IRIS Accounts Production v24.2.0.383 06047847 director 1.3.23 29.2.24 29.2.24 28.11.24 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh060478472023-02-28060478472024-02-29060478472023-03-012024-02-29060478472022-02-28060478472022-03-012023-02-28060478472023-02-2806047847ns15:EnglandWales2023-03-012024-02-2906047847ns14:PoundSterling2023-03-012024-02-2906047847ns10:Director12023-03-012024-02-2906047847ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2906047847ns10:SmallEntities2023-03-012024-02-2906047847ns10:Audited2023-03-012024-02-2906047847ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2906047847ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2906047847ns10:FullAccounts2023-03-012024-02-290604784712023-03-012024-02-2906047847ns10:RegisteredOffice2023-03-012024-02-2906047847ns5:CurrentFinancialInstruments2024-02-2906047847ns5:CurrentFinancialInstruments2023-02-2806047847ns5:Non-currentFinancialInstruments2024-02-2906047847ns5:Non-currentFinancialInstruments2023-02-2806047847ns5:ShareCapital2024-02-2906047847ns5:ShareCapital2023-02-2806047847ns5:SharePremium2024-02-2906047847ns5:SharePremium2023-02-2806047847ns5:RetainedEarningsAccumulatedLosses2024-02-2906047847ns5:RetainedEarningsAccumulatedLosses2023-02-2806047847ns5:NetGoodwill2023-03-012024-02-2906047847ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2906047847ns5:NetGoodwill2023-02-2806047847ns5:NetGoodwill2024-02-2906047847ns5:NetGoodwill2023-02-2806047847ns5:PlantMachinery2023-02-2806047847ns5:PlantMachinery2023-03-012024-02-2906047847ns5:PlantMachinery2024-02-2906047847ns5:PlantMachinery2023-02-2806047847ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2806047847ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2906047847ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-2906047847ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2806047847ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2906047847ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2806047847ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2906047847ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2806047847ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2906047847ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2806047847ns5:HirePurchaseContracts2024-02-2906047847ns5:HirePurchaseContracts2023-02-2806047847ns5:WithinOneYear2024-02-2906047847ns5:WithinOneYear2023-02-2806047847ns5:BetweenOneFiveYears2024-02-2906047847ns5:BetweenOneFiveYears2023-02-2806047847ns5:AllPeriods2024-02-2906047847ns5:AllPeriods2023-02-2806047847ns5:Secured2024-02-2906047847ns5:Secured2023-02-28
REGISTERED NUMBER: 06047847 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

BLAKES MEATS LIMITED

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BLAKES MEATS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: G J Thatcher





REGISTERED OFFICE: Basepoint Business Centre
Little High Street
Shoreham-By-Sea
West Sussex
BN43 5EG





REGISTERED NUMBER: 06047847 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 59,312 77,562
Tangible assets 5 164,048 102,970
223,360 180,532

CURRENT ASSETS
Stocks 83,016 183,339
Debtors 6 1,712,133 1,686,353
Cash at bank and in hand 96,160 37,688
1,891,309 1,907,380
CREDITORS
Amounts falling due within one year 7 (1,187,800 ) (1,200,780 )
NET CURRENT ASSETS 703,509 706,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

926,869

887,132

CREDITORS
Amounts falling due after more than one
year

8

(88,281

)

(113,767

)

PROVISIONS FOR LIABILITIES (41,012 ) (25,743 )
NET ASSETS 797,576 747,622

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 182,400 182,400
Retained earnings 615,076 565,122
797,576 747,622

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 director and authorised for issue on 28 November 2024 and were signed by:





G J Thatcher - Director


BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Blakes Meats 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Goodwill
Goodwill is amortised through the income statement in equal instalments over its assessed useful life of 20 years. Goodwill is assessed for impairment annually and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price , costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to wite off each asset over its estimated useful life:
Plant and machinery -25% Reducing balance
Fixtures and fittings-25% Reducing balance
Motor vehicles-25% Reducing balance

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 29 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 365,000
AMORTISATION
At 1 March 2023 287,438
Charge for year 18,250
At 29 February 2024 305,688
NET BOOK VALUE
At 29 February 2024 59,312
At 28 February 2023 77,562

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 285,529
Additions 106,508
At 29 February 2024 392,037
DEPRECIATION
At 1 March 2023 182,559
Charge for year 45,429
Transfer to ownership 1
At 29 February 2024 227,989
NET BOOK VALUE
At 29 February 2024 164,048
At 28 February 2023 102,970

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 116,250
Additions 54,000
Transfer to ownership (84,255 )
At 29 February 2024 85,995
DEPRECIATION
At 1 March 2023 66,026
Charge for year 23,805
Transfer to ownership (54,298 )
At 29 February 2024 35,533
NET BOOK VALUE
At 29 February 2024 50,462
At 28 February 2023 50,224

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 587,767 522,978
Amounts owed by group undertakings 939,075 957,575
Other debtors 185,291 205,800
1,712,133 1,686,353

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 9) 11,268 26,089
Trade creditors 129,249 72,810
Amounts owed to group undertakings 759,887 665,407
Taxation and social security 21,063 18,469
Other creditors 216,333 368,005
1,187,800 1,200,780

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 62,500 112,500
Hire purchase contracts (see note 9) 25,781 1,267
88,281 113,767

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 11,268 26,089
Between one and five years 25,781 1,267
37,049 27,356

Non-cancellable operating leases
2024 2023
£    £   
Within one year 16,000 16,000
Between one and five years 16,000 32,000
32,000 48,000

BLAKES MEATS LIMITED (REGISTERED NUMBER: 06047847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 112,500 162,500

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 10 June 2020.

Fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 9 January 2017.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Charles Males (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd

12. RELATED PARTY DISCLOSURES

During the year the company purchased services of £11,892 from a company over which the ultimate controlling party has significant influence.