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REGISTERED NUMBER: 05543261 (England and Wales)












R OWTON (WHOLESALE BUTCHERS) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Notes to the Financial Statements 11


R OWTON (WHOLESALE BUTCHERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: W M Owton
Mrs S Owton


REGISTERED OFFICE: Unit 17, Chalcroft Business Park
Burnetts Lane
West End
Southampton
Hampshire
SO30 2PA


REGISTERED NUMBER: 05543261 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Michaela Johns FCCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: Lloyds Bank plc
413 Bitterne Road
Bitterne
Southampton
Hampshire
SO18 1DA

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The principal activity of the company during the year continued to be that of a wholesale butchers.

During the year the business experienced a decrease in the turnover. The gross profit margin reported on each sale line remained consistent with previous years, which is pleasing given the fluctuations seen in the costs of purchasing meat over the year.

Post year end the business is generating healthy levels of profits and the directors foresee this continuing into the future.

PRINCIPAL RISKS AND UNCERTAINTIES
In terms of financial risk, there are few material elements. The Group must always consider and review its credit terms with customers and suppliers to ensure that the working capital cycle is not overly stretched.

The major risk comes from competition. From the view of the wholesale side of the business, the directors are of the view that the R Owton's name is well established and respected within the market and therefore able to withstand an element of competition threats. From the retail outlet side, the market place is highly competitive and the Group has focussed on the quality of its produce in order to differentiate it from competitors and maintain market share.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider gross profit as a percentage of turnover to be the main key performance indicator when analysing business performance. The percentage shown below has been adjusted in the prior year to take account of government grants received.

2024 2023

Gross profit margin 6.47% 9.86%
Trade debtor days 26.37 37.58
Trade creditor days 46.04 34.93
Stock turnover days 61.39 61.70

ON BEHALF OF THE BOARD:





Director


3 January 2025

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
Dividends amounting to £72,000 (2023: £72,000) were paid during the year.

FUTURE DEVELOPMENTS
The directors will continue to focus on the growth of the business, whilst ensuring they maintain a high quality of produce.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

W M Owton
Mrs S Owton

GOING CONCERN
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





W M Owton - Director


3 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R OWTON (WHOLESALE BUTCHERS) LIMITED


Opinion
We have audited the financial statements of R Owton (Wholesale Butchers) Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R OWTON (WHOLESALE BUTCHERS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R OWTON (WHOLESALE BUTCHERS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which they operate. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R OWTON (WHOLESALE BUTCHERS) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michaela Johns FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

3 January 2025

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £ £

TURNOVER 4 29,411,088 31,598,405

Cost of sales (27,507,031 ) (28,483,275 )
GROSS PROFIT 1,904,057 3,115,130

Administrative expenses (2,724,962 ) (2,583,000 )
OPERATING (LOSS)/PROFIT 6 (820,905 ) 532,130

Income from shares in group undertakings 100,000 -
Interest receivable and similar income 7 - 4,028
(LOSS)/PROFIT BEFORE TAXATION (720,905 ) 536,158

Tax on (loss)/profit 8 118,987 (99,008 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(601,918

)

437,150

Retained earnings at beginning of year 3,452,797 3,087,647

Dividends 9 (72,000 ) (72,000 )

RETAINED EARNINGS AT END OF
YEAR

2,778,879

3,452,797

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 10 41,927 -
Tangible assets 11 3,195,854 3,013,466
Investments 12 58,830 281,517
3,296,611 3,294,983

CURRENT ASSETS
Stocks 13 485,369 472,742
Debtors 14 2,485,150 3,457,556
Cash at bank and in hand 1,306,305 67,957
4,276,824 3,998,255
CREDITORS
Amounts falling due within one year 15 (4,174,122 ) (3,217,852 )
NET CURRENT ASSETS 102,702 780,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,399,313

4,075,386

CREDITORS
Amounts falling due after more than one
year

16

(116,832

)

-

PROVISIONS FOR LIABILITIES 19 (503,402 ) (622,389 )
NET ASSETS 2,779,079 3,452,997

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 2,778,879 3,452,797
SHAREHOLDERS' FUNDS 2,779,079 3,452,997

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2025 and were signed on its behalf by:



W M Owton - Director



Mrs S Owton - Director


R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

R Owton (Wholesale Butchers) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

For the year ending 30 April 2024 the following subsidiaries of the Company were entitled to exemption from audit under s479A of the Companies Act 2006 relating to subsidiary companies.

