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COMPANY REGISTRATION NUMBER: 03910823
The Wild Meat Company Limited
Unaudited financial statements
For the year ended
31 May 2024
The Wild Meat Company Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
231,833
245,918
Current assets
Stocks
69,668
67,472
Debtors
6
10,514
16,397
Cash at bank and in hand
120,353
20,031
---------
---------
200,535
103,900
Creditors: Amounts falling due within one year
7
( 134,536)
( 112,890)
---------
---------
Net current assets/(liabilities)
65,999
( 8,990)
---------
---------
Total assets less current liabilities
297,832
236,928
Creditors: Amounts falling due after more than one year
8
( 19,583)
( 37,333)
Provisions
Taxation including deferred tax
( 9,178)
( 11,630)
---------
---------
Net assets
269,071
187,965
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
268,971
187,865
---------
---------
Shareholders funds
269,071
187,965
---------
---------
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 income statement has not been delivered.
For the year ending 31 May 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 .
The Wild Meat Company Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Mr R Gooch
Director
Company registration number: 03910823
The Wild Meat Company Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pound Farm, Sweffling, Saxmundham, IP17 2BU, Suffolk.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land & Buildings
-
2% straight line
Fixtures, Fittings & Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Land is not depreciated.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 9 (2023: 9 ).
5. Tangible assets
Land & Buildings
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 June 2023
213,831
247,445
100,473
561,749
Additions
6,278
4,490
10,768
Disposals
( 12,997)
( 18,672)
( 31,669)
---------
---------
---------
---------
At 31 May 2024
213,831
240,726
86,291
540,848
---------
---------
---------
---------
Depreciation
At 1 June 2023
36,158
194,252
85,421
315,831
Charge for the year
4,277
14,868
4,885
24,030
Disposals
( 12,765)
( 18,081)
( 30,846)
---------
---------
---------
---------
At 31 May 2024
40,435
196,355
72,225
309,015
---------
---------
---------
---------
Carrying amount
At 31 May 2024
173,396
44,371
14,066
231,833
---------
---------
---------
---------
At 31 May 2023
177,673
53,193
15,052
245,918
---------
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
160
1,166
Other debtors
10,354
15,231
-------
-------
10,514
16,397
-------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,535
20,440
Trade creditors
60,815
64,632
Social security and other taxes
30,312
2,036
Other creditors
12,874
25,782
---------
---------
134,536
112,890
---------
---------
All bank loans and hire purchase agreements disclosed as falling due within one year are secured in full by the company.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,583
32,360
Other creditors
4,973
-------
-------
19,583
37,333
-------
-------
Bank loans are secured in full by the company.