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REGISTERED NUMBER: 01338579 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RP MEATS WHOLESALE LIMITED

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)






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


RP MEATS WHOLESALE 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: 01338579 (England and Wales)





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

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 338,796 348,357
338,796 348,357

CURRENT ASSETS
Stocks 587,381 439,470
Debtors 6 4,148,488 3,734,995
Cash at bank and in hand 351,038 416,637
5,086,907 4,591,102
CREDITORS
Amounts falling due within one year 7 (3,118,806 ) (2,594,052 )
NET CURRENT ASSETS 1,968,101 1,997,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,306,897

2,345,407

CREDITORS
Amounts falling due after more than one
year

8

(531,470

)

(728,056

)

PROVISIONS FOR LIABILITIES (65,600 ) (71,401 )
NET ASSETS 1,709,827 1,545,950

CAPITAL AND RESERVES
Called up share capital 23,000 23,000
Retained earnings 1,686,827 1,522,950
1,709,827 1,545,950

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


RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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

1. STATUTORY INFORMATION

RP Meats Wholesale 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 and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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 measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold - 33.33% straight line
Leasehold - over the life of the lease
Plant & Machinery - 20% on cost and 10% reducing balance
Motor Vehicles - 20% on reducing balance
Fixtures & Fittings - 20% straight line
Computer Equipment - 25% straight line

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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 profit or loss.

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.

Hire purchase and leasing commitments
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 31 (2023 - 28 ) .

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 4,000
AMORTISATION
At 1 March 2023
and 29 February 2024 4,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 127,531 708,612 836,143
Additions 32,761 65,439 98,200
Disposals - (47,747 ) (47,747 )
At 29 February 2024 160,292 726,304 886,596
DEPRECIATION
At 1 March 2023 110,367 377,419 487,786
Charge for year 8,111 90,259 98,370
Eliminated on disposal - (38,356 ) (38,356 )
At 29 February 2024 118,478 429,322 547,800
NET BOOK VALUE
At 29 February 2024 41,814 296,982 338,796
At 28 February 2023 17,164 331,193 348,357

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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

5. TANGIBLE FIXED ASSETS - continued

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 259,992
Disposals (43,347 )
At 29 February 2024 216,645
DEPRECIATION
At 1 March 2023 70,147
Charge for year 43,547
Eliminated on disposal (33,956 )
At 29 February 2024 79,738
NET BOOK VALUE
At 29 February 2024 136,907
At 28 February 2023 189,845

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,402,352 1,244,447
Amounts owed by group undertakings 2,602,457 2,403,686
Other debtors 143,679 86,862
4,148,488 3,734,995

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 151,860 985,388
Hire purchase contracts (see note 9) 42,332 41,811
Trade creditors 1,898,112 1,552,841
Taxation and social security 24,342 (21,964 )
Other creditors 1,002,160 35,976
3,118,806 2,594,052

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 401,502 555,757
Hire purchase contracts (see note 9) 129,968 172,299
531,470 728,056

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 30,473

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 42,332 41,811
Between one and five years 129,968 172,299
172,300 214,110

Non-cancellable operating leases
2024 2023
£    £   
Within one year 66,250 66,250
Between one and five years 66,250 132,500
132,500 198,750

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 837,193
Bank loans 553,362 703,952
553,362 1,541,145

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 25 September 2020.

Fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 5 January 2016.

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

RP MEATS WHOLESALE LIMITED (REGISTERED NUMBER: 01338579)

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

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
G J Thatcher
Balance outstanding at start of year (16,000 ) (16,000 )
Amounts repaid 16,000 -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (16,000 )

13. RELATED PARTY DISCLOSURES

During the year the company purchased services of £10,884 from a company over which the ultimate controlling party has significant influence.