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Registration number: 01348637

J.W. Young (Butchers) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

J.W. Young (Butchers) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

J.W. Young (Butchers) Limited

Company Information

Directors

Mr John William Young

Ms Sally Baines-Young

Mr Benjamin Jack Baines-Young

Miss Holly Lydia Baines-Young

Miss Gemma Leigh Baines-Young

Registered office

10 Baker Street
Attercliffe Common
Sheffield
South Yorkshire
S9 3WG

Accountants

Thorntons Accountants Limited
Chartered Certified Accountants
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

 

J.W. Young (Butchers) Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr John William Young

Ms Sally Baines-Young

Mr Benjamin Jack Baines-Young

Miss Holly Lydia Baines-Young

Miss Gemma Leigh Baines-Young

Principal activity

The principal activity of the company is is that of a butchers.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr John William Young
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J.W. Young (Butchers) Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J.W. Young (Butchers) Limited for the year ended 30 April 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of J.W. Young (Butchers) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J.W. Young (Butchers) Limited and state those matters that we have agreed to state to the Board of Directors of J.W. Young (Butchers) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.W. Young (Butchers) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J.W. Young (Butchers) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J.W. Young (Butchers) Limited. You consider that J.W. Young (Butchers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J.W. Young (Butchers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thorntons Accountants Limited
Chartered Certified Accountants
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

14 January 2025

 

J.W. Young (Butchers) Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

4,478,401

4,696,298

Cost of sales

 

(3,454,038)

(3,599,347)

Gross profit

 

1,024,363

1,096,951

Distribution costs

 

(2,790)

(2,680)

Administrative expenses

 

(848,206)

(709,369)

Operating profit

 

173,367

384,902

Other interest receivable and similar income

 

34,380

12,727

Interest payable and similar expenses

 

(52,633)

(49,271)

   

(18,253)

(36,544)

Profit before tax

4

155,114

348,358

Tax on profit

 

(40,348)

(74,403)

Profit for the financial year

 

114,766

273,955

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

J.W. Young (Butchers) Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Profit for the year

114,766

273,955

Total comprehensive income for the year

114,766

273,955

 

J.W. Young (Butchers) Limited

(Registration number: 01348637)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,066,956

1,144,277

Investments

6

1,000

1,000

 

1,067,956

1,145,277

Current assets

 

Stocks

7

252,551

281,174

Debtors

8

284,120

303,954

Cash at bank and in hand

 

2,601,016

2,552,362

 

3,137,687

3,137,490

Creditors: Amounts falling due within one year

9

(1,717,388)

(1,708,282)

Net current assets

 

1,420,299

1,429,208

Total assets less current liabilities

 

2,488,255

2,574,485

Provisions for liabilities

(42,442)

(53,938)

Net assets

 

2,445,813

2,520,547

Capital and reserves

 

Called up share capital

10

25,132

25,132

Revaluation reserve

485,680

485,680

Retained earnings

1,935,001

2,009,735

Shareholders' funds

 

2,445,813

2,520,547

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

J.W. Young (Butchers) Limited

(Registration number: 01348637)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr John William Young
Director

 

J.W. Young (Butchers) Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

25,132

485,680

2,009,735

2,520,547

Profit for the year

-

-

114,766

114,766

Dividends

-

-

(189,500)

(189,500)

At 30 April 2024

25,132

485,680

1,935,001

2,445,813

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

25,132

485,680

1,921,780

2,432,592

Profit for the year

-

-

273,955

273,955

Dividends

-

-

(186,000)

(186,000)

At 30 April 2023

25,132

485,680

2,009,735

2,520,547

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 Baker Street
Attercliffe Common
Sheffield
South Yorkshire
S9 3WG

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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.

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

10% reducing balance

Fixtures and fittings

10% on cost

Motor vehicles

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 27).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

81,602

100,737

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,371,122

102,263

630,416

396,447

2,500,248

Additions

-

3,810

3,441

11,280

18,531

Disposals

-

-

-

(75,689)

(75,689)

At 30 April 2024

1,371,122

106,073

633,857

332,038

2,443,090

Depreciation

At 1 May 2023

521,633

94,822

478,163

261,353

1,355,971

Charge for the year

19,110

2,815

15,569

58,358

95,852

Eliminated on disposal

-

-

-

(75,689)

(75,689)

At 30 April 2024

540,743

97,637

493,732

244,022

1,376,134

Carrying amount

At 30 April 2024

830,379

8,436

140,125

88,016

1,066,956

At 30 April 2023

849,489

7,441

152,253

135,094

1,144,277

Included within the net book value of land and buildings above is £830,379 (2023 - £849,489) in respect of freehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

1,000

1,000

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,000

Provision

Carrying amount

At 30 April 2024

1,000

At 30 April 2023

1,000

7

Stocks

2024
£

2023
£

Raw materials and consumables

252,551

281,174

8

Debtors

2024
£

2023
£

Trade debtors

225,476

266,715

Other debtors

21,175

365

Prepayments

37,469

36,874

284,120

303,954

 

J.W. Young (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

359,258

363,168

Taxation and social security

81,603

121,269

Accruals and deferred income

194,062

180,792

Other creditors

1,082,465

1,043,053

1,717,388

1,708,282

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

25,001

25,001

25,001

25,001

Ordinary "A" of £1 each

131

131

131

131

25,132

25,132

25,132

25,132