Chalcroft Farm Shop Limited (Co. Number 03772166).

The guarantees required as part of this exemption, are provided by the parent company of the group, Owtons Holding Limited.

The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

This information is included in the consolidated financial statements of Owtons Holding Limited as at 30 April
2024 and these financial statements may be obtained from Unit 17 Chalcroft Business Park, Burnetts Lane,
Southampton, United Kingdom, SO30 2PA.

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

- the company has transferred the significant risk and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred and the costs to complete the contract can be measured reliably.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - Straight line over 20 years
Fixtures and fittings - 15% Reducing balance
Motor vehicles - Straight line over 5 years and Straight line over 3 years
Computer equipment - Straight line over 4 years

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Change in accounting estimate
During the prior year, the directors elected to change the depreciation rates adopted by the company following a review of the useful economic life of motor vehicle assets included in its balance sheet. This resulted in a change from a 25% reducing balance method to a3-5 year straight line method.

As a result of this change, the depreciation charge in the current year has increased by a total of £38,171 to reflect the anticipated shorter useful lives of motor vehicles.

Impairment of financial assets
Financial assets measured at cost and amortised costs 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 the profit and loss account.


R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approve by the shareholders at an annual general meeting.


R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

Operating leasing commitments
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings 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.

Borrowing costs
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using effective interest method, less any impairment.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company become aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

When payments are eventually made, they are charged against the provision recognised in the statement of financial position.

Impairment of financial assets
Financial assets measured at cost and amortised costs 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 the profit and loss account.

For financial assets measured at cost less impairment,the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income and retained earnings.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINT

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant amount of assets and liabilities are as follows.

Stock
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is 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.

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


Dilapidation provision
The company has leases with its landlords which includes a clause obliging the Company to return the properties in the same condition as at the date of entry into the lease. The cost to bring the properties back to the condition cannot be confirmed until the Company leaves the properties and accordingly estimates are prepared at each reporting date. The Company has estimated that it is unlikely that any material dilapidation payments will be required over and above the value of the tenant fittings remaining at the end of the Company's leases. Provision is only made for potential dilapidation payments when they can be reliably estimated, and it is probable that they will occur.

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£ £
Food sales 29,411,088 31,598,405
29,411,088 31,598,405

All turnover arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 3,414,682 3,525,921
Social security costs 318,382 322,194
Other pension costs 69,545 64,485
3,802,609 3,912,600

The average number of employees during the year was as follows:
2024 2023

Distribution staff 109 116
Administrative staff 2 2
Management staff 2 2
113 120

2024 2023
£ £
Directors' remuneration 33,390 33,738

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. EMPLOYEES AND DIRECTORS - continued

The total wages disclosure has been re-stated for the prior year in order to accurately reflect the split between Wages and salaries, and Social security costs. These costs were grouped under one heading in the prior year.

Directors remuneration disclosure has been re-stated for the prior year to take into account all Director remuneration in the year.

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£ £
Hire of plant and machinery 18,286 24,094
Other operating leases 272,917 279,348
Depreciation - owned assets 350,927 289,949
Loss on disposal of fixed assets 53,530 -
Computer software amortisation 6,599 -
Auditors' remuneration 20,000 18,000

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Deposit account interest - 4,028

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax - 113,371

Deferred tax (118,987 ) (14,363 )
Tax on (loss)/profit (118,987 ) 99,008

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
(Loss)/profit before tax (720,905 ) 536,158
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19.490%)

(180,226

)

104,497

Effects of:
Expenses not deductible for tax purposes 6,643 1,474
Depreciation on non-qualifying assets 8,905 -
Group relief 3,473 -
Impairment loss on investment 55,672 -
Income from shares in group undertakings (25,000 ) -
Change in tax rates - (3,165 )
Other differences leading to an decrease in the tax charge 11,546 (3,798 )
Total tax (credit)/charge (118,987 ) 99,008

The average rate of corporation tax for the prior year was 19.49% following the rate increasing from 19% to 25% on 1 April 2023.

