Current assets
Stocks
48,734
136,811
Debtors
31,571
338,391
Cash at bank and in hand
487,919
554,491
568,224
1,029,693
Creditors: amounts falling due within one year
(233,396)
(441,880)
Net current assets
334,828
587,813
Total assets less current liabilities
889,523
1,229,477
Provisions for liabilities
(59,232)
(52,078)
Net assets
830,291
1,177,399
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
830,191
1,177,299
Total equity
830,291
1,177,399
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRIMACY MEATS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Mr Stephen Bowman
Director
Company Registration No. NI604618
PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Primacy Meats Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 26A Primacy Road, Bangor, Co Down, BT19 7PQ.
1.1
Accounting convention
The financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill is the difference between the fair value of the consideration given on the acquisition of a business and the aggregate fair value of the separate net assets acquired. Goodwill is being amortised over 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
0%
Machinery and equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stock
Stock is stated at the lower of cost and estimated selling price. Provision is made at the year end for any quantities of unsaleable foodstuffs.
PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
Total
29
69
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
400,000
Amortisation and impairment
At 1 April 2023
120,000
Amortisation charged for the year
40,000
At 31 March 2024
160,000
Carrying amount
At 31 March 2024
240,000
At 31 March 2023
280,000
PRIMACY MEATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Leassehold improvements
Machinery and equipment
Total
£
£
£
Cost
At 1 April 2023
77,772
1,084,179
1,161,951
Additions
11,401
11,401
Disposals
(56,830)
(56,830)
At 31 March 2024
77,772
1,038,750
1,116,522
Depreciation and impairment
At 1 April 2023
800,287
800,287
Depreciation charged in the year
42,396
42,396
Eliminated in respect of disposals
(40,856)
(40,856)
At 31 March 2024
801,827
801,827
Carrying amount
At 31 March 2024
77,772
236,923
314,695
At 31 March 2023
77,772
283,892
361,664
5
Related party transactions
The company occupies property belonging to the directors and pays rent at a market rate.
The company purchases livestock from a director. These transactions take place at arms length.