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31/01/2024
2024-01-31
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No description of principal activities is disclosed
2023-02-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI659085
2023-02-01
2024-01-31
NI659085
2024-01-31
NI659085
2023-01-31
NI659085
2022-02-01
2023-01-31
NI659085
2023-01-31
NI659085
2022-01-31
NI659085
core:NetGoodwill
2023-02-01
2024-01-31
NI659085
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-02-01
2024-01-31
NI659085
core:FurnitureFittingsToolsEquipment
2023-02-01
2024-01-31
NI659085
core:MotorVehicles
2023-02-01
2024-01-31
NI659085
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2023-02-01
2024-01-31
NI659085
bus:LeadAgentIfApplicable
2023-02-01
2024-01-31
NI659085
bus:Director1
2023-02-01
2024-01-31
NI659085
bus:Director2
2023-02-01
2024-01-31
NI659085
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2023-02-01
2024-01-31
NI659085
core:NetGoodwill
2023-01-31
NI659085
core:NetGoodwill
2024-01-31
NI659085
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
NI659085
core:FurnitureFittingsToolsEquipment
2023-01-31
NI659085
core:MotorVehicles
2023-01-31
NI659085
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-31
NI659085
core:FurnitureFittingsToolsEquipment
2024-01-31
NI659085
core:MotorVehicles
2024-01-31
NI659085
core:WithinOneYear
2024-01-31
NI659085
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2023-01-31
NI659085
core:AfterOneYear
2024-01-31
NI659085
core:AfterOneYear
2023-01-31
NI659085
core:ShareCapital
2024-01-31
NI659085
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2023-01-31
NI659085
core:RetainedEarningsAccumulatedLosses
2024-01-31
NI659085
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2023-01-31
NI659085
core:NetGoodwill
2023-01-31
NI659085
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
NI659085
core:FurnitureFittingsToolsEquipment
2023-01-31
NI659085
core:MotorVehicles
2023-01-31
NI659085
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2023-02-01
2024-01-31
NI659085
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2023-02-01
2024-01-31
NI659085
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2024-01-31
NI659085
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2024-01-31
NI659085
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2023-02-01
2024-01-31
Company registration number:
NI659085
Fred Elliott Butchers Ltd
Unaudited filleted financial statements
31 January 2024
Fred Elliott Butchers Ltd
Contents
Directors and other information
Accountants' report
Balance sheet
Notes to the financial statements
Fred Elliott Butchers Ltd
Directors and other information
|
|
|
|
Directors |
Mr Thomas F Elliott |
|
|
Mrs Hazel M Elliott |
|
|
Mr Jeffrey T Elliott |
|
|
|
|
|
|
|
Company number |
NI659085 |
|
|
|
|
|
|
|
Registered office |
24 Bridge Street |
|
|
Banbridge |
|
|
Co. Down |
|
|
BT32 3JS |
|
|
|
|
|
|
|
Business address |
24 Bridge Street |
|
|
Banbridge |
|
|
Co. Down |
|
|
BT32 3JS |
|
|
|
|
|
|
|
Accountants |
Jones Peters |
|
|
Hughes House |
|
|
6 Church Street |
|
|
Banbridge |
|
|
Co. Down |
|
|
BT32 4AA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Ulster Bank |
|
|
22 Bridge Street |
|
|
Banbridge |
|
|
Co. Down |
|
|
BT32 3JT |
|
|
|
Fred Elliott Butchers Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Fred Elliott Butchers Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fred Elliott Butchers Ltd for the year ended 31 January 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Fred Elliott Butchers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fred Elliott Butchers Ltd and state those matters that we have agreed to state to the board of directors of Fred Elliott Butchers Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fred Elliott Butchers Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fred Elliott Butchers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fred Elliott Butchers Ltd. You consider that Fred Elliott Butchers Ltd 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 financial statements of Fred Elliott Butchers Ltd. 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 financial statements.
Jones Peters
Chartered Accountants
Hughes House
6 Church Street
Banbridge
Co. Down
BT32 4AA
21 January 2025
Fred Elliott Butchers Ltd
Balance sheet
31 January 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
4,000 |
|
|
|
28,000 |
|
|
Tangible assets |
|
6 |
728,919 |
|
|
|
609,947 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
732,919 |
|
|
|
637,947 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
87,891 |
|
|
|
97,824 |
|
|
Debtors |
|
7 |
86,264 |
|
|
|
100,273 |
|
|
Cash at bank and in hand |
|
|
182,962 |
|
|
|
210,135 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
357,117 |
|
|
|
408,232 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
844,192) |
|
|
|
(
686,769) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
487,075) |
|
|
|
(
278,537) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
245,844 |
|
|
|
359,410 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
166,692) |
|
|
|
(
176,596) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
79,152 |
|
|
|
182,814 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
30 |
|
|
|
30 |
Profit and loss account |
|
|
|
|
79,122 |
|
|
|
182,784 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
79,152 |
|
|
|
182,814 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 January 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 January 2025
, and are signed on behalf of the board by:
Mr Jeffrey T Elliott
Director
Company registration number:
NI659085
Fred Elliott Butchers Ltd
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 24 Bridge Street, Banbridge, Co. Down, BT32 3JS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
20 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
|
|
|
|
|
|
Freehold property |
- |
2 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
10 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
38
(2023:
42
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2023 and 31 January 2024 |
120,000 |
120,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 February 2023 |
92,000 |
92,000 |
|
|
|
|
|
Charge for the year |
24,000 |
24,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
116,000 |
116,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2024 |
4,000 |
4,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2023 |
28,000 |
28,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2023 |
367,368 |
367,217 |
4,491 |
739,076 |
|
|
|
|
Additions |
94,456 |
63,645 |
- |
158,101 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2024 |
461,824 |
430,862 |
4,491 |
897,177 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2023 |
13,435 |
112,785 |
2,909 |
129,129 |
|
|
|
|
Charge for the year |
8,589 |
30,144 |
396 |
39,129 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2024 |
22,024 |
142,929 |
3,305 |
168,258 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2024 |
439,800 |
287,933 |
1,186 |
728,919 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2023 |
353,933 |
254,432 |
1,582 |
609,947 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
38,466 |
34,123 |
|
Other debtors |
|
47,798 |
66,150 |
|
|
|
_______ |
_______ |
|
|
|
86,264 |
100,273 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
100,578 |
10,648 |
|
Trade creditors |
|
354,313 |
405,039 |
|
Social security and other taxes |
|
7,382 |
8,897 |
|
Other creditors |
|
381,919 |
262,185 |
|
|
|
_______ |
_______ |
|
|
|
844,192 |
686,769 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
16,692 |
26,596 |
|
Other creditors |
|
150,000 |
150,000 |
|
|
|
_______ |
_______ |
|
|
|
166,692 |
176,596 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Related party transactions
The directors of the company are also directors and shareholders of Elliott's Tradition Limited, a connected company. At the year end the company owed £143,400 to Elliott's Tradition Limited (2023: £47,172).