9. DIVIDENDS
2024 2023
£ £
Ordinary shares of 1 each
Interim 72,000 72,000

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
Additions 30,995
Reclassification/transfer 20,625
At 30 April 2024 51,620
AMORTISATION
Amortisation for year 6,599
Reclassification/transfer 3,094
At 30 April 2024 9,693
NET BOOK VALUE
At 30 April 2024 41,927

11. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 May 2023 2,718,616 873,556 1,041,195 - 4,633,367
Additions 27,437 411,009 159,580 6,350 604,376
Disposals - (187,105 ) (185,160 ) - (372,265 )
Reclassification/transfer - (37,482 ) - 16,857 (20,625 )
At 30 April 2024 2,746,053 1,059,978 1,015,615 23,207 4,844,853
DEPRECIATION
At 1 May 2023 304,901 539,234 775,766 - 1,619,901
Charge for year 141,918 59,561 145,351 4,097 350,927
Eliminated on disposal - (126,736 ) (192,000 ) - (318,736 )
Reclassification/transfer - (5,622 ) - 2,529 (3,093 )
At 30 April 2024 446,819 466,437 729,117 6,626 1,648,999
NET BOOK VALUE
At 30 April 2024 2,299,234 593,541 286,498 16,581 3,195,854
At 30 April 2023 2,413,715 334,322 265,429 - 3,013,466

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 May 2023
and 30 April 2024 281,517
PROVISIONS

Impairments 222,687
At 30 April 2024 222,687
NET BOOK VALUE
At 30 April 2024 58,830
At 30 April 2023 281,517

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Chalcroft Farm Shop Limited
Registered office: England and Wales
Nature of business: Retail sale of meat and meat products
%
Class of shares: holding
Ordinary 100.00

Chalcroft Farm Shop Limited is exempt under section 479A of the Companies Act 2006 from the requirements of the same Act to the audit of their individual financial statements.

13. STOCKS
2024 2023
£ £
Stocks 459,869 472,742
Finished goods 25,500 -
485,369 472,742

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 2,124,520 3,252,998
Other debtors 1,284 16,028
Tax 51,550 -
VAT 209,561 127,595
Prepayments and accrued income 98,235 60,935
2,485,150 3,457,556

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 17) - 30,976
Trade creditors 2,906,594 2,327,429
Amounts owed to group undertakings 652,090 280,664
Tax - 113,371
Social security and other taxes 72,591 31,347
Other creditors 188,031 36,991
Directors' current accounts 212,606 312,642
Accruals and deferred income 142,210 84,432
4,174,122 3,217,852

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors 116,832 -

Other creditor liabilities are secured against the assets to which they relate.

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 30,976

The company's overdraft facility is secured by a fixed and floating charge over its assets.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 261,111 261,111
Between one and five years 1,031,211 1,034,878
In more than five years 3,152,959 3,410,459
4,445,281 4,706,448

The total lease payments relating to rent and equipment hire recognised as an expense in the financial year amounts to £262,128 (2023: £278,922).

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 303,402 422,389
Other provisions 200,000 200,000
503,402 622,389

Deferred Other
tax provisions
£ £
Balance at 1 May 2023 422,389 200,000
Accelerated capital allowances 94,272 -
Corporation tax losses c/fwd (213,259 ) -
Balance at 30 April 2024 303,402 200,000

Other provisions above relates to a dilapidation provision for the estimated cost to the business to return the occupied property to its original state as per the terms of the property agreement.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
200 Ordinary 1 200 200

Each ordinary share has equal voting and dividend rights.

21. RESERVES
Retained
earnings
£

At 1 May 2023 3,452,797
Deficit for the year (601,918 )
Dividends (72,000 )
At 30 April 2024 2,778,879

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Pension contributions payable for the year
amounted to £70,098 (2023: £65,385). Pension contributions amounting to £14,899 (2023: £Nil) were outstanding at the year end and are included within other creditors.

R OWTON (WHOLESALE BUTCHERS) LIMITED (REGISTERED NUMBER: 05543261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


23. RELATED PARTY DISCLOSURES

During the year, amounts totalling £200,036 (2023: £13,000) were withdrawn by the Directors. Amounts introduced in the year totalled £100,000 (2023: £323,642). As at 30 April 2024 £212,606 (2023: £312,642) was owed to the Directors.

Key management personnel include all directors and three non-directors. The total compensation paid to key management personnel for services provided to the company was £127,335 (2023: £124,385). There were no outstanding balances due to key management personnel at year end.

24. CONTROLLING PARTY

The Company is a wholly owned subsidiary of Owtons Holding Limited, whose registered office is Unit 17 Chalcroft Business Park, Burnetts Lane, Southampton, United Kingdom, SO30 2PA. The smallest and largest company which prepares consolidated accounts in which these figures are included is Owtons Holding Limited.

The company is taking advantage of the exemptions available under section 400 of the Companies Act 2006 and therefore not producing consolidated accounts.